Ladies and gentlemen, good afternoon. Welcome to the third quarter result conference call of Huaneng Power International. Please let me briefly introduce the operating results and my colleague and I would like to answer your questions. 昨天公司公布了三季度的经营业绩。三季度公司积极应对电力需求增长、煤炭供应偏紧的市场形势，统筹推进生产经营、改革发展等各项任务，积极履行了为社会提供充足、可靠、环保电能的职责。前三季度受燃煤采购价格同比大幅上涨影响，公司业绩亏损。按照中国会计准则计算，2022年前三季度公司实现合并营业收入1,839.53亿元人民币，同比上升26.59%。归属于本公司股东净利润负39.42亿元人民币，每股收益为负0.35元。 The company has just released the operating result in the third quarter. The company actively respond to the power consumption growth and tight supply of coal. Orderly push forward the operation, transformation and development. The company has fulfilled the duty of supplying sufficient, reliable and environmentally friendly power. In the first three quarters, the company results were affected by a significant increase in coal prices, which resulted in a loss. Under the Chinese Accounting Standards, the company achieved a consolidated operating revenue of RMB 183.953 billion, increasing by 26.59%. Net profit attributable to the company's shareholder was RMB -3.942 billion. The earnings per share was negative RMB -0.35. 电力生产方面，前三季度公司境内电厂累计完成上网电量3,201.46亿千瓦时，同比下降1.15%。平均结算电价507.01元/千千瓦时，同比上升21.32%。境内发电设备平均利用小时2,864小时，同比下降205小时。 In terms of power generation in the first three quarters, the company's domestic power sales was 320.146 billion kWhs, decreasing by 1.15%. The average tariff was RMB 507.01 per MWh, increasing by 21.32%. The average utilization hour was 2,864 hours, a decrease of 205 hours year-on-year. 燃料供应方面，公司积极落实国家各项支持政策，着力推动电煤中长期合同签约履约工作。但受今年市场总体形势影响，公司燃料采购价格同比大幅上涨，尤其是公司装机占比较大的下水煤区域电厂，煤炭价格涨幅较大。前三季度，公司境内电厂单位燃料成本为378.64元/兆瓦时，同比上涨37.26%。 In terms of fuel supply with government support, the company moved forward the contract signing and implementation. However, affected by the overall situation, the procurement price increased significantly, especially for the power plants that consume seaborne coal. The unit fuel cost in the first three quarters was RMB 378.64 per MWh, a year-on-year increase of 37.26%. 转型发展方面，公司持续推进清洁能源项目开发建设。前三季度，公司新增装机容量399万千瓦，新能源新增装机357万千瓦，其中风电215万千瓦，光伏142万千瓦。公司可控发电装机容量达12,257.3万千瓦，低碳清洁能源装机容量占比24.65%。风电光伏发电装机容量达1,744万千瓦。 In terms of the development, the company is pushing forward clean energy development. In the first three quarters, the company added 3.99 GW of units, including 3.57 GW of renewable, 2.15 GW of wind power and 1.42 GW of solar power. The company's installed capacity reached 122.57 GW, among which 24.65% is low carbon clean energy. Wind and solar capacity reached 17.44 GW. 海外运营方面，大士能源克服国际燃料价格大幅上涨的不利影响，保持机组安全稳定运行，动态优化市场竞争策略，积极拓展电力零售市场。前三季度实现税前利润11.59亿元人民币，同比增利11.74亿元人民币。 In terms of overseas operations, Tuas Power overcame the disadvantage of soaring fuel prices, maintained safe operation, optimized competitive strategy and explored retail markets. In the first three quarters, the profit before tax was RMB 1.159 billion, increasing by RMB 1.174 billion. 四季度公司将继续采取有力措施，进一步做好安全生产与电力热力保供工作。在确保迎峰度冬期间燃料供应安全的前提下，认真抓好电煤中长期合同履约工作，优化发电策略，坚持量价统筹，增发效益电量，积极克服疫情、上游设备价格上涨等方面的困难，加大新能源开发力度，全力推进项目建设，有效落实能源保供、特别债等金融支持政策，保障资金供应，进一步优化信贷结构，努力降低运营成本。面对复杂的外部形势和市场环境，公司将坚持稳中求进的工作基调，聚焦效益和质量，努力完成全年生产、经营发展等各项任务。 In the fourth quarter, the company will continue to ensure the safe operations, power and heat supply on the premise of the energy security in winter peak. The company will make efforts in signing and fulfillment of long-term coal contract, optimize the strategy, coordinating volume and price, and strive for profitable power generation. Overcome the difficulties of pandemic and module prices. Move forward the clean energy development and construction. Implement supporting financial policies to secure the fund. Optimize the funding structure to reduce the operating cost. Facing complicated market situation, the company will seek progress while maintaining stability, focusing on quality and profitability, and complete the full-year target in production, operation and development. 下面的时间，我和我的同事们愿意回答各位的问题。谢谢大家。 Now my colleague and I would like to answer your questions. Thank you. 谢谢黄总的介绍，接下来是问答时间。Thank you, Mr. Huang. Here we come to the Q&A session. 如需提问，请在话机上按星一键，然后先按星号键，再按一键。To register your question, please press star followed by one on your telephone keypad. Thank you. 