This meeting is actually faced with all the investors. We would like to remind you that you all need to rationally understand the market. Now we will have the security session. Now I have the host to make the speech. Most welcome. Dear shareholders and investors, good afternoon. I am Jiang Qun from China Coal Energy. Welcome you all to come to this 2022 annual performance briefing. I sincerely thank you for your long-term concern and support for our company. Today, we have with us Mr. Zhao Rongzhe, President and Executive Director of the company, Mr. Chai Qiaolin, Chief Financial Officer, and relevant leaders in charge of the company's security affairs, planning, development, finance, coal division, coal chemical division, sales center, and chemical marketing center. Now, I would like to introduce the company's performance in 2022. For all the data, except for the specific explanation, they are all calculated according to the Chinese Accounting Standards. The first is the operating performance in 2022. In 2022, our company lately implemented the decision-making and deployment of the CPC Central Committee in a State Council. Adhered to this a high-quality development, fully implemented development idea of improving efficiency by stock and incremental transformation with overall plans to promote the reform and development of the production operation to control costs and the deep lean management. The company's coal production enterprise actively released advanced the production capacity. Coal chemical enterprises make overall arrangements for production equipment to maintain this safe, stable, and efficient operation. Equipment enterprises have further promoted the transformation and upgrading of this high-end intelligence and continuously optimize the product business structure. The finance, the companies continue to promote this financial innovation. The main production operation data have all achieved great successes again, maintaining high-quality development trend in steady progress. Now I'm going to share with you the main production and operation data. For the coal production and sales volume is actually reaching 119 million tons, up by 4.97 million tons or 4.4% YoY. The sales volume of commercial coal was 263 million tons, a YoY decrease of 43.85 million tons or 14.3%. Among them, the sales volume of self-produced coal was 120 million tons, a YoY increase of 7.3%. Buyout trade call sales reached 130 million tons, down 29.6% YoY. Import and export and domestic agent reached 14.39 million tons, up by 14.2% YoY. Selling price of coal products, the average is for 11.4% of the increase. The average selling price of buyout trade call was CNY 812 per ton, up by 6.7% compared with the same period of last year. The cost of coal products and the unit sales cost of the company's self-produced coal is CNY 322.84 per ton, up by CNY 0.6. Basically the same as last year. The production and sales of major coal chemical products, the output of polyethylene was 1.48 million tons, up by 1.1%. Sale volume was 1.469 million tons, up by 0.5%. Urea output was 1.834 million tons, down by 10.5%. Sales volume was 1.7892 million tons, down by 19%. The output of methanol was 1.879 million tons, up by 21.6%. Sales volumes was 1.855 million tons, up by 21%. We can see that these price of main coal chemical products, the sales price of polyethylene is CNY 7,401 per ton, down by CNY 120 per ton and down by 1.6%. The sales price of urea was CNY 2,612, up by CNY 384, up by 17.2%. The sales price of methanol was CNY 1,931 per ton, increase of 4.7%. The sales price of ammonium nitrate was CNY 2,632 and up by 37.2%. The cost of the main coal chemical products, the unit price of polyethylene product was CNY 6,884, up by 2%. The unit sales cost of urea is CNY 1,882, up by CNY 186, up by 11%. The unit sales cost of methanol is CNY 2,044 per ton, up CNY 116 per ton YoY. The unit sales cost of ammonium nitrate is CNY 1,032, down by 25.3%. I would like to briefly introduce this equipment business. In 2022, the output value of a coal mine equipment was CNY 9.96 billion, up by 5.3% YoY. Operating income was CNY 10.6 billion, YoY increase of 2.3%. The financial business, the operating income was CNY 2.386 billion, increase of CNY 695 million or 41.1%. For other business conditions, for example, like electric power, aluminum processing equipment and bidding service and railway transportation, achieving the operating income of CNY 7.583 billion. Now I'm going to share with you this major operating financial indicators. In 2022, we have reached CNY 220.577 billion. The total profit was CNY 32.897 billion, up by 26.2%. The net profit attributes to the shareholders of this company was CNY 18.241 billion, YoY increase of 32.8%. The basic earning per share was CNY 1.238, YoY increase of 32.7%. The weighted average return on equity was 14.88%, up by 2.17%. The asset liability ratio was 51.5% and down by 4.2%. Under International Financial Reporting Standards, pre-tax profit was CNY 34.583 billion, up by CNY 6.714 billion YoY. The profit attributable to the shareholders was CNY 19.719 billion, up by CNY 4.547 billion. The basic earning per share was CNY 1.49, up CNY 0.35 YoY. The capital liability rate is 34.3%. Compared with last year, the major increasing factors are as follows. The first one is the price of self-produced commercial coal has increased by CNY 8.817 billion. The sales volume of self-produced commercial coal increased by CNY 2.614 billion. Investment income increased by CNY 1.495 billion. Chemical business increase is CNY 488 million. We have already got reduced profit, we have got about CNY 4.852 billion for this provision of impairments. Tax and surcharges increased by CNY 1.422 billion. Management expense increased by CNY 786 million. Operating expense increased by CNY 360 million, increased by CNY 105 million. Let's talk about the key projects. We have this Dahaize mine with the output annually reaching for 15 million tons of high quality, and it has this trial operation as a whole. The construction has been scaled up to be increased to 20 million tons, and they have already passed this on-site review. This construction of Libi and the Antaibao, this low calorific value coal power generation project with the annual output of 4 million tons of anthracite has progressed smoothly. Shaanxi Yulin coal chemical industry phase II project was annual output of 900,000 tons of polyolefin, has completed all external formalities of approval. We have this phase I Shanghai Energy Company was basically completed and connected to the grid. We also have this 100 MW agricultural PV complementary project to Pingshuo Group started and they have already been listed in this grid-connected new energy projects in Shanxi province. Now let's talk about this CapEx and the planning arrangement in 2023. In 2022, the company's CapEx is closely focused on these four major sectors of coal chemical industry, electric power and coal mine equipment, including