diff --git "a/China/17.China Yangtze Power_$100.53 B_Energy/2020/results.txt" "b/China/17.China Yangtze Power_$100.53 B_Energy/2020/results.txt"
new file mode 100644--- /dev/null
+++ "b/China/17.China Yangtze Power_$100.53 B_Energy/2020/results.txt"
@@ -0,0 +1,18782 @@
+Custody fee income from
+entrusted operation
+11,528,142,497.04
+(Jul-Sep)
+(Apr-Jun)
+Q3
+Q2
+Q1
+(Jan-Mar)
+8,384,404,815.01
+Revenue
+IX. Key Financial Figures by Quarter for 2020
+Non-applicable
+(III) Explanation of differences between PRC Accounting Standards and International Accounting
+Standards:
+Non-applicable
+22,947,297,238.16
+(II) Differences in net profit and in net assets attributable to shareholders of the listed company in
+financial reports disclosed under overseas accounting standards and under China Accounting
+Standards
+(I) Differences in net profit and in net assets attributable to shareholders of the listed company in
+financial reports disclosed under International Accounting Standards and under PRC
+Accounting Standards
+VIII. Differences in Accounting Figures under PRC Accounting Standards and under International
+Accounting Standards
+Non-applicable
+Explanation of key accounting figures and financial indicators of the Company for the three years ended
+31 December 2010.
+points
+non-recurring gain or loss (%)
+15.91
++ 2.14 percentage
+14.49
+16.63
+Weighted average ROE net of
+Non-applicable
+points
+Unit: RMB Yuan
+Q4
+(Oct-Dec)
+14,923,522,489.62
+Net profit attributable
+We vigorously promote the expertise establishment in basin-oriented, market-oriented, decision-wise
+and management-innovative scheduling, and continuously increase the scientific scheduling level of
+cascade hub. Further expand information share platform and the rain intelligence network coverage,
+maintaining a high level of water forecast accuracy. In 2020, the 24-hour water forecast accuracy for the
+cascade station in the basin reached 98%.
+Closely embracing the national strategy, the Company leverages its cascade hub within the Yangtze
+basin to realize various social benefits in flood-prevention, power generation, shipping, water supplement
+and ecology preservation, proactively serves the construction of the Yangtze River Economical Zone,
+guaranteeing the supply of clean energy for the operation of national economy. In 2020, the Company
+10 / 259
+Description of differences between quarterly figures and those disclosed in regular reports.
+Non-applicable
+operating activities
+13,417,224,015.52
+15,553,243,920.65
+6,480,549,576.86
+5,585,846,887.37
+Net cash flow from
+loss
+7/259
+non-recurring gain or
+12,061,211,530.39
+5,253,553,944.09
+listed company net of 2,739,917,123.51
+to shareholders of the
+Net profit attributable
+listed company
+6,047,016,671.65
+12,348,347,839.48
+5,612,005,374.42
+2020 Annual Report
+to shareholders of the 2,290,520,337.15
+6,120,964,875.86
+16.31
++ 1.94 percentage
+14.77
+330,827,096,559.03
+Total assets
+listed company
+to shareholders of the
+142,203,409,150.12
+As at 31 Dec 2018
+39,736,666,414.81
+Year-on-
+year
+Change (%)
+15.12
+149,510,174,624.05
+Net assets attributable 172,118,146,991.60
+As at 31 Dec 2019
+296,482,881,040.89
+As at 31 Dec 2020
+36,464,419,570.28
+2020 Annual Report
+operating activities
+Net cash flow from 41,036,864,400.40
+loss
+non-recurring gain or
+6 / 259
+22,054,549,240.76
+23.88
+21,130,274,030.69
+listed company net of
+12.54
+11.58
+295,496,988,645.53
+(II). Key Financial Indicators
+16.71
+Weighted average ROE (%)
+(RMB/share)
+1.0025
+22.84
+0.9605
+Basic earnings per share net of 1.1798
+non-recurring gain or loss
+(RMB/share)
+1.0278
+21.05
+0.9792
+1.1853
+Diluted earnings per share
+(RMB/share)
+1.0278
+21.05
+0.9792
+1.1853
+Basic earnings per share
+Change (%)
+2018
+2019
+2020
+Year-on-year
+Key Financial Indicators
+(1) Cascade joint scheduling capability within Yangtze Basin
+to shareholders of the
+III. Analysis of the core competiveness during the report period
+Applicable
+II. Material Changes in Major Assets of the Company during the Reporting Period
+Applicable
+Gains or losses from non- 205,222,701.21
+monetary assets exchange
+Profit and loss of entrusting
+others to invest or manage assets
+Provision for impairment of
+various assets due to force
+debt
+majeure, such as natural disasters
+Profit and loss of
+restructuring
+The
+cost of
+company
+the
+restructuring, such as
+expenses for staff placement and
+integration
+of the investee when the
+investment is acquired
+The profit and loss exceeding the
+fair value arising from the
+transaction whose transaction
+price is obviously unfair
+10,474,742.13
+Current net profit and loss of
+subsidiaries from the beginning
+of the period to the date of
+business combination under the
+common control
+Profits and losses arising from
+contingencies unrelated to the
+normal operation of the company
+2020 Annual Report
+In addition to the effective -55,598,675.12
+hedging business related to the
+company's normal business
+operations, the profit and loss of
+fair value changes arising from
+the holding of trading financial
+assets, derivative financial assets,
+trading financial liabilities,
+derivative financial liabilities,
+and investment income obtained
+from the disposal of trading
+financial assets, derivative
+financial assets, trading financial
+liabilities, derivative financial
+liabilities and other debt
+investment
+461,825,906.25 800,015,479.62
+for
+1,027,147.83
+Reversal of provision
+impairment of receivables tested
+individually
+Profit and loss from external
+entrusted loans
+Profit and loss from changes in
+fair value of investment
+properties measured by fair value
+model
+8 / 259
+The impact of one-off adjustment
+on the current profit and loss
+according to the requirements of
+tax, accounting and other laws
+and regulations
+acquired by a company is less
+than the income from the fair
+value of the identifiable net assets
+The investment cost of subsidiary, 50,250,031.87
+Items
+2020
+Gains and losses on disposal of 36,811,121.25
+non-current assets
+Tax return, reduction or
+exemption without proper
+or
+formal approval documents or on
+an occasional basis
+2019
+Unit: RMB Yuan
+2018
+joint venture and associates
+26,792.08
+Government grant included in the 6,357,797.00
+32,271,193.34
+3,267,515.32
+current profit and loss (except for
+the government grants which are
+closely related to the business of
+the company and are in
+accordance with the
+unified standard quota)
+national
+Capital occupation fee charged to
+non-financial companies included
+in current profit and loss
+6,719,289.22
+X.
+Other non-operating income and -200,395,826.32
+expenses except the above items
+-50,219,231.62 -108,221,391.30
+226,231,419.93
+2020 Annual Report
+Other
+non-current
+5,812,035,941.91
+4,713,666,463.26
+-279,505,793.86
+71,189,689.12
+financial assets
+Financial liabilities held
+768,403,141.10
+-794,969,953.03
+for trading
+11,012,819,510.05
+640,897,029.23
+8,963,758,656.05
+106,618,735.65 106,618,735.65
+-967,857,011.24 404,039,844.70
+XII. Other Information
+Non-applicable
+Section 3 Business Review
+I.
+Description of Principal Business and Operation Modes of the Company and Industry
+Overview for the Reporting Period
+The Company is a public power company with largest market value on China's A-share market, it is
+also the world's largest public hydraulic power company. The Company mainly engages in large-scale
+hydraulic power operations. Hydraulic power is featuring with zero-pollution, technology-matured and
+strong capability of peak load regulation. The CO2 “Zero-Emission” performance of it will play an
+important role in the Chinese strategy of "Carbon Emission Peak” and “Carbon Neutrality".
+The Company operates in a spirit of "Achieving Best of the Best" and an attitude of "Responsiveness",
+which is reflected in its management and operation of the 5 mega hydropower stations, namely the Three
+Gorges, Gezhouba, Xiluodu, Xiangjiaba, Wudongde hydropower stations. The installed gross capacity of
+the Company reaches 45,595 MW (exclusive of the managed Wudongde hydropower station), where
+domestic installed capacity of hydraulic power reaching 45,495 MW, taking up 12.32% of that of the
+national total.
+Either the proven reserves of water power or the exploitable water resources in China are the largest around
+the world. The Company is doing what it should to enhance its own industrial layout, continuously forging
+a strong hydropower business. In 2020, the Company keeps strengthening its shareholding and joint
+scheduling relationships with those hydropower entities in the mid and upper stream of the Yangtze river,
+in that the integration of four networks s in Chongqing region are smoothly completed; the largest power
+company in Peru - Luz del is merged by the Company and done with the equity transfer; GDR is issued
+successfully on London Stock Exchange and goes public; relevant businesses are expanding. All these
+establish a firm foundation for the Company to extend and develop its industrial chain.