第一个有请花旗银行刘显达提问。The first question comes from Liu Xianda of Citibank. 黄总你们好，我是花旗银行刘显达，我有三个问题想请教。第一个问题想了解公司在三季度咱们煤炭合同的比例是多少，还有合同兑现率是怎么样，跟二季度煤的比例，还有二季度合同兑现率，分别改变是怎么样？第二个问题是有关公司对于今年四季度，还有明年2023年那个大煤原料成本的指引，现在是怎么样？第三个问题是，公司之前目标是在今年2022年新增八个吉瓦新能源的项目，想知道这个目标是否还保持，谢谢。 I have three questions. First, could you please provide us with the proportion of long-term coal contract in the third quarter? What was the honor rate? Could you please let me know the changes comparing to the second quarter? My second question is about the company's guidance. Could you please provide us the guidance of unit fuel costs in the first quarter and the year 2023? The company have set the 8 GW of renewable energy target in the beginning of the year. Will the company change the targets? The company have signed 150 million tons of long-term contract coal with our upstream supplier by the end of September. It has a 5.92% increase compared to the end of June. In the first nine months, the company have implemented 69 million tons of coal with a fulfillment rate of 71.8%. In the third quarter alone, the company have implemented 26 million tons of coal with a fulfillment rate of 81%. 81%这个合同兑现率和上半年相比，还是有了比较大的进步，高出上半年的这个重点合同兑现率9个百分点。We have made progress and the 81% honor rate is 9% higher than the first half of the year. 回答完毕，谢谢。That's all, thank you. 下一位，有请华泰证券黎亚林提问。 请稍等一下，还有后面两个问题，谢谢。 关于第二个问题，四季度单位燃料成本的指引，这里给大家报一下，就是三季度的单位燃料成本的数据和入炉标煤这个单价的情况。三季度，煤机的单位燃料成本大约在374块钱每千千瓦时左右。入炉煤的标煤单价是1,193块钱左右。这样的话，结合我的同事，后续还会对煤炭市场做研判，也请广大投资者做见仁见智的判断。 First, let me introduce the unit fuel cost in the third quarter. The unit fuel cost of coal-fired units was RMB 374 per mWh and standard coal price was RMB 1,193 per ton. 好，我来回答刘先生的这个第三个问题，关于新能源年底投产八个吉瓦的这个事情。 Please let me answer the question about the 8 GW renewable capacity plan. 可能大家也注意到，进入三季度以来，我们三季度的新能源的投产的比例在降低，三季度我们只投了48.5万千瓦的新能源，这个和一二季度投产的速度，有一定的差异。 In the third quarter, the capacity of renewable energy added to the company will slow down. In the third quarter, we have added 485 MW of renewable energy that have shrunken compared to the first and second quarter. 我报几个数据给大家看一下，就是一至九月份，新能源投产，我们刚才像黄总提到的，我们新能源投产了357万的这么一个容量。我们在建的容量，在建的新能源的容量，现在还有七个风电、六十七个光伏，在建的容量达到479万。 Please let me introduce some numbers to you. In the first nine months, the company have put 3.57 GW of renewable energy capacity into operation, and now, still there are seven wind projects and 67 solar projects are under construction with a total capacity of 4.79 GW. 我们年初定的目标呢，是八百零三万，这个新能源的这么一个投产目标。目前呢，目标的确受到相关因素的干扰，目前面临选择。 There might be uncertainty in the following quarter because we set 8.03 GW of target in the beginning of the year. Currently we are affected by several factors. 我想呢，这个因素呢，大家也是众所周知的因素啊。疫情的干扰使我们相关的劳动力组织，这个劳动力组织，包括管理上啊，给了我们很多的干扰。第二呢，是整个的经营形势造成原材料的上涨，啊，使我们的所有的原材料上涨，使我们的整个的经营的策略啊必须等待，以保证我们相关的项目啊，有足够的回报率啊，达到我们的投资要求。 First, the COVID pandemic led to poor labor organization and management. Second, the increase in PV module prices has had some impact on our construction. In order to maintain a certain investment hurdle rate, our construction process was affected. 第三呢，就是相关政策，国家正在出台，已经出台了，对整个的原材料市场的影响我们还在观望。 Government is taking measures to deal with the PV module prices. We are still looking into future changes in the market. 新能源建设呢，首先呢，我们很大的精力呢，在前期的准备和项目的开工与建设。 这样的话，我们现在有479万的这个容量啊在建。所以呢，我们相关的项目还是有足够的勇气啊，争取在今年呢，有一个好的投产结果。 Now about company. Now about renewable energy, construction. The company is at full preparation for the construction and with our ongoing 4.79 GW of renewable energy construction. We are striving to achieve this year's target. 当然也有一些风险，疫情的干扰是否能够延续，这个都是。但是呢，我们现在还是不打算调整这个目标，延续我们年初的803万的新能源的投产计划。 Affected by certain risks. For example, the COVID pandemic. We are still facing uncertainty, but the company won't change this year's target. Thank you. 好，谢谢管总。下一位有请华泰证券李亚林提问。The next question comes from 李亚林 of 华泰 Securities. 各领导下午好，我是华泰的李亚林，我这边有几个问题想请教一下。首先是关于煤价的，就是接着上一位那个投资者的问题，刚刚领导提到了燃煤的这个，就是煤机的这个单位燃料成本和入炉煤价。我这边想问一下火电的综合的这样的一个单位燃料成本和折换以后的这个入炉标煤单价是一个什么样的水平，以及，就是刚刚有领导提到说这个三季度执行的长协比例是81%，我想问一下这个81%里面在国家发改委价格区间里面的比例是多少？因为如果全都是按照国家发改委的价格区间执行的话，哪怕用700去算，对应的我们三季度的这个煤机的入炉标煤单价其实是偏高的。所以想先问这两个问题吧。 