Ladies and gentlemen, good afternoon. Welcome to the first quarter result conference call of Huaneng Power International. Yesterday, the company has released the first quarter results. Please let me give a brief introduction. 一季度，公司持续加大提质增效力度，抢抓有利市场机遇，经营业绩实现同比大幅提升，达到近年来一季度业绩新高，为统筹推进全年经营发展等各项任务打下良好基础。按照中国会计准则计算，一季度公司实现合并营业收入653.67亿元人民币，同比上升0.15%。归属于本公司股东的净利润45.96亿元人民币，同比增利23.46亿元，同比上升104.25%。每股收益为0.25元，同比上升0.15元。 In the first quarter, the company continued to enhance operating quality and efficiency and seized the market opportunities. The company achieved a significant year-on-year improvement in operating results and reached a record high, which laid a solid foundation to complete the company's tasks and operation and development. Under the Chinese accounting standard, the company achieved a consolidated operating revenue of CNY 65.367 billion, increasing by 0.15%. Net profit attributable to a company's shareholder was CNY 4.596 billion, increasing by CNY 2.346 billion or 104.25%. The earnings per share was 0.25 yuan, increasing by 0.15 yuan. 电力生产方面，公司加强电力市场分析研判，公司煤机在供暖季保持较高负荷率，发电量同比增加。同时，新能源装机容量持续增加，新能源发电量保持较快增速。一季度，公司境内各运行电厂累计完成上网电量1,130.36亿千瓦时，同比增长5.63%。发电设备平均利用小时908小时，同比减少11小时。在电力市场化改革加速推进的背景下，受供需宽松、煤价下降等因素影响，公司平均上网结算电价为497.97 CNY每兆瓦时，同比下降3.99%，环比下降1.58%。 In terms of production, the company reached the power mark, researched the power market and maintained the growth in power generation. Coal-fired units operated at higher capacity in heating season, while renewable installed capacity continued to increase, resulting in growth in power generation. The company's domestic on-grid power sales was 113 billion kWh, increasing by 5.63%. The average utilization hour was 908 hours, decreasing by 11 hours. In accelerated reform power market, influenced by factors such as relaxed supply and demand balance and declining coal prices, the average tariff was CNY 497.97 per MWh, decreasing by 3.99% year-on-year and 1.58% quarter-on-quarter. 燃料供应方面，公司抓住煤炭市场价格下行情遇，强化长协煤高品质履约，把握现货采购有利时机，持续优化供应结构。公司境内电厂一季度单位燃料成本为297.08元每兆瓦时，同比下降12.63%，环比下降3.41%。 In terms of coal supply, the company seized the opportunity of declining market prices, strengthened the high-quality performance of long-term contracted coal, seized a favorable opportunity of spot procurement, and continued to optimize the supply structure. The unit fuel cost of the first quarter was CNY 297.08 per MWh, a year-on-year decrease of 12.63%, and a quarter-on-quarter decrease of 3.41%. 转型发展方面，公司持续关注并积极响应国家能源结构调整的相关政策安排，坚持低碳转型的战略方向，稳健推进新能源项目开发建设。一季度，公司基建新增装机容量160.6万千瓦，其中风电86.9万千瓦，光伏73.7万千瓦。公司可控发电装机容量达到137,112.1万千瓦，风电光伏发电装机容量达到3,021.7万千瓦，低碳清洁能源装机占比增加到32%。 In terms of development, the company has continued actively responded to the relevant policy and the national initiative of national energy transition, adhered to low carbon transition strategy, and steadily pushed forward the development and construction of renewable energy projects. In the first quarter, the company added 1.6 gigawatts of units, including 869 megawatts of wind power, 737 megawatts of solar power. The company installed capacity reached 137.12 gigawatts. Wind and solar capacity reached thirty point twenty-one gigawatts, low carbon clean energy capacity increased to 32%. 海外运营方面，新加坡图亚士电力公司把握市场政策动向，优化市场竞争策略，不断强化成本管控，实现了较好的经营业绩。一季度税前利润8.06亿元人民币。巴基斯坦萨希瓦尔电厂经营效益保持稳定，实现盈利1.55亿元人民币。 In terms of Overseas operation, Tuas Power moved in line with policy trends, optimize market competition strategy, and continuously strengthened cost control to achieve better operating results. The profit before tax was CNY 806 million in the first quarter. The Sahiwal power plant in Pakistan remained a stable operation, realizing a profit of CNY 155 million. 二季度及下半年，公司将聚焦效益和质量，进一步加强形势研判，把握市场动态，统筹安全生产、绿色转型与极致增效，全面推动经营发展各项工作，全力推进清洁能源项目建设，加快绿色转型，着力提升产效、长协煤履约质量，抢抓低价现货资源采购，优化供应库存结构，进一步压降燃料采购成本，深入研究电力市场供需形势，采取措施有效应对弃风、弃光和电价下行对业绩的影响，加强精细管理，提升竞争力，增发效益点量。创新融资手段，用好用足绿色金融政策，落实资金保障，降低融资成本。公司将坚持稳中求进，巩固提升经营绩效，持续推进高质量发展转型发展。 In the second quarter and last half of the year, the company will focus on quality and profitability, continue market research, continue safe production, green transition, and efficiency improvement, moving forward the tasks of operation and development. The company will continue the clean energy development and accelerate the transition, improve the quality of long-term contracted coal, seize the market opportunity of spot market, and optimize the supply and inventory structure and further reduce the fuel cost. Research power market trends, take measures to cope with the impact of curtailment and decreasing tariff, strengthen the fine management, enhance competitiveness, and strive for profitable power generation. Explore innovation, financing, and use green financial policies to secure funding and reduce cost. The company will maintain stability while seeking progress and enhancement of operating performance and continue a high quality 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，谢谢黄总的介绍。