+Total
+for the Year
+Period
+Change in the Impact on Profit
+Other profit and loss items
+15,678,172.60
+66,991,950.45
+15,998,784.43
+conforming to the definition of
+non-recurring profit and loss
+The impact on non-controlling -24,122,775.82
+interests
+-13,414.08
+The impact of income tax
+Total
+88,040,202.18
+122,242,748.85
+XI. Items Measured at Fair Value
+Applicable
+Item
+Opening Balance
+Ending Balance
+Other equity instrument
+investments
+4,432,380,427.04
+3,609,195,163.56
+9 / 259
+83,201.53
+-97,663,591.54
+413,219,604.88
+-172,977,589.15
+556,387,179.63
+Unit: RMB Yuan
+The Company acquire Luz del Sur S.A.A and its assets via YP Andes, a company set up in Hong
+Kong by YP International, a wholly-owned subsidiary of the Company and the share transfer was
+completed on 24 April 2020. The core asset of this acquisition is the 83.64% equity interests in Luz del.
+By the end of 2020, the oversea assets of the company reached RMB44.554 billion, taking up 13.47%
+of its total assets.
+Applicable
+Net profit attributable 26,175,647,473.85
+to shareholders of the
+Information on Corporate Bonds.
+Section 9
+.71
+Corporate Governance.
+Section 8
+.58
+Particulars of Directors, Supervisors, Senior Management and Employees.
+Section 7
+.51
+Changes in Ordinary Shares and Shareholders.
+Section 6
+.75
+.31
+Section 5
+.12
+Operating Results Discussion and Analysis.
+Section 4
+10
+Business Review
+Section 3
+.5
+Company Profile and Financial Summary
+Section 2
+Interpretations
+Key Matters.
+Section 10
+Financial Report.....
+79
+TG Development
+TG Capital
+TG Finance
+China Yangtze Power Co., Ltd.
+means
+Comanpy, the Company, CYPC
+China Securities Regulatory Commission
+China Three Gorges Corporation
+means
+CTG
+means
+CSRC
+SASAC
+State-owned Assets Supervision and Administration
+Commission of the State Council
+means
+Glossary of Terms
+following meanings:
+For the purpose of this Report, unless the context otherwise requires, the following terms have the
+Interpretations
+I.
+Section 1 Interpretations
+2020 Annual Report
+4 / 259
+259
+Document Available for Inspection.
+Section 11
+Section 1
+Chuanyun
+2020 Annual Report
+3 / 259
+ZONG Renhuai
+Director
+engagement
+Proxy's Name
+business MA Zhenbo
+Other
+HE Hongxin
+Director
+Director
+Name of Absent Director Reason for Absence
+Position of Absent
+II. Absent Directors
+Other
+engagement
+the management report (being this annual report, excluding the financial statements referred to above
+(on pages 85 to 106) and the independent auditor's report thereon (on pages 107 to 262)) includes a
+fair review of the development and performance of the business and the position of the company and
+the undertakings included in the consolidation taken as a whole, together with a description of the
+principal risks and uncertainties that they face."
+Focus For the purposes of the United Kingdom's Financial Conduct Authority's Transparency
+Rule 4.1.12(3), each director (whose names and functions are listed on page 58), to the best of
+his or her knowledge, confirms that:
+•
+•
+I.
+2020 Annual Report
+Important Note
+Abbre.: CYPC
+1 / 259
+China Yangtze Power Co., Ltd.
+2020 Annual Report
+2020 Annual Report
+Stock Code: 600900
+the financial statements, prepared in accordance with the applicable set of accounting standards, give
+a true and fair view of the assets, liabilities, financial position and profit or loss of the company and
+the undertakings included in the consolidation taken as a whole; and
+business ZHAO
+Qiang
+Director
+The Company has provided specific description of potential risks in the Report. For details, please
+refer to "Section 4 Operating Results Discussion and Analysis” – “III. Discussion and Analysis of Future
+Development of the Company".
+X. Material Risk Disclosure
+No
+IX. Whether over 50% of the directors cannot guarantee the truthfulness, accuracy and
+completeness of the Annual Report disclosed by the Company?
+Procedures?
+None
+VIII. Any Guarantee Provided for Any Third Party in Violation of Required Decision Making
+None
+VII.Any Funds Occupied by the Controlling Shareholder or its Related Parties for Non-operating
+Purpose?
+Forward-looking statements such as future plans and development strategies mentioned in this Report
+do not constitute the Company's substantive undertakings to investors. Investors should be aware of
+investment risks.
+Applicable
+VI. Forward-looking Risk Statements
+RMB15,919,301,461.00 in total, and no capital reserve be converted into share capital for 2020. This
+proposal will be submitted to the 2020 AGM for approval.
+2020 Annual Report
+2 / 259
+It is proposed that on the basis of total share capital of 22,741,859,230 shares as at the end of 2020,
+cash dividents be distributed at RMB7.0 for every 10 shares, equivalent to cash dividents of
+V. Proposal for Profit Distribution or Proposal for Converting Capital Reserve into Share Capital
+for the Reporting Period as Adopted by the Board
+ZHANG Na, the accounting function's principal (the person in charge of the accounting
+function) undertake that: the financial report in this Annual Report is truthful, accurate and
+complete.
+IV. LEI Mingshan, the Company's principal, ZHAN Pingyuan, the accounting principal, and
+qualified opinion for the Company.
+III. Shine Wing Certified Public Accountants LLP issued a standard Auditor's Report without
+Chuangen
+business ZHOU
+Other
+engagement
+ZHAO Yan
+Contents
+listed company
+means
+means
+means
+Three Gorges Capital Holding Co., Ltd.
+Yangtze Three Gorges
+LSE
+600900
+长江电力
+SSE
+Stock Code
+Stock Abbreviation
+Listed on
+GDR
+A Share
+Share/GDR Class
+Stock Profile/GDR Profile
+China Yangtze Power
+Co., Ltd.
+Stock Profile/GDR Profit
+Xicheng District, Beijing
+Room 2215, Tower B, Focus Plaza, 19 Financial Street,
+http://www.sse.com.cn, http://www.cypc.com.cn
+CSRC designated website for Annual Report
+Annual Report available at
+The Company's designated press media for China Securities Journal, Shanghai Securities News,
+information disclosure
+Securities Times, and China Three Gorges Project
+News
+IV. Information Disclosure and Place at Which the Report is Available
+http://www.cypc.com.cn
+cypc@cypc.com.cn
+E-mail
+Website of the Company
+Company
+Postal code for domestic office of the 100033
+V.
+Tower B, Focus Plaza, 19 Financial Street, Xicheng
+District, Beijing
+CYPC
+Name
+Net profit attributable 26,297,890,222.70
+51,213,965,746.52
+22,610,936,420.39
+15.86
+22.07
+21,543,493,635.57
+49,874,086,874.95
+57,783,367,039.83
+Revenue
+2018
+Year-on-
+year
+Change (%)
+Figures
+2019
+VI. Other Relevant Information
+2020
+Key
+Unit: RMB Yuan
+VII. Key Accounting Figures and Financial Indicators for Recent Three Years
+(I). Key Accounting Figures
+ZHAN Jun and QIU Xin
+9/F, Tower A, Fu Hua Mansion, No.8,
+Chaoyangmen North Street, Dongcheng
+District, Beijing
+Shine Wine Certified Public Accountants LLP
+accountants who
+signed the report
+of
+Names
+Auditor (Domestic)
+Office address
+Accounting
+Three Gorges Finance Co., Ltd.
+Domestic office of the Company
+Tower B, No. 1, Yuyuantan South Road, Haidian District,
+Beijing
+中国长江电力股份有限公司
+Chinese Name of the Company
+I. Corporate Information
+Section 2 Company Profile and Financial Summary
+means
+means Yangtze Power Andes Investment Co., Ltd.
+Global Depository Receipts
+Luz del Sur S.A.A
+100% equity in Andes Bermuda Ltd. ("AB Company",
+formerly known as “Sempra Americas Bermuda Ltd.”) and
+around 50.00000069% equity in Peruvian Opportunity
+Company S.A.C. (“POC Company”), with the remaining
+49.99999931% equity in POC Company held by AB
+Company.
+China Yangtze Power International (Hong Kong) Ltd.
+Three Gorges Power Co., Ltd.
+Yangtze Power Capital Holding Co., Ltd.
+Three Gorges Jinshajiang Chuanyun Hydraulic Power
+Development Co., Ltd.
+means
+means
+means
+means
+means
+GDR
+YP Andes
+Luz del
+Peru Companies
+means
+Three Gorges Power
+YP International
+YP Capital
+Development Co., Ltd.
+Technology & Economy
+Abbreviation of Chinese Name of the KILA
+Postal code for registered address of the 100038
+Company
+Company
+LI Shaoping
+22/F, Tower B, Focus Plaza, 1922/F, Tower B, Focus Plaza, 19
+Financial Street, Xicheng District, Financial Street, Xicheng District,
+Registered address of the Company
+III. Basic Information
+2020 Annual Report
+cypc@cypc.com.cn
+010-58688898
+010-58688900
+Beijing
+5 / 259
+cypc@cypc.com.cn
+010-58688898
+010-58688900
+Beijing
+Items and Amounts of Non-recurring Gain or Loss
+Representative for Securities Affairs
+YUAN Haiying
+Secretary to the Board
+E-mail
+Fax
+Tel
+Contact address
+Name
+II. Contacts and Contact Information
+LEI Mingshan
+Legal Representative of the Company
+Abbreviation of English Name of the CYPC
+Company
+China Yangtze Power Co., Ltd.