I have two questions, first about the coal price. Could you please provide us the unit fuel cost and standard coal price for the blended cost for the thermal units? Second question is about our long-term contract. You just said our fulfillment rate was 81%, but by how much percentage was in the government regulated reasonable range and if the company's unit fuel cost was a little higher than the upper level of this range. 首先关于燃料成本的问题。三季度公司火电板块的单位燃料成本是381.6元每千千瓦时左右，折的综合入炉标煤是1,239元每吨左右。 In the third quarter, the unit fuel cost for thermal units was RMB 381.6 per MWh and the standard coal price was RMB 1,239 per ton. 目前，就像开始说的，公司签订的这个长协合同是超过了1.5亿吨，其中完全符合国家价格机制的超过了1.4亿吨，占这个我们签订的中长期合同比例的91%。 The company has signed 1.5 billion tons of long-term contract coal and 91% was under the government regulated price range. 好，回答完毕，谢谢。 还有两个其他的问题，还有一个是想请领导帮我们拆一下，就是单三季度的分板块的这个净利润和归属净利润。然后最后一个问题是想请教一下领导，就是在近期的一些光伏组件的招标里面，是否有感觉到就是四季度的这个组件价格没有明显的下降趋势。谢谢。 My other questions are could you please provide the breakdown for the net profit and net profit attributed to equity holder in the third quarter for different energy sources? Does the company feel like the PV module price have dropped in the first quarter? 关于利润拆分的问题，由于存在着不同的发电类型混合经营的情况，所以这些利润的数据呢，是做了一个适宜性的拆分，仅供参考。三季度煤机的净利润，以下是净利润的口径，煤机大约是在负的25.5亿元左右，燃机是在1,000万左右的盈利，风电是在9.2亿左右的盈利，光伏大约在4.8亿左右的盈利，水电大约2,000万的盈利，生物质大约是亏了4,000万。 The following numbers are only for your reference. In the third quarter, first let me introduce the net profit breakdown, the net profit for coal sector was negative RMB 2.05 billion. For gas sector it was RMB 10 million, and for the wind sector it was RMB 82 million, and for the solar sector it was RMB 48 million, and for the hydro sector it was RMB 20 million, and for the biomass sector it was negative RMB 40 million. For the wind sector it was RMB 92 million. 从权益利润的角度也是做了这个类似的事业拆分。煤机是负的18.3亿元左右，燃机是盈利0.19亿元左右。 The net profit attributable to equity holders is as follows. First, for the gas sector it was RMB -1.83 billion. For the gas sector it was RMB 19 million. 风电是8.8亿左右的盈利，光伏是4.2亿左右的盈利。 For the wind sector it was RMB 880 million, and for the solar sector it was RMB 420 million. 水电是盈利1,900万，生物质是亏了约0.32亿元。 For the hydro sector it was RMB 19 million, and for the biomass sector it was RMB -33 million. Thank you. 下面有请国信证券黄秀杰提问。The next question comes from 黄秀杰 of 国信 Securities。 国信领导您好，我是黄秀杰。一个是想问一下，咱们这个三季度光伏啊，确实比4.2亿，比上半年啊4个亿还要多。就是咱们光伏实现这个盈利大增的，环比盈利大增的一个原因是什么呢？第一个问题。然后第二个问题呢，就是我们现在这个进口煤啊，三季度比例大概是多少？到目前大概是多少？然后这个煤价和这个，我们的这个，大约，就是进口煤的这个煤价到岸价大约是多少？明年我们在这个进口煤方面是不是会有一些替代，或替代力度更大一些？主要是这两个问题。 I have two questions, first about the solar power. What is the reason for the company solar power's profit increase in the third quarter? Second question is about the coal. What is the percentage of the company's imported coal? What was the price? What is the substitution effect of imported coal to the domestic coal? 从光伏的利润情况来看，主要是两个大的经营要素都有有意的增长。从上网电量来看，三季度达到了18亿千瓦时左右，而在二季度呢，大约是在16.48亿千瓦时左右。 The following reasons attributable to the solar profit increase. First, the power generation in the third quarter, the power generation for the solar sector was 1.8 billion kWh, and in the second quarter it was 1.64 billion kWh. 从光伏的电价情况来看的话，四季度大约是在545元每千瓦时左右，三季度是534元每千瓦时左右。 On-grid tariff in the first quarter was RMB 545 per mWh. for the third quarter it was RMB 534 per mWh. 投资者您好，我来回答一下您关于这个进口煤的问题。前三季度公司累计进口煤炭3,039万吨，同比减少32.45%。进口煤到厂价867.4元每吨，同比增长40.65%。 The company has purchased imported coal of 30.39 million tons, decreasing by 32.45%, and the coal price was RMB 867.41 per ton, increasing by 40.6%. 关于明年我们对于进口煤的预期，我们认为短期内，受到国内的煤炭生产条件以及运输能力等等因素制约，我们国家短期内还是没有办法完全脱离进口煤。为了保障国家的能源供应安全，公司还将继续地从海外采购一定数量的煤炭，来稳定我们下水区域电厂的供应。 The company expected in the short term will still need the imported coal affected by the domestic production and transportation. The company will continue to purchase from overseas market. 针对今年这个，您好，有什么问题吗？ 我想追加问题，您说，您说。嗯。 明年，因为今年进口煤的风险还是比较大的，特别是一个是供应上面的风险，一个是价格方面的风险。公司也会积极地根据国内外市场价格的情况，包括国家给出的进口煤应急保障的策略，还有沿海地区电煤消耗的情况，我们会动态地优化调整我们的进口煤采购策略，优化这个内外贸资源配比，尽量地减少这个进口煤给我们供应带来的风险。 In the following year, the company still face great risks from the imported coal. The company will optimize our purchasing strategy, to resist the risks from the supply, from the price. The company will make full use of emergency contract to be substitutional for the imported coal. 回答完毕，谢谢。 领导，感谢领导，我再追加一个问题，还是刚才这个。一个是咱们那个新能源这块，它目前的消纳比例大约是多少，然后这个折价的情况大约是多少，比去年大约同比，价格是提升还是下降。