Thank you, Mr. Huang. Here we come to the QA session。接下来是问答时间。If you wish to ask a question, please press star one on your telephone keypad to wait. First press the star key, then press the number one key。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 asking the question。有请第一条问题。The first question comes from Liu Qianda of Citibank。Please。 喂，听得到吗？ 可以听到，请讲。 Thank you, management. I am Liu Qianda from Citi. First, congratulations to the company on the good first quarter performance. I have three questions I want to ask the company. First question: As management just mentioned, in the first quarter, our average electricity price was CNY 498, and the unit fuel cost was CNY 297. From management's perspective, if those two figures are for the whole year this year, 2024 whole year, what does management roughly estimate those two data to be respectively? Second question: We see that in the first quarter, regarding that photovoltaic - 不好意思，浅达，你的那个好像那个电话不是很清晰，你第一个问题后面没有听太清。 是这样 的，刚才第一个问题是，因为那两个数字，一季度平均电价 498 CNY，还有单位燃料成本 297 CNY。我想知道公司对全年，2024 年这个平均电价，还有单位燃料成本现在的估计是怎么样的？这个听到吗？可以吗？ 听到，可以听到。 好，好，然后呢，第二个问题是一季度那个光伏的发电量增长是73%。... 但是呢，一季度的那个光伏的利润只是增加7%，想知道为什么那个利润增长相对来说比较小。第三个问题就是，上周，这个月初呢，就有一些新闻说，那个新能源95%，那个消纳的红线呢，可能会放开，想知道，管理层对这个，消息，对我们公司的发呢，有什么，意见，谢谢。 I have three questions. First, the company has announced the average tariff was CNY 498 per MWh. The unit fuel cost was CNY 297 per MWh. So what was, what would be the company's whole year guidance for the average tariff and unit fuel cost in 2024? Second, in the first quarter, the company's capacity growth for solar projects have exceed the profit growth for solar. So could you explain what the reason for that? My third question is, in the beginning of the month, there are some rumors that the renewable energies 95% consumption rate will be released, and what will be the impact to the company? 请经营部的同志回答第一个问题。 刚才提到那个一季度的电价呢，一季度的电价同比下降4%。对全年这个电价的这个预判，从公司目前这个，电价主要呢，主要还是受到这个全社会用电量这个增长，然后水电发电的情况是优于目前这个去年的同期的，然后新能源发电呢快速增长，并且入市比例提高。煤炭价格是下行，然后市场竞争是加剧。同时今年呢，是煤机两部的电价开始执行。受这些综合因素影响呢，煤机和新能源的这个交易电量是同比增加，但是交易电价同比下降，预计全年电价较去年呢是有所下降。按照公司预算呢，是在CNY 492每千瓦时。 In the first quarter, the tariff has decreased by 4% year-on-year, and the tariff was affected by the following factors. First, the power consumption rate nationwide has increased. The hydro output was better than last year. The renewable energy has participated in the market and the renewable capacity has grown, the coal price has declined and the competition in the power markets has been intensified, and the two-tiered pricing scheme has been implemented in the power market. All those factors have reflected in the market, and the power generation has increased while the tariff has decreased, in the whole year 2024, the company estimated that our average tariff will decrease to 492 CNY per megawatt-hour. 投资者您好，我来回答您这个第一个... 从单位燃料成本来看的话，刚才领导公司领导报这个数据呢，是，含燃气和燃煤的一个综合的单位燃料成本的变化。如果从煤机的角度看呢，上，一到三月份的单位燃料成本在CNY 288每千千瓦时左右，同比的降幅在，超过了13%。如果对应的除税的标煤单价来看的话，煤机的除税标煤单价耗用的是在CNY 978每吨左右，是同比降幅超过了13%。那么当然，您可能很关心的是全年的这个单位燃料成本的一个指引啊，这个呢，我们不在这儿做一个具体的数据的一个，引导。后面呢，会通过咱们对，全年煤价的走势的研判，以及煤原结结构的一个，交流情况呢，再做，大家再做一个见仁见智的判断。那么第二个问题是。 The company's announced unit fuel cost combined the coal unit coal-fired units and gas-fired units. For our coal sector, in the first three months, the unit fuel cost was CNY 288 per megawatt-hour, decreasing by 13% year-on-year. For the standard coal price tax excluded, our coal sectors had a CNY 978 per ton standard coal price, decreasing also by 13%. The company won't have detailed guidance for the whole year's unit fuel cost. Please make your judgment based on the market coal price trend, as well as the company's coal plan-supply structure. 请 。 关于光伏板块的利润情况，同比增幅呢，实现利润是7%左右。当然我们对比这个经营数据，在电量的增幅方面呢，光伏的上网电量其实增幅在接近了74%这样一个水平。那我们再去进一步地去分析容量的增幅。今年一季度的这个容量公告的数据呢，比去年一季度的数据，试点的数字是。 涨幅是98%，那也就意味着电量的增幅是低于容量的增幅，说明光伏项目的利用小时的水平是有所下降的。那么从利用小时的具体情况来看，今年一季度是240小时，去年同期是270小时。这里面还可以进一步拆分，就是今年一季度的弃光率在7.7%左右，那么比去年同期是涨了4.6个百分点左右。如果再进一步分析到这个，光伏的电价呢，这也是一个比较影响相对比较关键的经营要素。今年一季度光伏的电价是CNY 434.6左右，每kWh，比去年同期是降了超过9.5%。啊，所以这几个经营效率的指标和电价的指标呢，都是啊，在增利方面呢，助力是不够的。 In terms of the solar sector's profit increase, we can see the profit of solar sector have increased by 7% year-on-year, while the power generation for solar sector have increased by 74% and capacity have raised by 98% year-on-year. So the growth in the power generation have lower than the growth in the solar capacity, and that was mainly because the utilization hour has decreased. The utilization hour in the first quarter was 240 hours. The figure last year was 270 hours, and this year the curtailment rate for solar power have increased. This year's number was 7.7%, while it had a 4.6 percentage points increase comparing to last year, and the tariff in the first quarter was CNY 434.6 per megawatt hour, decreasing by 9.5% year-on-year. 当然，公司也注意到，公司也注意到了这个光伏板块的利润增幅的情况，也注意到了电价和这个利用效率的这个，经营要素的变化情况，也都在采取积极的措施，在稳效益方面呢，这个做出积极的贡献吧。 