In the third quarter, the company analyzes changes in power, coal, capital market, push forward tasks of operating, transition, and development. The operating result improved significantly. Under the Chinese accounting standards, the company achieved a consolidated operating revenue of CNY 191.322 billion in the first three quarters, increasing by 4.01%. Net profit attributable to the company's shareholder was CNY 12.56 billion, increasing by CNY 16.5 billion. The earning per share was CNY 0.66. In terms of power generation, facing relatively short duration of high temperatures and increased hydro output, the company researched the power market and ensured healthy operation. Ensuring peak supply and system regulation, the company's thermal power generation increased. The growth in renewable capacity also contributed to the increase in renewable generation. In the first three quarters, the company's domestic on-grid power sales was 337.38 billion kWh, increasing by 5.38%. The average utilization hours was 2,870 hours. The average tariff was 509.66 CNY/MWh, increasing by 0.62%. All the indicators remain about the same level and have a slight increase. In terms of coal supply, the company monitored the market changes, fulfilled contracted coal with high quality, seized opportunities of imported coal, and optimized inventory structure to control the fuel cost. The unit fuel cost of the first three quarters was 332.52 CNY/MWh, a year-on-year decrease of 12.18%. In terms of development, focusing on the government's requirement of a new power system, the company is pushing forward clean energy development. In the first three quarters, the company added 5.57 GW of units, including 1,016 MW of wind power, 3,409 MW of solar power, 495 MW of gas-fired power, and 650 MW of coal-fired power. By the end of September, the company's installed capacity reached 131.6511 GW. Wind and solar capacity reached 24.17 GW. Low carbon clean energy accounts for 28.85% of total capacity. In terms of overseas operations, Tuas closely monitor changes in power and fuel market, optimized competition, strategy, and seized the market opportunity raised marginal contribution. The company have achieved a better operating performance. The profit had increased continuously. In the first three quarter, the profit before tax was CNY 3.64 billion, increasing by CNY 2.48 billion. The projects in Pakistan has maintained a stable operation. ... 第四季度，公司将全力推进清洁能源项目建设，冲刺全年新能源投产目标，进一步加快绿色转型步伐，密切跟踪煤炭市场变化，优化供应结构，积极筹备长协签约事宜，着力控制燃料成本。深入研判分析电力市场形势政策，积极应对市场变化，做好保供稳价工作，抢发效益电量，进一步拓宽融资渠道，用足用好绿色金融政策，努力控制融资成本。面对复杂的市场环境，公司将坚持稳中求进的工作基调，聚焦效益和质量，持续巩固盈利基础，努力完成全年生产经营发展各项任务。 In the first quarter, the company will continue the clean energy development and accelerate the transition. Track the coal market, optimize the supply structure, prepare for the next year's contract signing, and control fuel costs. Conduct market research, respond to the market changes, ensure power supply, and stabilize the tariff, and strive for profitable power generation. Expand financing channels with green financing policies to reduce costs and improve efficiency. 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，我和我的同事愿意回答各位的提问，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等候，先按星号键，再按一键。 To ask a question, please press star followed by one on your telephone keypad. Thank you。 欢迎各位提问，也请各位在提问前告诉我们您所属的机构及姓名。 Please state your name and your organization before raising a question。 有请第一条提问来自花旗银行的Harry Weiner。 The first question comes from Harry Weiner of Citibank。 哎，管理层听得到吗？喂，听得到吗？ 听到，听见。 行，好，谢谢管理层的时间。我有三个问题想请教管理层吧。第一个问题是，我们看到前三季度呢，咱们那个单位燃料成本持续下降，那想请教管理层，第四季度，还有明年2024年，我们那个单位燃料成本的展望是怎么样的？第二个问题是，今年以来，我们那个单位燃料成本下降，那这样的话呢，管理层对我们明年我们那个，合同电价的展望，就是销售电价那个展望，我们是怎么样的？就是2024年。第三个问题是有关我们新能源发展的，我们看到最近，光伏组件的价格呢，已经有些是下降到低于CNY 1，每一瓦这个价格，想知道我们对我们光伏项目这个回报率，现在的指引大概是怎么样的？谢谢。 I have three questions. First, about the company's unit fuel cost. As in the first three quarters, the company unit fuel costs have dropped. Could you please talk about the outlook of unit fuel costs in the first quarter and in the year 2024? Second, as the company's unit fuel costs have dropped this year, could you give us an outlook about the company's on-grid tariff of the market-based power sales? Third question is about renewable energy development. As the PV module price have dropped less than CNY 1 per watt, what would be the company's investment hurdle rate about the solar project? Thank you. 请纪检、财务、和这个经营部的相关负责人回答以下几个问题。 投资者，您好，我来回答有关您这个燃料采购方面的一个问题。2023年以来呢，国内的这个煤炭供应保持一个高位水平，进口煤的供应量同比大幅增长，非电用煤的需求不及预期。目前港口电厂库存呢，处于历史的高位水平，煤炭的供需关系不断改善。 First, please let me answer your question about the fuel procurement. In 2023, the supply of the coal domestically maintained at high level and the export coal have increased. As for the demand side, the demand of the domestic consumption was less than expected, so the supply and demand structure have improved in this year. 另外呢，电煤中长期合同的政策力度不减，市场与政策的双重作用下呢，煤炭的价格波动下行。 Plus, the government still have the policy about the long-term coal contract with both help with the market and the policy, the supply and demand structure have eased up. ... 