那第二就针对煤价这个，我们进口煤这个，相对于国内的煤的话，它这个价差大概在多少？主要是这两个。谢谢领导。 Add two questions. First about the renewable energy. What is the market based renewable energy proportion? What's the price spread between the tariff to benchmark tariff? Second question is what the price spread between the imported coal and domestic coal. 投资者您好，我先回答您的第一个问题，就是关于新能源交易比例和价格的问题。2020年一到九月份，公司的新能源参加的交易一共是64.2亿，占总电量的22.6%，比去年同期增加了7.5个百分点。 In the first nine months 2022, the market based volume for renewable energy was 6.42 billion kWh. It accounts for 22.6% of total renewable energy generation, and it has a 7.5% increase year-on-year. 其中风电的交易价格是¥470.15元每千瓦时，下降了两分九。太阳能的交易价格是¥499.6，下降了四分之一。这个下降的比例比去年同期要小很多，尤其是风电，风电的交易电价的比例相当于上涨了一毛钱，光伏的交易价格上涨了也接近，下降了是四厘钱，相当于。 The average tariff for market-based wind power was RMB 470.15 per mWh, decreasing by RMB 29 per mWh compared to the benchmark. For solar power, the market-based tariff was RMB 499.6 per mWh. It decreased RMB 40 per mWh comparing to the benchmark, and the price spread have been narrowed down. 投资者您好，我回答一下您关于这个进口煤价差的一个问题。自从这个俄乌地缘政治冲突以来，这个国际市场它的这个煤价，是呈现一个分化的走势，其中这个高卡煤的市场主要是受欧洲的驱动，但是这个印尼的中低热值煤炭市场，它是跟随我们中国内贸的煤价，基本上从二季度末开始，就是跟着这个中国内贸煤价在这里变化。 There are differences of price change for different heat values of coal. For the coal with high heat value, it was affected by the European market. With the coal from Indonesia with medium to low heat value, they were benchmarked against Chinese domestic coal. 目前，中国的电厂也是以采购印尼这个中低热值的煤炭为主，我们用印尼比较主流的3800大卡这个煤炭的FOB平仓价折算到人民币和北方港这个4500大卡热值的平仓价进行相比，基本上印尼的低卡煤能有200到300块人民币每吨的一个价格优势，这是和现货相比。 If we compare the Indonesian coal to the spot market coal price, we can see a RMB 200-RMB 300 per ton lower than the domestic coal price. 回答完毕，谢谢。 Yes。 感谢您吧。 那接下来我们再补充回答一下上一个投资者最后一个提问。 我来补充回答一下上个投资者问到的关于新能源光伏板子的这个市场问题。的确，最近的这个新能源光伏板子有所涨价，特别是到三季度，市场上有的光伏板的组件，组件的价格已经做到了每瓦¥2元，这个超出了我们去年同期的幅度比较大。从我们自己控制的成本来讲，三季度我们主要是成本的组件的平均的价格在¥1.85元，我们预计有可能，如果要是还持续这种状态的话，华能采购的组件可能到四季度要到¥1.9元。这个通过国家的宏观调控政策，有可能，因为刚刚进入四季度了，有可能会有一定的这个下降的区间。回答完毕。 About the PV module price, we have experienced a price rise in the third quarter. The market price for PV module reached RMB 2 per watt, but the company cost was RMB 1.85 per watt in the third quarter. In the fourth quarter, our cost may reach RMB 1.9 per watt, but there might be a decreasing trend under the government policy. Thank you. 下一位有请国泰君安俞宏光提问。The next question comes from 俞宏光 of 国泰君安 Securities. 管理层好，可以听得清吗？ 可以听清，请讲。 我这边有三个问题。第一个是关于新能源这块，就是咱们单三季度新能源这边的可再生能源补贴欠款收回大概是什么样的一个规模。第二个问题是关于，因为我们看到整个行业在新增这个火电核准机组，包括像广东地区也新增了很多，站在公司的这个视角，公司层面是否有新增的这种火电的机组。第三个问题是关于灵活性改造问题，就目前灵活性改造规模，以及后面的灵活性改造的大致规划是什么样子的？谢谢。 I have three questions. First, what is the company's situation about renewable energy subsidy collection in the third quarter? Second, what is the company's thermal power capacity plan in the future? Third, what is the company's capacity with flexibility retrofit? What would be the company's guidance on the flexibility retrofit? 首先关于新能源补贴的问题，向投资者报告一下今年一到三季度公司的整体变化情况。年初的时候，我们的新能源补贴是¥137亿元，本期增加了¥55亿元，本期回收了¥88亿元，期末的结余是¥104亿元。 About the renewable subsidy collection situation in the first three quarters, the company's outstanding subsidy was RMB 13.9 billion. In this term, we have added RMB 5.5 billion subsidy, but collected RMB 8.8 subsidy and with a settlement of RMB 10.4 billion subsidy. 我来回答你第二个问题。目前的话，我们的这个火电投产的计划，还是和年初一样，没有改变。我们主要的今年的话，将会有这个140万的这个火电机组投产，包括大连的两台、两台35万的机组和这个青岛董家口两台35万的机组。但是呢，我们今年的如果要说火电的话，我们还有洋浦燃机，在海南的两台燃机机组，争取投产，因为海南一直受到疫情的干扰比较严重，我们也是进入到一个努力的程度。要说这个根据新能源这个要求，我们火电机组也同步规划的情况下，现在呢，全国是有一批火电机组，正在规划之中。目前我们也有很多的点，正在计划。在广东地区呢，我们明年呢，也有相应的机组，要进行开工。目前呢，还是在前期的规划之中。好，回答完毕。 Please let me answer about the company's thermal capacity plan. This year the company planned to add 1.4 GW of thermal units, including two units in Dalian with 350 MW and two units in Qingdao with 350 MW and we strive for the construction for the gas-fired unit in Hainan also two units. For the next year, the companies are under preparation for the thermal unit capacity plan. We estimate to add capacity in Guangdong and now we're in the preliminary preparation stage. 投资者你好，我回答一下关于灵活性改造方面的问题。截至今年的九月底，公司已经完成灵活性改造的燃煤发电机组共有五十八台，装机容量是18,926兆瓦，占公司煤电装机容量的21%。 About the flexibility retrofit, by the end of September, the company have 58 coal-fired units have the flexibility retrofit with a capacity of 18.926 GW and accounts for 21% of the company's total coal units. 