capital construction projects. We have about CNY 14.78 billion, with CNY 9.271 billion completed. Among them, we can also see that the coal sector completed CNY 6.74 billion. This coal chemical sector completed CNY 326 million. For other different sectors, they have reached over CNY 1.148 billion. The company's planned CapEx in 2022 is CNY 18.02 billion, with increase of CNY 8.749 billion compared with the actual completion in 2022, up 94.37% YoY, increase of CNY 3.312 billion compared with the planned capital expenditure in 2022, up by 18.38% YoY. The coal sector plans to complete CNY 10.456 billion, coal chemical sector CNY 3.804 billion. The power sector plans to complete CNY 1.883 billion. The new energy sector plans to complete CNY 1.4 billion, and the rest is complete the rest of CNY 0.5 million. We also could do this about in 2022, the company contributed to this, the dividends, according to this net profit of this stock exchange to have issued this cash dividend ratio reach 30% with a total dividend of CNY 5.484 billion. It's actually CNY 0.414 per share, including taxes. Now I'm going to share with you this production operation plan, the key work arrangement of the company in 2023. Now let's first talk about this in 2023 overall plan. The company will adhere to this general tone of striving for progress while maintaining stability, fully implementing the development idea of improving efficiency by safeguarding the incremental transformation and strengthen this lean management, deepen the enterprises. We also hope to have about 125 million tons for this polyolefin produce and 1.9 million tons of urea. At the same time, we will actively take measures to scientifically control our costs and strive to achieve this good business result without major changes in the market. In 2023, the key work the company will focus on high quality development, further promote the development idea of stock efficiency improvement and the incremental transformation, and accelerate the construction of this world-class energy enterprise. First, around this 14th Five-Year Plan, we will accelerate the construction of demonstration basis of a co-electricity JV, co-electricity, and renewable energy JV, and continuously optimize the layout of industrial structure, improve the capacity of energy security supply, accelerate this low carbon green transformation. The second is to thoroughly implement the new round of state-owned enterprises reform tasks, solidly promote this special work of improving the quality of listed companies controlled by the central government. We hope to have this high quality development with a more sound and efficient, market-oriented and legal operation. The third is to continuously strengthen the available drive and then continuously optimize the system and mechanism of scientific and technical innovation, actively integrate in this national scientific and technological innovation. The fourth is to adhere to this system concept and bottom line thinking, continue to strengthen this work of safe production, ecological environmental protection, energy conservation and emission reduction to solve all those risks. Fifth, adhere to this world-class benchmark, continuously improve this level of refined and lean management, continuously improve the quality and efficiency, and successfully complete these annual production and operation objectives. The sixth is to continuously improve this level of corporate governance and the quality information disclosure, further improve this communication with investors to strengthen market management and maintain a good image of the capital markets. Dear shareholders, and the management and all the colleagues of the company, we're keeping in mind our initial mission, make persistent efforts, forge ahead, actively participate in the practice of Chinese style of the modern energy, to give back to this all shareholders and investors with our new achievements in building the new world-class energy enterprise in high quality development. That's all for me. Now let's come to this Q&A session. Welcome for all your questions. Welcome. Actually we could have this telephone questions first and then the online questions later. Please first press star and then press one. For online participants, you would better just use this word questions, or they could just use this raise a hand button and then raise your hand if you have some questions. For this telephone participants, please first press star and then press one. For this online participants, you could type your questions in this chat box, or you could directly unmute yourself. If you'd like to ask a question for phone participants, please press asterisk one on your telephone keypad. For web participants, please type your message in the text chat frame or click raise hand button to ask a question live. We haven't got any question here. There is one-word question here. The question is actually from Yulin Energy Chemical. We just have this CNY 1.4 billion. Can we say it's about CNY 2 billion of this net profit, it's about CNY 6 million of this production. Can you later have this separate disclosure in the future for this Yulin? I will have Mr. Chung from Finance Department. First is according to your calculation, you could calculate that. It's actually the situation in 2022 like that, as you said before, from different mines. For this disclosure, we haven't got this very detailed disclosure of that. For this Dahaize mine, if it's actually being executed, we will have this overall consideration. Okay. Thank you. Thank you so much. Now let's have this 6322 telephone investor to propose your question. Can you hear me? Yes. Please fire away. Dear leaders, I am from CITIC Huang Jingshan. Thank you so much for coming here. I also feel that it's very happy for me to participate here. I have two questions. The first one is for this year, for this overall mine cost reduction is how? You can see that for last year it's actually not big change. However, for this cost, any data available? The second one is actually from this Dahaize mine progress. We can also see that, what is the production capacity? Then it could actually have how much of the capacity and in the future because we have about 20 million of this overall production. These are my two questions. I still invite Mr. Chung to answer this from finance. First question is about cost. In 2022 for this overall commercial coal cost is actually quite stable compared with 2021. This is basically stable. For all the different mines are all under normal production. From the cost perspective, I think it's actually quite stable. This is the first question. The second one is for Dahaize and for this overall production has already been successfully being started. Then we also can see for this Dahaize for this overall contribution from the production, it definitely has certain increase. I have to follow up another one, especially for 2023, how much you hope to have this production from Dahaize? Do