The company have noticed all these issues and the company have taken effective measures to tackle with this problem. 请投资部的同事回答。 投资总你好，我来回答您提出的第三个问题。公司呢，这个作为，对于这个新能源的这个发展来说呢，无论是从这个规模的增长的节奏和这个发展的目标，我们一直基于一个长期的规划的一个展望，以及市场的需求进行审慎的一个决策。2022年初呢，公司也公布了十四五规划，那个规划发布之后呢，我们也在始终关注着国家有关能源方面的一些总体的安排和相关的能源政策。那么近期，一些政策的变化呢，确实使得新能源项目在这个消纳方面的压力也增加了不少，但是从总体的这个，国家总体的安排来看呢，新能源仍然是一个重点的发展的方向。 In terms of the company's renewable energy development in the future, the company's renewable capacity target was in line with the government pace and scale of the long term plan, and the company made prudent decision when investing in the renewable energy. At the beginning of 2022, the company have announced its Fourteenth Five-Year Plan, and company have always keep a close attention to the government policy changes. Currently, because of the policy changes, we are facing some consumption pressure in the renewable energy sector. The company will continue to keep a close track on the changes and take measures. 我是公司，目前正在开展有关十四五规划的一个整体的评估的工作。从我们初步的评估情况来看，公司在这个相关的转型发展的一些有效措施的落实之后，对于十四五我们提出来的低碳清洁能源装机占比，达到45%左右，这个目标我们认为在十四五期间还是有希望能实现的。那么后续，公司还将继续地紧紧围绕四个革命和一个合作能源安全新战略，以及碳达峰、碳中和的相关要求，继续坚持以效益、以质量效益为先，继续大力地发展新能源，打造公司高质量发展的一个新的引擎。谢谢合作。 The company will evaluate our Fourteenth Five-Year Plan later this year, and from our initial evaluation, we can see that our goal as the low carbon clean energy will reach 45% of our total capacity is going to be achieved by the end of the Fourteenth Five-Year. And in the future, the company will continue to move in line with the government policy of carbon peak and carbon neutrality, and make profit and efficiency our first priority, and continue to push forward the development of renewable energy. Thank you. 好，好，谢谢管理层，谢谢。 有请下一条问题。 The next question comes from Li Yaling of Huatai Securities. ... 各位领导好，我这边有几个小问题想请教一下。首先第一个是关于我们一季度的煤电机组的一个煤耗，虽然刚刚从领导说的这个单位燃料成本和除税标煤单价的降幅来看，好像这个煤耗的变化不是很大，但是还是想了解一下这个数字，以及煤电机组一季度的这个上网电价的情况。然后这个上网电价也想请领导帮我们拆一下，这里面的电量电价是多少，容量电价转换成这个元每千瓦时的单位，或者是兆瓦时的单位的时候，是多少？对，然后以及分别它们同比的情况。然后第二个是我们注意到今年一季度公司的燃机的利润总额，度电的盈利达到了7.5分，是非常好的一个盈利的水平。想请教一下是否是电价端或者是燃料成本端也有非常明显的变化？然后第三个问题是想请教一下，一季度的公司的整体的辅助服务收益的情况，因为我们想了解一下，这个有了这个煤电的容量电价以后，是否煤电的这个辅助服务收益有明显的下降。以上是我的三个问题，谢谢。 I have three questions. First, could you talk about the company's coal consumption rate in the first quarter, and what is the company's on-grid tariff for our coal sectors in the first quarter? And what is the tariff breakdown to the on-grid base tariff and capacity tariff, and what is the year-on-year change? Second, in the first quarter, the company's gas-fired unit sound profitability. So could you talk about what is the reason for that? Is that because the tariff changes, or is that because the cost changes? Third, in the first quarter, what is the company's ancillary services payment, and is there any impact from the capacity payment to our ancillary services receivables? 这个第一个问题实际上是两个内容啊，这个请生产部的同事回...这个经营，经营部的同事回答。请经营部的同事回答，这个关于上网电价的这部分开始吧。 好，我回答一下您提的关于供电煤耗，第一季度供电煤耗方面的问题。在第一季度，就是公司系统的这个火电供电煤耗，三个月，累计完成了，每度电 279.68 克标准煤，其中燃煤发电机组呢，是 287.56 克，每度电 287.56 克标准煤。那么这个煤耗的完成情况呢，与去年同期相比呢，是基本持平，略有上升。导致煤耗，处于这个基本持平且略有上升这么一个，态势的原因呢，主要有两个方面，一方面呢是，目前呢，这个火电机组，特别是燃煤发电机组呢，在新型电力系统的这个要求下运行呢，就是深度调峰和灵活运行的这个，这个要求比较高。在这样一种运行方式之下呢，一方面呢，这个有力地支撑着清洁能源的安全稳定，同时呢，也导致自身的这个能源消耗和这个设备磨损呢，有所增长。另外呢，在第一季度，在今年第一季度呢，就是机组供热的这个，就运行方式呢，与去年同期相当，就是增长不大。这样一来呢，就导致我们火电机组的供电煤耗呢，就是处于这么一种情况。我说明完了，谢谢。 Please, please let me answer your question about the company's coal consumption rate. So in the first quarter, the thermal coal consumption rate was 279.68 grams per kilowatt hour, and the number for the coal fire sector was 287.56 grams per kilowatt hour. It basically remained stable comparing to last year and only have a slight increase. Here are the reasons for that. First, the thermal power, or especially the coal fire power, have deeply participated in the peak adjustment and the flexibility services. That help to, that help with the security and stability of the power system in a new power system. However, the coal consumption rate have increased, have increased. The second reason is, in the first quarter, the company have heat supply operation smoothly and about the same level as last year. 刚才提到那个煤机的那个容，电价的问题。煤机，一季度那个综合结算电价呢是 CNY 447/千瓦时，同比下降是 4%。其中那个煤机的那个交易电价是 CNY 444/千瓦时，较基准价呢是增长了 12.5%。但是呢，如果含上这个容量电价，公司一季度获得的容量电价是 CNY 21.6 亿元，这 21.6 亿元里面是不含电东、吕旺和北京热电厂，然后不含，折合成这个，容量电价折合成那个度电呢是 CNY 23.42/千瓦时。这样算下来的话，是煤机的这个，较基准价增长是 18.4%。 In terms of our tariff, for our coal sector, the average tariff was CNY 447 per MWh, decreasing by 4% year-on-year. The on-grid, the market-based on-grid tariff was 444 yuan per MWh. It has a 12.5% tariff hike comparing to the benchmark, and the capacity payment was CNY 2.16 billion, that was exclude the power plants in Yunnan and Beijing. And for the unit tariff payment, it was 23.42 yuan per MWh. So plus the capacity tariff, the average tariff for the coal sector have a 18.41% increase comparing to the benchmark. 