+English Name of the Company
+Sub-total of cash inflows
+55,706,082,619.74
+28,830,424,910.03
+Cash received from investment
+-23,910,928,054.45 -5,574,489,446.99
+63,123,091,892.56
+62,619,343,108.07
+503,748,784.49
+57,548,602,445.57
+106,278,528,201.41
+13,305,360,942.13
+105,645,041,990.10
+82,367,600,146.96
+III Cash flows from financing
+activities:
+Net cash flows from investing
+activities
+Sub-total of cash outflows
+Net cash paid for acquisition of a
+subsidiary and other operating units
+Cash paid relating to other
+investing activities
+Cash paid for investments
+Purchase of property, plant and
+equipment, intangible assets and
+other non-current assets
+633,486,211.31
+Proceeds from borrowings
+43,516,491,323.20
+55,706,082,619.74
+at beginning of year
+IV EFFECT OF EXCHANGE
+RATE CHANGES ON CASH
+AND CASH EQUIVALENTS
+V、 NET INCREASE IN CASH
+AND CASH EQUIVALENTS
+Add: Cash and cash equivalents
+Net cash flows from financing
+activities
+Subtotal of cash outflows
+Cash payments relating to other
+financing activities
+17,426,803,608.00
+17,937,278,417.40
+dividends or profit and interest
+expenses
+Cash payments for distribution of
+48,990,000,000.00
+36,234,800,000.00
+Repayments for debts
+operating activities
+56,821,852,265.33
+Subtotal of cash inflows
+financing activities
+Cash receipts relating to other
+Sub-total of cash inflows
+Cash received relating to other
+investing activities
+Cash received from disposal of
+subsidiaries and other business
+units
+2020 Annual Report
+operating activities
+Cash paid relating to other
+7,658,032,625.87
+6,177,649,094.80
+Cash paid for taxes
+employee
+1,125,997,660.82
+1,466,666,561.48
+Cash paid to and on behalf of
+and services
+2,713,810,036.23
+3,218,720,948.02
+Cash paid for purchase of goods
+28,982,097,915.64
+32,300,259,501.04
+151,673,005.61
+173,211,165.88
+Sub-total of cash outflows
+32,127,048,335.16
+Net cash flows from operating
+activities
+336,177,375.67
+95 / 259
+12,170,157.00
+11,688,319.11
+Cash received from disposal of
+subsidiaries and other business
+units
+1,171,410,900.13
+1,368,418,342.85
+Cash received from investment
+income
+investments
+56,365,021,388.44
+80,987,493,485.00
+Cash received from disposal of
+INVESTING ACTIVITIES:
+II、 CASH FLOWS FROM
+17,148,080,217.05
+21,026,800,526.20
+11,834,017,698.59
+11,273,458,974.84
+410,422,370.54
+Cash received relating to other
+24,080,600.22
+Cash receipts from the sale of
+goods and the rendering of services
+5,974,723,001.24
+financing activities
+94 / 259
+2020 Annual Report
+Subtotal of cash inflows
+Repayments for debts
+Cash payments for distribution of
+dividends or profit and
+expenses
+interest
+Including: Dividends or profit paid to
+119,999,325,383.03
+87,122,964,416.74
+95,990,337,350.22
+81,704,081,939.00
+19,291,552,358.96
+18,643,807,212.31
+78
+Cash receipts relating to other
+87,122,964,416.74
+99,092,695,765.97
+101,333,734,312.21 79,807,613,734.58
+24,000,543,409.77
+subsidiary and other operating units
+Cash paid relating to other investing
+activities
+78
+190,217,371.81
+Sub-total of cash outflows
+Net cash flows from investing
+activities
+non-controlling
+129,152,357,916.23 82,524,446,433.88
+III、 Cash flows from financing
+activities:
+Cash received from investment
+Including: Cash receipts from capital
+contributions from non-controlling
+interests of subsidiaries
+14,931,906,615.82
+1,476,545,673.69
+Proceeds from borrowings
+-36,037,256,431.23 -6,631,454,496.45
+shareholders of
+108,579,541.22
+2,592,739.85
+5,334,485,176.04
+VI
+CASH AND CASH
+79
+9,224,213,791.79
+7,317,940,980.02
+EQUIVALENTS AT END OF YEAR
+Legal Representative: Lei Mingshan
+Head of Accounting Department:Zhang Na
+7,317,940,980.02
+Chief Accountant: Zhan Pingyuan
+Item
+Notes
+2020
+Unit: RMB yuan
+2019
+FLOWS
+FROM
+I.CASH
+OPERATING ACTIVITIES
+COMPANY STATEMENT OF CASH FLOWS
+For the year ended 31 December 2020
+Tax refunds received
+79
+CASH EQUIVALENTS
+subsidiaries
+Cash payments relating to other
+78
+financing activities
+7,724,761,705.94
+14,648,665,135.50
+Subtotal of cash outflows
+Net cash flows from financing
+activities
+Add: Cash and cash equivalents at
+beginning of year
+123,006,651,415.12 114,996,554,286.81
+-27,873,589,870.07
+IV EFFECT OF EXCHANGE RATE
+CHANGES ON CASH AND CASH
+EQUIVALENTS
+-86,009,125.31
+VI
+V、 NET INCREASE IN CASH AND
+79
+1,906,272,811.77
+1,983,455,803.98
+-3,007,326,032.09
+CASH AND CASH
+EQUIVALENTS AT END OF
+12,180,759,493.47
+Legal Representative: Lei Mingshan
+Head of Accounting Department: Zhang Na
+2020 Annual Report
+5,913,416,400.70 19,217,837,757.23
+1,444,847,184.99 14,749,268,541.52
+4,468,569,215.71 4,468,569,215.71
+-115,806,445.47 -15,075,806,445.47
+14,960,000,000.00
+-115,806,445.47 -15,075,806,445.47
+14,960,000,000.00
+4,252,610.14
+4252,610.14
+98/259
+Other
+comprehensive
+income transferred
+to
+earnings
+retained
+12,562,562,126.53
+by surplus reserves
+(iv) Changes in the
+(iii) Loss made up
+to share capital
+Amount of
+2,716,832,699.30
+share-based
+payments
+recognized
+in
+equity
+4. Others
+(vi) Others
+(3)
+Profit
+(i) Transfer to
+surplus reserve
+(ii) Transfer to
+general Reserve
+(iii) Distribution to
+shareholders
+(iv) Others
+(4) Transfer within
+equity
+(i) Capital reserves
+converted to share
+capital
+(ii)
+Surplus
+reserves converted
+distribution
+3.
+(5). Special reserve
+(ii). Utilisation
+Other equity instruments
+Less:
+Other
+Genera
+Special
+Surplus
+Retained
+Non-
+controlling
+interests
+Total shareholders'
+equity
+Share capital
+preference
+share
+Perpetua
+1 debt
+Capital reserve
+Others
+Treasury
+Shares
+comprehensive
+1
+Equity attributable to owners of the parent
+Unit: RMB yuan
+2020 Annual Report
+2019
+(6) Others
+V、 Balance at the
+end of the period
+2020 Annual Report
+4252,610.14
+4,252,610.14
+22,741,859,230.00
+1248,262.14
+56,928,124,174.94
+(i). Additions
+-965,324.07
+24,319,522,433.93
+99/259
+-45,035.09
+237,902.98
+67,815,084,345.02 6,203,459,484.14 178,321,606,475.74
+Item
+CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+For the year ended 31 December2020
+313,556,807.71
+contributions
+instruments
+2. Other equity
+Capital
+Share capital
+preference
+share
+Perpetual
+debt
+Others
+reserve
+Less:
+Treasury
+Shares
+Other
+Special Surplus
+comprehensive
+income
+reserve reserve
+General
+reserve
+Retained
+earnings
+Non-
+controlling
+interests
+Total
+shareholders'
+equity
+I Balance at the
+end of previous
+Other equity instruments
+Equity attributable to owners of the parent
+Item
+Unit: RMB yuan
+Chief Accountant: Zhan Pingyuan
+32,351,234.50
+44,053,650.01
+54,204,429,651.90
+2,617,422,613.43
+66,460,857,258.01
+-10,754,774,638.27
+49,632,396.56
+18,126,171.38
+22,000,000,000.00
+-217,072,518.26
+4,195,981,088.98
+3,359,038,785.81
+3,978,908,570.72
+4,195,981,088.98
+96 / 259
+2020 Annual Report
+CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+For the year ended 31 December 2020
+2020
+836,942,303.17
+44,364,313,786.27
+2,352,431,567.60
+24,319,522,433.93
+12,563,810,388.67
+-2,038,874,759.89
+11,341,177,508.77 5,697,667,583.21 28,305,639,950.76
+during the period
+i )
+comprehensive
+Total
+-2,034,622,149.75
+26,297,890222.70 -99,897,336.93 24,163,370,736.02
+741,859,230.00
+income
+741,859,230.00
+12,562,562,126.53
+(ii) Shareholders'
+contributions and
+reduction
+1.
