First of all, the Director of the Board and the President of the company, Mr. Zhao Ping, will review the business performance for the annual results of 2021. Followed by Q&A session. May we have the honor to invite Mr. Zhao to review the business performance, and Ms. Liu Tianyu will conduct the English interpretation. 女士们，先生们，大家好，欢迎各位参加华能国际2021年度业绩推介电话会议。 Ladies and gentlemen, good afternoon. Welcome to the Annual Result Conference Call of Huaneng Power International. 昨天公司已发布2021年年度报告。下面呢，我简要介绍一下有关情况。 Yesterday the company have released the annual report of 2021. Please let me give a brief introduction. 2021年对于公司而言是极不平凡的一年，极不寻常的一年。新冠疫情持续，煤电供需紧张，电力体制改革加速，能源结构转型加快。面对新冠疫情风险和煤炭市场价格大幅上涨的不利因素，公司统筹生产经营、转型发展与电力热力保供，稳住安全生产经营发展基本盘，积极履行为社会提供充足、可靠、环保电能的职责。按照中国会计准则计算，公司2021年实现合并营业收入2,046亿元，同比上升20.75%。受燃煤采购价格大幅上涨的影响，公司全年业绩亏损。公司权益净利润负的102.64亿元，扣除其他权益工具收益后，每股收益为负的0.79元。按照国际会计准则计算，公司权益净利润负的106.36亿元，扣除其他权益工具收益后，每股收益为负的0.8元。 2021 was an unusual year, considering the continued COVID pandemic, tight supply in the coal market, accelerated power system reform and energy structure transformation. Facing the risks of epidemic and soaring coal prices, the company coordinated operation and transformation, ensure the supply of electricity and heat, stabilize the fundamentals of safe production and business development, actively perform the responsibility for providing sufficient, reliable and environmentally friendly energy for the society. Under the Chinese accounting standards, the company achieved a consolidated operating revenue of CNY 204.6 billion, increasing by 20.75%. Affected by the sharp rise in coal prices, the company's net profit was -CNY 10.26 billion. The earnings per share was -CNY 0.79. Under IFRS, the company's net profit was -CNY 10.636 billion, and the earnings per share was -CNY 0.81. 发电方面，2021年公司中国境内的运行电厂售电4,301亿千瓦时，同比增加13.23%，全年平均结算电价431.88元每千千瓦时，同比上升4.41%。市场交易电量占比是61.63%，同比增加3.3个百分点。全年平均利用小时是4,058小时，同比增加314小时。 In terms of the power generation, in 2021, the company's domestic power sales was 430.165 billion kWh, increasing by 13.23%. The average tariff was CNY 431.88/MWh, increasing by 4.41%. The market-based power sold accounted for 61.63%, increased by 3.3 percentage points. The average utilization hour were 4,058 hours, an increase of 314 hours year-on-year. 煤炭方面，2021年公司共采购原煤2.03亿吨，其中长协采购占比55.15%。由于煤炭市场价格大幅上涨，公司全年燃料成本大幅增加，单位燃料成本升至316.36元每千千瓦时，同比上涨51.32%。 In terms of the coal, in 2021, the company purchased 203 million tons of raw coal, of which long-term contract coal accounted for 55.15%. Due to the sharp increase in the coal prices, the company's fuel cost increased significantly throughout the year, and the unit fuel cost rose to CNY 316.36 per megawatt-hour, a year-on-year increase of 51.32%. 发展方面，2021年公司基建投产机组523万千瓦，其中煤机是200万千瓦，生物质是3万千瓦。由于新能源资源价格等因素，相关因素的影响，风电光伏投产是323万千瓦。截止2021年底，公司可控发电装机容量是11,869.5万千瓦，低碳清洁能源装机容量的占比是22.39%。公司将继续推进清洁能源资源获取和项目建设，加快转型升级的步伐。 In terms of development in 2021, the company added 5.23 GW of units, including 2 GW of coal units and 30 MW of biomass power. Due to insufficient resources and high prices, 3.23 GW of wind and solar power were put into operation. By the end of 2021, the company's installed capacity reached 118.695 GW. Low carbon clean energy accounted for 22.39%. The company will continue the acquisition and construction of clean energy resources and accelerate the transformation. 由于公司2021年年度归属于本公司股东的净利润为负，综合考虑公司转型发展的投资需求以及2021年公司资产、资产负债率上升等情况，董事会研究建议2021年年度不分红。该决议将提交公司年度股东大会审议批准。 Since the company's net profit attributed to shareholders were negative, considering the investment needs and increased debt ratio in 2021, the Board of Directors recommends that no dividends be distributed in 2021. The resolution will be submitted to the annual general meeting for approval. 2022年，公司将继续实施绿色发展、创新发展、安全发展、卓越运营战略，积极应对电力、煤炭、资金市场的变化，稳中求进，推进完成年度生产经营发展各项任务。 In 2022, the company will continue to implement green, innovative, safe development and operational excellence, actively respond to changes in the power, coal and capital markets, seek progress while maintaining stability and complete the annual operation and development tasks. 在电力建设发展方面，公司将秉持绿色发展理念，大力发展清洁能源，优化火电结构，促进高质量发展。电力生产方面，推进生产的安全、可靠和节能减排，有序实施火电机组节能、供热灵活性的三改联动，发挥火电机组在电力系统中的支撑保障作用。电力营销方面，坚持效益为先，量价统筹，做好市场交易，努力完成年度发电量任务。燃料方面，努力推动煤炭中长期合同签约兑现工作，优化供应结构，控制燃料成本。资金方面，充分发挥优势，抢抓绿色金融政策，拓宽融资渠道，在确保资金安全和降低资金成本。 