you have this kind of arrangement? In 2023, we hope to have about 15 million tons. Okay. Thank you. That's all from me. Thank you. Okay, thank you so much. Let us have this 1862 to propose the question. Please first tell us your name and where are you from. Hello, I'm Li Jingming from Jinxion. I have like a question. We also can see for the current list you are already having this like very good cash flow and for the future. Sorry, we really cannot hear you clearly. Please slow down a little bit. For this impairment. How much is actually the one that we are going to do this impairment? Can we actually do this impairment of the asset to be like more stable or like having no fluctuations? For this question, we also have this Mr. Chai Qiaolin, our CFO, and for asset impairment. For this overall arrangement, I would like to talk about it. From this impairment of the company, it's not like we deliberately just try to say, okay, how much we want to do that. It's actually because of this, the policies. For this certain step, we also can say we have this policy, for this environmental protection regulations. For this, mine companies like us, and, we also can see this, for the current quality of our China Coal Energy, is actually very good. Maybe we have some more policies. For example, for this resources that we are going to develop and because of this, local government arrangements or considerations. These will all influence, our overall impairment. It also has a certain consideration. We also can see this is also helping us, and that was this guarantee. We also can see. Maybe this is actually hard to answer that because we don't know what's in the future. Any more questions from you? No more. Now let's have this 4001 investor to come here. Please tell us who are you from and what's your name. Thank you. I am from Merrill Lynch, Maggie Zhao, I have three questions. The first one is, we have already seen that although for the year round the cost is quite stable. However, in Q4, for this coal cost, it actually increased by this 13%. Actually, by quarter, it's up by 20%. I wanna know that what is the reason why the cost increases so much? Can you give me a breakdown? Maybe in the future, we could actually expect to have like a further cost to be like calculated more in Q4. This is the first question. The second one is actually for this long agreement being signed with the proportion. You can see that for the newly added ones, they all need to have this long-term agreement. Maybe for the hydro, the mines have all been signed with this long-term agreement. You also can see that for our self-owned ones and for this overall oil and gas industry, they are still like having this expansion. What is the overall outlook of this coal chemical industry? With this oil price being lowered, and we also can see it's about CNY 18 billion for this CapEx. I wanna know that how do you just allocate this CNY 18 billion? The first one is we have this Mr. Chung from finance to answer that. The second question, I would have another colleague, and the last one is about have this Mr. Ling to answer that. The first one is about this Q4, the cost, and it has this quite a big quarterly increase. It has something to do with this business feature of this coal manufacturer company. You can see at the end of Q4, we need to do this maintenance and checkup. You can see that, compared with the first three quarter, it's having lower the production. For the fixed cost, it will be higher. The second thing is for Q4, for this maintenance and the checking, for the materials and for the spare parts investment, it will also be increased. Q4, we also need to prepare for next year's production. For Q4, for the materials and for spare parts and preparation, we'll have a higher cost. The next thing is actually based on this entire annual business, and then it has this certain increase. Because of this joint influence compared with the first three quarters, it is having certain increase. You also can see that as I said, it has something to do with this business feature of our coal production company. In Q4, the cost is roughly all higher than the first three quarters. This is about the first question and the second sale. I briefly answer you. For this Dahaize production, but it's a long-term plan, and, for chemical energy, it's definitely based on this requirement from this, the National Development and Reform Commission, NDRC, and, for this newly added release of this capacity, we just signed this long-term agreement. For our group, for this Dahaize mine, for 2023 specific capacity based on this budget, and we do this evaluation, and we will just assign this long-term agreement. This is mainly based on this coal production in 2023, and then we have done this prejudgment. For this actual production and for the implementation of this final production, and we cannot just say that 100% we will have this long-term agreement. However, we can be sure that it's definitely like strictly executed according to the new policies issued by NDRC. The last one is about the coal chemical industry. I will give it to Mr. Lee. For 2022, I think that it's actually with the coal price being quite high and for the coal business, it's actually quite good for the coal chemical. It proves that our coal chemical industry is still quite competitive. You say that actually the price is going downwards. For the price being lowered, actually for coal chemical, it's actually very beneficial. The reason why they don't do this, a lot of development of a coal chemical industry is actually with the price being lowered, it could help this to be stable. Then for this, China Coal Energy and for some newly developed materials that we have developed in this aspect about the coal chemical, I think we will have like a further elevation of that. That's all. Thank you. Just now, you have also mentioned about 2023 for the CapEx plan. I would like to tell you that, CNY 18 billion. For coal, we have arranged CNY 10.5 billion, for electricity is CNY 1.8 billion, for new energy is like with some rest and the following. I have already mentioned this before. That's all for me. Thank you. Okay, thank you so much. Any more questions? The new energy sector is actually about CNY 1.4 billion, the coal mine equipment sector is CNY 472 million. For the rest is actually the rest sector. For this construction of Dahaize being finished, in the mid and the long run, do we have this reduced production? We have the strategic plan leader to share with you. In the future, for our CapEx plan, you wouldn't have like a very big reduction. Why? For this, overall plan of the company, for example, we have to avoid risks and for electricity and coal chemical, we have this long-term planning, and then it has also included some coal, chemical, and electricity projects. In the future, we wouldn't reduce this CapEx plan. Okay. Thank you. We will have another question. We have already heard actually, we have over accumulated