请财务部的同事。请财务部的同事回答第二个问题。 关于燃机板块提效呢，是主要得益于两个经营要素的积极变化。首先从电价情况来看，一季度燃机板块平均结算电价在CNY 760每千瓦时左右，单位燃料成本呢，是在CNY 412每千瓦时左右。电价呢，增长呢，是大约，不到CNY 9每千瓦时，而单位燃料成本的下降呢，是超过了CNY 13每千瓦时。 In terms of our coal profitability in coal sector, growth is mainly due to the tariff and the unit fuel cost. The average tariff for our coal-fired sector was CNY 760 per MWh. It has a CNY 9 per MWh increase, and the unit fuel cost of our coal- and gas-fired sector was CNY 412 per MWh. It has a CNY 13 per MWh decrease. 从单位燃料成本下降的原因来看呢，主要是一部分项目的烟气余热利用改造，这个技改呢提效导致的，而且有一部分的项目呢是天然气的热值有所增加。那么这样综合下来的话，燃机项目的边际贡献呢，度电大约在，kWh 在 CNY 260 以上，同比呢是上升了超过 CNY 20，增幅呢是接近了 9%，这样促进了燃机板块的利润提升。 The main reason for the fuel efficiency increase is because some of our units have a renovation of the flue gas waste heat utilization. And another reason is the heat value have increased for some of our units, so the marginal contribution have increased to CNY 260 per megawatt hour. It has a 9% increase. 请金融部的同事回答第三个问题。关于那个一季度的那个辅助服务收益这方面，公司一季度辅助服务收入呢，共计是CNY 867 million，同比增长是CNY 74.53 million。然后其中那个调峰辅助服务收入是，收入是CNY 814 million，调频辅助服务收入是CNY 53 million。调峰辅助服务收入方面，煤机收入是CNY 1.074 billion，燃机，那个风电是支出了CNY 254 million，光伏支出的是CNY 19 million。 In terms of ancillary services, in the first quarter, the company have received CNY 867 million of ancillary services provided, and, it has, CNY 74.53 million increase. And for the peak load adjustment, the company's revenue was about CNY 814 million, including coal, 1.074 billion yuan. And the wind sector have a cost of CNY 245 million. Solar sector have a cost of CNY 19 million. And for frequency adjustment, the company have an income of CNY 53 million. Thank you. 有请下一条问题。The next question comes from Yu Hongguang of Guotai Junan Securities. Please. ... 管理层好，那个国泰君安证券，余洪波。我这边有两个问题，第一个是关于煤电的这个度电利润，我们把这个今，今年的一季度和去年的三季度，如果我们去做一个比较的话，我们看了一下，就刚才，领导这边说的，这个一季度的标煤价是CNY 978每吨，和去年三季度是持平的，然后煤电的电价，比去年三季度会低一些。那但是我们拆分这个，煤电的这个度电利润总额，今年一季度是3.1分，去年三季度大概是2.6分，高了大概0.5分。那能否请管理层拆分一下，这个就今年一季度和去年三季度相比，多的这0.5分主要由哪些去贡献的？这是第一个问题。然后第二个问题是关于所得税。我看了一下，这个一季度的所得税有效税率大概是17%，然后比去年一季度的大概21%要低4个百分点，然后比去年全年30%要低很多。那我这边个人的理解是这个递延所得税这个影响。然后想请教一下管理层，对于这个所得税的有效税率，我们后续应该如何去做展望？谢谢。 I have two questions. First, about the company's unit profit. As we compare the number in this quarter to the third quarter last year, we can see the CNY 978 from per megawatt unit fuel cost was maintained the same. However, in the third quarter we have-- in the first quarter, we have a lower tariff. So in the first quarter, we have CNY 50 per megawatt hours unit profit comparing to the third quarter last year. So could you tell us the reason for that? And my second question is about the company's income tax. The company's income tax was about 17% and it was lower than last year. My personal perspective is that that was because the deferred tax. Could you talk about what is the company's guidance for the income tax this year? 请财务部的同事回答这两个问题。如果从今年的第一季度和去年的第三季度的情况来看的话，我们可以大约看到，就是煤机的，除税的标煤单价是CNY 900，今年是CNY 978左右，去年是CNY 978，这个大数是差不多的。那么从边际贡献的情况来看的话，今年是134，去年是116，这个首先是有一个边际贡献的一个差异。那么再从这个边际贡献差异再进一步往下剥的时候呢，我们可以看到单位的售电的利润啊，我大致框算的结果是，今年第一季度是有，CNY 30/兆瓦时左右，去年是CNY 26/兆瓦时左右，那样的话，它的这个降幅呢，和边际贡献的这个，下降的，对比关系是，是一致的。那么当然这里边您可以，看到的是，今天说到的这个单位原材料成本啊，煤价的变化呢，直接影响到单位原材料成本，但是单位原材料成本呢，也涉及到了第三季度和第一季度之间，会必然存在着一个由于季节关系的不同和煤耗的一个差别。啊，所以这个因素就是这几个要素的组合影响。 So first, let me answer your questions about the comparison between the first quarter 2024 and the third quarter 2023. So as the coastal standard coal price in this quarter was CNY 978, it was about the same level to the third quarter last year. However, the marginal contribution in the first quarter 2024 was CNY 134 per MWh, while in the third quarter it was CNY 116 per MWh. So the marginal contribution was different, and we can further break it, the profit to our power sales. So in the first quarter, it was CNY 30 per MWh; in the third quarter, it was CNY 26 per MWh. Another reason is the difference between the unit fuel cost and the coal consumption rate. So we can see because of the quarterly differences, the coal consumption rate was different in those two quarters. 如果从所得税率的情况来看的话，就是，这里呢，先不做一个具体的税率的指引。那应该声明的是，我们适用的无论是燃煤板块、燃气板块还是风电光伏板块，我们适用的税率的这个政策是没有变化的。那么，如果是从实际执行的所得税率变化呢，大约有两个方面的原因：第一个就是盈利和亏损的结构差异的一个变化，第二个呢，就是在亏损的时候呢，可能会出现一个就是递延所得税的一个会计处理，那么在亏损的项目在实现了盈利以后呢，又会实现一个递延所得税资产的一个转回，所以这里边会有一个会计预期和会计处理的一个差别。那么基于这两个原则，我们大约可以看到的就是，我们的风电板块的盈利是平稳的。那么，刚才可以看到，就是，光伏的板块呢，它的利润增幅没有容量增幅大，但是由于光伏板块呢，它的利润水平只有，比如说3亿左右这个水平呢，全年，我们可以大约做一个框算，所以它的税率影响不会太大。那么又回到了燃气板块和煤电板块这个项目上来，虽然它执行的是25%的税率，那么我们一季度呢，没有进行大量的递延所得税的提和冲的这个效果。 那么会随着这个二季度、三季度的陆续的，盈利的情况的结构的变化呢，会在预计所得税这个资产，这个不叫预计损失，这个递延所得税资产的处理上会有一定的差别。总体呢，还是回到那个逻辑上，就是第一，政策没有变化，后续呢，就是一个结构的变动。第二呢，还是这个，会计处理会随着项目的预期利润的变化而有所变化。 