In terms of the construction, under the concept of green development, the company will develop clean energy, optimize the structure of thermal power. In terms of power production, promote safe and reliable production. Actively implement renovation of energy conservation, heat supply and flexibility for thermal power units to support the power system. In terms of marketing, insist on profitability coordinating volume and price, striving to complete an annual power generation task. In terms of the fuel, promote the signing and fulfillment of medium to long term coal contract, optimize the supply structure and control the fuel costs. In terms of finance, seize the opportunity of green financial policies, expand financing channels, and strive to reduce financial costs while ensuring capital security. 好，谢谢大家。下面的时间呢，我和我的同事愿意回答各位的提问。好，谢谢。 Now my colleague and I would like to answer your questions. Thank you. 谢谢赵总的介绍。接下来是问答时间。 Thank you, Mr. Zhao. Here we come to the question- and- answer session. 如需提问，请在话机上按星键等候，闻信号键再按数字一。谢谢。 To register your question, please press star followed by one on your telephone keypad. Thank you. The first question comes from 刘选达 of 花旗银行。第一位提问者，有请来自花旗银行的刘选达提问。谢谢。 我是花旗银行刘选达，我有三个问题想请教。第一个问题就是对于今年2022年，我们那个单位燃料成本跟去年的改变及一些怎么样？第二个问题就是也想了解，就是管理层对今年那个咱们那个火电的上网电价，就2022年的比那个2021年的那个上涨的幅度应该是大概是怎么样？第三个问题是有关我们新能源发展，那我们去年，我记得就一年前，我们本来目标去年是上8个GW那个新能源的装机的，那去年那个目标是没有达到，所以想请问就今年咱们希望上的新能源的目标是多少，有多少是风电，多少是光伏？谢谢。 I have three questions. My first question is what is the company's unit fuel cost expectation of 2022? Second question is about the tariff. What is the company's expectation of the change of the thermal tariff? My third question is about renewable energy. The company has released 8 gigawatts of target at the beginning of 2021, but failed to complete this goal. What is the company's renewable energy capacity add plan for this year? And for what proportion was wind power? What proportion was solar power? 我来回答简达总第一个问题。如果从去年实际执行情况来看的话，四季度公司单位燃料成本是439.18元每千千瓦时。 The company's unit fuel costs in the first quarter last year was CNY 439.18 per megawatt-hour. 从一二月份实际执行情况来看，由于采购单价的下降以及存货、四季度高价煤的存货的消耗，在一二月份单位燃料成本已经产生了大约￥80左右的一个变化。由于没有到一季度的对外公告的时间，这个数据是目前初步的一个框算的结果，供参考。 Currently, in January and February, because of the coal price has dropped and some of our inventory consumption, the unit fuel cost dropped CNY 80 from the CNY 80. Please wait for our release of the statement to be accurate. 二零二二年我们公司的煤机上网电价的初步安排是¥0.4506，比二零二一年同比上涨¥0.043，涨幅是10.6%。 The tariff of a thermal unit was CNY 450.6 per MWh. It has increased CNY 43 per MWh, increased by about 10%. 我来回答刘先生第三个问题，关于新能源的建设发展问题。2021年这个公司计划投产的，的确像刘先生说的是将近八个吉瓦，八个吉瓦的这么一个计划，新能源投产的这么一个份额。实际按照我们实际投产的这个状态，应该是三百二十多万的这么一个投产的份额。 The company has planned to add 8 GW of renewable energy at the beginning of 2021, but the company actually achieved 3.2 GW of renewable energy capacity added. 这里面可能涉及的一些原因，包括我们这个2021年是十四五的首年，一些计划，区域的新能源的这个建设计划和规划在调整。 There are following reasons that can explain the spread. 2021 is the first year of 14th Five-Year Plan. Some regional plan has changed throughout the year. 另外，还有硅料组件的价格上涨、施工资源的紧张，还有极端天气和疫情的干扰。 Also, the capacity also affected by the rising price of PV module and the limited construction resources. Also some epidemic control measures and some extreme weather. 但是我们还是付出了很多的努力，我们大部分项目都已经开工了，开工的这个容量呢，有四百六七十万的这么一个容量。 The company has put effort in the construction of renewable energy, and most of our planned capacity has been under construction. About 4.6 gigawatts of capacity has been put into construction. 更为重要的是，我们大部分的项目，部分的这个风机和组件都已经并网了，并网的这个容量呢是，有五百八十五万的——五百八十多万的这么一个容量。 Most of our wind projects have been connected to the grid. About 5.85 gigawatts of our wind units have been connected to the grid. 所以，这个成果继承到今年。我们今年计划的新能源投产的份额是803万，这个在我们的年报中已经公布了。 For this year, the company's planned renewable energy capacity added is 8.03 GW and it's released in our annual report. 但是我们今年呢，仍然面临着和去年一样的这些天气、疫情，还有施工资源的这些条件的干扰。 This year is quite similar with last year. We are still facing the risks of weather, the epidemic and construction resources. 所以今年呢，我们还将继续努力，确保努力保证今年的新能源的份额呢，进一步的增加。 The company will continue to put effort on the construction and ensure the increase of renewable energy capacity. 好，谢谢。 Thank you. 好，谢谢管理层。我就很简单，有个追加的问题，就是刚才讲的那个今年8.03GW的计划，那个大概如果分开那个风电跟光伏的比例大概是怎么样？谢谢。 今年我们计划的风电大约是300万左右，光伏在500万左右。 In 2022, the company plans to add 3 GW of wind and 5 GW of solar power. 好，谢谢管理层。 下面一位有请来自国信证券黄秀杰提问。 