losses about CNY 20 billion, and then you are actually doing this provision of this bad debt. It's around CNY 10 billion. What are these projects that's going to be calculated in provision? Do you think that the management team will be subjected to this investigation and the losses? How do we avoid this kind of event from happening again? For this short-term loans, the interest is lower than the market. If it's higher than the market, do we hope to replace the current loans by applying for new loans? First, I would like to say that what you mentioned about the approval of that is actually the provision of. It's actually prepared. For this project that we are going to develop, it's not just about that, the resources or the assets are actually having some problems. We also need to have, for example, and we have already got these resources as being protected. We need to focus on the corporate social responsibility. We cannot do this illegal development. For this overall efficacy is expired for protection, we would do that. It has this time value. For a certain period of time, it requires, for example. This is more like the way of calculation. It's not like this. The whole asset is gone. It's not like this is actually being very bad. I have also mentioned that for this five-year plan, and for some places, maybe they haven't got this plan for this five years, and then we hope to do it in the next five years. With this kind of calculation, so it requires, for example, a certain amount of investment, and then I see this, the final effect. These are just like the provision of that, and then it's about the cost. It's not just like the project having some problems or something. You also can see it has to cater to this National stress and then this National Strategies. We also can see that we need to have a certain title. I know we are also actively taking some measures to try to synergize with the local governments and with technological optimization to have this faster utilization. In the future, we also have. For example, you wouldn't have something like what you say is about this state-owned resources and assets to be subjected to losses. I have something to say here. For China Coal Energy, for the loans, are all like ordinary loans with appropriate interest rates. It doesn't have anything like the junk loan or something. I don't know what do you mean by junk loan? Thank you so much. Now I have another investor. Please first have with us your name and where are you from. Hello, Leaders. I am from Shandong Railway Development Fund. I have two questions for you. The first one is still about the Dahaize, this overall situation in 2022. We have seen Dahaize for this Yulin Energy & Chemical. It has about CNY 2.9 billion of this profits. You can calculate that for Dahaize, the net profit is about RMB 1.8 billion-RMB 2 billion for the net profit. I wanna know that for Dahaize, for this overall sales price, how is that per ton of the cost? It's actually the overall exploitation cost and for all the different taxes and for this net profit and how much is that? This is the first question. We will have this financial department to answer the question. The first one is about this Dahaize price. For Dahaize, we can see it's about RMB 600 per ton, and it doesn't have the tax included. For the profit, you say that actually based on this Shanxi Agro Chemical for Dahaize is about RMB 1.8 billion-RMB 2 billion, and your calculation is right. From Dahaize Coal, completion cost from 2022, because this production capacity has not been fully released. For this, the coal price is actually quite high. For this completion cost is about RMB 300 per ton. Another thing is for sales price, about 600, can I understand this is actually the guarantee of this steam coal? For this chemical coal and with the steam coal, this overall cost is about RMB 700-RMB 750 per ton, right? When I say CNY 600, it's actually the comprehensive already. It doesn't have taxes. If it's the tax included, it's about around the CNY 700. CNY 600 is excluding the tax. Okay, got it. The second thing is, I would like to say that in 2022, for interest, the profit for this coal profit is about RMB 100 for Antaibao. I think about the mine is actually a long time, so the profitability is actually definitely lower. Donglutian is a new mine, so it's definitely having a better profitability. After this rough estimation, we think that because Anjialing is about, 800, and Donglutian is 120, and, for the older one is 80. Do you think this is a very reasonable calculation? I think you have done a very, detailed calculation when you do like that. You can see it's about CNY 6.9 billion for the net profit. It's actually attributed to our, listed company. For this, nitrate and chemical interest is also included there. Actually, it's actually, slightly lower than what you calculated, because it's a CNY 6.9 billion, also include other different business assets. Okay, thank you. Thank you so much. We also can see the next one is actually do you hope to have this, dividend ratio to be increased? For this CapEx plan, how do you arrange about this? What would you mean by that? You mean like for financing? We can see that we have already kept this, 30% of this dividend issuing is actually about 30%. The second one is about the financing aspect about the CapEx. The first, we have already got like a quite rich cash flow. We also use this bank loans about this issuing bonds in this capital market to solve this next year's CapEx. Okay. Thank you so much for your question. I will have this 9990 for this phone number to raise the question. Please share with us. Your name and where are you from? Hello. I'm from CICC, I would like to say that we have about 5 million tons for the agreement. What is this approval process of this agreement for Donglutian Mine? For this contract reviewing has already been finished. In the future, we need to have this specific approval steps. When will that be? It's about 30 million tons in completion when the agreement is being reviewed. If we are going to check that, so maybe for this year we will have that. This depends on the approval steps, and it also depends on this related department's fee for their approval. Okay, got it. The next thing is. What about the quality of this steam coal? For the quality of the coal for Zhongluotian Mine. Generally speaking, I think it's actually similar with the Pingshuo one. For Pingshuo Mine. It's about 41 million for the production. For this, oil content, it's because of the coals being different, so it has some niche differences. Okay. Thank you. Thank you so much. We have another word question. For 2022, for the standard coal for H2, how was the price compared with H1? What is the overall reduction, and what about the delivery of this Australian coals? Do we have this long-term price reduction in China for this coal delivery? For 2022, H2. What do you mean by that? Okay, read it one more time. It's actually the coking coal, the