+Shareholders
+'contributions in 741,859,230.00
+ordinary share
+97/259
+YEAR
+Increase/(decrease)
+year
+56,473,906,836.25 505,791,900.93 150,015,966,524,98
+year
+Changes
+in
+accounting policies
+Corrections
+of
+prior period errors
+III
+Business
+Others
+II Balance at the
+beginning of the
+22,000,000,000.00
+44,364,313,78627
+2,352,431,567.60
+24,319,522,433.93
+56,473,906,836.25 505,791,900.93 150,015,966,524.98
+combination under
+common control
+3,627,862,822.44
+(I) Basic earnings per
+93,115,101,485.00
+1,223,984.67
+24,163,370,736.02
+24,263,268,072.95
+-99,897,336.93
+21,975,446,298.00
+21,950,268,848.71
+25,177,449.29
+VIII Earnings per share:
+reserve
+1.1853
+share (yuan /share)
+(II) Diluted earnings per
+1.1853
+share (yuan /share)
+91 / 259
+0.9792
+0.9792
+-308,268,913.05
+64,755,054.09
+-1,264,312,395.37
+90,347,208.15
+of other debt investments
+(3) Amount of financial
+assets reclassified into other
+comprehensive income
+(4) Provision for credit
+impairment of other debt
+investments
+(5) Cash flow hedging
+reserves (effective part of
+profit and loss of cash flow
+hedging)
+(6) Exchange differences
+on translation of foreign
+currency financial statements
+(7) Others
+(II) Other comprehensive
+income, net of tax, attributable
+to non-controlling interests
+VII Total comprehensive
+income
+(I) Total comprehensive
+income attributable to owners
+of the parent
+2020 Annual Report
+(II) Total comprehensive
+income attributable to non-
+controlling interests
+251,672,950.90
+2,747,070.92
+46,955,233.27
+-621,086,881.02
+204,717,717.63
+-1,416,282,339.65
+155,102,262.24
+-151,969,944.28
+-618,339,810.10
+(2) Changes in fair value
+Amongst business combination under common control in the current period, the net profit realized by the
+mergee prior to the combination is: 0 yuan (previous year: 0)
+Chief Accountant: Zhan Pingyuan
+27,873,504.45
+33,182,530.97
+2,997,856,378.73
+2,776,197,071.16
+expenses
+3,042,612,320.94
+2,799,073,815.23
+46,510,946.37
+49,078,803.92
+3,213,340.84
+1,227,811.32
+5
+3,739,463,466.11
+2,709,620,090.44
+3,072,615,088.68
+1,955,217,269.35
+Administrative expenses
+469,739,955.76
+640,685,662.72
+13,040,013.62
+15,935,883.90
+Item
+I. Total revenue
+Less: Total cost of sales
+Taxes and surcharges
+Selling expenses
+INCOME STATEMENT OF COMPANY
+For the year ended 31 December 2020
+Unit: RMB yuan
+Note 17
+Legal Representative: Lei Mingshan
+Head of Accounting Department: Zhang Na
+2020
+4
+28,904,856,391.56
+25,543,879,408.36
+4
+8,931,263,633.65
+9,180,512,555.71
+455,436,526.45
+444,095,537.49
+2019
+(1) Other comprehensive
+income that can be reclassified
+to profit or loss in equity
+method
+(4) Changes in fair value
+of enterprise's own credit risk
+2. Other comprehensive
+income to be reclassified to
+profit or loss
+(2) Other comprehensive
+income using the equity
+method that will not be
+reclassified to profit or loss
+(3) Changes in fair value
+of other equity instrument
+investments
+22,000,000,000.00
+shareholders
+(iii) Distribution to
+general Reserve
+(ii) Transfer to
+reserve
+(i) Transfer to surplus
+Profit
+distribution
+(3).
+(iv) Others
+in equity
+payments recognized
+share-based
+3. (iii) Amount of
+contributions
+instruments
+44,295,503,166.39
+2,644,795,539.07
+24,319,522,433.93
+48,961,847,100.79
+-14,962,592,739.85
+-2,592,739.85
+-14,960,000,000.00
+-14,962,592,739,85
+-2,592,739.85
+-14,960,000,000.00
+21,975,446298.00
+25,177,44929
+(ii) Other equity
+21,543,493,635.57
+406,775213.14
+7,313,147,625.71
+24,641,241.84
+7,512,059,735.46
+-292,363,971.47
+68,810,619.88
+142,702,818,89927
+481,150,659.09
+100 / 259
+in
+ordinary share
+contribution
+I. Balance at the end
+18,265,832.24
+6,742.18
+561,377,843.66
+-543,118,753.60
+142,684,553,067.03
+481,143,91691
+48,400,469,257.13
+of previous year
+24,319,522,433.93
+44295,503,16639
+in
+22,000,000,000.00
+reserve
+income
+2020 Annual Report
+1. Other comprehensive
+income that will not be
+reclassified to profit or loss
+(1) Remeasurement gains
+or losses of a defined benefit
+plan
+3,187,914292.67
+Research and
+Changes
+Corrections of prior
+(i) Shareholders'
+reduction
+contributions and
+(2) Shareholders'
+Total
+income
+comprehensive
+during the period
+(1)
+accounting policies
+Increase/(decrease)
+beginning of the year
+II、 Balance at the
+under
+Others
+common control
+combination
+Business
+period errors
+III
+75,892,991,937.43
+development
+Finance expenses
+2019
+56,423,104,095.88
+Net income from securities trading
+brokerage business
+Tax refunds received
+Cash received relating to other
+operating activities
+Sub-total of cash inflows
+Cash paid for purchase of goods and
+services
+Net increase in loans and payments
+on behalf of customers
+Net increase in deposits with central
+bank and other financial institutions
+Payments for claims for original
+insurance contracts
+Net increase in funds lent
+Cash paid for interest, fees and
+commission
+Commissions on insurance policies
+paid
+Cash paid to and on behalf of
+employee
+Unit: RMB yuan
+65,699,895,013.35
+93 / 259
+Net increase in repurchase business
+funds
+Chief Accountant: Zhan Pingyuan
+Head of Accounting Department: Zhang Na
+CONSOLIDATED STATEMENT OF CASH FLOWS
+year ended 31 December 2020
+For the
+Note7
+2020
+Item
+I
+CASH FLOWS FROM
+OPERATING ACTIVITIES
+2020 Annual Report
+Cash receipts from the sale of goods
+Net increase in customer bank
+deposits and due to banks and other
+financial institutions
+Net increase in loans from the central
+bank
+Net increase in funds borrowed from
+other financial institutions
+Cash premiums received on original
+insurance contracts
+Net cash received from re-insurance
+business
+Net increase in deposits and
+investments from insurers
+Cash received from interest, fees and
+commission
+Net increase in funds deposit
+and the rendering of services
+Legal Representative:Lei Mingshan
+78
+196,076,781.07
+Cash received from disposal of
+subsidiaries and other business units
+Cash received relating to other
+investing activitie
+Sub-total of cash inflows
+Purchase of property, plant and
+equipment, intangible assets and other
+non-current assets
+Cash paid for investments
+Net increase in secured loans
+Net cash paid for acquisition of a
+II、 CASH FLOWS FROM
+INVESTING ACTIVITIES
+Cash received from disposal of
+91,515,324,035.50
+74,479,542,574.14
+investments
+Cash received from investment
+income
+1,588,089,130.39
+1,401,270,454.59
+11,688,319.11
+12,178,908.70
+assets
+Net proceeds from disposal of
+property, plant and equipment,
+intangible assets and other long-term
+36,464,419,570.28
+41,036,864,400.40
+66,228,760,307.34
+56,619,180,876.95
+9,499,436,962.27
+4,970,935,679.15
+2,610,978,872.63
+1,681,923,377.15
+Cash paid for taxes
+earnings
+528,865,293.99
+12,971,173,075.60
+78
+900,720,578.57
+530,729,174.77
+activities
+Sub-total of cash outflows
+25,191,895,906.94
+20,154,761,306.67
+Net cash flows from operating
+activities
+Cash paid relating to other operating
+12,497,879,963.04
+14,675,827,892.72
+96,749,996.55
+IV. Net profit /(loss)
+( I ) Net profit from continuing
+operations
+(II) Net profit from discontinuing
+operations
+-209,840,546.90
+-350,732.57
+2,874,293.16
+22,067,694.01
+19,393,232,316.31
+50,769,195.13
+203,146,732.61
+19,240,854,778.83
+292,704,083.17
+472,724.55
+-13,136,165.82
+10,769.12
+15,618,011,056.43
+Less: Income tax expense
+III Profit/(loss) before tax
+Less: Non-operating expenses
+Add: Non-operating income
+Including:
+Interest
+(expressed with positive value)
+Interest income
+Add: Other income
+Investment income/(loss)
+Including: Share of profits or
+loss of associates and joint ventures
+27,852,846.92
+Gain from derecognition of
+financial assets measured at amortized
+cost
+Net exposure hedging gains/
+Gain/ (loss) on the changes in
+fair value
+Credit impairment losses
+assets
+Assets impairment losses
+Gain/ (loss) from disposal of
+II. Operating profit/Loss
+(losses)
+52,629,588.57
+15,593,234,314.78
+3,885,963,636.63
+3. Amount of financial assets
+reclassified into other comprehensive
+income
+4. Provision for credit impairment
+of other debt investments
+5. Cash flow hedging reserves
+6. Exchange differences on
+translation of foreign currency financial
+statements
+7.Other
+VI. Total comprehensive income
+VII Total comprehensive income
+debt investments
+(I) Basic earnings per share
+(II) Diluted earnings per share
+(yuan / share)
+2020 Annual Report
+-521,649,216.02
+150,729,666.52
+-160,770,942.67
+96,749,996.55
+-160,770,942.67
+(yuan /share)
+expenses
+2. Changes in fair value of other
+(II) Other comprehensive income
+to be reclassified to profit or loss
+3,384,402,803.96
+15,354,891,142.20
+12,208,831,510.82
+15,354,891,142.20 12,208,831,510.82
+V. Other comprehensive income, net of
+-679,063,249.48
+289,048,452.22
+tax
+1. Other comprehensive income
+that can be reclassified to profit or loss
+in equity method
+-518,292,306.81
+(I) Other comprehensive income,
+net of tax
+1. Other comprehensive income
+that will not be reclassified to profit or
+loss
+2. Other comprehensive income
+using the equity method that will not be
+reclassified to profit or loss
+92/259
+3,356,909.21
+41,568,789.15
+3. Changes in fair value of other
+equity instrument investments
+4. Changes in fair value of
+enterprise's own credit risk
+192,298,455.67
+reserve
+China Yangtze Power Co., Ltd. ("the Company") was established by China Three Gorges Corporation
+(formerly "China Yangtze Three Gorges Project Development Corporation, hereinafter referred to as
+"CTG") as the leading sponsor, together with five sponsors including Huaneng Power International, Inc.,
+China National Nuclear Corporation, China National Petroleum Corporation, China Gezhouba Water
+Conservancy and Hydropower Engineering Corporation and Changjiang Institute of Survey, Planning,
+Design and Research under the Changjiang Water Resource Commission by way of promotion. The
+Company was established on 23 September 2002 with the approval of the former State Economic and
+Trade Commission under Approval Guo Jing Mao Qi Gai [2002] No. 700 and was registered with the
+State Administration for Industry and Commerce on 4 November 2002.