The next question comes from Huang Xiujie of Guosen Securities. Thank you. 公司领导您好，我是国信证券的黄秀杰，有两个问题想咨询一下领导。一个是领导能不能给我们一个分布的利润，就是火电、煤电、气机，然后热力，然后风电、光伏，包括水电这么一个全年的拆分，包括单四季度的一个拆分。第二个问题呢，就是海风投产的问题，想知道去年我们海风投产了大概有多少，然后我们拿到那个补贴电价的有多少，我们现在没有投产那一部分还在建的那个海风电价未来是一个什么样的情况？主要是这两个问题，领导。 I have two questions. My first question is could you please provide us the profit breakdown to different energy sources in fourth quarter and in the whole year 2021. My second question is about the offshore wind power. What was the company's capacity added of offshore wind power and did all the capacity have the feed-in tariff? And what is the company's expectation of offshore wind power tariff in the following years? 首先来回答您关于各个电力板块的利润的情况。根据2021年的这个初步的适宜性的拆分，给大家做一个报告。首先是煤机板块，税后利润大约亏损在176亿元左右，燃气板块盈利10亿元左右。 The net profit breakdown for different energy resources for Coal sector it was -CNY 17.6 billion. For gas sector it was CNY 1 billion. 风电是盈利44亿元左右，光伏是盈利7亿元左右。 For Wind sector it was CNY 4.4 billion. For Solar sector it was CNY 700 million. 水电是盈利两千万左右，生物质是亏损两千万左右。 For Hydro sector it was about CNY 20 million profit and for Biomass sector it was - CNY 20 million. 从四季度的情况来看，初步的适宜性的拆分，煤机板块亏损约140亿元左右。 For the profit breakdown of the Coal sector in the fourth quarter, it was CNY 14 billion, - CNY 14 billion. 燃机是盈利两亿元左右，风电是盈利十三亿元左右。 The Gas sector, it was CNY 200 million, and the Wind sector, it was CNY 1.3 billion. 光伏盈利约一亿，水电亏损约两千万，生物质盈利约两千万。 For the Solar sector it was CNY 100 million and the, for the Hydro sector was - CNY 20 million and Biomass sector it was positive CNY 20 million. 从供热的角度来看的话，供热的这个利润呢，已经包含在燃机和燃煤的盈亏部分。 Revenue from heat supply is included. 领导，我能追问一下，就是我们这个年度的这个，咱们说是税后利润吗，就归母净利这种口径有吗？就是2021年的。 Does the company have profit attributed to equity holders? 可以再报一下规模这个口径，因为这个拆分的过程当中呢，是有一些交叉，所以呢，这个拆分的结果应该是一个初步的适宜性的一个结果。如果从权益净利润来看的话，2021年全年煤机板块大约亏损了142个亿，燃机板块大约盈利了6个亿。 From the profit attributed to equity holders in the Coal sector, the Coal sector has lost CNY 14.2 billion and Gas sector has a profit about CNY 600 million. 风电盈利约41个亿，光伏盈利约6个亿。 The Wind sector has a profit of CNY 4.1 billion and Solar sector has a profit about CNY 600 million. 水电大约盈利两千万，生物质大约亏损两千万，这是以上适宜性的拆分，供参考。 For Hydro sector, it has a profit of CNY 20 million and Biomass sector has a - CNY 20 million profit. 我来回答一下关于你新能源建设的份额的问题。这个海上风电去年我们投产的是111万海上风电，这个去年呢，除了一个项目，我们的这个电价正在落实之中，其他的项目基本上已经落实。今年的份额是海上风电计划的份额，我们应该是在135万左右。这个目前呢，现在推进正常。 About the company's offshore wind power. Last year the company has put in total 1.11 GW of offshore wind and except for one project, other projects all have a feed-in tariff. This year the company has planned for offshore wind of 1.35 GW. For now, we are pushing forward this project. 感谢领导。 下面有请来自中金公司刘佳妮提问。 The next question comes from Liu Jianni of CICC. Please go ahead, thank you. 管理层你们好，这边我也有三个问题。第一个问题是，不知道管理层有没有可能跟我们分享一下，截止2021年年底，分板块的净资产这个数据，有没有可能分享一下？第二个呢，刚才也是听到我们对于2022年的新能源发展的计划，听到讲说这个风电是三百，就是三个GW的这个体量，这个应该是在我们有些项目从去年结转之外，我们需要新增的量，这一块可能想再明确一下。那第二个呢，就是说新能源这一块，由于像今年整个的硅料的价格下行的速度还是比预想的要慢一些，我们后续今年也是光伏建得比较多，这一块我们对于新能源项目的回报要求现在是一个什么样的水平，有没有比之前有一些调整？第三个问题是想了解一下目前国家要求的这个煤炭中长协的签订情况，那符合国家要求的这个五百七到七百七的这个定价机制的合同的比例现在达到了多少？管理层是如何展望接下去整体的单位燃料成本的走势。谢谢。 I have three questions. First, could you please provide us the net equity breakdown to different energy resources by the end of 2021? My second question is about the renewable energy. The company have will add 3 GW of wind capacity this year, but how many is from the last year's? By what percentage is new capacity added? Because the PV module hasn't decreased much this year, will company change the investment hurdle rate for this year's project consideration? My third question is about coal contract. By how many percentage of our contract can be implemented in the [CNY 570-CNY 770] range as the NDRC has released the document. What is the company's expectation of unit fuel cost change this year? 由于公司在并表范围里边有三百多家法人单位，所以在净资产这个环节里边，在同一个法人内可能会出现不同的类型基础的一个交叉的情况，所以公司以下是做了一个适宜性的净资产的拆分。 Because company has 300 subsidiaries and so this is only a demonstration for net equity breakdown. 煤机是618个亿左右，燃机是58个亿左右。 For Coal sector it was CNY 61.8 billion and for Gas sector is about CNY 5.8 billion. 风电是354亿左右，光伏是57亿左右。 For Wind sector it was CNY 35 billion and for Solar sector it was CNY 5.7 billion. 水电大约七个亿，生物质大约九个亿。 There was CNY 700 million for Hydropower and CNY 900 million for Biomass power. 好，我来回答刘女士这个关于新能源的建设发展问题。是，您说得对，今年的话我们安排了三百万左右的新能源的风电，今年要投产。