So, about the guidance for our income tax, first, our policy in the tax haven't changed for now, the reasons are as follows: first, the profit and loss, the profit and losses structure have changed for the company; and second, because of some projects that made losses have turned profitable this year. So there is some accounting arrangement in the deferred tax. Because of the accounting methods, there can be some difference between this quarter to other quarters. As for our sectors breakdowns, for wind sectors, the profit was quite stable. The solar sector, as I just said, the profit increase have been lower than the capacity increase, and because the capacity was relatively low in our whole structural mix, the profit haven't had any impact to the tax. As to our gas sector and the coal sector, there is a 25% income tax, and in the first quarter, there is no great difference in our deferred tax arrangement. However, in the second quarter and the third quarter, there might be some difference in the arrangement in the deferred tax assets. As I said, first, the policy haven't changed, only the structural structure have changed. Second, some accounting arrangements and deferred tax may impact. 感谢管理层。我今天想追问一下，就是对于咱们煤机板块的利润口径计量是否包含供热这块，就是在一季度是不是有额外的供热影响，然后另外是否包含那个北京热电厂，谢谢。 您说的都含。如果从供热的，角度看呢，我也给您报一组数据。 So the heat supply revenue has been included in our gas sector's profit. I'll give you the following numbers. 境内电厂的供热的边际贡献情况是今年一季度，电厂是CNY 1.8亿的，负的边际贡献，负的贡献是负的CNY 1.8亿，去年同期，去年一季度是负的CNY 5.6亿。所以在供热的层面是一个提效的状态。 The marginal contribution from our heat supply services, for the first quarter this year, it was -CNY 180 million. In the first quarter last year, it was -CNY 560 million. So the efficiency of the heat supply have improved. 好的，谢谢管理层，我没有其他问题了，谢谢。 有请下一条问题. The next question comes from Song Yingying of China Merchants Securities, please. Hello, leaders. I am Song Yingying from China Merchants Securities. I have two small questions I would like to ask. The first is about the electricity price situation for the wind power part, including our average first quarter average electricity price and the discount situation for the marketized transactions. What are they respectively? Including the marketized discount for the new energy side, could you please share that as well? What are the discount levels for wind power and photovoltaic respectively? That is the first question. The second question, could the company leaders please help us break it down if convenient? That is, the situation of our current net assets, including net profit attributable to the parent. If possible to break down, can you help us do a breakdown for the 2022 and 2023 annual reports and this year's first quarter report? Thank you. I have two questions. First, what was the average tariff for our wind sector in the first quarter? What was the market-based tariff? What was the discount comparing to the approved tariff? Could you also talk about the discounting, discount situation of our renewable tariff? Second, could you please give us the breakdown of our net, our equity and our, net profit attributable to shareholders to different energy sources? 请经营部的同事回答第一个问题。 好的。一季度公司风电的综合结算电价是CNY 521/MWh，同比下降了4.9%。光伏的综合结算电价是CNY 434.6/MWh，同比下降了9.6%。 The average tariff of our wind sector was CNY 521 per MWh, decreasing by 4.9%. The average tariff of our solar project was CNY 434.6 per MWh, decreasing by 9.6%. …，其中风电那个交易电量占比呢，是33.8%，同比上升了6.1%。交易价格呢，是441.3 CNY每千瓦时，同比下降是43.4 CNY每千瓦时。 The market based wind wind power sales account for 33.8% of our total wind power sales. It has a 6.1% increase year-on-year, and the the market based tariff for wind sector was 441.3 CNY per megawatt hour, it has a 43.4 CNY per megawatt hour decrease. 光伏的交易，交易电量比例是31.4%，同比上升了11.4%。交易价格呢，是CNY 431.4每千瓦时，同比下降CNY 75每千瓦时。 For solar sector, the market based power sales accounts for 31.4% of our total power sales, it has 11.4% increase. The average tariff was CNY 431.4 per MWh, it has a CNY 75 per MWh decrease. 以下对净资产和规模利润的情况呢，做一个适当性的拆分。对应的净资产呢，是总数是对应的一千七百六十八亿这个口径里边的境内的电力板块的净资产。以下的顺序是煤电、燃气、风电、光伏、水电和生物质的顺序，我来依次来把这个数据向您，报告一下。今年的第一季度末，净资产以上板块分别 是696亿元左右，126亿元左右，560亿元左右，光伏240亿元左右，水电是不到10，生物质也不到10，这是今年一季度的状况。 The equity breakdown was as follows: The total equity was about CNY 176.8 billion. At the end of the first quarter, the coal sector's equity was CNY 69.6 billion; gas sector, CNY 12.6 billion; wind sector, CNY 56 billion; solar sector, CNY 24 billion; hydro sector, CNY 100 million; and biomass sector, CNY 100 million. 您要求对照的一个数据是2023年全年的数据，那样相应的也是按照刚才六个板块的顺序，它的净资产的变化不大，依次是669亿元左右，122亿元左右，526亿元左右，223亿元左右，以及分别20亿元左右。 For the numbers by the end of last year, for the coal sector, it was CNY 66.9 billion. Gas sector, CNY 12.2 billion. Wind sector, CNY 52.6 billion. Solar sector, CNY 22.3 billion. And biomass and hydro sector was about CNY 100 million. 从您关注规模利润的情况来看，也是这6个板块的顺序，就是煤机、燃机、风电、光伏、水电和生物质。今年1到3月份，煤机的规模大约是17.7个亿左右，燃机是1.2亿左右，风电是超过19个亿，光伏超过3个亿，水电和生物质呢，是基本盈亏平衡。 For the net profit attributable to shareholder for the coal sector, it was CNY 1.77 billion. Gas sector, CNY 120 million. Wind sector, CNY 1.9 billion. Solar sector, CNY 300 million. And it break even for hydro sector and biomass sector. 