+Applicable
+(i). Additions
+(5). Special reserve
+retained earnings
+(vi) Others
+income transferred to
+Other
+comprehensive
+transferred to retained
+earnings
+(v)
+2,849,992.37
+-2,849,992.37
+-14,960,000,000.00 -14,960,000,000.00
+-14,960,000,000.00 -14,960,000,000.00
+102 / 259
+(iv) Changes in the
+defined benefit plan
+(iii) Loss made up by
+surplus reserves
+(ii) Surplus reserves
+converted to share
+capital
+(i) Capital reserves
+converted to share
+capital
+(4) Transfer within
+equity
+(ii). Utilisation
+(iii) Others
+(6) Others
+of the period
+Treasury
+Shares
+Others
+Capital reserve
+Perpetual
+debt
+Other
+Less:
+Other equity instruments
+31,691,410.82
+123,128,524,940.05
+-965,324.07
+22,934,762,401.97 16,128,866,900.78
+1,820,853,213.49
+2,849,992.37
+-2,849,992.37
+59,502,183,193.81
+32,656,734.89
+2020 Annual Report
+2019
+22,741,859,230.00
+4. Balance at the end
+comprehensive
+income
+(ii) Distribution to
+shareholders
+(i) Transfer to
+13,051,940,660.07
+396,775,810.50
+-681,913,241.85
+12,595,218,861.42
+741,859,230.00
+110,076,584,279.98
+22,934,762,401.97 15,732,091,090.28
+2,502,766,455.34
+46,906,964,332.39
+22,000,000,000.00
+(2) Shareholders'
+comprehensive
+2. Balance at the
+beginning of the year
+3. Increase/(decrease)
+during the period
+(1)
+Other
+prior period errors
+Corrections of
+in
+Total
+surplus reserve
+-679,063,249.48
+741,859,230.00
+(3). Profit distribution
+(iv) Others
+recognized in equity
+payments
+(iii) Amount of share-
+based
+contributions
+instruments
+equity
+(ii)Other
+ordinary share
+13,304,421,356.53
+13,304,421,356.53
+12,562,562,126.53
+in 741,859,230.00
+contributions
+(i)Shareholders'
+12,562,562,126.53
+15,354,891,142.20 14,675,827,892.72
+accounting policies
+Special Surplus
+reserve
+(i). Additions
+(i). Additions
+(vi) Others
+income transferred to retained
+earnings
+(v) Other comprehensive
+to
+retained earnings
+(iv) Changes in the defined
+benefit plan transferred
+reserves
+(iii) Loss made up by surplus
+to share capital
+(ii) Surplus reserves converted
+share capital
+(i) Capital reserves converted to
+(4) Transfer within equity
+(iii) Others
+-14,960,000,000.00 -14,960,000,000.00
+(ii). Utilisation
+-14,960,000,000.00 -14,960,000,000.00
+(6) Others
+Legal Representative: Lei Mingshan
+1. Company profile
+III. GENERAL INFORMATION OF THE COMPANY
+2020 Annual Report
+Head of Accounting Department: Zhang Na
+110,076,584,27998
+282,523,117.16
+229,426,91528
+22,934,762,401.97 15,732,091,09028
+2,502,766,455.34
+699,139,184,61
+-699,139,184.61
+699,139,184.61
+-699,139,184.61
+104 / 259
+Chief Accountant: Zhan Pingyuan
+53,096,201.88
+46,906,964,332.39
+2020 Annual Report
+22,000,000,000.00
+4. Balance at the end of the
+period
+reserve
+103 / 259
+289,048,452.22
+3. Increase/(decrease) during
+2. Balance at the beginning of
+the year
+Others
+errors
+Changes in accounting policies
+Corrections of prior period
+22,000,000,000.00
+1. Balance at the end of previous
+year
+preference
+share
+Share capital
+Item
+112,252,593,862.88
+3,587,33690
+22,934,762,401.97 17223,756,309.16
+330,937,170.41
+-327,349,833.51
+3240207,021.24
+46,853,868,130,51
+Total
+shareholders'
+equity
+Retained
+earnings
+the period
+12,208,831,510.82 12,497,879,963.04
+(1) Total
+comprehensive
+-1,822,602,38929 -2,179,596,919,80
+410,090,732.39
+53,096,201.88
+17,554,693,479,57 112256,181,199.78
+22,934,762,401.97
+2,912,857,187.73
+46,853,868,130.51
+22,000,000,000.00
+(ii) Distribution to shareholders
+(i) Transfer to surplus reserve
+(3). Profit distribution
+(iii) Amount of share-based
+payments recognized in equity
+(iv) Others
+(ii) Other equity instruments
+contributions
+in ordinary share
+(i) Shareholders' contributions
+and reduction
+(2) Shareholders' contributions
+income
+Changes
+contributions
+2020 Annual Report
+income
+5. Accounting treatments of “Business combination involving entities under common control” and
+"Business combination involving entities not under common control"
+Applicable
+Assets and liabilities acquired by the Company as a acquirer in a business combination under common
+control are measured at the book value of the acquiree in the consolidated statements of ultimate controller
+at the combination date. In case of any difference between the book value of the net assets acquired and
+the book value of the consideration paid for the combination, adjust capital surplus and if capital surplus
+is not sufficient to offset the difference, adjust retained earnings.
+The identifiable assets, liabilities and contingent liabilities of the acquiree acquired in a business
+combination not under common control are measured at fair value at the acquisition date. The combination
+cost is the sum of the fair value of cash or non-cash assets paid, liabilities issued or assumed and equity
+securities issued, and all directly related costs incurred in the business combination at the acquisition date
+to obtain control of the acquiree (for business combinations achieved in stages through multiple
+transactions, the combination cost is the sum of the costs of each individual transaction). The difference
+between the combination cost and the fair value of the share of identifiable net assets of the acquiree
+acquired in the combination is recognized as goodwill. If the combination cost is less than the fair value
+of the share of identifiable net assets of the acquiree acquired in the combination, the fair value of each
+identifiable asset, liability and contingent liability acquired in the combination, as well as the fair value of
+non-cash assets or equity securities issued in consideration of the combination, are reviewed first. If, after
+the review, the combination cost is still less than the share of the fair value of the identifiable net assets of
+the acquiree acquired in the combination, the difference is recognized as non-operating income in the
+period of combination.
+6. Basis of consolidated financial statements
+Applicable
+The Company includes all controlled subsidiaries and structured entities in the scope of its
+consolidated financial statements.
+In preparing the consolidated financial statements, if the accounting policies or accounting periods
+adopted by the subsidiaries are different from those of the Company, the financial statements of the
+subsidiaries are aligned to the Company's accounting policies or accounting periods as necessary.
+All significant inter-company transactions, balances and unrealized profits within the scope of
+consolidation are eliminated in the preparation of consolidated financial statements. The shares of owners'
+equity in subsidiaries not attributable to the parent, net profit or loss of subsidiaries, and the shares of net
+profit or loss, other comprehensive income and total comprehensive income for the current period that are
+attributable to non-controlling interests are presented in the consolidated financial statements under "non-
+controlling interests, profit or loss attributable to minority shareholders, other comprehensive income
+attributable to minority shareholders and total comprehensive income attributable to minority
+shareholders", respectively.
+For a subsidiary acquired through a business combination under common control, the operating
+results and cash flows are included in the consolidated financial statements from the beginning of the
+period of combination. When preparing the comparative consolidated financial statements, relevant items
+in the prior period's financial statements are adjusted as if the reporting entity resulting from the
+combination had been in existence since the point at which the ultimate controlling party began to exercise
+control.
+For a subsidiary acquired through a business combination not under common control, the operating
+results and cash flows are included in the consolidated financial statements from the date the Company
+107 / 259
+2020 Annual Report
+obtains control. In preparing the consolidated financial statements, the financial statements of the
+subsidiary are adjusted on the basis of the fair value of each identifiable asset, liability and contingent
+liability determined at the acquisition date.