在2022年，我们即将完成杨罗电厂、金陵电厂一部分机组的灵活性改造。 We plan to have the flexibility retrofit for our units in Yangluo and Jinling. 此外，公司现在正在密切关注电网辅助服务机制和备用容量机制的制定和出台，也非常关注调峰能力与配套获得新能源项目开发权的有关政策的落实。 Other than that, the company have closely followed the policy making process about the ancillary services and capacity services, and the company have also followed the renewable capacity added with our peak adjustment ability. 我们将根据这些政策的实施的进展和变化情况，继续加大力度，推进燃煤机组的灵活性改造。 We will continue the flexibility retrofit for our coal units, and pay closely attention to the policy changes. Thank you. 管理层好。针对前面的那个回答，我想追加两个问题。一个是关于前期管理层这边提到的这个规划，就是火电新增的这个规划的这个机组，这个口径是核准、已核准的还是未核准的口径，啊。这是第一个追加问题。那第二个追加问题就是领导这边也提到了，整个装机灵活性改造的这个装机规模大概是在二十几瓦的这样的一个级别，那这块的一个资本支出大概是什么规模，我们做这个测算的时候，这个回报率大概是多少？谢谢。 Please let me add two questions. First, you just said about the thermal capacity. Are they approved by the government? Second, about the flexibility retrofit. What will be the CapEx plan for those retrofits? And what will be the return? 我刚才汇报的两个项目，火电的两个项目是这个投产的这个口径。我们所有的在规划之中的项目，达到前期的，我们现在的话，过投资决策的这个概念是必须在现场能够，就是当地能够核准，才能过投资决策。我们这个发展的口径是按照投资决策的这个概念来考虑的。 Those two projects have already been approved by the government and we estimate to put them into operation next year. 我再回答一下关于灵活性改造的这个规模和这个投资回报。我们每年实施的灵活性改造的规模是大致相当的，在近几年来是大致相当的。灵活性改造涉及到的这个技术比较复杂，每一个灵活性改造的项目都具有个性，很难准确地概括它的这个投资成本。我们对灵活性改造，一般是按照一般的电力生产资本性支出项目的投资回报要求来规划它的投资规模的。回答完了，谢谢。 About the flexibility retrofit because the technology or the technique was very complicated, so the costs are different between every unit. Our CapEx is strictly under our investment hurdle rate for thermal renovation. 好的，感谢管理层，我没有其他问题了。 下一位有请中信建投林想提问。The next question comes from Li Xiang of CITIC Securities. 黄总好，各位领导好，中信建投的林想，你听得到吗？ 可以听到，请讲。 有几个小问题想请教一下。从刚才咱们介绍的这个煤价的情况来看，三季度虽然说有边际改善了，但是改善的幅度的话呢，也不是很明显，但是的话呢，火电亏损收窄其实还比较明显。所以想请教一下，就是咱们有那个分电国的这个电价，还有就是这个同比的变化呢，如果有的话能不能分享一下，这是第一个。 第二个就想请教一下，在实际情况里边的话呢，我们也看到了有一些这个企业签这个煤炭长期的时候是有一部分的，这个长协的话呢，相应的是还是受到一点这个现货价格影响的。想请教一下这部分的话呢，比如说跟着长协波动的这个部分的这个比例的话，咱们有没有统计啊，就是以及在咱们的这个整个的这个煤炭供给里面的一个占比，在一个什么样的一个水平上，想请教一下这个问题。 再一个第三个问题想请教一下，我们也看到了，就是集团这边的话呢，新的董事长已经到任了。想请教一下，随着集团新董事长到任之后的话呢，那从咱们对咱们公司发展的角度上来说啊，从我们目前的这个跟踪下来的情况来看啊，就是会对我们这个华能国际的发展啊，起到哪些这个积极的、有利的这个支撑或者说帮助的作用。谢谢。 I have three questions, first about the coal price. In the third quarter, the company have a mild drop in the coal price. However, the profit decreased more. Could you please provide us with the tariff breakdown to different energy sources? Second, about the company's long term coal contract, for what percentage of long term coal was flat trade with the spot market? Third question, as the chairman of the Huaneng Group has been changed, what was the new plan for the company's development and the Huaneng Group? 关于电价的问题，三季度当季煤机的电价是492.5元每千千瓦时左右，燃机是695.5元每千千瓦时左右。 About the tariff breakdown to the third quarter, the coal-fired tariff was RMB 492.5 per mWh. for the gas sector it was RMB 695.5 per mWh. 风电是568.2元每千千瓦时左右，光伏是545.8元每千千瓦时左右。 For wind sector it was RMB 568.2 per mWh. for solar sector it was RMB 545.8 per mWh. 水电是373.7元每千瓦时左右，生物质是738.3元每千瓦时左右。 For hydro sector it was ¥373.7 per mWh. For biomass sector it was ¥738.3 per mWh. 投资者您好，我回答一下您的第二个问题。截至到九月底，我们公司已经签订了这个长协合同1.56亿吨，占总需求，在剔除公司的进口煤因素后，这个长协合同的覆盖率达到了94%。The company has signed 156 million tons of coal and it covers 94%. 在这个1.56亿吨里面，完全符合国家机制的是超过了1.4亿吨，占这个公司剔除进口煤之后的需求的86%。There are 140 million tons are in line with government regulated price range, account for 86% of the company's demand. 回答完毕，谢谢。 我来回答第三个问题吧。这个九月二十七号，温枢刚同志调任华能集团任董事长、党组书记。这个新的董事长到任后啊，曾表示，在国家双碳战略的背景下 华能集团将继续抓好能源安全保供，坚持推进绿色转型，大力发展新能源，安全高效发展核电，积极有序发展水电，持续优化发展煤电，不断提升公司的行业引领力和核心竞争力。华能集团在日常参与控股上市公司的管理中，始终高度尊重股东和投资者的权益，严格遵守各项监管要求。华能国际是集团的重要成员公司及核心上市平台，也是核心产业的核心企业。集团将继续履行对上市公司的各项承诺，一如既往地支持华能国际的高质量发展，继续为股东创造更多的价值。 In September 27, Mr. Wen Shugang became the chairman of China Huaneng Group. In the context of carbon peak and carbon neutrality, China Huaneng Group will continue to ensure the energy supply move forward green transformation, develop renewable energy as priority, safely develop nuclear power, orderly develop hydropower, optimize coal-fired power, and improve the company's core competitiveness. China Huaneng Group highly respects shareholders' rights and strictly comply with all regulatory requirements. Huaneng Power International is an important member and platform for China Huaneng Group. China Huaneng Group will actively fulfilling its commitment and support company's high quality development, creating more value to the shareholders. Thank you. 