是这样，我们去年很多的新能源项目，除了三百二十万已投产的项目，其他很多项目刚才也回答到了，是已经进入了，我们完成了开工，完成了并网，有一些剩余的份额在今年来完成。所以我们今年保证今年的投产的份额有将近五百万的光伏，有三百万的风电，是没有问题的。我们继承了去年的，其中呢，有在这个新能源里头，我们其中有两百六十五万左右，是已经具备了，已经并网，不具备，没有进入我们的发电的，就是整个投产的序列。因为我们光伏需要并网，冬季的话需要光照的条件，我们关于风电，我们需要具备风电的两百四十小时风力的要求。所以部分的风机和光伏我们只是并网，没有投产，不计入投产的标准序列。今年的话，这两百多万风电加光伏投产应该是在日程上没有问题。所以今年我们预计投产的803万，我们还是比较有信心的。好，回答完毕。 The company is quite confident about this year's 8 GW of renewable energy. As I just said, this year there will be 3 GW of wind put into operation. For last year's capacity, a lot of our projects has been completed construction and connected to the grid, and including 2.65 GW of capacity has been connected to the grid but not reach the requirement of operation because of the solar condition and also the wind condition. This year we are quite confident about this 8 GW capacity. 您好，回答您关于新能源项目投资回报的要求。目前，公司还是依旧保持着审慎的投资理念。对于自建的新能源项目的投资回报要求，依旧保持去年的要求水平。 The company continued our prudent investment policies. Our investment hurdle rate hasn't changed from the last year. 投资者您好，我来回答一下您的第三个关于2022年电煤中长协合同的问题。目前，公司2022年的电煤中长协合同的签订工作还没有结束，公司依然在积极地和上游供应商就电煤中长协合同的资源进行对接。 Please let me answer your question about medium to long-term contract of coal. For now, the company hasn't completed the signing of those contracts. Now we're still negotiating with our upstream industry. 从目前已经对接的情况来看，公司已经对接的中长协煤炭资源和去年同期相比增长了大概8.9%，成效还是比较显著的。但是具体的数据我们要等到中长协合同的签订工作结束以后再进行披露。 For now, the contract signed has increased by 8.9%, but the specific number will be released later after the work is complete. 目前，煤炭现货市场的价格和国家给出的中长协合同的价格合理区间，是存在一定差异的，这也给我们的电煤中长协合同签订工作带来了一定的难度。 For now, the spot market price has great difference with the range that's provided by the NDRC, the long-term coal contract range. This brought difficulties in the signing process. 但是呢，我们也能够感受到，本次呢，国家对于中长协合同这个执行和监管的力度都是空前的，将首次运用价格法，还有多种的行政干预手段来进行调节，所以我们对后期的签订工作是充满信心的。 The current situation have attract great attention from the government and the government have used the Price Law and also other regulatory methods. We are quite confident about the following signing of contract. 公司在中长协合同签订的整个过程中，将严格贯彻执行国家有关的政策和措施，力争中长协的资源100%全覆盖，并且严格按照发改委的三零三号文件来执行中长协合同的价格。 In the signing of the contract, the company will strictly implement relevant policies released by the government. Strive for 100% coverage in long-term contract and also of in terms of the price we will implement the NDRC's released price zone. 我们将保证我们的这个下水煤中长期合同全部在这个570到770的合理区间内运行，路运直达煤的这个中长协这个合同价格呢，在相对应的区间内运行。 We will ensure our contract, seaborne contract in the price range of CNY 570-CNY 770, and our inland coal will calculate those price respectively. 月煤中长期合同全覆盖将有助于公司降低用煤成本，并且提高我们的经营效益。回答完毕，谢谢。 The 100% coverage in long-term contract coal will help to reduce the company's cost in coal and help with our profit. Thank you. 我这边想再跟进一下，因为以往来看，我们通常差不多有四分之一是来自于这个进口煤的，今年这一部分有没有可以调整的空间。 Because a quarter of the company's coal purchases is imported coal. What is this change of this year? 我再来回答您的一下这个问题。今年一季度，一月份受到这个印尼限制煤炭出口的影响，二月份在这个俄乌冲突的影响下，我们看到这个国际的煤价是大幅的高涨，和内贸煤价几乎全面倒挂，在一定程度上也减弱了这个进口煤对于国内煤炭的这样一个资源补充的作用。 In the first quarter, because the ban of Indonesia imported coal and also the conflict between Russia and Ukraine, we can see the coal price overseas is higher than the coal price of domestic coal. It minimize the support from our imported coal. 但是我们评估了一下，认为这些黑天鹅事件对于公司进口煤方面带来的冲击影响呢，是有限的，公司整体呢，是可以控制。 After our evaluation, we think the impact is limited. The total risk is under our control. 首先是国家现在高度重视这个煤炭的保供工作，在国家这个增产增供的政策支持下，我们看到去年四季度以来，国家释放了五亿吨的这个保供的先进产能。但是今年呢，根据有关主管部门的这个会议精神，我们会在这个五亿吨先进产能的释放基础上，再度释放三亿吨的国内产能，来补充这个进口煤的缺口。 The government have paid high attention about the energy security last year, and we can see in the first quarter there were 500 million tons had advanced capacity that put into the market by the government. For this year, the government will put another 300 million tons of coal, so the capacity is guaranteed. 从最近发布的国内产量来看，一到二月份国内的煤炭产量同比大幅增加了10.9%。而且进入三月份以来，虽然主产地的疫情多点爆发，但是并没有影响到国内的产量。三月份煤炭的日均调度产量还保持在1,200万吨以上的高位水平。 This year the coal capacity released have increased by 10.9%. Although the COVID pandemic has spread in March, it haven't affected the coal capacity. In March, the average coal capacity released daily amounted to 12 million ton. 同时，国家层面正在定向地增发煤炭，往北方港口发运的力度，在运力上给予了大力的倾斜，然后增加内贸下水煤的供应能力，弥补进口煤的缺口。 The government has added transportation capacity in the northern ports, so the inland coal can help with the imported coal decrease. 