charter coal. The question is, in 2022, H2, this coking coal, what's the price? I briefly talk about it. For the categories of cokes, it's actually with a lot. The comprehensive price is about RMB 1,600. The second question, it comes to this long-term agreement, right? Do I understand, right? The management is asking. What is the later half of the question? Can you repeat? The later half is for Australia, coke import has been approved and recovered or not. For this long-term price of this domestic coal, will it be lowered? For Australian coal, you pay a lot of attention to that previously, and we have already got this news to interview that. For this Australian coal, import is actually we would restore full imports. It's actually for this overall channel and this online news thing that we need to, like, go to this full aperture. They just say that actually with this approval, you would do this overall import. We judge it wouldn't have this too big importing of coking. We also can see that this is actually priced still with a very high range and then just fluctuate, but it won't have too big changes. Thank you so much. The next question is: How do you view the change of this coal price in 2023? Would this still be maintained at a high level? Import of Australian coal, would it influence your profit? I briefly share with you because for Australian coal imports, we have already said for this overall import quantity, we judge it wouldn't have too big resources to come here. For coal, it's actually quite balanced for China Coal Energy. Even if the market price fluctuates, it wouldn't have too big influence. For this 2023 proportion of this long-term agreement and from this national perspective, we think the overall market price is actually going downward. However, it's actually not reduced significantly. For the long-term agreements, now we have this high proportion of this long-term agreements being signed, and then from January to March. For this actual price on average, it's actually still RMB 3 higher than last year. For the long-term agreements, we also think it would have this small changes within this range. We judge that for the overall market, you wouldn't have this kind of a big increase or big decrease of that. We think that for this average price is about CNY 1,300. For this year, we also have a certain reduction. However, for demand and supply, we all haven't got this very significant fluctuation, so we wouldn't have this too big adjustment. For import, it has about CNY 290 million. In the future, we think that the entire market is about CNY 300 million. For this Chinese market being so big, you wouldn't have too big influence about the price with this small amount of import. That's all for my answer. Now let's have 2805 investor. First share with us your name and where are you from. Hello, thank you so much for the management team. I am Zhao Capital Xuchen, and I have two questions. The first one is, I would like to ask that, for our CapEx, just now you have also mentioned that in 2023, it's a very high CapEx, and then you wouldn't have this very big reduction. For the categories, mainly about the coal chemical and just now you have also mentioned about the electricity. Could you please also share with us, for this overall ROI, what is your requirement? For this coal chemical, would you focus more on CTO or more about like urea business? With the second one is about for this spot price. You also have already heard from this import of this Australia coal. If we say this API price plus freight costs plus taxes, and then compared with the domestic coal price, it's even cheaper. I don't know, maybe based on the current sourcing market and for this thermal plant situation and the demand, how do you judge about this future spot price? First, let's have with us Mr. Lee from this coal chemical industry. The major direction is still about, is about polyolefin. We also can see that because the EDA and some like metal related ones, and they have a higher value-added prices, and we expect this return on investment, it doesn't have this reduction. I think it's standard. That's all. For this sales, we will have this Mr. Lee. I'll briefly answer this for you. For this 2022 import being greatly reduced, it's actually about this international market price is fluctuating significantly, and it has led to this coal price significantly skyrocketing. From January to July, the import is actually lowered significantly for H2. For international prices lowered and for domestic price is also lowered. However, the proportion is not too big. For import and domestic, we have about RMB 50-RMB 100 for the advantage. This is also like, have seen this quite big, favoring positioning for this import. We expect that with coal, it wouldn't be like a certain, countries even limit this export. For international coal price, we think the trend is definitely going downwards. For this, high price advantage, it wouldn't be like, stably maintained like that. From January to March, you also can see for this, overall resource supply for this, long-term agreement without being signed, you also could see this quite nervous mentality. Because of this, import, we also have this time difference. Maybe we wouldn't have this kind of advantage all the time. They have this kind of risk. We judge that this is what we are all agreeing with the price being lowered. For this import coal and without this price advantage, they also wouldn't have this very good advantage. We expect that the overall import will be about CNY 340 million. For Australian coal and for other coal import, we think it wouldn't have this too big impact, and it wouldn't have this too big price reduction. This is our basic judgment. Thank you. Thank you so much. For the first question, I still would like to probe a little bit, because just now we have already talked about the CapEx, because for 2023 it is actually quite small for this proportion taken by this coal chemical, and then it is always kept at a high level. And we also can see for this new coal projects when they have been finished, maybe these are just about this coal chemical to come up to the stage or whether I heard it wrong or not. I have heard something about the electricity investment. I want to double-check. So now let's have this strategic development department to answer you. So for the question proposed by you, indeed, for this China Coal Energy, for coal as our main business, so for electricity and chemical industry, we all have some project preparations. And now we are all implementing specific procedures. I wouldn't name the names of the projects based on this situation, we find that we all have like a big amount of like CapEx. And for example, for our overall reform phase II, and we also have some other two different projects. For example, like of coal, and they are all being promoted, so for petrochemical. We also will see this significant development, so in the future for CapEx plan, and I think