好嘞，那谢谢各位领导，没其他问题。 下面有请东英国际费云清提问。The next question comes from 费云清 of BOCI。 黄总、各位领导好。我这边问几个比较细节一些的问题。第一个是关于我们燃机板块的。刚才根据领导给的这个燃料成本的拆分的话，那大概测算一下，我们三季度的燃机的燃料成本应该是上升的，那么四季度从现在的形势看可能会更高。那么我们这块的从燃料的采购方面现在是怎样一个策略？我们觉得燃机在冬天的时候有没有一个亏损的风险？这是第一个问题。第二个是关于我们新能源配储能的问题。那么我们今年已经投产的这个三百多万千瓦里边，我想问一下，我们现在在投标的时候，当时承诺的要配储的容量是多少？然后我们现在这些投产的容量已经实际装的这个储能的容量大概是一个什么情况？然后同样也是我们现在在建的四百多万千瓦，我们估计要配多少的储能。因为再往明年去看的话，虽然不知道我们现在对明年的新能源装机是想怎么样一个规划，但从全国来看，其实应该是增速还比较快，那么相对的电网那边压力也比较大。那么我们再去做明年的新能源项目的投决的时候，会不会去考虑一个更高比例的配储的需要？然后我们对各种储能方案除了电化学之外，我们目前怎么去评估其他的各种现在出现的这些新型的储能？这是第二个问题。那么第三个是关于火电这块容量电价，其实最近市场也是比较关注。当然我估计公司未来新投的火电就是投多少、什么时候投，可能跟最后政策出不出，或者出成什么样可能关系也不大。但是我想问一下，从我们现在去跟监管沟通的情况看，那么这个容量电价一个是它的适用范围是在哪些火电，是存量的，还是增量的，还是说区域上有一个划分，然后具体的政策的内容能不能给我们有一个初步的分享？谢谢，就这三个问题。 I have three questions. First is about the company's gas-fired units. Is the company's unit fuel cost for gas-fired units increased in the first quarter? What will be the company's procurement strategy for the natural gas, and will the company suffer a loss in the fourth quarter? Second, about energy storage, for the 3 GW of renewable energy added in the company, what was the percentage of energy storage, and what will be the energy storage percentage for the outgoing 4 GW in the fourth quarter, and for other methods of energy storage with the company, what is the company's view about other methods? Third question is about the capacity tariff for the thermal power. Could you please provide us with some insight of capacity tariff? What kind of thermal power is suitable for the capacity tariff? 投资人你好，我来回答您第二个问题，关于新能源项目配比储能的相关情况。公司在近几年的新能源项目，在投资决策以及开工建设过程中，都已经严格落实，按照项目所在地的一些政策上的要求，按照地方的要求，都分别也都匹配了储能的投资，并且在投资决策过程中也考虑了相关的这些储能设施的投资额度。由于各个区域对于储能配比的规模标准不一样，有的地方是10%，有的地方是15%，所以这一块我们没有单独地去把单独储能的这块规模进行一个独立的统计，所以这块数据暂时无法提供一个很准的数据。但是总体上从项目的角度来说，涉及到新能源项目，以及今年新建的以及在建的以及投产项目，都已经落实了各政府的要求，已经配套相关储能的安排。 About energy storage in the company's decision-making process, we have already take the energy storage into consideration and in our investment and in different regions, they have different criteria like 10% or 15% of the total capacity. The company haven't had the exact number for the energy storage capacity. The company always put into consideration about the investment hurdle rate of this energy storage. 关于储能项目的总体的未来公司的发展方向来说，目前在当前来说，公司对于这个新能源的储能项目配套依然还是以电化学储能这种方式为主，但同时我们也在积极地关注有关行业内的一些先进的、成熟的技术，那么后续也会跟进这些技术的发展，我们也会采用一些多种的商业模式，通过共同来开发和共享一些储能的项目。从公司现有的这个项目来看，我们目前也在山东和湖南推进这种集中式的储能项目的开发工作。同时我们也在抽水蓄能方面积极地参与，像湖北、江西、辽宁、吉林、福建、河北等这些地区的一些优质的抽水蓄能项目的开发工作。总体我回答的这些，谢谢。 The major energy storage for the company now is the chemical battery storage and the company will keep following up with the other kinds of technology of the energy storage and the company have centralized shared energy storage in provinces like Shandong and Hunan. Company also plan to add pumped storage in provinces like Hubei, Shanxi, Jilin. Thank you. 投资者您好，我来回答一下您的第一个问题。今年以来，公司严格按照国家发展改革委一个通知三个方案中关于天然气中长期合同签订履约工作方案中的精神来落实，积极地推动这个供气的长协签订，稳定供应的基本盘。目前，取得了比较好的这个效果。我们签订的这个长协合同天然气的量，占年度计划需求量的94%，签订率也是大幅高于其他的可比公司。 Under the government policy, the company have moved forward the contract signing of natural gas. For now, the company had signed 94% of natural gas volume to our total demand. 从一到九月份，公司的天然气综合气价是2.68元每方，同比上涨21%，远远低于现货市场上的上涨幅度，运行较为平稳。 From the natural gas price in September, the company have an average price of RMB 2.68 per cubic meter. It increased by 21% and lower than the spot market price. 根据目前中长期合同的运行情况，我们预计四季度燃煤的采购价格还会是一个平稳运行的状态。 We estimate in the first quarter the gas price will maintain stable. 回答完毕，谢谢。 Thank you. 您好，我来回答一下您的第三个问题，关于容量电价政策的问题。现在国家层面正在讨论制定的主要是这个大基地配套煤电项目和应急备用电源的一个容量补偿政策，但是这个还都处于研讨阶段中，具体还有待文件正式下发以后再披露。谢谢。 For now, the government is considering the capacity tariff for only the large scale base project. Now this is under research and negotiation. Thank you. 好的，谢谢各位领导，我没有其他问题了。 下一位，有请国泰君安证券孙辉贤提问。The next question comes from 孙辉贤 of 国泰君安 Securities. 各位领导好，我这边有三个问题。第一个是关于煤价方面的，我们之前说那个煤价中长期合同期间的签约量是1.4亿吨左右，那我想请教一下，就是这部分签约量最终按770元进场的这个实际兑现比例是多少呢？是之前咱们公布的这个6,900万吨的这个口径吗？然后还有就是进口煤这边的860元的这个价格是原煤的价格，还是已经折算成标煤口径的价格呢？