如果从去年2023年全年的规模的权益利润来看的话，和季度应该不是太可比的一个口径，但是也给您报一报这个数据做参考吧。分别是亏CNY 14亿左右，盈利CNY 2个亿左右，盈利CNY 51个亿左右，盈利超过CNY 16个亿，以及两个盈亏基本平衡。 For the number by the end of 20, for the whole year 2023, the coal sector, it was CNY -1.4 billion; for the gas sector, was CNY 200 million; wind sector, CNY 5.1 billion; solar sector, CNY 1.6 billion; and it break even for hydro and biomass sectors. Thank you. 好的，非常感谢各位领导，我暂时没有其他问题了，谢谢。 有请下一条问题。The next question comes from Wang Lishu, Tianfeng Securities, please. 各位领导好，我是天风证券的王丽抒。我这边主要有两个小问题想和各位领导请教一下。第一个的话就是想问一下，关于咱们那个，一季度看到咱们的这个利润总额的增长是比那个电量增长要高，就不知道，能否细拆一下关于风电的一个利用小时数，包括其中的一个，弃风率，包括风速远的一个情况。... 第二个的话是想看到咱们也是煤电这边的一个盈利总体是有一个大幅改善的，就不知道目前可能还有哪些区域还是处在一个，相对有一些亏损，或者是处在一个盈亏平衡点的一个情况吗？能帮忙具体去拆分一下。我这边主要是这两个问题，谢谢。 I have two questions. First, in the first quarter, the company's profit before tax for wind sector was, the growth have been larger than the, the capacity growth. So could you talk about the performance of our wind sector, including the curtailment and, power generation? And second question is about our improvement in the coal sector, could you talk about the loss situation and what power plants have, basically break even in the first quarter? 请经营部的同事回答第一个问题。 一季度公司那个风电利用小时是651小时，同比增加41小时。然后，光伏的这个利用小时是240小时，同比减少了30小时。然后那个弃风弃光的情况，一季度公司风电的这个弃风率是4.8%，同比上升了1.5%，光伏的这个弃光率是7.7%，同比上升是4.6%。 The utilization hour of our wind project in the first quarter was 651 hours, increasing by 41 hours year-on-year. The utilization hours for solar was 240 hours, decreasing by 30 hours. The curtailment rate for the wind was 4.8%, increasing by 1.5%. Curtailment for solar was 7.7%, increasing by 4.6%. 请财务部的同事回答第二个问题。 公司的煤机呢，分布在21个省区。从盈亏的情况来看，是有21家里面是有17家是盈利的区域，有4家是亏损的区域。那么从亏损的4家来看的话，是华北区域是微亏，山西公司是亏不到CNY 70 million，甘肃是略亏，云南是亏CNY 45 million左右。 As for the company's loss situation, the company have operated power plants in 21 provinces, in the 17 of them have made profit, while four made loss in the first quarter, including the central north in subsidiaries, it's have a slight loss. The Shanxi subsidiary have a loss amounted to CNY 17 million. Gansu made loss and Yunnan subsidiary have about CNY 4 million loss. 如果从煤机这个板块的情况来看的话，因为今年盈利CNY 28亿，超过CNY 28个亿嘛，去年同期是亏损的。所以无论是从盈利的总额还是从亏损面的情况来看，今年都是有大幅的好转和提升。 As for the coal sector, the company's coal sector have made a CNY 2.8 billion profit this year, and it have a great improvement comparing to last year. Thank you. 有请下一条问题，The next question comes from Wu Jie of Haitong Securities, please. 好的，各位领导大家好，那个，我有几个问题啊，就是第一个呢，就想问一下，我们一季度的这个煤炭的采购的这个就是原煤的采购价格和这个热值和去年的同比是个什么情况？啊，这是第一个问题。然后第二个问题呢，就是还是想各位领导能不能帮我们这个预估一下，这个就是，刚刚讲到的这个电价的下行，它是基于的假设和考虑是什么？是不是基于今年可能水电比较多，还是风光比较多这种考虑。然后第三个问题呢，就是，我们的这个，这个市值考核这个事情，我不知道现在有没有什么就是，进展，或者说未来对于这个市值考核，啊，这一块，哎，公司会有哪些考虑？大概是这三个问题，嗯。 I have three questions. First, could you provide us with the procurement price of raw coal in the first quarter, and what was the heat value and what was the year-on-year change comparing to same period last year? Second, as the company has, have an estimated guidance for the average tariff, what was the company's considerations? Third, is there any progress made about the market value assessment? Could you tell us more detail about that? 请经营部的同事回答第一个和第二个问题。 投资者，您好，我回答您第一个问题，关于原料的这方面的问 题。公司累计采购的煤炭是5,100多万吨，采购的煤价呢，是673.32元每吨，同比呢，降低了9.99%。一季度采购的热值是4,428大卡每千克，同比升高了147大卡，谢谢。 In terms of our fuel procurement. In the first quarter, the company have purchased 51 million tons of coal, with an average price of CNY 673.32 per ton. It has a 9.99% decrease comparing to the same period last year. The average heat value was 4,428 kcal. It has a 147 kcal increase. 你好，从刚才提到的电价的这个预测问题，从公司目前这个中长期交易这个签约量来说，公司目前共签约是2,923亿千瓦时，交易电价呢，是CNY 465元每千瓦时。然后那个较基准价呢，就是含煤机组容量电价以后，增长是在17.1%。 About the company's guidance in tariff. The company have signed the mid to long term power purchase agreement amounted to 292.3 billion kWh, with an average price of CNY 465 per MWh. It has a 17.1% tariff hike include the capacity payment. 其中煤，煤机呢，是签约2,787亿kWh，较基准价呢，是含容量电价以后，较基准价增长是17.7%。 For the coal sector, the company has signed 278.7 billion kWh. It has a 17.7% tariff hike considering the capacity payment. 从预测分析呢，今年确实从全社会用电量来说，还是持续保持增长。水电，就目前来看呢，是，的确较去年同期增长比较多。新能源快速入市，和发电量呢，同时也是增长较快。同时呢，煤价下行，这个趋势比较明显，市场竞争呢，也非常，非常激烈。那个煤电的两部制电价执行以后呢，煤电的这个交易电价是下行，同时拉动新能源交易价格下行。从这些综合考虑这些情况，我们预判呢，全年电价是有所下降，其中那个，煤电价格呢，是下，就是基本保持平稳，但是也是略有下降，然后新能源的降幅较大。 This year, we estimated that the power consumption nationwide will increase, and the hydro output will increase by a large amount comparing to last year. The renewable energy was more incorporated in the power market, and the power generation have a rapid growth, and the coal price have entered a downward trend, and the market competition have been intensified. Considering the two-tiered pricing scheme for the tariff, we can see the market-based tariff for coal-fired have decreased. That further drag the market-based tariff for renewable. So for the whole year, we estimated that the price, the tariff will decrease, and the coal tariff will maintain stable and have a slight decrease, while the renewable energy tariff will have a significant decrease. 