+When the Company partially disposes of its long-term equity investments in subsidiaries without loss
+of control, in the consolidated financial statements, capital premium or equity premium is adjusted by the
+difference between the disposal price and the share of net assets of the subsidiaries corresponding to the
+disposal of the long-term equity investments calculated on an ongoing basis from the acquisition date or
+the combination date, and retained earnings is adjusted if capital surplus is not sufficient to offset the
+difference.
+If the Company loses control over an investee for reasons such as the disposal of a portion of its
+equity investment, the remaining equity investment is re-measured at its fair value at the date of loss of
+control in the preparation of consolidated financial statements. The difference between the sum of the
+consideration received for the disposal of the equity investment and the fair value of the remaining equity
+investment, less the share of net assets of the original subsidiary calculated on a continuing basis from the
+acquisition date or the combination date in proportion to its original shareholding, is recognized as
+investment gain or loss in the period in which control is lost, and goodwill is reduced accordingly. Other
+comprehensive income related to the equity investment in the original subsidiary, is transferred to
+investment gain or loss in the period when control is lost.
+106 / 259
+If the Company disposes of its equity investment in a subsidiary through multiple transactions until
+it loses control, each transaction shall be accounted for as a single disposal of the subsidiary and loss of
+control if the disposal of the equity investment in the subsidiary until it loses control is a package deal.
+However, the difference between the disposal price and the share of the net assets of the subsidiary
+corresponding to each disposal before the loss of control is recognized as other comprehensive income in
+the consolidated financial statements and transferred to the investment gain or loss in the period when
+control is lost.
+The Company's functional currency is Renminbi.
+The Company takes a 12-months year as a usual operating cycle.
+1.
+Basis of Preparation
+The financial statements have been prepared on the going concern basis of actual transactions and
+events in accordance with “the Accounting Standards for Business Enterprises - Basic Standards” and
+relevant specific standards (together "the Accounting Standards for Business Enterprises") issued by the
+Ministry of Finance, and based on the following accounting policies and accounting estimates set out in
+"V. Critical Accounting Policies and Accounting Estimates".
+2. Going concern
+Applicable
+The Company has evaluated its ability to continue as a going concern for the 12 months from the end
+of the reporting period and no matters or circumstances have been identified that cast significant doubt on
+its ability to continue as a going concern. The Company has a recent history of profitable operations and
+has the financial resources to support it, and it is reasonable to prepare the financial statements on a going
+concern basis.
+V.
+SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES
+Notes on specific accounting policies and accounting estimates:
+Non-applicable
+1.
+Statement of compliance with accounting standards for business enterprises
+The financial statements have been prepared in accordance with the requirements of accounting standards for business
+enterprises, which truly and completely reflect the Company's financial status, operating results, changes in shareholders'
+equity, cash flow and other relevant information.
+2.
+Accounting period
+The Company's financial year is the calendar year, from 1st January to 31st December each year.
+3. Operating cycle
+Applicable
+4. Reporting currency
+IV. PREPARATION BASIS OF FINANCIAL STATEMENTS
+7. Joint arrangement and joint operations
+The Company's joint arrangements are joint ventures.
+The Company recognizes interest income using the effective interest rate method. Interest income is
+determined by multiplying the carrying amount of the financial assets by the effective interest rate, except
+for the following: (i) for financial assets acquired or originated with credit impairment, interest income is
+determined from initial recognition on the basis of the amortized cost of the financial assets and the
+effective interest rate adjusted for credit; and (ii) For financial assets acquired or originated that are not
+credit impaired but become credit impaired in a subsequent period, interest income is determined in the
+subsequent period based on the amortized cost of the financial assets and the effective interest rate.
+The Company designates its investments in non-trading equity instruments as financial assets at fair
+value through other comprehensive income. This designation, once made, is not revocable. Investments
+in non-trading equity instruments designated by the Company as at fair value through other comprehensive
+income are initially measured at fair value, with related transaction costs recognized in the initially
+recognized amount; except for dividends received (other than those attributable to the recovery of
+investment costs), which are recognized in profit or loss, all other related gains and losses (including
+exchange gains and losses) are recognized in other comprehensive income and are not subsequently
+transferred to profit or loss. When they are derecognised, the cumulative gain or loss previously included
+109 / 259
+2020 Annual Report
+in other comprehensive income is transferred from other comprehensive income and included in retained
+earnings. The Company reports such investments in equity instruments as investments in other equity
+instruments.
+Financial assets other than those classified as financial assets carried at amortized cost and those
+classified as financial assets at fair value through other comprehensive income as described above. The
+Company classifies them as financial assets at fair value through profit or loss. Such financial assets are
+initially measured at fair value, with related transaction costs recognized directly in profit or loss. Gains
+or losses on such financial assets are included in profit or loss for the current period. The Company reports
+financial assets classified as at fair value through profit or loss that have a maturity of more than one year
+from the balance sheet date and are expected to be held for more than one year as other non-current
+financial assets.
+If the contingent consideration recognized by the Company in a business combination not under
+common control constitutes a financial asset, the financial asset is classified as a financial asset at fair
+value through profit or loss.
+2) Recognition and measurement of transfer of financial assets
+A financial asset is derecognized when one of the following conditions is met: (i) the contractual
+rights to receive cash flows from the financial asset cease; (ii) the financial asset is transferred and the
+Company transfers substantially all the risks and rewards associated with ownership of the financial asset
+to the transferor; or (iii) the financial asset is transferred and, although the Company neither transfers nor
+retains substantially all the risks and rewards associated with ownership of the financial asset, it
+relinquishes control over the financial asset.
+If the derecognition condition is met for a transfer of a financial asset as a whole, the difference
+between the carrying amount of the financial asset transferred and the sum of the consideration received
+for the transfer and the cumulative amount of changes in fair value previously recognized in other
+comprehensive income is recognized in profit or loss for the current period.
+If a partial transfer of a financial asset satisfies the derecognition condition, the carrying amount of
+the financial asset transferred as a whole is apportioned between the derecognized portion and the not
+derecognized portion in accordance with their respective fair values, and the difference between the sum
+of the consideration received for the transfer and the cumulative amount of changes in fair value previously
+recognized in other comprehensive income that should be apportioned to the derecognized portion and the
+apportioned previous carrying amount is recognized in profit or loss for the current period.
+3)
+Impairment of financial assets
+For financial assets measured at amortized cost and investments in debt instruments measured at fair
+value through other comprehensive income, the Company recognizes allowance for losses on the basis of
+expected credit losses.
+The Company recognizes expected credit losses by calculating the probability-weighted amount of
+the present value of the difference between the cash flows receivable under the contract and the cash flows
+expected to be received, taking into account reasonable and substantiated information about past events,
+current conditions and projections of future economic conditions, weighted by the risk of default.
+At each balance sheet date, the Company measures expected credit losses separately for financial
+instruments that are in different stages of development. If the credit risk of a financial instrument has not
+increased significantly since initial recognition, it is in the first stage and the Company measures the
+allowance for losses based on expected credit losses over the next 12 months; if the credit risk of a financial
+instrument has increased significantly since initial recognition but no credit impairment has occurred, it is
+110 / 259
+The Company classifies financial assets as financial assets carried at amortized cost if both of the
+following conditions are met: (i) the business model for managing the financial asset is to collect the
+contractual cash flows; and (ii) the contractual terms of the financial asset provide that the cash flows
+arising on a specific date are solely payments of principal and interest based on the principal amount
+outstanding. Such financial assets are initially measured at fair value, with related transaction costs
+included in the initially recognized amount, and are subsequently measured at amortised cost. Except for
+those designated as hedged items, the difference between the initial amount and the maturity amount is
+amortized using the effective interest method, and the amortization, impairment, exchange gain or loss
+and gain or loss arising on derecognition are recognized in profit or loss for the period. The Company's
+financial assets classified as financial assets carried at amortized cost include cash and cash equivalents,
+notes receivable, accounts receivable, other receivables and debt investments.
+Applicable
+The Company classifies financial assets as financial assets carried at amortised cost, financial assets
+at fair value through other comprehensive income and financial assets at fair value through profit or loss
+based on the business model for managing financial assets and the contractual cash flow characteristics of
+the financial assets.
+1)
+8.
+Cash and cash equivalents
+Cash in the Company's cash flow statement represents cash on hand and deposits readily available
+for disbursement. Cash equivalents in the cash flow statement represent investments that are held for less
+than three months, are highly liquid, are readily convertible to known amounts of cash and are subject to
+an insignificant risk of change in value.
+9. Foreign operations and foreign currency translation
+Applicable
+(1) Foreign currency transactions
+The Company's foreign currency transactions are translated into RMB at the spot exchange rate on
+the date of the transaction. At the balance sheet date, monetary items denominated in foreign currencies
+are translated into RMB using the spot exchange rate at the balance sheet date. The resulting translation
+differences are recorded directly in profit or loss for the current period, except for exchange differences
+arising from special borrowings in foreign currencies for the purpose of acquiring or producing assets
+eligible for capitalization, which are treated in accordance with the principle of capitalization.