这是第一个问题。第二个问题的话，是根据咱们刚刚说的那个权益经济论的拆分，粗算下来的话，还有四亿元左右的一个其他部门的一个亏损，那这部分是因为一个拆分的过程中内部抵消的问题，还是说还有一些其他因素的扰动呢？还有就是燃气的这0.1亿是否包含海外大士能源的燃气机组所贡献的一个利润。第三个问题呢，是关于大士能源的，能请领导拆分一下前三季度它的分季度的一个净利润的情况大概是多少吗？对于四季度的一个利润的展望大概是怎么样的？以上是我的问题，谢谢各位领导。 I have three questions, first about the coal price. Is the company's number just provided a raw coal price or standard coal price? What is the percentage of the actual purchased coal that is from the long-term contract? Second is about the gas profit breakdown, the energy breakdown. I calculated RMB 400 million from other departments other than the coal-fired, gas-fired or other energy sources. Could you please provide some details? Could you please provide the Tuas Power net profit breakdown to different quarters? What is the guidance of the profit in Tuas in the fourth quarter? 首先我来再继续回答一下，就是利润拆分的这部分问题啊，刚才提到的燃气板块的盈利1,000万左右，这个是不含大士的，这个都是刚才说这个板块拆分，都是境内的拆分。那么第二个问题呢，就是您看到的是板块拆分以后和合计的利润数中间这个差，您这个估计的是对的，这个里边的主要是其他的非电板块的业务以及合并抵消，这是差额放在您刚才说的这一部分。 About net profit breakdown. The numbers I provided before does not include the profit from the Tuas Power and the difference is from the non-power sector of the company. 投资者您好，我回答一下您关于这个五百七到七百七这个价格区间执行的问题。根据国家的这个303号文件的规定，五百七到七百七这个合理区间是针对这个秦皇岛五千五百大卡热值的一个平仓价格的合理区间。其他的，譬如说主产区，像山西、陕西、蒙西、蒙东，其他的区域，国家给出了其他不同的合理的价格区间。 Let me explain about Document No. 303, a reasonable range for the long-term coal. The coal price was for the 5,500 kcal coal in the northern port and for each pithead. It should calculate it respectively. 投资人你好，我来回答一下大士能源的问题。第一季度大士能源实现税前利润4.45亿元人民币，第二季度大士能源实现税前利润2.96亿元人民币，第三季度大士能源实现税前利润4.18亿元人民币。一至九月累计，大士能源实现利润11.59亿元。 Please let me answer the question about the profit before tax for Tuas Power. In the first quarter it was RMB 445 million. In the second quarter it was RMB 296 million. In the third quarter, RMB 418 million. In the first nine months, Tuas Power has a profit before tax of RMB 1.159 billion. 一至九月，大士能源保持机组安全稳定运营，动态优化市场竞争策略，积极拓展电力零售市场，不断强化成本管控，取得了较好的经营业绩，同比增利11.74亿元。 The company have strengthened its management and control its coal cost. In the third quarter, the Tuas Power have increased its profit by SGD 1.174 billion. 前三季度新加坡电力需求增长相对较快，达到了3%。第四季度，公司将继续强化大士能源经营提升各项措施的落实，努力争取当前市场条件下最好的经营成果。主要措施包括：一是继续加强与新加坡政府能源监管机构的沟通和协调，保持公平、合理和可持续的电力市场环境。 In the third quarter, the power consumption in Singapore market increased by 3%. In the first quarter, the company will continue to strengthen the management and strive for a better profit for the whole year. The company will continue to contact with the Singapore government and authorities. 第二，公司将进一步强化生产经营管理，巩固和提高机组可靠性和运行效率。第三，公司将不断优化市场竞争策略，通过价量权衡等市场策略，在批发市场取得合理收益。第四，公司将继续优化零售合同的电量结构，继续通过负荷优化、用户优化和期限结构优化实现良好的经营效益。第五，公司将继续加强成本费用控制，重点加强对燃料和用煤等成本的管理和优化，不断提升大士能源的市场竞争力和盈利水平。 好的，谢谢，我没有其他问题了，谢谢。 The company will continue to maintain safe operation and increase our reliability of operation. The company will optimize our strategy both in the wholesale and the retail market, and the company will have full control of our cost in fuel market and in transportation. Thank you. 还请下一位投资者提问，谢谢。下面有请摩根大通齐天伟提问。The next question comes from 齐天伟 of JP Morgan. 谢谢郭一成，我是摩根大通的齐天伟，我有三个问题想请教一下。第一个的话，想请问我们三季报的话，利用小时增加之下，我们如果是每一季的那些盈亏平衡的那个电价、煤价大概是多少呢？第二个的话，请问一下我们的电价跟煤价在四季度跟明年的那个展望大概是怎么样的？最后想请问一下的话，我们在三季报我们的那个标准的煤价是大概¥1,200左右。那想请问一下，我们平均的那个合同里面的那个平均的煤价，还有那个现货的价格，分别平均是多少呢？谢谢。 I have three questions. First is about the breakeven point what is the company's profit breakeven for the coal price. Second, what are the company's guidance for the fourth quarter, tariff and coal price. Third, about the coal price, could you please provide us with the number of the spot market coal price as well as the average, coal price nationwide. Thank you. 关于盈亏平衡的测算，给您报告一下，公司用一到三季度累计的煤机板块的数据进行了一个框算，这是一个示意性的结果。实际的情况，一到九月份煤机的售电量是2,755亿千瓦时，综合的电价是489元每千千瓦时左右，单位燃料成本在374元每千千瓦时左右。折的，刚才说折的这个标煤，一到九月份的累计数，我们刚才报过是三季度的当期数，累计数是1,217块钱每吨左右，这是目前一到九月份的实际数。 First let me introduce the actual number in the first nine months, the total power sales was 275.5 billion kWh. The tariff, average tariff was RMB 489 per MWh. The unit fuel cost was RMB 374 per MWh and standard coal price was RMB 1,271 per ton. 从敏感性的测算，也就是盈亏平衡的测算来看的话，如果其他两个主要的经营因素假定为固定的情况下，那么单位燃料成本盈亏平衡大约在¥330元每千千瓦时左右。相应的耗用的每一折标煤单价在¥1,075块钱左右。 Calculated by the first nine months numbers. The breakeven point for unit fuel cost was RMB 330 per MWh. That is, RMB 1,075 per ton standard coal price. 