it could be kept at a high level. I think. Okay. Thank you so much for the detailed answering. That's all for me. Thank you. Okay, thank you. Now let's have 1626 investor to propose the question. Please share with us your name and where are you from. Hello, all the leaders. I am from Minsheng Securities. I'm Lu Jia. I have three questions. The first one is, we have seen for this 2022 production, we have about 5 million tons of the increment. Does it all come from Dahaize and the increase of the production? What's the proportion contributed by Dahaize? It is still slightly lower than our prediction. For this special production, if it doesn't have a bigger growth, is it because of the cementiness of Q4? Is it all because of the capacity utilization has all been lowered? This is the first question. The second question, we want to know that actually for this coal chemical, except for nitrate and urea, what is the future price prospect? Second, for this buyout trade call for this future outlook and your plan. Thank you. For the first question, we will have this coal BU to answer you. For 2022, this production increase is about 5 million, mainly coming from Dahaize. For Dahaize, we have seen some specific increase, about 5 million. Yes. The second question was about the coal chemical. We will have this price strategy company. For 2022. For 2023, the price is definitely like being stable but lowered. For 2023, for this coal is actually being like released in a concentrated way. They all have like a huge amount of production being released. For urea, because of this guarantee of the supply, maybe it's actually quite stable. For polyolefin, because you can see that the supply far exceeds the demand. This may be going downwards, but it's also quite stable at the bottom. For methanol, I think it's also like supply constantly on the rise. However, the demand is quite weak. For methanol, it's also like fluctuating, however, being not very, very strong. Okay. I have something else to add. About the price trend. For polyolefin is actually highly related to oil price. We have considered this going lower in this year. However, we also predict that 2023 compared with 2022, it will be lower. We expect for whole chemical factory in 2023, it's actually even better than 2022 for this gross margin. Thank you. Now let's have this buyout call answered by our sales team. For this 2022, for this buyout call compared to 2021, we have this significant decline, is mainly because for 2022, this market price fluctuates a lot because Chinese government has this price limitation. We are strictly executing this NDRC's demand. We just control this certain business about this trade call. It has got about 20 million tons of the reduction. For 2023 compared to 2022, we expect for the overall market, the price is actually going for downwards. We wouldn't have this 2022 special situation. However, we also just have this buyout proportion. We have arranged this overall year-round plan. Currently, I think that to finish the target given by us, it should be no problem. That's all for me. Thank you so much. We also can see it's about this arrangement of this capacity. We also can see that any production that we have planned to promote. For last year, we haven't got this. We haven't got any production executed or like exit. No. Just now I didn't hear clearly. It's about the 5 million. Of 6 million tons for the. For last year, it's about 8.4 million tons for the. Okay, got it. That's all for me. Thank you. Thank you so much for the answering. This is another word question. For and the mine sales, in 2022, are they the same, like this 80% of the mid- and long-term contract? Last year, we have done this market research saying that for the, we also have about 0.6 million tons of this reserve base of the central government. For this business model in China, can you elaborate on this, introduce to us? Thank you. For the first question, I will have Mr. Xiao to answer you. The question proposed by you is about the Hagazu and the Dahaize, because for 2023, for the overall long-term contract signing, we have a series of the requirements, and we have this overall plan and the budget. We are calculating the specific numbers stated by NDRC. For the quantity being assessed, it has this certain logic between the two. We wouldn't have to say that it has this certain proportion to be signed. It's definitely like according to this Chinese policy. About this reserve capacity, we will have another one. What you mean is about this reserve coal base. Yes, this year we will start the project construction, and then we will introduce for the overall investment. No, no, for this overall national arrangement. The specific situation. No, no, I'm talking about the overall national approach. What about you to do the introduction? For this, reserve base of that and as our own storage, it's actually similar with oil. Just to prevent this, price to be fluctuating too much and to have this buffering of the price. This year for the reserve center, we definitely would construct it. Thank you. The next one is actually from online, and the question is for SASAC, and it has mentioned about ROE, evaluation. In the future, how does the company hope to improve this ROE? Will you improve this dividend ratio? We'll have this, Mr. Xiang to answer here. For ROE and, with this, business performance being, better, and we have already got this, quite good, growth. The next step, we still use this scientific arrangement of the production to have this cost reduction to have this ROE to be further improved. We also can see that it has already got this very stable cash increment, and we are still using this dividend ratio as what we have always used before. Okay, thank you. The next question is actually for Zhongwei Huadi. For net profit and the net margin rate have all gone and declined. What are the reasons? We will still have this financial department to answer this. The one reason is for this coal price and compare with 2022 H1, 2022 price is also on the decline. This is the one important reason why this profit is going on the decline. In Q4, the coal production in coking production is also on the line, on the decline. We have this capacity and the price all come to the decline. We can see this H2 compared with H1 is lowered. Okay, thank you. Next question. The next question is, for this impairment and the provision is about this cost. Whether it's all like you would just seek the liability of this person who want to make the decision when you have some losses about the purchase, as I said before. For all this impairment provision, it's not like I just directly just say that, okay, I will just already calculate the loss. It's actually because of strengthening of the environmental protection. In the short period of time, we cannot just immediately develop that, for different policies with certain conditions being okay, we still cannot construct and implement that. We can also see it's about