今年的一到八月份，北方港口5500大卡动力煤现货的均价呢，是在CNY 976左右，CNY 976每吨左右，同比呢，降低了CNY 247。 In the first eight months, the average price of the northern port was about CNY 976 per ton. It has a CNY 247 per ton decrease comparing to the same period last year. 但是进入三季度以后呢，主产地的这个事故增多，安监的强度有所升级，部分煤矿呢停产、减产，产量环比回落。主产地的煤矿企业呢，尽量保价的意愿增强。 However, after the third quarter, as there are some incidents in the coal mines, the safety inspection have become more and more, and the production of the coal mine have decreased. 煤价在九月份这个淡季呢，出现了反弹。呃，截止九月底呢，北方港口5500大卡的动力煤现货价格呢，已经到了CNY 980每吨。 The coal price have bounced in the off-season, and as in September, the 5500 kcal coal in the north port reached CNY 980 per ton. 展望四季度呢，国内的安监力度不减，国内的煤炭供给能力增长有限，叠加现在海外供应端的扰动因素频发，整体的供应端处于一个收缩的态势。 And in the fourth quarter, from the supply side, the safety inspection continues and the supply from the overseas market was limited, plus there is some interference from the overseas market. 在需求方面呢，宏观经济现在呈现一个复苏的态势。非电，特别是化工煤的这个消费呢，需求保持一个高位，民用取暖需求增加，全社会的煤炭消费保持一个较高的水平，整体的煤价存在一个较强的支撑。 From the demand side, as the macro economy is continued to recover, and the non-electricity industry have a high consumption, such as the chemical industry, and with the heating supply coming the way, the consumption will maintain high, so that will be a support for the coal price. 但是这个终端的库存呢，一直处于一个高位水平。综合上述的因素呢，我们认为四季度的煤价将呈现一个稳中偏强的走... However, considering the inventory was at high level, compounding all these factors above, we think in the fourth quarter, the coal price will maintain strong and stable. 关于2024年电煤这个订货的有关事宜呢，是九月份以来，公司已经着手开展这个筹备2024年的电煤长期合同的签订事宜，比历史同期呢提前了一到两个月。 About the contract signing in 2024, the company had began the contract signing preparation in September. It is one or two months earlier than we used to do. 但是具体的签订工作呢，要等国家主管部门发布2024年电煤中长期合同签订的相关指导意见和指导文件后才能开展。公司将根据国家的政策，按照应签尽签的这个原则，尽快地完成2024年的，长期合同签订工作，推动着力推动长期合同高质量履约。 However, the specific details will be in line with the government release document. We are still waiting for the issue of this document. So, the company will continue with the government support to sign the contracts as early as possible and strive for a better quality of contract sign of our long-term coal. 投资者，相关人员管理方面的内容回答完毕。 关于那个明年的中长期那个电价的情况，目前呢，那个中长期签约工作，明年的中长期签约工作呢，预计是从十一月份开始，在一月份结束。 About the market-based power contract sign, the process will begin in November and will end in January next year. 目前各地区的中长期交易规则呢，仍未发布。同时呢，那个煤电容量电价政策，有可能出台，所以，公司也在密切跟踪相关的这个情况。 However, the provincial, detailed policies about contract signing haven't been released. Considering there might be the capacity payment policy coming out, the company will keep track on the signing of our contracted power. 根据电能量交易价格不低于咱们市场平均价格，交易份额不低于咱们公司的这个容量占比份额。按照这个原则呢，公司，督导各地足额签订那个中长期合约。 ...The company will help up with our subsidiaries about a certain rule that the tariff won't be less than the market average, and the market share won't be less than what we guide. 回答完问题。 好，你好，我来回答第三个问题，关于光伏的项目回报率的问题。因为今年呢，那个，光伏组件的价格逐步在走低，那个按照目前这个今年呢，我们这个新项目的经济评价这个，情况看，目前项目的回报率大概在5.2%-13%，啊，这个范围。这个根据不同的项目，它的资源禀赋以及它的一个，那个，单位造价，这个差异还是比较大。 About the company's return rate of solar project. As the PV module price have decreased, the company's recent project, the return rate was around 5.2%-13%, and it varies in different projects. 它的光伏的这个回报率呢，按照我们的相关的那个要求，因为它是一般情况是在6%以上，这个的是根据各个项目的它的那个不一样的话，所以说那个整体情况还是有些差异，但基本上，绝大多数项目都是，这个，比我们的6%要高。就是极个别，因为它的一个特殊的原因，可能是这个达不到这个标准。 The company's investment hurdle rate was 6%, and the actual return rate was different in different provinces. Most of our projects can achieve this goal that most of our projects return rate is higher than 6%, other than some exceptional, it's only a very few projects. 好，回头米。 Thank you。 好，谢谢管理层。 下一条问题来自于华泰证券，李亚林。 The next question comes from Li Yalin of Huatai Securities. 各位领导好，我这边有三个问题。我是华泰证券的李亚林。然后第一个问题是，公司这个三季报里面披露了，就是转让华能四川的这个股权，获得的投资收益，比较多，所以就是这个增长会比较快一些。那我们想就是请教一下管理层，这个投资收益在归母净利润的层面的影响是多少钱？然后就是对于前几个季度已经计入了这个权益法核算的，来自于华能四川的这个投资收益，最后在全年的话会怎么去处理？因为这个已经转让了嘛。然后第二个问题是想问一下，公司这个，三季度的风电的营业情况不是特别好的，一个具体的原因是什么？然后第三个是想请领导帮我们拆一下单三季度，公司这个分板块的净利润，或者是归母净利润的情况，以及截至九月底的这个归母净资产的一个情况。哦，我的三问题，谢谢。 I have three questions. First, as the company have transferred the Sichuan Hydropower in the third quarter. So could you talk about the company's investment gains from this transfer? And what is the net profit attributable to their shareholders? What was the impact? And about the company's investment gain from previous year, previous months, what will be the method of accounting to deal with this part of gains? Second, about the company's wind projects, as in the third quarter, the profit of wind is less than our expected. Could you talk about the reason for that? Third, could you please give us the net profit and profit attributable to shareholders, as well as the net asset and net equity of different energy resources in the third quarter? Thank you. 请财务部和经营部的负责同志回答相关问题。 你好，我来回答您第一个问题，关于四川水电处置的投资收益。我们的税前利润的影响是，21.35亿元，就是纯粹处置这件事情是21.35亿元的投资收益。 First, please let me answer your question about investment gain of Sichuan Hydropower. The sale of the Sichuan Hydropower have the profit before tax, CNY 2.1 billion yuan impact to our profit before tax. 