+108/259
+(2)
+2020 Annual Report
+Translation of foreign currency financial statements
+Asset and liability items in the foreign currency balance sheet are translated using the spot exchange
+rate at the balance sheet date; equity items, except for "undistributed profits", are translated at the spot
+exchange rate at the time of the transaction; items in the income statement under revenue and expenses
+are translated using the spot exchange rate (or actuals) at the date of the transaction. Translation differences
+arising from the above translation of foreign currency statements are shown in the other comprehensive
+income line. Cash flows in foreign currencies are translated using the spot exchange rates (or actuals) at
+the dates when the cash flows occur. The effect of changes in exchange rates on cash is shown separately
+in the cash flow statement.
+10. Financial instruments
+Applicable
+The Company recognises a financial asset or financial liability when it becomes a party to a financial
+instrument contract.
+(3)
+Financial assets
+Classification, recognition and measurement of financial assets
+On 24 April 2020, by payment of cash, the Company acquired 100% equity in Andes Bermuda Ltd.
+(now renamed "Andes Bermuda Ltd.”, “AB Company") and about 50.00000069% equity in Peruvian
+Opportunity Company S.A.C. (“POC Company") with the remaining 49.99999931% equity in POC
+Company held by AB Company) (AB Company and POC Company are hereinafter referred to as "Peru
+Company").Please refer to "8. Change in the scope of business combination" for details
+2020 Annual Report
+2. Scope of consolidated financial statements
+Item
+Head of Accounting Department:Zhang Na
+2020
+Chief Accountant:Zhan Pingyuan
+Unit: RMB yuan
+COMPANY STATEMENT OF CHANGES IN EQUITY
+For the year ended 31 December 2020
+Legal Representative:Lei Mingshan
+300294,067.56
+150,015,966,524,98
+2056.53240
+505,791,900.93
+229,426,91528
+56,473,906,83625
+24,319,522,433.93
+2,352,431,567.60
+44,364,313,78627
+68,810,619.88
+699,139,184.61
+-699,139,184.61
+699,139,184.61
+Share capital
+-699,139,184.61
+Other equity instruments
+preference Perpetual
+share
+debt
+Other
+101 / 259
+110,076,584279.98
+15,732,091,090.28
+22,934,762,401.97
+2,502,766,455.34
+46,906,964,332.39
+22,000,000,000.00
+1. Balance at the end
+of previous year
+Total shareholders'
+equity
+reserve
+Retained earnings
+Surplus reserve
+comprehensive
+income
+Treasury
+Shares
+Others
+Capital reserve
+Applicable
+Less:
+2020 Annual Report
+Special
+of the period
+converted to
+capital
+(i) Capital reserves
+(4) Transfer within
+equity
+(iv) Others
+With the approval of the China Securities Regulatory Commission, the Company issued A shares to
+the public by way of stock floatation and was listed and traded on the Shanghai Stock Exchange on 18
+November 2003.
+In 2009, pursuant to the resolution of the Company's first Extraordinary General Meeting of 2009
+and with the approval of the China Securities Regulatory Commission, the Company performed a major
+asset restructuring by acquiring the power generation assets of the Three Gorges Project and equity
+interests in five auxiliary production specialised enterprises.
+On 25 March 2016, the Company issued shares to acquire assets and raise supporting funds as
+approved by the China Securities Regulatory Commission. The Company issued a total of 3,500,000,000
+shares to China Three Gorges Corporation, Sichuan Energy Investment Group Co., Ltd. and Yunnan
+Energy Investment Group Co., Ltd. to acquire their combined 100% equity in Three Gorges Jinshajiang
+Chuanyun Hydraulic Power Development Co., Ltd.; Meanwhile, the Company privately issued
+2,000,000,000 shares to Ping An Asset Management Co., Ltd., Sunshine Life Insurance Co., Ltd.,
+Guangzhou Development Group Incorporated, Pacific Ocean Asset Management Co., Ltd., GIC Private
+Limited and Shanghai Chongyang Strategic Investment Co., Ltd. Upon completion of the above share
+issue, the total share capital of the Company was changed to 22,000,000,000 shares.
+The Company is licensed by the State Administration for Industry and Commerce under Business
+License for Corporation No. 91110000710930405L, with LEI Mingshan as its legal representative and its
+registered office in Beijing.
+As at 31 December 2020, the total cumulative issued share capital of the Company was
+22,741,859,200,000 shares.
+Our controlling shareholder is China Three Gorges Corporation, and our main subsidiaries include:
+1. Yangtze Power Capital Holding Co., Ltd. (formerly Beijing Yangtze Power Venture Capital
+Management Co., Ltd., “YP Capital");
+2. China Yangtze Power International (Hong Kong) Ltd. (“YP International")
+3. Three Gorges Jinshajiang Chuanyun Hydraulic Power Development Co., Ltd. ("Chuanyun”);
+105 / 259
+2020 Annual Report
+4. Three Gorges Power Co., Ltd. ("Three Gorges Power")
+The Company operates in the power generation industry and its principal products or services include
+electricity production, operation and investment, and technical advice on electricity production.
+22,000,000,000.00
+share
+(ii) Surplus reserves
+On 19 October 2020, the Company issued a total of 74,185,923 Global Depository Receipts ("GDRs")
+on the London Stock Exchange, raising gross proceeds of approximately US$1,963 million. The GDRs
+were listed on the London Stock Exchange, with each GDR representing 10 shares of the Company's A-
+shares, resulting in an additional 741,859,230 underlying A-shares.
+capital
+4. Balance at the end
+converted to share
+(6) Others
+(ii). Utilisation
+(i). Additions
+(5). Special reserve
+retained earnings.
+income transferred to
+Other
+(vi)Others
+to
+comprehensive
+(V)
+retained earnings
+defined benefit plan
+transferred
+(iv) Changes in the
+surplus reserves
+(iii) Loss made up by
+At the end of each year, the Company reviews the estimated useful lives, estimated net residual values
+and depreciation methods of fixed assets and treats any changes therein as changes in accounting estimates.
+(3). Identification, valuation and depreciation method of fixed assets under financing lease
+Non-applicable
+24. Construction in progress
+Applicable
+Construction in progress is carried forward to fixed assets at their estimated value on the basis of
+project budget, construction cost or actual cost of the project from the date they reach their intended
+useable condition, and depreciation will commence from the following month onwards, and the difference
+in the original value of fixed assets will be treated after the completion of the final account procedures.
+25. Borrowing costs
+Borrowing costs directly attributable to fixed assets, investment properties and inventories that
+require more than one year of acquisition or production activities to reach their intended use or saleable
+condition are capitalised when the expenditure on the assets has been incurred, the borrowing costs have
+been incurred and the acquisition or production activities necessary to bring the assets to their intended
+use or saleable condition have commenced; Capitalisation ceases when the asset eligible for capitalisation
+reaches its intended use or saleable condition and any subsequent borrowing costs incurred are charged to
+current profit or loss. If there is an unusual interruption in the process of acquisition or production of an
+asset eligible for capitalisation and the interruption lasts for more than three consecutive months,
+capitalisation of borrowing costs is suspended until acquisition or production activities of the asset resume.
+2020 Annual Report
+119/259
+Interest expenses actually incurred in the period on special borrowings are capitalised, net of interest
+income earned on unused borrowed funds deposited in banks or investment income earned on temporary
+5.00-50.00
+Applicable
+Other
+Machinery and
+12.50-20.00
+5-8
+Transportation
+equipment
+1.67-20.00
+5-60
+buildings
+1.00-5.00
+investments; interest expense on general borrowings are capitalised on the basis of the weighted average
+of the cumulative expenditure on assets in excess of special borrowings multiplied by the capitalisation
+rate of the general borrowings taken up. The capitalisation rate is determined on the basis of the weighted
+average interest rate on general borrowings.
+20-100
+equipment
+26. Productive biological assets
+40-50
+27. Oil and gas assets
+and
+120 / 259
+30-40
+Land use rights
+3
+Car park use rights
+2
+3-4
+1
+Estimated useful lives (year)
+Non-applicable
+Category
+Softwares
+The estimated useful lives of intangible assets with finite useful life of the Company are as follows:
+Among Peru Company' intangible assets, concession is an intangible asset with an indefinite useful
+life. At the end of each financial year, the Company reviews the estimated useful life of intangible assets
+with an indefinite useful life and performs an impairment test.
+Land use rights are amortised evenly over its term from the inception of the grant; software, patented
+technology and other intangible assets are amortised evenly over the shortest of the estimated useful life,
+the contractual term and the legitimate term. Amortisation is charged to the cost of the relevant asset and
+to profit or loss depending on the object which it is intended to benefit. The estimated useful life and
+amortization method of intangible assets with definite useful lives are reviewed at the end of each year
+and any changes are treated as changes in accounting estimates.
+The Company's intangible assets, including land use rights, software, car parking rights and
+concessions, are measured at actual cost at the time of acquisition. Specifically, the actual cost of an
+intangible asset purchased is based on the actual price paid and related other expenses; the actual cost of
+an intangible asset invested by an investor is determined at the value agreed in the investment contract or
+agreement, except where the agreed value in the contract or agreement is not fair, in which case the actual
+cost is determined at fair value; for intangible assets acquired in a business combination not under common
+control that are owned by the acquiree but not recognised in its financial statements, they are recognized
+as intangible assets at fair value upon initial recognition of the assets of the acquiree.