请证券部的同事回答第三个问题。 国资委在提出这个市值管理考核之后，受到了市场的高度关注。实际上，这个公司呢，也非常关注市值管理考核的具体细则会是怎么样的，但是国资委目前还没有，真正的指标和细则出台，因为华能，华能国际呢，包括公司管理层，一直以来都非常，就是关注和高度重视投资者的诉求和资本市场，动态，包括公司的股价的表现。所以我相信，从管理层的角度来讲，从公司的角度来讲，因为市值管理的核心还是价值的创造。所以从公司的角度来讲呢，今后还是会，着力提升公司的经营业绩，盈利能力，加快转型发展，为股东，为投资者提供更好的价值回报。另外呢，就是我们一贯也非常关注，重视投资者的关切和诉求，我们会继续以高质量的信息披露和积极的投资者的交流，来促进我们公司价值的实现，也会通过必要的资本市场手段，来实现我们的，价值的经营吧。后续呢，国资委的细则出台之后，相信公司会，制定我们更明确的一个，市值管理的工具和手段。谢谢。 ...After the SASAC have announced the assessment for the market value appraisal, the company have attached great importance to the stock price and our market value, and the company have keep a close track to the detailed policy of the market value. For now, there is no detailed policy or indicators has been announced by the government. For the company and also the management have always take the market value very importance in our managing and operation. The company will keep track on our stock market price. And as for the market value management, we think the core is the value creation. That is to say, the company need to have better performance, a better transition, and better payback to our shareholders. The company also keep a close attention to our information disclosure and our communication to investors, so that will help the realization of our market value. The company will also take appropriate measures using some financial instrument to help to realize our market value. After the SASAC announce a more specific strategy or rules for the assessment, the company will give more detailed information. Thank you. 各位分析师，不好意思，我再补充一个问题，就是两个小数据，就是第一个就是想问一下今年一季度的，就是刚刚说到的这个供热量，第二个就是供热的这个耗煤量，能不能再给我们一下这个数据？ I have a follow-up question. Could you give us the number of the company's heating supply and the coal consumption for heat supply? 一季度公司那个整个供热量是1.688万，1.688亿汽焦，然后同比增长是10.9%。 那个还有耗煤量。 The company's heat supply was about 168.8 million gigajoule. It has a 10.9% increase. 要，还有就是供热，供热的耗煤量是吧？供热耗煤量目前手头没有这个数据，我们会后那个整理好以后发给您。 好的，好，谢谢。 Haven't had the coal consumption for the heating supply. We'll give you after this meeting. Thank you. 有请下一条问题。The next question comes from Cui Jiacheng of Guosen Securities, please. 哎，祝您晚上好，能不能听到吗？ 可以听到，请讲。 你好，那个我是国信证券的崔嘉成，首先也是还是非常恭喜，就公司在 一季度能取得这么好的业绩。我这边有个小问题想要请教一下，就是我们看到的公司的风电，它整体的一个盈利能力是比去年全年要有所提升的。那么我想请教一下，就是说那个我们风电这个盈利能力的提升，就是说那个它是从什么？它是说我们的这个，就是说我们的这个财务辅助费用有所下降，还是说我们的风电它有一个，就是说一个比较季节性的一个波动呢？ My question is about the company's wind power sector. So in the first quarter, the company's profit of wind have improved greatly. Was that because the costs have decreased or it's the seasonal difference? 请财务部的同事回答这个问题。 从两个角度说吧，一个就是，给您汇报一下风电的这个上网电量的状况，装机容量的变化，以及这个电价的变化，这几个主要的经营因素。然后我的同事呢，也会在那个，辅助的这个，费用这个方面呢，再给您做一个补充的回答。如从风电的装机容量的状况来看的话，我们，公告的容量是1,637.98万千瓦，是比去年同期的容量增幅呢，是20.54%。如果从上网电量的状况来看的话，今年的上网电量是一季度是100.28亿千瓦左右，但是呢，增幅，电量的增幅呢，会达到了20%，超过了24%，那也就意味着电量的增幅是超过容量增幅的，利用的效率在提升，这是经营要素里边第一个大的增利的因素。 First, about the company's profitability in wind sector, I will give you a detailed analysis from our capacity, our power generation, and our tariff. From the capacity side, the company's capacity of wind was 16.37 GW. It has a 20.64% increase. And for our power generation, it was 10.028 billion kWh. It has a 24% increase. So the increase of the power generation have exceeded the increase of capacity. ... 如果从结算，电价的角度来看的话，今年一季度风电的结算电价是超过了CNY 521每千瓦时。那么风电电价的降幅呢，是大约在4.9%，那么这个降幅的影响呢，应该是受到几个方面，也就是大约会有，市场化交易的这个比重的问题，以及就是，费用的这个加大这个问题，那请我的同事进一步在经营方面做补充。 About the company's on-grid tariff. The wind sector's tariff was CNY 521 per megawatt-hour. It has a 4.9% decrease, and it's mainly due to more and more capacity incorporated in the market and other factors such as cost difference. My colleague will give you more detail. 好，我再补充一下，那个风电一季度的那个辅助服务的支出情况。一季度呢，风电辅助服务支出是2.59亿，2.59亿元，但是同比呢是少支出了0.25亿元。 The ancillary service cost for wind sector was CNY 259 million. It has, we have spent less about CNY 25 million comparing to the same period last year. 好的，好的，非常感谢各位领导详细的解答，我这边没有其他问题了。 有请下一条问题。The next question comes from Deng Siping of Huaying Securities. Please. 喂，管理层你好，听得清楚听到吗？我这边主要是有几个小问题啊，一个还是接着刚才，刚才前面几位友商提到的，就是我们风电利用改善情况。我听下来就是刚才咱们也拆开整个电价的一个情况，感觉这方面其实还是主要在于利用小时。但是我们了解到，一季度全国的风电利用小时，其实相对于去年来说，去年是高基数，其实全国情况还是不是特别好，但我们利用小时增加了一小时。所以想请教一下管理层，我们风电的新增装机是主要重点在哪些区域？然后，一季度的新增装机，我们披露了有80多万千瓦的装机的话，这个是并网口径，还是我们开工，还是我们并网加开工的一个口径？然后目前的一个新能源开工情况，以及它更多在哪些区域？啊，这是第一个小问题啊。第二个小问题是，我们一季度煤机这块儿除税标煤是CNY 978，下降幅度是超过13%。那这里面的话，公司的，一季度长协煤、现货煤以及港口煤这三个比例的话，能否请管理层帮我们拆解一下，以及它去年的一个同期情况。然后，第四个小问题是，看到我们，利润表这块，一季度少数股东权益是达到了CNY 1.24 billion，那相较于去年同期是新增了CNY 1 billion左右。也想请管理层简单指导一下，这一块的新增主要是因为什么原因啊？啊，以上是我的三个小问题。 