然后，对于权益利润，因为母公司层面的，我们因为以前年度有累计亏损，所以当期不用缴纳所得税，所以对权益利润的影响和税前利润影响是一样的。 About the profit attributable to our shareholders, because the company have a combined loss, so we don't have to pay tax in this process, so, it have the same impact to our, profit attributable to shareholders... 另外您，问得很专业哈，就是提到了这个，我们其实在前1到6月份是确认了对四川水电的联合营投资收益。啊，那么这个根据交易的，协议规定，其实就是对于过渡期损益的处理，这块我们会相应调整我们，已确认的权益投资，这个已确认的联合营投资收益。 The company have recorded, investment gains in about, of strong hydropower in the first six months, and it, the gain or loss of this will be addressed later. 我来回答一下那个风电的那个，盈利情况呢，下降的问题。第三季度呢，公司那个风电利用小时呢，是有所下降，同比下降了21个小时，然后光伏的利用小时呢，下降了是同比下降了30个小时。 About your question of the profit decrease in our renewable sector, the utilization of wind have decreased 21 hours in the third quarter, comparing to the same period last year. The utilization hour of solar have decreased 30 hours. 随着那个平价新能源那个项目投产增多呢，风电的那个交易电价同比是，风电和光伏的那个交易电价同比，三季度呢，是同比有所下降。 As more and more, the projects that without the feed-in tariff was put into operation, the market-based tariff of wind and solar have decreased. 影响整个风电光伏的综合电价下降。风电的综合电价呢，同比下降了8.3%，这是主要因素。谢谢。 It has affected the compound tariff of the renewable energy, and for our wind sector, the average tariff has decreased by 8.3% in the third quarter. Thank you. Hello, let me answer your question about the segment breakdown again. Because we have some power plants that operate different types of power source projects at the same time, this breakdown is only for your reference. First, regarding equity profits, in the first three quarters, coal-fired is around CNY 2.19 billion, gas turbine is around CNY 250 million, wind power is around CNY 4 billion, photovoltaic is CNY 1.47 billion, hydro is around CNY 30 million, biomass is basically zero. And the profit attributable to equity holders breakdowns as follow: the coal-fired sector, it was CNY 2.19 billion; for gas-fired, it was CNY 250 million; for wind sector, it was CNY 4 billion; for solar sector, it was CNY 1.47 billion; hydro sector, CNY 30 million, and it's break even for biomass sector. 权益净，是权益净资产，权，权益净资产，啊，分板块的净资产的拆分，煤机是，七百二十一亿元，燃机是一百二十亿，风电是五百亿左右，光伏是一百八十八亿，水电是十三亿，生物质是九亿。 And for the net equity breakdown of different energy resources, for coal-fired sector, it was CNY 72 billion; for gas sector, it was CNY 12 billion; wind sector, CNY 50 billion; solar sector, CNY 18.8 billion; hydro sector, CNY 1.3 billion; and for biomass sector, it was nine, three, oh, sorry, CNY 900 million. 谢谢领导，我想这个追问一下，就是刚刚提到对那个四川水电的合营的这个收益，就是我们目前可以确认的是，这个三季度是没有确认的，然后一到六月已经确认的部分，可能会在四季度去相应的把它调减掉，对吗？ As for the investment gain, we have already recorded about the Sichuan hydropower. Does that mean that the investment gain in the first six months will be adjusted in the fourth quarter? 我解释一下，是这样的，我们在一到六月份，因为交易还没有发生，所以呢，确认了对四川水电的联合营投资收益。 In the first six months, because the transaction haven't happened, so we have recorded the investment gain of Sichuan Hydropower 那随着在九月份交易完成，我们已经把应该调减的已确认的部分，已在三季度进行处理，影响金额是一个亿左右。 As the transaction completed in September, the company have already addressed the investment gain in the third quarter。 It was about CNY 100 million。 好 的 ， 谢 谢 领 导 ， 我 没 有 别 的 问 题 了 。 The next question comes from Jiang Tao of GF Securities. Hello, good day to the management. I am Jiang Tao from GF Securities. I have three small questions I would like to ask the management. The first one is, from our cash flow situation, this year's third quarter cash flow has shown significant improvement. So, I want to break it down a bit: is there an impact from the subsidy payment rhythm? Because last year in the first half there were CNY 8.6 billion in subsidy payments, this year in the first half it was relatively less. So, I want to ask, for this question, what were the subsidy payment situations for last year's third quarter and this year's third quarter respectively? That is my first question. Then my second question is to ask, what is the revenue from ancillary services for the first three quarters? Then, among them, how much is the part from the capacity electricity price payments? Then the third question is, we see that in Singapore up to around October 5 the unified energy price has already risen to 245.2 SGD per MWh, so it should be said to be higher than the third quarter average level by about 30%. So, I want to ask about Tuas Power, whether the actual operating performance in the fourth quarter should also be higher than the comparison situation of the third quarter and second quarter? These are my three questions. Thank you, management. I have three questions about company's cash flow. As the company cash flow have improved in the third quarter. Was that because the renewable subsidiaries, as the government have released CNY 8.6 billion subsidies in the first half of the year, what was the company collection of renewable subsidies? And second, question is about the company ancillary service payment. So in the first three quarters, what is the amount of ancillary service fee that we received and by what proportion is the capacity payment? Third, about the company Singapore sector. As the price of the power have increased to SGD 245.2 per kWh, and it was 30% higher than the average price in the third quarter. Does that mean that the company's performance will be higher than the third quarter? 