同时，近期国家主管部委，目前也就这个进口煤、电煤缺口的事情，正在积极地牵头组织一批优质的内贸下水煤资源，以应急保障中长协的这种方式来供应电厂。 The government have set some of our inland coal to filling the gap from the imported coal. The form was a long term contract. 同时，公司对于进口煤的风险防范是早有准备。去年四季度以来，公司就一直在主动优化公司内贸下水和进口煤的结构配比，同时利用集团公司自有的港口资源，提前在港口储备一定数量的内贸煤，应对进口煤的冲击风险。 The company has always been guarded against the imported coal risk. In the first quarter, the company have optimized our coal structure and use the group's port capacity to support the inland coal transportation. 另外呢，就是集团公司呢，也是大力地强化了这个煤电协同，充分地利用了集团公司的可下水这种优质煤源，加大了发运这个北方港口的力度，用以补充公司沿海沿江的这种电厂的进口煤缺口。回答完毕，谢谢。 The group has enforced the synergistic effect within the group and increased the seaborne coal to fill in the gap of our coastal power plants. 好的，谢谢。我没有其他问题了。 下面有请来自中信证券，李想提问。 The next question comes from Li Xiang of CITIC Securities. Thank you. 彭总好，我这边的话呢，有三个小问题想请教一下。第一个就是咱们那个海外大士能源今年的这个情况和盈利情况，能不能跟我们介绍一下？这是第一个。第二个还是想请教一下，就是这个去年的时候政府就提了这个，把这个火电的市场交易电价的区间放开，想请教一下咱们目前签订的这个年度长协电量，在咱们大概四千多亿度的总盘子里面啊，已经占了个多大的一个比例，然后已经签署的价格啊，从这个各省的情况来看，相比本省的标杆电价是不是都到了这个20%的水平上啊？这是第二个问题。第三个问题的话呢，确认一下是不是刚才我听错了还是怎么回事，就是听到介绍这个净资产的时候，咱们的这个火电燃机，那个煤电燃机，然后这个风光合起来的话呢，有差不多一千亿左右的这个净资产，但是咱们的话呢，是这个净资产上面其实是有这个永续债的，是吧，有这个四百来个亿的永续债。所以就想问一下，按照这个公司的这个年报的口径的话呢，如果减了永续债的话呢，咱们可能净资产的话呢，可能就是这个六百来个亿左右这个水平吧。所以就想问一下，这两个数据这边呢，就是加起来比这个年报口径的数据高了不少，这个是因为有什么原因造成的？这三个小问题啊，谢谢。 I have three questions. First, could you please provide the profit situation of Tuas Power this year? The second question is about our tariff of market-based power sales. What was the percentage of the market-based power volume this year? Is that, can the tariff exceed 20% of our benchmark tariff? My third question is could you please clarify about the company's net assets? You just said about CNY 100 billion net assets break into different energy resources. If we deduct the perpetual bond from all the net assets, it's only, we only have CNY 60 billion of net assets. Could you please explain the difference? Thank you. 我来回答第一个问题。2021年，大士能源保持安全平稳运行，经营业绩稳步提升，实现利润1.63亿元，较2020年同期增加0.26亿元。2022年以来，新加坡电力市场需求保持稳定增长，市场供需更趋平衡。受国际天然气市场供应紧张影响，部分时段新加坡电力市场供应紧张，市场出现一定的高电价机会，公司和大士能源将主动作为，抓住市场回升的有利时机，努力取得当前市场条件下最好的经营成果。 In 2021, the Tuas Power has been operating stably and the profit of 2021 was about CNY 163 million. It increased by CNY 26 million year-over-year. In the year of 2022, as the electricity demand increased in Singapore, we can see the demand and the supply of power market have reached equivalent. As the gas was in a tight supply, we can see some opportunity of high tariff in Singapore power market. In 2022, the company will seize the opportunity of high tariff and try to make a better profit this year. 投资者您好，我来回答您的第二个问题，就是2022年咱们这个火电的这个市场交易合同的签订情况。首先呢，我们公司上下呢，一直在积极地落实幺四三九号文件精神。在今年的中长期合同签约中，我们公司煤机分布的二十个地区中，绝大部分地区的中长期签约电量都是按照在基准价的基础上上浮20%签订的。 I answer the question about our market-based power sales. The company has implemented government document and in our operating areas, our subsidiaries in 20 provinces have achieved a 20% increase of market-based power. 在没有达到的地区中只有四个，就是广东、湖南、重庆和山西。这四个地区因为用户的降价意愿比较强烈，政府在控制用能价格，因此这个煤电交易价格的上涨的阻力比较大。 Except for provinces like Guangdong, Hunan, Chongqing and Shanxi, at those areas, the users have great willingness to cut the tariff. The government haven't implemented the 20% increase. 达到上浮比例达到20%的电量，能占到总签约电量的83%左右。 our market base volume that have achieved 20% increase accounts for about 83% of our total contract signed. 其中甘肃的高耗能那个交易价格也有所突破，上涨达到了30%。 The high energy consuming industry power sales in Gansu have increased by 30% comparing to the benchmark tariff. 回答完毕，谢谢。 Thank you. 下面有请来自摩根大通徐天伟提问。 The next question comes from Xu Tianwei of JPMorgan. Thank you. 谢谢方宇晨，我有三个问题想请问您一下的。那第一个想请教一下我们未来具体的分红的政策，是不是我们不会好像过去几年一样，都有一个最低的每股的分红呢？那第二个想请问一下的话，就看到我们的负债比率已经达到70%以上，那我们有没有一个具体的目标，就是负债比率最高可以达到什么程度的？然后的话，我们有没有考虑会把那个新能源资产分拆上市集资？那第三个想请问一下的话，就是我们看到跟华能新能源都有很多的那些新能源的资产嘛，那在集团里面我们是如何的分工呢？然后的话，我们长期那个母公司有没有那个把新能源资产注入的可能性去加快我们的绿色的转型呢？谢谢。 I have three questions. First is what is the company's dividend payout plan in the future? My second question is about the high debt ratio. This year the company's debt ratio have been higher than 70%. What is the company's target debt ratio in the future? My third question is about renewable energy. What is the assets injection plan in the group about the renewable energy? 我来回答第一个关于分红政策的问题。我们可以回顾一下，公司自1998年开始向股东分红派息以来，截止到目前，公司已经累计分红约626亿元人民币。 