I have three questions, first about the improvement in our wind sector. We can see the company's utilization hour increase have exceeded the national average. So could you tell us the regions of the company's newly added capacity? And could you give us the number of the company's capacity that put into operation and company's capacity that put into construction? And in what regions the company's construction located? My second question is about the company's coal purchase. In the first quarter, the standard coal price have decreased by 13%. Could you give us the proportion of the company's long term contract coal for market coal procurement? And what is the changes comparing to the last year? Third question is about the company's interest to minority shareholders. The company's interest to minority shareholders have increased by CNY 1 billion. So could you give us the reason for that? Thank you. 请工程部的同事回来回答。 同志好，我首先回答这个，这个新增装机，我们这个新增装机是86.9万千瓦。这些项目，主要是第一个是山东半岛这个风电，海上风电，投了这个16，16万千瓦左右，还有这个，岱山，浙江的岱山海上风电，投了3，30.6万千瓦，其余在，吉林，吉林、河南、湖南、重庆，这个云南，投了这个部分风电，这区域。然后这个你刚才说的这个开工，开工这个项目的话，我们大部分开工的项目都是这个光伏项目，在我们涉及到，18个区域公司都有，都有的相应的开工项目。 About the company's capacity, installation this year, the company have add 869 MW of wind, including the offshore wind in Shandong Province, about 160 MW, offshore wind in Zhejiang Province about 306 MW, and also some wind were put into operation in Jilin, Hunan, Chongqing and, and Fujian. And of about the company's project that put into construction, the company eighteen regions have capacity that put into construction. Majority of them are solar projects. 刚才你问的那个口径，我们这个，是个投产口径。这个投产指的就是我们的风机，这个已经电网公司这个并上以后，产生了发电量，产生了这个风电的这个收入，就视为这个新能源已经，已经这个新装新增装机容量了。回答完毕。对，我的同事解释的就是，并网含投产的这个容量，刚才我同事就是解释的这个口径，谢谢。 The company's installed capacity that put into operation is the capacity that's been put onto the grid connection and make revenue. 请经营部同事回答这个。请经营部的同事回答第二个问题。 Investor, hello, answer your question about the long-term contracted spot this related volume ratio. First quarter, first quarter company's long-term contracted coal procurement is 2,762 ten thousand tons, proportion is -- proportion of procurement volume is 54%, year-over-year is increased by 0.75 percentage points. Spot coal, spot coal is 838 ten thousand tons, proportion then is 16.38%, year-over-year decreased by 0.91 percentage points. Imported coal this part is procured 1,515 ten thousand tons, proportion is 29.61%, year-over-year is increased by 0.17 percentage points. Good, answer complete. In terms of the proportion of our coal procurement in the first quarter, the company have purchased 27.62 million tons of long-term contracted coal. It accounts for 54% of our total coal procurement. It has a 0.75% increase. The company purchased 8.38 million tons of spot market coal in account for 16.38% of the total procurement, it has a 0.91% decrease. The company have purchased 15.15 million tons of coal from overseas market. It accounts for 29.61% of our procurement. It has a 0.17% increase. 请财务部的同事回答下一个问题。 从少数股东权益增长的情况呢，是超过了CNY 10亿，那这一部分呢，就是主要就是在第一季度的盈利实现的，少数股东的这个占比的部分。 The interest to our minority shareholders increase is the proportion that our profit have increased in the first quarter. Thank you。 由于时间关系，我们有请最后一位提问。Here comes the last question, the last question comes from Sun Huixian of Guotai Junan Securities, please. 对，各位管理层好，我有三个问题想请教一下，第一个问题是，咱們能拆分一下23年的时候四个季度的一个煤机的煤耗水平，以及单位燃料水平的一个情况吗？第二个是，我们的递延所得税资产的处理，从历史情况来看，它会存在一个季节性效应吗？能不能给我们拆分一下23年的四个季度里面它的一个，递延所得税资产转回的一个情况呢？然后第三个问题是，咱們在装机增加的一个情况下，实现了辅助服务费用的一个下降，那这个的具体原因是什么呢？谢谢领导。 I have three questions. First, could you give us the coal consumption rate and unit fuel cost in the four quarters in 2023? Second question is about our deferred tax. So is there any seasonal impact to our deferred tax? Third question is about our ancillary services. As capacity of renewable have increased, why is our ancillary services decrease? 这个，投资人你好，这是煤耗的这个情况呢，去年四个季度的情况，这个会后呢，再给您做具体的汇报。如果从单位燃料成本的情况呢，是煤机呢，我向您作一报告。从去年的四季度、三季度、二季度到一季度这样的一个顺序，煤机板块的单位燃料成本分别是超过 CNY 298，约 CNY 312，接近 CNY 329 以及 CNY 333，每 kWh 左右，这是四个季度的情况。 The coal consumption rate of the fourth quarter will give you after this meeting and the unit fuel cost of our coal sector was as follows for the fourth quarter last year, it was CNY 298 per megawatt hour, third quarter CNY 312 per megawatt hour, second quarter CNY 329 per megawatt hour, first quarter CNY 333 per megawatt hour. 如果从您刚才提到的这个递延所得税资产转回的季节性情况来看，这个没有季节性的影响，这个主要是受到计提的时候的盈利预测，以及每个季度的原预测情况，在现在又实现盈利这样的一个，结构性关系。那么至于四个季度的具体的转回情况，会后我们再给您，做一个整理和汇报吧。 There's no seasonal impact to our deferred tax. The deferred tax differences is mainly due to our anticipate or our expectation in this term and in our formal terms. So after this meeting, we'll give you more detail. 请建木同事回答第三个问题。 哎，刚才澄清一下，那个风电的那个辅助服务这块呢，我在... 刚才那个数据是没有问题，但是表述上面有误啊。一个是风电辅助服务收入，刚才说的是CNY 2.59亿元，就是支出了CNY 2.59亿元，然后同比多支出是CNY 2,482万元，其中调峰辅助服务这块呢，是，支出是CNY 2.54亿元，同比是增加了CNY 2,543万元。 About the ancillary services cost of our wind sector, the company's cost was CNY 259 million. It has CNY 24.82 million increase. And for our ancillary services from peak adjustment, the total number was 206-