请财务部、经营部和上市办的负责同志回答相关问题。 Hello, investor. I am here to answer regarding the change in this third quarter cash flow situation. Indeed, it is like this. In the third quarter, our operating cash net inflow reached approximately CNY 19.9 billion, quarter-over-quarter from the second quarter's CNY 7.6 billion. Indeed, there is a comparatively large increase, with the increase amounting to approximately CNY 12.3 billion. Yes, because the company's operating cash flow inflow was CNY 19.9 billion in the third quarter. It has a CNY 7.6 billion increase compared to the second quarter, which is CNY 12.3 billion. Combining all the reasons from EBITDA to the investment gain from the Sichuan hydropower. Actually, the operating cash flow haven't have changed from the second quarter to the third quarter. It has about CNY 1 billion increase. The reasons as follows. First, the renewable subsidies, we have collect CNY 1.2 billion in the third quarter. The second quarter, we have relatively less collection of the subsidies. The main reason about the changes in operating cash flow is because the inventory. In the second quarter, the inventory has increased, so the operating cash flow has decreased accordingly. The number was about CNY 4 billion. So in the third quarter, because the consumption of the coal, it leads to a decrease in our procurement of fuel. And comparing to the second quarter, actually it has CNY 7 billion change. And the power collection fees in the third quarter also have an increase in the third quarter. So combining all the factors that our operating cash flow have increased in the third quarter. Thank you! 我来回答第二个问题。公司前三季度辅助服务电费共计收入是18.92亿元，其中调峰辅助服务费用收入是15.1亿元，调频辅助服务电费收入是3.81亿元。 About the company's ancillary service payment in the third quarter, in total, the ancillary service revenue was CNY 1.892 billion. The fee from the peak adjustment was about CNY 1.51 billion, and the fee from the frequency adjustment was about CNY 381 million. 前三季度，燃机容量电费收入是19.13亿元。那个关于煤机的容量电费呢，山东执行的容量电费，其中那个容量补偿已经折算到电价里了。回答完毕。 About the capacity payment in the first three quarter, from our gas sector, it was about CNY 913 million. From our coal sector, actually, the capacity payment was calculated in our on-grid tariff in Shandong Province. Thank you. 周总，你好，我来回答一下大势能源的相关问题。首先报告一下大势能源，前三季度的经营情况。大势能源第一季度的税前利润是9.66亿元，第二季度是19.24亿元，第三季度是7.51亿元。 About the company's overall performance in the first three quarters. Please let me give you some numbers. The profit before tax in the first quarter was CNY 966 million. In the second quarter, it was CNY 1.924 billion. In the third quarter, it was CNY 751 million. 第三季度，大势能源实现了利润7.51亿元，经营业绩总体仍然保持相对较高的水平，利润同比增加了3.33亿元。 In the third quarter, the Tuas revenue was about CNY 751 million, and it maintained at a high level. The profit have increased by CNY 333 million. 但是受到第三季度新加坡电力市场需求下降，就是环比降低了2.67%，市场供应容量增加，以及政府出台的临时电价上限政策实施等因素影响，第三季度新加坡的批发市场电价较二季度出现了较大幅度的降低。第三季度大势能源的利润总额较二季度的高位水平也有了较大幅度的回落，利润环比减少了11.73亿元，主要是售电边际贡献同比减少。 However, in the third quarter, as the power consumption demand has decreased in Singapore market was about 2.67%, and the capacity have increased in the Singapore market, and also the government have introduced the tariff cap in the market. The tariff in the wholesale market has decreased. It have an influence about the company's profit before tax, and it has decreased in the third quarter comparing to the second quarter, about CNY 1.173 billion. That's mainly due to the marginal contribution have decreased. 第四季度，大势能源面临的内部外部市场环境与第三季度没有发生重大的变化，与前几年相比，仍然处于总体相对有利的环境水平。 The market situation haven't have a great change in the fourth quarter. It is a better environment for us comparing to the previous years. 但是也考虑到一些市场新的变化，包括供求关系、新的这个能源政策、新的电价政策等。预计四季度新加坡的批发市场电价不会像上半年那样大幅波动，且长期保持高位水平，发电商的高电价收益将受到一定的限制，预计，未来将逐步回归一个合理水平。大势能源将在四季度继续努力优化市场竞争策略，争取当前市场条件下最好的盈利水平。 Considering the supply and demand structure in the power market in Singapore, as well as the policy changes in the first quarter, we think there won't be great volatility in the wholesale tariff, and the price will maintain stable, and the high tariff will be limited by this market situation and government movement, and the marginal gain will drop back to a reasonable level....Tuas Power will continue to strive for better operating performance in the first quarter. Thank you. 哎，好的，好的，谢谢公司管理层。我想补充一个小问题，是刚才提到的这个辅助服务收入和容量电价的这个补偿收入之间的，是一个包含性的关系吗？就是再补充这个小问题。 I have a follow-up question, so that the capacity payment was included in the ancillary service payment. 你好，它这，辅助服务和容量电费这一块呢，是，相互之间是独立的，是分开，分开统计的。谢谢。 Actually, it's two independent payment system. It was calculated independently. 好的，谢谢管理层，我没有其他问题了。 有请下一条问题来自招商证券的宋莹莹。 The next question comes from Song Yingying of China Merchants Securities. 各位公司领导，大家好，我这边有几个小问题想请教一下。首先就是关于我们煤炭的库存情况。因为今天刚刚领导也提到了，说二季度实际上是有一个采购存煤量的一个增加，三季度相应会有一个减少。我们想问一下现在的目前的一个库存的情况，然后以及我们对明年煤炭的供需和价格的一个展望，可以帮我们分析一下。