投资者您好，我给您回答一下四季度这个电价走势。因为这个煤价和供需关系呢，没有发生大的变化，我们预计四季度的电价会延续前三季度的态势。 Because there's not a great change in the demand and supply in the coal market. We estimated the fourth quarter tariff will maintain at the same level comparing to third quarter. 一到三季度，公司平均的电价完成是507元每千千瓦时，预计全年也会与这个三季度完成情况基本持平。 In the first three quarters, the average tariff was RMB 507 per MWh. We estimated in the fourth quarter, it will stay the same. 至于明年的电价走势，还是刚才说的那两个关系，一个就是根据煤价，一个就是供求关系，这个都不太好判断，主要还是随煤价波动。 About the next year's tariff, it will fluctuate with the coal price. 投资者您好，回答一下您关于四季度煤价的展望问题。四季度呢，我们预计供应端无论是国内的生产供应，还是进口的供应补充，都会延续全年平均的这样一种水平，不会有比较明显的增长。 About the coal price guidance. We believe in the first quarter, the supply both in the domestic market and overseas market will maintain at the same level as the first three quarters. 需求方面，主要是受这个三重拉尼娜气象的影响，这个秋旱和冷冬或者会交替地出现。四季度，在季节性这种因素的影响下，电煤的消费需求应该是比前三季度的平均水平有所增加的。 Affected by the extreme weather of a dry autumn and cold winter in the first quarter, we believe the coal consumption will increase. 从目前这个供需两方面来看，整体都是处于一个较平均水平，就是平均水平或者略高的这样一个情况。再考虑到我们目前的这个全社会库存整体还是比较充足的，所以我们认为四季度整个电煤市场能够达到一个基本的供需平衡。但是局部地区、时段性的紧张还会出现。我们认为煤价也是呈现一个高位震荡的走势。 With both high supply and high demand and sufficient inventory in the first quarter, we believe the demand and supply will reach equilibrium and the price will fluctuate at relatively high level. 回答完毕，谢谢。 Thank you. 先问一下，我可以很快就问两个小问题。那第一个的话，想请问一下，其实我们那个煤价的盈亏平衡的水平，如果是二季度跟三季度比的话，大概是分别是多少呢？因为我们看到三季度的那个利用小时就高了很多嘛。那所以的话，那个煤价的盈亏平衡点也会不会高得比较多呢？那第二个的话，想问一下，就是我们的那个入炉标煤价三季报是一千两百，对吧？那这个的话，如果我们拆分那个现货跟那个合同煤的那个价格的话，大概是多少呢？谢谢。 What is the difference between the breakeven point in the second quarter and third quarter considering the different utilization hour? What is the percentage of our spot market purchase of coal? 从盈亏平衡测算这个规则来看的话，我同意您刚才那个测算的方法。实际上我们在这个半年的时候也做过盈亏平衡的测算，那这个盈亏平衡呢，受到煤机的利用小时的影响是非常明显的。所以刚才我们在，我在报这个三季度，一到三季度的盈亏平衡煤价测算的时候呢，都是假定其他的两个经营因素是固定的。那么在这个基础上再去说煤价的盈亏平衡。所以呢，如果是电量有所增长，或者是有所下降，那相应的煤机的盈亏平衡的煤价成本是反向变化的。 Yes, as you just said, affected by the utilization hour of thermal units, the breakeven point in the second quarter is quite different from the breakeven point in the third quarter. The number was calculated, when we estimated other, features are fixed in the first three quarters numbers. The power generations increase and decrease will impact our breakeven point. 投资者您好，一到九月份公司累计的这个长协煤的采购标煤单价是¥1,159.12元每吨，市场煤的这个采购标煤单价是¥1,487.54元每吨。回答完毕，谢谢。 The purchasing cost in the first nine months for long term contract was RMB 1,159.12 per ton. The purchase from spot market was RMB 1,484.54 per ton. 好，谢谢管海辰。 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. 下面有请进化论资产卢新义提问。The next question comes from Lu Xinyi of Evolution Asset. 管海辰：您好，我想请问一下，因为我看一下我们的那个资产负债表，我们的总资产有4,861亿，但是扣除永续债之后，我们的规模普通股的那个净资产只有514亿了，就是实际的资产负债率也是比较高，接近90%。我想问一下，就是国资委啊，还有包括华能集团啊，对我们的负债率有没有一个限制，然后这方面就是我们今年的一个高煤价带来的现金流的一个同比减少，包括资产负债率的这个限制，会不会对我们未来的那个绿电资本开支有一个影响？谢谢。 My question is about the debt ratio. If we excluded perpetual bond, the debt ratio may reach 90%. Is there a target for debt ratio as required by the SASAC? What's the impact for the company's future investment? 在近一段时间，国家国常会也是召开了相应的会议，出台了相应的政策，那么对火电这个板块，尤其是在保供这个环节做出重要的社会贡献的电力企业，给予了政策方面的支持。八月二十四号的时候，国常会开会的安排是在银行间债券市场发行中长期为主的两千亿元的能源特别的保供债，主要是用于向央企的发电企业注资，以推动优化资产负债的结构，保障能源供应的安全。 The government have new policies about the capital for the thermal units as for the thermal suppliers. The company, the government have the policy support bond for energy safety. In total about RMB 20 billion to the company as a capital injection. 那么这部分的权益债券呢，在华能国际的产权口径范围之内呢，大约可以获得约300亿元的量级。 For Huaneng Power International, we might have RMB 30 billion of this perpetual bond for the company. 所以刚才是第一个层面，就是政策层面的一个新政策的支持。那么另外一个就是从后续的整个新能源开发的资本金这个来源情况，除了政策以外，国内投资者可能也看到了公司正常年份的经营净现金流入大约在400亿元左右。 The company's average operating cash inflows about RMB 40 billion a year. 所以公司也将致力于提升经营业绩，重点也是增加经营现金流的流入，形成自有的资金权益资本的内生积累，这样能够在华能国际转型发展新能源投资的过程当中，保持一个好的资产负债的结构和有力的资本结构的支持。 The company will make efforts in our operation to have inner accumulation of capital, and the company will maintain a healthy debt ratio to help with the future development. Thank you. 好的，谢谢。 谢谢各位，也感谢各位管理层的解答。Thank you so much for all the questions and participation today.