About the company's dividend payout policy. Since 1998, the company has in total paid CNY 62.6 billion of dividend. 公司章程载明了公司的分红政策，也就是公司在当年盈利以及累计未分配利润为正，且公司现金流可以保证正常的经营和可持续发展的情况下，采取现金的方式分红。 According to the company's article of association, if that year the company has achieved profit and the cash flow can guarantee the company's operating and business development, the company will pay out dividend in cash form. 公司每年以现金方式分红，不少于当年实现的合并报表可分配利润的50%。这个政策到目前没有新的变化。 The company's dividend payout policy hasn't been changed. That 50% of our undistributed profit can be paid out to the shareholders. 关于第二个资产负债率的问题。公司在去年资产负债率各位投资人看到了有一个大幅的增长，这个主要原因呢，是由于去年原料成本的大幅增长，导致了公司亏损，税前大约143个亿。经营活动的现金流呢，也由2020年的420亿减少到2021年净流入约60个亿。 Because the fuel costs have risen dramatically, the company's debt ratio has also risen accordingly. This year the company has suffered loss of CNY 14.3 billion, and the company's operating cash flow has decreased from 2020's CNY 42 billion to this year's CNY 6 billion. 这一段时间以来，从国家系列政策出台的情况来看，主要是二月二十四号发改委关于进一步完善煤炭市场价格形成机制的通知，以及一月二十八号加快建设全国统一电力市场系列指导意见等一系列文件的情况来看。 As the government policy released, by the NDRC, about both in coal market and in electricity power market. 从这些新出台的政策情况来看，2021年四季度这种高煤价影响公司经营业绩的市场环境应该是不可持续的。 It's unsustainable that the high coal price can be continued in the future. 就资产负债率的压减而言，公司将致力于经营提效，增加经营现金净流入，形成自有资金和权益资本的内生积累。 About the company's tackling with our high debt ratio. The company will increase our operating revenue and increase our cash inflow to help with the debt ratio issue. 并积极跟踪市场最新推出的政策和权益融资的手段，比如REITs发行的工具。 The company will follow up with the newest market trend, for example, the issuance of REITs. 通过多种措施综合，预计资产负债率将逐步回到70%左右。 We estimate that our debt ratio will decrease to 70% with all those measures taken by the company. 我来回答一下这个问题。公司目前是肯定没有分拆新能源上市的计划。那就这个市场比较关注的，集团是否会进行新能源的资产注入，我们也一直在持续关注，目前是没有一个明确的计划安排的。对于华能国际来讲，我想我们还是继续坚定我们加快绿色发展的步伐，积极推进清洁能源的发展。公司也已经制定了我们的十四五规划，我们也力争是在十四五末的时候，我们清洁能源的占比能够达到45%，继续以健康持续的发展来回报各位股东的支持和关注。谢谢。 For now the company hasn't had any divestiture plans of the renewable energy part and there's no plan of asset injection as well. The company will continue to develop renewable energy and the company has already made our 14th Five-Year Plan and strive for 45% of renewable energy capacity by the end of 14th Five-Year and the company will pay back to our shareholders continue our transformation in the power sector. 刚才再补充一下刚才追问那个问题的一个答案，就是关于权益的这个净资产这块的拆分。从公司合并的权益来看的话，是1,238亿。刚才给各位投资人报告的是汇编的权益，各个板块加到一起是1,103亿，所以刚才您并没有听错。之所以用这个汇编的数据来报告，主要是方便于各位投资人在用不同的板块进行利润指标测算的时候，能够得出直观的结果，所以这里边是没有进行合并抵消的。 About the company's equity breakdown. The company's consolidated equity was CNY 123.8 billion. For the breakdown numbers all added together it was CNY 110.3 billion. In order to use these numbers conveniently the company has just announced the above numbers. [Foreign language]. 下面有请来自海通证券吴杰提问。 The next question comes from Wu Jie of Haitong Securities. Thank you. 各位领导大家好，我有三个问题。第一个还是前面讲到这个电价的问题，就是第一个想知道一下去年四季度我们煤机的这个电价。第二个呢，是想知道就是今年一二月份，就前面说到的这个分省的这个电价，刚刚领导讲了，但是说到整体涨20%，但是呢剩下的那一部分，因为我们总的涨了10%嘛，那剩下的那一部分是按照基准执行吗？另外还想知道就是前面说到的那四个省——广东、湖南、重庆、山西，它们分别的涨幅是多少？这是第一个问题。第二个问题是关于煤价的，前面领导们也讲过了这个煤炭的价格的情况，但是一二月份这个煤炭的价格，包括具体的这个中长协比例的执行情况和具体的这个价格，能不能也给我们讲一讲？第三个问题呢，是关于我们公司这个数据的一个问题，就是我们披露了境内电厂的单位燃料成本316，我不知道这个境内电厂的单燃成本316应该对应的是我们境内的发电量，还是说我们境内的火电发电量，这两个当中应该选谁？第三个问题中的第二个小点呢，就是我想区分一下，就是我们公司披露的这个1,465亿的这个燃料成本，是包含境内和境外一共的吗？能不能帮我们拆分一下境内和境外分别的燃料成本，包括煤炭、燃气之类的情况。好，谢谢。 I have three questions. My first question is about the tariff. What was the company's tariff of coal-fired units in the first quarter and other than the 20% increase for our market-based volume? Other power sold by the company, is that implemented the benchmark tariff? My third about the Guangdong, Hunan provinces, which haven't have a 20% increase in market-based volume, what's the tariff in those provinces? Second, about the coal market. Could you please provide us the detailed implementation of our coal contract? My third question is about the company's unit fuel cost. As you just said, as the company released the domestic unit fuel cost was CNY 316 per MWh. Is that for the power sold by the company or power sold only by the thermal power? About the CNY 161.465 billion coal cost, what proportion was from the domestic market? What proportion from our overseas market? And could you please break it down to Coal and Gas sector? 投资者您好，我来回答您第一个关于电价的问题。首先向您汇报一下去年四季度的煤机电价问题。去年四季度的结算电价是474.39元每千千瓦时，环比三季度上涨了5.87分。我们的涨价效果还是非常明显的。 