然后第二个小问题是想，可以帮忙拆分一下三季度的标煤单价的一个情况吗？好，第三个小问题是想，请教一下我们目前这个火电的一个亏损面情况，包括今年预计的一个减值，减值的一个规模和水平，大概会是怎么样的一个，整体的一个状况？谢谢各位领导。 I have three questions, first about the company's coal inventory. As you just said, in the second quarter, the coal procurement have increased, however, decreased in the third quarter. So could you talk about the current inventory, in inventory level, and could you give us an outlook about the coal supply and demand in the next year? Second, could you give us a breakdown of the company's, standard coal price? Third, could you talk about the loss situation about the company's thermal power, and what will be, what will be the company's asset impairment in this year? 请经营部和财务部相关同志回答相关问题。 周董事长，您好，我来回答您的第一个问题。截止到昨天，公司的存煤呢，是1447万吨，比去年同期增加了145万吨，可用天数30天。 About the company's coal inventory. Up until yesterday, the company's coal inventory was 14.47 million tons. It has one point 45 million tons increase compared to the same period last year, and the inventory days was about 30 days. 刚才对于四季度的煤价的一个形势呢，做了初步的一个研判。明年呢，要根据国家长协有关指导文件，我们确定长协的订货情况，我们公司将致力于，严格控制我们现货的采购，努力提升长协的高质量发展，高质量兑现，努力的多措并举，降低我们的燃料成本。好，谢谢。 About the first quarter coal price, we have just said about that topic earlier, and in next year, the company will strictly apply the government policy about signing, and will strictly control the coal price that we purchase from the spot market, and will fulfill our long-term coal with high quality, and take multiple pressures to control our coal price. 你好，我来回答您关于标煤单价的拆分。公司前1到9月，除税发电耗用标煤单价是1,097元每吨，同比下降了161.7元。 About the company's standard coal price in the first nine months, the standard coal price, tax excluded, was CNY 1,097 per ton. It has a CNY 161 per ton decrease year-on-year. 其中煤价是 CNY 1,045，同比减少了 CNY 171.5。 The standard coal price of coal sector was CNY 1,045 per ton. It has a CNY 171.5 per ton decrease compared to the same period last year. 燃机是 CNY 2,140，同比基本持平。 The standard fuel price for gas sector was CNY 2,140 per ton. It stayed the same level compared to the same period last year. 然后第三季度的标煤耗用单价，整体是CNY 1,033，其中煤机是CNY 978，燃机是CNY 2,104。 ...The standard coal price in the third quarter alone, the compound standard coal price was CNY 1,033 per ton. For coal sector, it was CNY 978 per ton. For gas sector, it was CNY 2,104 per ton. 然后关于这个火电亏损面，也是受益于这个煤价大幅下降，以及公司持续加强管理绩效。一到九月份，火电盈利情况大幅改善，亏损面从那个去年同期的76%降至51%，第三季度呢，更是降到了27%。 About the company's loss situation of our thermal sector. As the coal price dropped this year, and with the government policy, the company's loss situation have improved in the first nine months. In the first nine months, the company's loss situation was 51% of power the plants made loss, comparing to the last year's 76%. And in the third quarter alone, the only 27% of our power plants have made loss. 然后关于您提的减值的问题，关于资产减值，公司一直以来呢，都是严格按照准则的要求，以及上市地的监管规定开展相关的工作。 The company always strictly apply the accounting standards and the disclosure rules of our supervision authorities when the company evaluates our impairment. 同时确保减值处理的公允性，以及处理方法程序上的一个连续性，以真实客观地反映公司的资产情况。 The company's aim is to objectively reflect the fairness and the authenticity of our asset evaluation. 具体来说，在报告期末，我们会按照准则的要求，判断资产是否存在减值迹象。对于存在迹象的资产，会借助专业评估机构的协助，开展相关的减值评估测试。 The company will evaluate the impairment signs at the end of each quarter, and have a professional test with the help of the evaluation companies. The company will strictly apply certain rules and to test for the impairment signs. 那么对于测试的结果，也经过审计师审计认可之后呢，根据准则的要求去进行相应的处理。因此呢，我们没有办法，也不会对减值的这个金额规模去设置指引或者一个预期。 The asset impairment will also be looked through by our auditors, and it will all strictly apply the accounting standard. The company cannot and will not have certain guidance or outlook for our impairment. 那么后续，公司也会继续结合内部、外部市场啊、政策环境的变化，以及一个长期趋势的判断，按照刚才介绍的这个原则和流程，开展这个相应的减值测试的工作，谢谢。 So the company will combine the market situation as well as for the market environment, to judge for impairment signs in following process. Thank you. 好的，明白。谢谢各位领导，我暂时没有别的问题了。请下一条提问，来自国海证券的钟琪提问。 The next question comes from Zhong Qi of Guohai Securities. 各位领导好，我是国海证券的钟琪，我这边有3个小问题想请教一下。第一个就是，我们能不能帮我们拆分一下，就是第三季度我们火电这边的电价。然后第二个问题是，我们在第三季度风电和光伏的市场化电量交易比例，以及他们的市场化电价和折价的水平。然后第三个是，我想跟各位领导确认一下，就是我们的光伏项目IRR，在刚才有个投资者进行了提问，我们说是5%，5.2%和13%。我想确认一下，这是资本金IRR，还是资产投资的IRR？好，我就请教这3个问题，谢谢。 I have three questions. First, could you please break down the tariff of the thermal power in the third quarter? Second, could you talk about the market-based tariff for our wind and solar projects, and also, the proportion of market-based power sales and with the tariff discount comparing to the benchmark. Third, about the company's solar project IRR, varies from 5%-13%. So could you clarify if it's the IRR for the project or for the equity? 您好，我先回答您关于火电的第三季度电价。第三季度公司煤机的含税平均结算电价是484.96元每千瓦时，然后燃机是700.7元左右。 ...About the breakdown of the tariffs of our thermal power. In the first quarter, the coal, the coal tariffs was about CNY 484.96 per MWh, and tariff for gas was about CNY 700.7 per MWh. 刚才提到那个第三季度风电的交易电量比例是29.8%，光伏的那个交易电量占比是27%。然后风电的交易电价较基本价下降2.7%，光伏的交易电价较基本价上涨6.2%。回答完毕。 