like a nitrate, for this protection is about 20 years, and then it's actually about 15 years later, we will just do this impairment. For a large scale energy company like us, we also have this strategic reserve, you can see this is all very necessary. We also can see that for this impairment is all more like this periodical, like price consideration. You also can see it's not like whether you have this specific stuff, this is what I wanna add. Okay. That's all. Okay, thank you. Thank you so much. The next word question is in the next two years, for 2023 to 2024, any new plans about this, profit arrangements and, any plans? I have already answered this. This is actually the same question. We will keep this, 30% of this, cash dividend ratio. We will keep that. We have already answered that. No significant change of the policy. Thank you. The next word question is why in the short period of time and this, short-term loan interest rates are all quite high, why is that? Maybe for the appendix saying that, for this about the 4.4% of interest rate, I would like to explain. This is with the local government, we do 50/50 of this investment. For this kind of company, and we don't offer them like a unilateral funding, so they based on their own operation, and then they just have this basic marketing consideration. They just put it as a cost. However, for this CNY 85 billion of the assets, and then Very small proportion is actually of this interest rate. The interest rate for this period over three years is about 3%. We also have about CNY 10 billion of the bonds. We also can see that, if we just exclude that, actually the overall interest rate is even lowered. For this China Coal Energy, this overall capital interest cost is just about 2%. No matter it's about liability rate or like the cost of capital is all very good. That's all. Okay, thank you. Next question is, how do we solve this company's competition with other companies? You say that actually you will have this full, the designated procurement of the assets owned by the group and without damaging the shareholders benefits and also improve this ROE. How do you do that? According to this China Coal Energy, when we signed this agreement to avoid this competition, so we will try to take necessary methods and include but not limited to this gradual solution of this competition. We are actually promoting that step by step. However, we are also just having this specific assets to go through this coal-related resources. According to this market development, we will just timely release that to you. Thank you so much. Next question. In the future, when you have this target of operation, will you first like use this as a SASAC requirement about the improved ROE as a priority as this listed company under SASAC? We definitely will just conscientiously implement this ROE requirement stated by that. Thank you. The second question is about this. How do you just plan to have this one? Then the auction is actually very active. You also can see, are there any new methods to have this rights to be sold, to have this exploration rights? Currently, this is about this large China Coal Energy industry and coal is still in the future very important industry of that. We have this strategic restoration. You have already mentioned about this actually for the impairment, we need to have certain time to be calculated. It's not like this asset itself. For example, like, I just have this possibility to develop, and then I develop that. We also can see that. We still are waiting for this, the future market. The next one is for this, all different, steam coal, how do you consider that price to be changed? And then for this long-term, contract, how do you view about the price? We will have this, sales company to answer that. However, this is actually for different, expectations by quarter. It's actually having a lot of uncertainties. We also can see, for this, 2022, and it's all having this fluctuation at this high level. For this price change, you can also see this trend, this pay line is actually, early days of the year is actually quite stable. For this March to April, it has this quite a big fluctuation about the signing of this annual ones and about the market and the water and the utility influences. We can also see that for every year, the change is actually quite different. However, for the overall trend is actually quite different. We still stick to this principle because for 2023, this long-term agreement is actually signed in a high proportion compared with 2022. We all have about 10%-20% of the increase. For this long-term agreements, we all have this specific arrangement. There's a high proportion of this long-term agreement signed with the power plants, and the price is definitely within this range. For this market price, if with this quite a stable one, and then for some other mining and for this refinery industry, we think economic recovery is definitely very obvious. For H2 this year, maybe for this price, we'll have certain periodical fluctuations. However, because of this import of the coal and then for the supply and demand, the relationship is still quite stable and quite balanced. We think for this overall seasonality and for this monthly situation, it doesn't have a lot of changes. However, for this price, the point is definitely like, on the downward trend, especially for the spot one. For this long-term price is about CNY 700, and the fluctuation is also within this reasonable range because all the different companies have a different judgment. We think for this long-term agreement to be signed, and then it's actually having a high proportion. For this, count, like, the country's overall price stability is actually quite good. Now that, you've actually said that, are there any more questions from the investments? Any questions? Okay, we will have this 6368 to propose a question. Please, first share with us your name and where are you from. I just have a question here. You can also see based on the current impairment provision, if it's in 2023, the business performance is still quite good, this business scale is actually quite good. We can also see with the current like a different better assets than non-performing assets, how are you going to do this impairment? Let me answer that. I have already mentioned. For this impairment, it's not like we deliberately just try to do that because from our current consideration, it's actually all the assets are all very good quality with some specific ones. You have this policy and political ones, it just cannot be developed in a short period of time. Whether, and they have the policy to be proposed, and this is not like we can make the judgment subjectively. However, without this subjective influence with the current quality of the assets, I'm very confident to say that, and for my current plan, I don't have any impairment plan. In the past few years, you can also see that to be like realistic, it seems that you're always