First about our tariff in the first quarter, the tariff of our coal units was CNY 474.39 per MWh. It increased by CNY 58 per MWh comparing to the third quarter. 再向您汇报一下，为什么我们的电价初步安排的涨幅不是20%……低于20%，主要是考虑到现在的中长协，我们煤机的年度中长协电价涨幅应该会在15%到20%之间，但是这里面也有一些合同签订的是浮动机制。 About our market-based tariff increased less than 20%. For our long-term contract of coal units, it's about 15%-20% increase compared to the benchmark tariff, because some of our contracts have floating mechanism. 像江西和湖南，去年当地的地方政府都出台了自己的那个煤电联动机制。 In provinces like Jiangxi and Hunan, the provincial government has released its own policies in the coal and tariff linkage mechanism. 像黑龙江、海南和甘肃，他们也是执行了一个浮动的机制。另外就是分时电价，就是我们签约客户的那个峰补平电价，对整体的结算电价也会有一定的影响。 Also in provinces like Heilongjiang, Hainan and Gansu, they have their own floating mechanism. Also the time-based market sales, the tariff difference between the peak and valley hours also have some impact on our average tariff. 基于上面的考虑，应该都是煤价，我们预计后期还是会有所下降的。所以其他的在市场上竞价产生的电量以及现货的电价，都会随煤价来进行波动。 According to the above factors, we estimate the tariff will decrease in the future. Also, the tariff of the bidding market and also the spot market will flow with the coal price change. 在综合的考量下，我们初步做出了10.6%的那个涨价安排。 Considering all this situation, we think there will be 10.6% increase in our market-based tariff. 再向您汇报一下广东，其他那四个省市的涨价涨幅情况。广东的涨幅是到7.2%左右，重庆是14%，但是重庆有一个政策，说是那个分时电价的，如果增收那一部分返还给发电企业。山西是执行了这种浮动机制，它的涨幅基本上从一季度来看，涨幅基本上是接近于基准价。湖南的涨幅是9.7%。回答完毕。 In Guangdong, the company's average tariff have increased 7.2 compared to the benchmark. In Chongqing, the market-based tariff increased about 14% compared to the benchmark. In Chongqing, there's policy about the time-based market sales. All those incremental power will be calculated to the power plants. In Shanxi there's floating mechanism. In the first quarter, the market-based tariff is about the same with the benchmark tariff. In Hunan, the increase is about 9.7%. [Foreign language] 投资者你好，我来回答一下您的第二个问题。就是今年的2月24号，国家的这个相关主管部门呢，正式下发了这个三零三号文件，至此呢，2022年这个电煤中长期合同的具体政策呢，才算真正的落地。 About the second question, in February 24, the relevant authority has released the Document No. 303 and, by this time our long-term contract coal has its guidance. 直到今天，我们还是在严格地根据国家政策，进行中长协合同签订的换签工作。到目前为止，我们这项工作还是在继续进行中，没有结束。 For now, the company has strictly implement with the government policy and re-sign some of our contracts. For now, the work haven't been completed yet. 在整个的换改签的过程中，我们也是严格地根据国家政策来履行。三月十六号，发展改革委又出了一个关于2022年中长期合同专项核查的通知，里面对一、二月份中长期合同的价格和数量进行了明确的规定。 For now the company continued the signing process under the government policy. In March 2016, the NDRC released another notice to regulate the price and volume of long-term contracts signed in January and February. 在这份通知里面，它明确规定了一月份中长协合同的价格和数量是按照2021年12月份的这个中长协合同价格及数量来执行的。其中这个五千五百大卡下水煤的合同价格是按照725块钱每吨来执行。 In the notice, the government have clarified that the contract signed in January should implement the price and volume in December last year, and the 5,500 kcal coal is about CNY 725 per ton. 这个通知里还规定了二月份的中长期合同价格，也是按照去年十二月份的中长期合同价格来执行，数量呢是按照今年签订的合同来执行。 The notice also regulated that the contract signed in February also implemented the volume and price about December last year. 在后续的换改签工作，我们会严格按照国家发改委的这个通知中的关于合同的这个价格和数量来签订我们的一二月份的中长协合同。谢谢。 The company will renew our long-term contract in January and February, implementing the notice released by the government. 我来回答关于您提出的这个燃料成本的问题。首先我们看到316.36元每千千瓦时，这个是公司境内含燃煤和燃机电厂的平均单位燃料成本。 About the unit fuel cost of the company, the number of CNY 316.36 per MWh is a combined number with gas and coal-fired units. 煤机的单位燃料成本大约在312.2元每千千瓦时。 The unit fuel cost of coal-fired units was CNY 312.2 per MWh. 燃机的单位燃料成本大约在371.86元每千千瓦时左右。 The unit fuel cost for gas-fired units was CNY 371.86 per MWh. 我们能看到的燃料的总成本，境内的煤机和燃气合计的燃料成本是1,414亿元左右。 The total coal cost, combined coal fired and gas fired units, was about CNY 141.4 billion. 其中境内的燃煤的燃料成本是1,293亿元左右。 Of this number, the domestic coal cost was about CNY 129.3 billion. 燃料总成本大约在121亿元左右。 The domestic gas fuel cost is about CNY 12.1 billion. 公司合并境内外燃料总成本在1,465亿元左右。 The coal cost for both domestic and for overseas projects is about CNY 146.5 billion. 与境内的燃料总成本的差，五十亿元左右是中新电力的燃料成本，是燃气的燃料成本。 The difference is the gas fuel cost of our Tuas Power. It's about CNY 5 billion. 领导，我再补充问一下，就是前面说到的那个，煤炭的这个长协比例，刚刚领导讲了这个还在签订中，但是我想知道就是一二月份我们这个比例，就是煤炭的长协比例具体是多少？是还是50%多吗？ Could you please provide the proportion of long-term contract in January and February? 