So the market-based power sales for the wind power accounts for 29%, 29.8% of the wind power sales, and the market-based power sales of solar power accounts for about 27%. About the tariff, the market-based tariff of wind power has a 2.7% discount compared to the benchmark, and for the solar power, it has a 6.2% increase compared to the benchmark. 你好，那个我们的收益率是全投资税前内部收益率。 The company's IRR is for pre-tax project IRR. 好的，谢谢。我这边还有一个问题想追问一下，就是，我们刚才报的Q3的那个煤价是484.96元每千千瓦时，然后，跟我们去年同期相比，好像有7-8亿钱的下降。我想请问一下，主要是什 么原因？ The coal price, the coal tariff in the third quarter was CNY 484.96 per MWh. It was lower than the same period last year. So could you talk about the reason? 三季度公司的，刚才提到公司的那个煤电交易电价是481.88元每千瓦时，然后这个，同比下降是1.6。主要是三季度呢，因为水电和新能源发电量增长，然后这个火电发挥这个顶峰保供的作用，然后这个，发电量呢，相对有所下降。 In the third quarter, the market-based tariff for the coal-fired sector was CNY 481.8 per MWh. It has a 1.6% decrease compared to the same period last year. That was mainly because, in the third quarter, there is great output in hydro and renewable sector, the thermal power generation has decreased. 不好意思，各位领导，有一位投资者想要跟各位请教一下，就是我们的煤炭库存天数，我们说刚才有说30天，就是跟我们之前像已经是20天，出口，请问就是为什么要保持这样一高，这样一个高的水平？ I have a follow-up question. Why the company maintain a relatively high inventory days, about 30 days? 投资者，你好，我来回答你这个问题。公司高度重视能源保供工作，一直贯彻落实国家关于能源电力安全保供的一系列决策和部署，一直加强煤炭的采购和库存管理。 The company attach great importance to the energy supply, and have implement the government policy, and enhance our management in the coal procurement and operation. 一直九月份呢，公司的库存持续保持一个相对的高位。主要也是发挥了一个，库存的淡储旺耗，低储高耗的作用，多措并举地呢，降低了这个燃料采购成本。 In the first nine months, the company have maintained the inventory at a high level. That's mainly because the company's management strategy to consume in the off-season and consume coal in the off-season, and generating power in the peak season. So that the company take multiple measures to control the coal cost. 另外呢，这个30天是我们的30天的平均可用天数，根据前30天的平均的发电量来计算。 Our inventory days is a 30-day moving average, and it was calculated considering our power generation. 好，回答完毕，谢谢。 Thank you. 谢谢各位领导。 The next question comes from Sun Huixian of Guotai Junan Securities. ... Hello, leaders. I am Sun Huixian, the analyst from Guotai Junan Securities. I have three questions to ask management. The first question is, our leader just said, this company's wind power and photovoltaic market-based trading proportion and the average relative benchmark price discount. I want to ask, what is the year-over-year change trend of these two data? This is the first question. The second question is, in our new energy participating in market-based trading electricity volume, if split into participating in spot market and participating in medium- and long-term market two parts electricity volume, do these two parts electricity prices have an obvious difference? Can leaders help us break it down? The third question is, I see according to the leader said daily electricity prices, we month-over-month also have a certain amplitude decline. Then if we look by province, like Q3 compared to Q2 quarter-over-quarter, which several provinces have relatively high decline amplitude? Then these several provinces electricity price decline is due to what reasons caused? Above are my three questions. Thank you, leaders. I have three questions. First, you just said the proportion of market based power sales in wind and solar sector. So could you please tell us about the year-on-year changes in the market proportion? Second, about the renewable energy that sells in the market, could you please divided that into the spot market and medium- to long-term contract? And could you talk about the difference between the tariffs in the two markets? Third, you just said the coal tariff have decreased quarter-on-quarter. Could you talk about in what provinces that have a higher decrease, and could you talk about the reasons for that? 请经营部的负责同志回答相关问题。 刚才问到的那个，刚才说到的风电和光伏的那个交易电量占比，然后风电的交易电量占比呢，环比二季度是3.0%。然后光伏的那个交易电量占比呢，环比二季度是增长了4.1%。 About the proportion of market-based power sales for renewables. The proportion of the wind power that sells in the market has a 3% increase in the third quarter comparing to the second quarter. The market-based solar power sales proportion have 4.1% increase comparing to the second quarter. 目前那个，燃煤的那个全公司的那个年度交易电量占比呢，是在65.5%，65.5%。然后月度的交易电量占比是在31.1%，然后现货交易是在3.3%。 About market-based power sales of our coal sector, the annual contract accounts for 65% of our total sales. Monthly bidding contract accounts for 31.1%, and the power sales in the spot market accounts for 3.3%. The third question is, during August to September, due to that thermal coal price decline, and also regional electricity supply and demand loose, Shandong, Guangdong and Shanxi's thermal power in monthly trading electricity price dropped more. Among them, Shanxi's this trading electricity price, in September is upward floating less than 20%, is at 13.7%. Guangdong's trading electricity price, price upward floating is at 10.34%. In August and September, the market-based tariff for coal sector have decreased, especially for the tariffs from monthly bidding in provinces like Guangdong and Shanxi. In Shanxi, in September, the market-based tariff only have 13.7% increase compared to the benchmark. In Guangdong in September, the monthly bidding tariff only was high 10%, 10% higher than the benchmark. Thank you. 