just doing this non-stop impairment, and then you make these investors really worry. Maybe for the impairment always appears like this, and then we just expect that whether the profit is good or not, you cannot just predict the performance. Like we really worry that for the company, for this treatment of the non-performing assets, maybe it's not very transparent. We have the problem like that. I think I have already mentioned. For this, impairment, you have to consider that we are a large scale energy company, so our profits mainly come from the nature. As a natural company with environmental protection requirements and all the different requirements, we definitely would stick to this policy. We just don't exclude saying that for some projects, for some different ones that we need to further adjust that and coordinate that. When we have this condition to adjust that, and it's all natural. When we propose this impairment, you can also see that for this overall profitability, it's all like, very stable and on the rise. It's all like, developing with this stability maintained. We still could definitely like pay back these investors with your love and care. For this non-performing asset, it's actually not very transparent. With your performance being very good, however, you do this impairment every year. This is actually quite unique. For every year you are doing this impairment, another scale is actually all the rise all the time. Being untransparent, I think is a big problem because you have already done this impairment for consecutive several years. Can you give us like the number that we could expect for 2023? We will still have like billions of this impairment scale. For this question, I think that when we comb through this asset, you definitely have like a rough estimation. Can you just give us like a quite transparent answering for the investors? The situation is, as I said before, so for our impairment, it's not like we deliberately do that or like we just judge, okay, what kind of assets having some problems and we do that. For example, we have also mentioned about like mine impairment. We also can see that compared with this five-year plan, we haven't got that. Within five years we just cannot construct that. However, we just have to keep that. For last year, it's not like saying that for the mines have been less or what. We also can see you just define it as like a non-performing. As an energy company, you need to have like, have a lot of stuff. I know, I know. I mean, that's the thing is that every time when we ask about this impairment, you always like use this like exploration rights. However, it's not like saying that you have this exploration rights, but it's for so many years and that you are always doing this impairment. I think that if you every year you just do this impairment, what about you could be transparent how significant the problem is? Can you just be more transparent with us? The thing is you can see our asset structure. For about CNY 340 billion, about 64% and above, it's all about the fixed assets. We also can see and for the they are always like creating new profit. This is our growth. Then indeed, we also have this kind of. For example, like they come to the market and then for this original ones. They are doing this kind of stuff. We also can see this is like the energy company, and this is like our pattern. We really understand that. We really understand. However, can you just give us more transparent information? We really understand. It's just like, can you be more transparent about the information provision? I would like to say like this. We also can see this is more like the peak of our impairment. We also can see that you always ask us to say more, and you blame me for like always talking about this sources and the assets. Then you could all like judge like this. Okay, got it. Okay, thank you. Okay, thank you. Now let's have this 8837 investor to share with us. Can you share with us your name and where are you from? My personal communication. Just now you have talked about 2% of this cost of the loan. In the future, if you are going to improve our ROE and for our current debt scale. Would it be like even more or we will be like reduced to a more suitable area? The next thing is for our overall influence of this exploration. After this agreement being signed, will we also have some like higher cost? I would like to answer your first question. First, for our capital cost, for our overall CNY 85 million, except for about CNY 200 million being short-term, and for the rest they're all be the long-term. For the 2% is, have seen that it's about a 3.6%. When I say it's a 2% because we also have like a financial company, and then we also use this existing cash flow to do this weighted calculation. It's about comprehensive for cost is about 2%. It's about 51% of the liability for this report. We also can see it's different from most of the companies. We have this concentrated stock company and then for this continuation ones. If we just put them on this liability and then we just kick them out. For some actual like liability rate is about 48%. For every year it will be lowered by about a 3%-4%. This is like for your liability rate is actually still being lowered all the time and then for the future, and we still will strengthen this transformation and development. From these aspects and when we have like more projects being harvested and for the liability rate, you also can see that we could guarantee there's a certain profitability and that it always be maintained at a stable and amiable condition. That's all. Okay. Thank you. Okay, thank you. All the leaders, because of limited time and that's all for today. Let's see that any other things that the leaders want to add or something that you want to conclude. Now let's have this as Mr. Zhao Rongzhe now, Executive Chairman, to share with you his conclusion. Dear shareholders, investors, good afternoon. Here I would like to represent the company to sincerely thank you for your participation and your long-term concern and support. The company will strictly stick to this like ambitious development, but with the stability maintained to comprehensively implement this first class energy company internationally and constantly seek a new path, then to have this new development, the new opportunities and make progress steadily in far-reaching ways. Thank you so much for your contribution made to our company. Looking to the future, with this critical period of building this socialist and modern country in an all-around way, we must forge ahead into the future with upright and innovative and strive to create a new situation of the high quality development of China Coal. Have this better value for investors. Thank you. Thank you so much. Thank you. Thank you, Mr. Zhao. Thank you. Thank you so much for today. Thank you so much for the leaders and for all the investors. I wish you all happy life and all the best. That's the end of today