投资者您好，我补充回答一下您刚才的这个问题。目前我们按照国家发改委的有关文件精神，我们是在尽力做到100%全覆盖的，这就是我们一个努力的目标。但是呢，到现在为止，我们目前的换改签工作还没有结束，就是具体的这个数值，我觉得可能会要在一季度的披露会上才能有具体的数据出来。也谢谢您的理解，谢谢。The company hasn't resigned all the contracts yet, and will strive for 100% coverage. For now we haven't had any number, please wait for our release in the first quarter announcement. Thank you. 好的，谢谢，谢谢。 下面有请来自国泰君安余洪光提问。 The next question comes from Yu Hongguang of Guotai Junan Securities. Thank you. 管理层好，我是国泰君安证券余洪光，我这边也有三个问题。第一个问题就是，截止到去年三季度末的存货是76亿元，然后看到单四季度存货新增加了大概93亿元左右的水平。想请教一下这块的新增存货，平均的每价大概是在一个什么水平范围？第二个问题就是关于我们目前储备的新能源项目规模，请管理层可否透露一下这个规模的大致情况，以及主要位于什么区域。另外就是昨天发改委、能源局也正式发布了十四五的新能源体系规划，公司现在的新能源规划指引是否有更新，还是这五年大概新增40吉瓦左右的新能源水平？谢谢。 I have three questions. First question is about the company inventory by the end of the third quarter last year. The company inventory accounted for CNY 7.6 billion, and it increased through CNY 1.3 billion in the first quarter. What was the average coal price at fourth quarter? Second question is about the company's reserve projects. Could you please tell us some information of the company's reserve projects and its locations? My third question is about the NDRC and NEA's release on the 14th Five-Year energy structure plan. Will the company update our renewable energy capacity plan during the 14th Five-Year? 投资人你好，我先来回答您第二个问题。这个公司近年来呢，一直在不断地加大新能源项目开发的力度，也通过多种渠道积极地获取新能源的项目资源。根据我们的统计，2021年公司总体所属的单位共获取风电和光伏项目核准备案的规模超过2,500万千瓦。后续呢，我们对已经取得核准备案的项目，将按照各地区的要求，尽快加快落实项目的建设指标，落实土地接入以及投资决策的一些边界条件之后，在保证收益的前提下，加快项目的开工建设。 First I'll answer the question about our renewable energy development. The company has expanded our channels to get all the renewable energy resources. In 2021, the company has acquired 25 GW of renewable energy capacity in total. The company will accelerate approval of the renewable energy on the premise of ensuring the profitability the company will develop that investment prudently. 根据昨天发改委发布的最新的能源体系规划，公司在新能源发展方面，还是继续坚持我们既定的方向。对于在十四五期间新能源发展目标，目前还是维持之前提出来的将近四千万千瓦的增量目标，没有新的调整。谢谢。 About the guideline released by the NDRC of renewable energy projects, the company hasn't changed our targets in renewable energy development and maintain the same target of 40 GW of renewable energy added during the 14th Five-Year Plan. [Foreign language] About the coal reserve of [Foreign language], The company will play with the relevant authorities plan on reserve coal and give full play to the company's inner inventory capacity. 我们目前呢，还这个工作呢，还是在有效的推动中。我们现在的计划是全力发挥好我们北方公司自有的这个曹妃甸港和南方这个太仓港两个南北方向的战略支点的储备作用。 For now the company is pushing forward the inventory increase in the north, we have the Caofeidian Port, in south we have Taicang Port, we will fully use our inherent capacity to push forward the coal inventory increase. 并且呢，我们不排除后期会在我们有条件的这个电厂建立一些储煤基地，然后发挥这个煤炭库存的这个保供稳价的这个作用。 In the future the company will set several bases in our power plants that meet certain conditions to ensure the coal supply. 好的，我回答完毕，谢谢。 Thank you. 从三季度和四季度这个煤炭的价格来看的话，刚才这位投资人问到了四季度末的一个存煤的情况，那这里面呢，给您报告一组，就是三季度和四季度采购价格，这个情况呢，能够提供直观的参考。三季度的时候，公司原煤的采购单价是四百七十四元左右，那到四季度的时候，四季度当季度的原煤采购单价在一千零八十三元左右。 I'll use some numbers to explain the inventory increase in the fourth quarter. In the third quarter, the company's raw coal purchase price was CNY 744 per ton. In the fourth quarter, the raw coal purchase price was CNY 1,083 per ton. 好的，感谢管理层，我们没有其他问题了。 由于时间关系，我们有请最后一位提问。 Due to time constraints, we invite the last investor to ask questions. 最后一位，有请来自安信证券周哲提问。 The last question comes from Zhou Zhe of Essence Securities. Thank you. 管理层好，我是安信证券的周哲，我想请教一个小问题，就是在我们的在建工程里面有平湖、如东、射阳、灌云、中核二号、四号和苍南这几个海上风电项目，那么目前来看还没有完工。我想请问就是说这些项目是否能落实八毛五的这个电价，那么因为前期的这个投资水平是比较高的，如果不能落实，是否有可能会转为这个平价项目而形成增收不增利的这样一个情况？谢谢。 My question is about offshore. The company has several offshore projects that are still under construction. Will those projects get the feed-in tariff. 好，我来回答一下周先生的这个新能源的发展。的确，大连、射阳相关的项目在去年没有全容量的投产，但是呢，我们去年实现了项目的大部分的并网。今年的话，由于海上风电的抢装的这个窗口期，造成电价补贴大家都在争抢，所以呢，我们大约还剩下九十多万的这个，没有，九十多万的话实现了，九十多万实现了全容量的在网并网。但是呢，我们剩下的可以在一季度可以投产。所以呢，从现在这个情况来看呢，我们这个获取电价呢，应该没有问题。 好的，谢谢。 The company projects in Dalian and Shandong haven't been put into operation, but it's fully connected to the grid for now. There are some projects that compete for the feed-in tariff. The company hasn't. The company's 900 MW of capacity haven't connected to the grid. Otherwise we will ensure the operation in the fourth quarter. Thank you.