领导，我还想请教一下，就是那个咱们新能源的市场化交易电价，它的这个同比的变动是怎么样的？因为，咱们这个三季度的风电的收益就是同比下滑，主要的原因可能就是电价这一块嘛。那我想了解一下，就是咱们电价下滑的原因，主要是，因为这个，平价项目变多了，还是说因为，还是说因为参与市场化的比例变多了，还是说参与市场化比例的那一部分的电价下降了。 I have a follow-up question about the market-based tariff for our renewables. So could you talk about the changes in the third quarter? Because our revenue from wind, from the renewables have decreased. So is that because more projects that without a feed-in tariff was put into operation? Or is that because the market-based power sales increased? Or is that because the tariff of market sales have decreased? 其中，风电的第三季度的发电量呢，是增长了7.1%，然后光伏的发电量呢，是增长了86.3%。然后这样看呢，咱们公司的那个平价新能源项目呢，是投产较多，然后拉低了这个项目，拉低了那个电价。 So in the third quarter, the power generation of wind have increased by 7.1%. Power generation of solar have increased by 86.3%. From this figure, we can see that the project that without a feed-in tariff have been put into operation in the third quarter. Thank you. 哎，好的，我们没有其他问题了。谢谢樊女士。 能请下一条问题来自海通证券的吴杰提问。 The next question comes from Wu Jie of Haitong Securities. 各位领导大家好，因为我中途进来的，所以可能有些问题之前没有听清了。那我，我主要就是两个问题吧。就是第一个呢，就是，我们这个明年的这个分红策略，就是今年年底之后明年的分红策略是个什么样子？能不能给我们讲一讲？那第二个问题呢，就是想了解一下，我们这个煤耗的一个情况，是第三季度，或者是前三季度吧，我们的这个，煤电的这个供电煤耗是多少钱？不知道刚才有没有人问。然后刚才这个电价的问题，我也有一点想补充，就是，就究竟因为感觉上我们这个，光伏前面说到的这个光伏的电价是涨的，然后我想问为什么这个光伏的这个电价是涨的？这个就是市场外的这个电价，所以没搞明白，能不能给我们讲一下？谢谢。 I have three questions. First, could you please talk about the dividend payout policy in the next year? Second, could you talk about the coal consumption rate in the first three quarter? And third, you just said the tariff, market-based tariff was higher than the benchmark of solar power. So could you talk about the reason? 请财务部、生产环保部和经营部的相关负责同志回答以上问题。 你好，先跟你介绍一下。公司自1998年开始，每年向股东派发的股息累计目前已经达到CNY 627 billion。 First, the company's dividend payout have accumulated to CNY 62.7 billion from the year of 1998. 那公司的这个分红政策，我们也是写进了章程，在章程里有关明确的规定，也就是在当年盈利，并且累计未分配利润为正的，为正，并且公司的现金流可以满足公司正常经营和可持续发展的情 况下，采取现金方式分配鼓励。 The company's dividend payout policy was written in our articles of association. If the company have profit and the undistributed profit was positive, the company's cash flow can satisfy the company's operation and development, the company will pay out cash dividends on this year. 那公司每年以现金方式分配的利润，原则上不少于当年实现的合并报表可分配利润的50%。 The company's dividend payout ratio will not less than 50%. 那这个，章程里的这个规定目前没有变化，那到具体明年的分红的安排，我们会统筹考虑今年全年的盈利情况，以及公司经营发展的资金的需要，来最终来确定。 The articles of association haven't changed. The company will make judgment considering the profit situation this year, as well as the company's capital demand next year. 投资者，你好，我报告一下，那个就是公司前三季度的累计的火电机组的生产供电煤耗是约294克每度，谢谢。 The coal consumption rate in the first three quarters was 294 grams per kWh. Just now mentioned the PV. The PV third quarter trading electricity price was 5.1% lower year-over-year compared to last year, but for the first three quarters, the company's trading electricity, PV trading electricity price increased 0.1% year-over-year. Then, among them, the first three quarters trading electricity price increased 3.4% compared to the benchmark price, mainly through relying on this through the local electricity's special transaction, also distributed PV's self-generate self-use, maintain the electricity volume growth. Thank you. Maintain electricity price growth. In the third quarter, the company's market-based power tariff for our solar project have a 5.3% decrease year-on-year. However, in the first three quarter, the tariff of market sale market sales have increased by 0.1% year-on-year. The solar market-based power have a 3.4% increase compared to the benchmark. That was mainly due to the green green market transaction and as well as our distributed form of power sales of solar. 我重新再来，就是，为什么光伏的绿电交易，然后这个可以把这个价格，转正呢？然后那个就相对于基准是上浮的，风电应该是下降的，这个跟它的平均中有关系吗？或者说它这个，比如说相对于这个基准的增加，包括我们的绿电的交易，这个光伏跟风电的这个价差会有差别吗？就绿电的这个交易价格。 So, could you explain why in the green market, the solar power can have an increase compared to the benchmark, while the wind power have decreased? Is that because the different type of the energy sources? 刚才这个公司呢，前三季度绿电累计签约电量呢，是28.77亿，交易电价较基准价增长是18.38%，然后绿电专场交易呢，是光伏和风电，光伏和风电都可以参加。交易价格还是，增长还是比较可观的。 In the first three quarters, the market sales in the green market amounted to 2.877 billion kWh, and the tariff has an 18.38% increase compared to the benchmark, and wind and solar projects all participate in the green market. Thank you. 好的，好，谢谢啊。 请下一条问题，来自天风证券的王玉书提问。 The next question comes from Wang Yusi of Tianfeng Securities. 各位领导好，这边的话也是有那三个小问... Hello everyone. I am Wang Yusi from Tianfeng Securities. I mainly have three small questions here. The first one is to ask, up to the end of September, the receivable subsidy amount is approximately what level? Additionally, I want to ask, for our receivable subsidies, in terms of years, basically it is subsidies within a few years. The second question is to ask, just now the leader also introduced a bit, for our third quarter part, the pure coal unit's input standard coal, want to ask, from a monthly perspective, what is the approximate trend? The third one is to ask another small question, just now the leader here also introduced a bit, the equity's, introduced the segment's net asset situation, want to confirm if this is equity net assets or net assets? I mainly have these three questions here. Thank you. I have three questions. First, could you please talk about the subsidy situation with the company's outstanding subsidy receivables by the end of September, and from what years the subsidy have accumulated? And second, in this third quarter, could you please talk about the month-to-month change in our standard coal price? Third, you just said about the equity breakdown to different energy sources. Is that our net equity or is that equity attributable to equity holders? 请财务部负责同志回答以上问题。 你好，我先来回答您关于补贴的这个问题。截止到九月末，可再生能源补贴应收的余额是 CNY 160 亿。 First, about your question about subsidy. By the end of September, the renewable energy subsidy receivable was CNY 16 billion. 主要都是近三年，也就是2021、2022、2023年产生的这个余额，其中，以2022年和2023年居多，2022年是68亿，2023年是56亿。 It's mainly from 2021 to 2023. In 2022, we have accumulated CNY 6.8 billion, and in 2023 accumulated CNY 5.6 billion. 关于这个，标煤单价，我们没有月度统计哈，但是从季度的这个变化趋势来看，前三季度，环比都是在下降。 I apologize. We don't have the exact number from month to month of our standard coal price, but from the first three quarter, the trend was downward. 另外就是您提到净资产，刚才报的是总的净资产，不是权益净资产。谢谢。 The equity breakdown was for our equity, not the equity attributable to the shareholders. 哦，明白了，我这边没有其他问题了。谢谢各位领导。 由于时间关系，我们有请最后一位提问。 Due to time restrictions, we invite the last investor to ask. 最后一个问题有请来自元乐盛资产管理的刘碧提问。 The next question comes from Liu Bi of Yuanlesheng Asset Management. 非常荣幸能够得到这个最后一个提问机会。我有三个小问题想稍微请教一下，一个是这个我们刚刚领导也提到，就是说那个我们有50%的这个分红比例在公司章程里面写进去了。我就想问一下，就是说这个大概可能是什么时候，这个就已经公司在章程里面记录下来了，这个如果要更改的话，可能需要一个什么样的这个程序呢？... 这是第一个。然后第二个想问一下，就是我看了一下，我们今年的这个风光的这个新增的这个装机量的话，其实和去年的话，前3个季度其实是差不多的，大概可能在4个吉瓦左右吧。就是但是我看我们的这个资本开支的话，前3个季度，今年其实比去年好像是要多不少的，今年现在应该是已经有CNY 37 billion左右吧，去年全年也就CNY 40 billion左右。就为什么这个资本开支，就是说看装机量好像就是没有太多的增长，但是这个资本开支的这个数额是有很大的这个增加的呢？这是因为这个风光的这个单吉瓦的这个投资额的这个不一样嘛，就能够大概讲一下这个风光的这个单吉瓦的现在大概的这个投资额可能大概在多少。然后另外最后一个想问一下，就是说因为我们这个今年我印象中我们定下的这个装机量的这个目标的话，风光可能应该是8个吉瓦左右吧，但是前3个季度好像完成的话，可能也就是在56%左右，可能也就是4个吉瓦左右。那今年从现在这个进度来看的话，是不是就是说有可能 是偏慢了一些，就是可能完成这个的话，可能会有一些压力的。对，主要是这3个问题，谢谢。 I have three question, first, you just said about the 50% payout ratio, so in which year the company have written this in our articles of association, and by what process can the company change this, this rule? And second, about the newly added capacity of wind and solar. The company have added about 4 GW of renewable capacity. It's about the same level as last year. However, our CapEx was significantly higher than last year. So could you talk about the reason? Is that because our investment increased for the, for our solar and, wind? Is that because, the unit investment have increased? And third, about the company's target of renewable capacity. This year, the company's target was 8 GW, however, the company only accomplished about 56%. Will the company face more pressure in the fourth quarter? 请验证部、计经部和工程部回答上述问题。 投资者，你好。关于这个分红政策哈，就是华能国际呢，自上市以来，我们就一直高度重视这个投资者的回报，所以我们一直以来秉承的分红政策都是积极稳定，努力给投资者提供增长的这个回报。事实上呢，就是50%的这个比例的分红政策，我们应该是延续很多年了，从一开始，制定这个分红政策，我理解就是按照这个来执行的。那个后续的这个分红政策是不是需要调整，这个，我们公司可能是要这个统筹兼顾我们公司发展，自身发展的这个需求，包括我们的盈利的这个情况，还有我们股东的这个，这个要求，应该是综合考量进行调整。那分红政策的这个调整，因为也涉及到了章程的修改，这个我想，我相信大家可能也比较清楚，是需要履行这个规定的这个，一定流程的，必须是要经过股东大会来进行这个审批的。谢谢。 The company have always attach great importance to the dividend payout since very beginning, since we are listed, and the company always maintain a positive, stable and increasing returns to our shareholders, and the 50% payout ratio have lasted for years. The company always implemented our rules and for our future, potential changes, I think that will be based on our development and our profit, and also our requirements from the shareholders. The company will adjust our dividend payout. As you know, the change in articles of association implement the procedure from our shareholders meeting. 好，投资者，我来回答这个新能源投产的相关问题。这个一到九月份，公司这个新开工新能源项目，是这个899，8,995兆瓦，这个完成了107%，已经提前完成这个开工任务。其中，还有这个新能源的这个项目，投产是4,424兆瓦，完成了这个年度任务的54.73%。一到这个，一到截至九月底，这个我们的新能源项目的在建是13,242兆瓦。这个相对来说，新能源的这个投资，比去年要高的主要原因是，我们这个完成了这个投产任务，第二个是完成了开工任务。现在的这个新能源的这个在建规模，比去年大了很多。由于这个根据这个目前的这个项目进展，还有我们这个在建规模，我们同时四季度是投产的高峰期，我们这个正向完成新能源投产目标的这个全方位的在推进。我的回答完毕。 About the construction of our renewable energy. In the first nine months, the company have put 8,995 MW into construction, that accomplish 107% of our targets, and the company have put 4,424 MW into operation, that accomplished 54.73% our annual goal. And by the end of September, the company's capacity that's still under construction amounted to 13.242 GW. Because the company have great amount of projects that under construction, that leads to a higher investment this year. And for now, all the projects are going smoothly, and in the first quarter there will be a peak for our projects that put into operation. The company will strive to accomplish this year's capacity goal.