+Applicable
+(1). Valuation, useful life and impairment testing
+29. Intangible assets
+Non-applicable
+28. Right-of-use ass
+Non-applicable
+Number
+Annual
+depreciation
+rate (%)
+2-20
+1.67-2.50
+value rate (%)
+Category
+fe (year)
+Buildings
+8-50
+0-3
+The estimated useful lives, net residual value rates and annual depreciation rates of investment
+properties of Peru Company are set out below.
+Estimated useful life
+residual Annual
+Estimated
+depreciation
+Category
+(year)
+value rate (%)
+rate (%)
+Buildings
+80 years
+1.25
+residual Annual
+Estimated useful li Estimated
+2020 Annual Report
+117 / 259
+company's financial statements. For example, if an equity in an investee under common control is acquired
+in steps through multiple transactions, which ultimately results in a business combination, this should be
+a package deal, and the Company accounts for each transaction as one transaction to obtain control. If the
+transaction is not a package deal, on the combination cost, the long-term equity investment is initially
+recognized based on the share of the carrying value of the net assets of the investee in the consolidated
+financial statements of the ultimate controller upon the combination. In case of any difference between
+the initial investment cost and the sum of the carrying amount of the long-term equity investment up to
+the combination plus the carrying amount of the consideration newly paid for further acquisition of shares
+at the combination date, adjust capital reserve, and if capital reserve is not sufficient to offset the difference,
+adjust retained earnings.
+Long-term equity investments acquired through business combinations not under common control
+are stated at the cost of the combination as the initial investment cost.
+Where an equity in an investee not under common control is acquired in stages through multiple
+transactions that ultimately result in a business combination, additional disclosure should be made for the
+reporting period in which control is obtained as to the treatment of the cost of the long-term equity
+investment in the parent company's financial statements. For example, if an equity in an investee not under
+common control is acquired through multiple transactions in stages, which ultimately results in a business
+combination, this should be a package deal, and the Company accounts for each transaction as a one
+transaction for the acquisition of control. If the transaction is not a package deal, the sum of the book value
+of the equity investment originally held plus the cost of the new investment is recorded as the initial cost
+of investment under cost method of accounting. If the equity interest held prior to the acquisition date is
+accounted for under the equity method of accounting, the relevant other comprehensive income previously
+recognized under the equity method of accounting is not adjusted until its disposal, at which point the
+investment is accounted for on the same basis as adopted by the investee for directly disposing of the
+relevant assets or liabilities. If the equity interest held prior to the acquisition date is accounted for at fair
+value, the cumulative fair value changes previously recognized in other comprehensive income are
+transferred to investment income or loss at the combination date.
+Except for long-term equity investments acquired through business combinations as described above,
+long-term equity investments acquired by cash payments are accounted for at the cost of investment based
+on the actual purchase price paid; long-term equity investments acquired by the issuance of equity
+securities are accounted for at the fair value of the equity securities issued; long-term equity investments
+invested by investors are accounted for at the cost of investment based on the value agreed in the
+investment contract or agreement; if the Company has long-term equity investments acquired by way of
+debt restructuring, non-monetary asset exchange, etc., the method of determining the cost of the
+investment should be disclosed in accordance with the provisions of the relevant ASBEs and taking into
+account the actual situation of the Company.
+The Company adopts the cost method of accounting for its investments in subsidiaries and the equity
+method of accounting for its investments in joint ventures and associates.
+For long-term equity investments accounted for under the cost method of accounting for subsequent
+measurement, the carrying amount of the cost of long-term equity investments is increased by the fair
+value of the cost paid for the additional investment and related transaction costs incurred when the
+additional investment is made. The Company's share in cash dividends or profits declared by the investee
+are recognized as current investment.
+For long-term equity investments accounted for using the equity method of accounting for subsequent
+measurement, the carrying amount of the long-term equity investment is adjusted to increase or decrease
+accordingly with changes in the ownership interest of the investee. In particular, when recognising the
+share of net profit or loss of the investee, on the basis of the fair value of all identifiable assets, etc. of the
+116 / 259
+2020 Annual Report
+investee at the time of acquisition of the investment, the net profit of the investee is aligned to the
+Company's accounting policies and accounting periods, and adjusted eliminating the portion of the profit
+or loss on inter-company transactions with associates and joint ventures attributable to the investor in
+proportion to the shareholding.
+On disposal of a long-term equity investment, the difference between the carrying amount and the
+actual acquisition price is recognized as investment income in the current period. For a long-term equity
+investment accounted for using the equity method of accounting, if any sum is recognized in the owner's
+equity as a result of changes in the owner's equity of the investee other than net profit or loss, the portion
+previously recognized in the owner's equity is transferred to profit or loss for the current period in
+proportion upon disposal of the investment.
+If, due to partial disposal of an equity investment or other reasons, joint control or significant
+influence over the investee is lost, the remaining equity investment is accounted for in accordance with
+the relevant regulations on recognition and measurement of financial instruments, and the difference
+between the fair value and the carrying amount of the remaining equity investment at the date of loss of
+joint control or significant influence is recognized in profit or loss for the current period. Other
+comprehensive income recognised as a result of the equity method of accounting for the previous equity
+investment is accounted for on the same basis as direct disposal of related assets or liabilities by the
+investee upon the termination of the equity method of accounting.
+If, as a result of the disposal of part of a long-term equity investment, control over the investee is lost,
+but the Company continues to be capable of exercising joint control or significant influence over the
+investee, the remaining equity investment is accounted for under the equity method of accounting instead,
+and the difference between the carrying amount of the equity disposed of and the consideration for disposal
+is recognized as investment income and the remaining equity is adjusted as if it had been accounted for
+under the equity method of accounting from the time of acquisition; if upon the disposal, the Company is
+not capable of exercising joint control or significant influence over the investee, the remaining equity
+should be accounted for according to principles for recognition and measurement of financial instrument,
+the difference between the carrying amount of the equity disposed of and the consideration for disposal is
+recognized in investment income, and the difference between the fair value and the carrying amount of
+the remaining equity interest at the date of loss of control is recognized in profit or loss for the current
+period.
+The Company separately accounts for each transaction that is not part of a package deal for the step-by-
+step disposal of an equity investment to the date of loss of control. If they are a "package deal", each
+transaction is accounted for as a disposal of a subsidiary and loss of control, except that the difference
+between the disposal price and the carrying amount of the long-term equity investment corresponding to
+the disposal in each transaction prior to the loss of control is recognized as other comprehensive income
+and is transferred to profit or loss in the period in which control is lost.
+22. Investment properties
+(1). The cost measurement mode is adopted
+Depreciation or amortization method
+The Company's investment properties are buildings and land that have been leased out and are
+measured using the cost model.
+The estimated useful lives, net residual value rates and annual depreciationrates of investment
+properties of the Company are set out below.
+Permanent
+Land
+23. Fixed assets
+(1). Derecognition Conditions
+0-3
+3.03-20.00
+equipment
+Transportation
+Straight-line basis 3-10
+0-3
+9.70-33.33
+equipment
+Electronic and Straight-line basis 3-12
+0-3
+8.08-33.33
+other equupment
+Note: Water retaining structures include Gezhouba, Three Gorges Dam, Xiangjiaba and Xiluodu
+Dam, etc.
+The estimated useful lives, estimated residual value rate and the depreciation rates of the fixed assets
+of Peru Company are as follows:
+Order
+13
+Category
+Plant
+Highest economic useful Estimated residuals
+lives (year)
+rate (%)
+Machinery and Straight-line basis 5-32
+2020 Annual Report
+1.94-12.50
+8-50
+Applicable
+The Company's fixed assets are tangible assets with the following characteristics: they are held for
+the production of goods, provision of services, rental or operation management, have a useful life of more
+than one year and have a high unit value.
+Fixed assets are recognised when it is probable that the economic benefits associated with them are
+likely to flow to the Company and their cost can be measured reliably. The Company's fixed assets include
+water retaining buildings, buildings and structures, machinery and equipment, electronic equipment,
+transportation equipment, office equipment, lands and others.
+The Company depreciates all of its fixed assets, except for those that are fully depreciated and
+continue to be used and land that is separately recorded in the accounts. The Company depreciates water
+retaining buildings, buildings and structures, machinery and equipment, transportation equipment, and
+office equipment on a straight-line basis and charges the depreciation in the cost of the related assets or to
+profit or loss, depending on their use.
+(2). Depreciation method
+Applicable
+The estimated useful lives, estimated residual value rate and the depreciation rates of the Company
+by categories are as follows:
+Category
+Depreciation method
+Depreciation life
+(year)
+Residuals rate (%)
+118 / 259
+Annual
+depreciation
+rate (%)
+2020 Annual Report
+Water retaining Straight-line basis
+40-60
+--
+structures
+Plant
+buildings
+and Straight-line basis
+0-3
+115/259
+depreciation rate
+(%)
+1.94-12.50
+Where control over the investee exists, it is a subsidiary of the Company. Long-term equity
+investments acquired through business combinations under common control are initially measured at the
+share of the carrying value of the net assets of the investee on the consolidated income statements of the
+ultimate controller on the combination date. If the carrying value of the net assets of the investee is negative
+on the combination date, the cost of the long-term equity investment is determined at zero.
+Financial liabilities
+1) Classification, recognition and measurement of financial liabilities
+The Company's financial liabilities are classified at initial recognition as financial liabilities at fair
+value through profit or loss and other financial liabilities.
+Financial liabilities at fair value through profit or loss comprise financial liabilities held for trading
+and financial liabilities designated as at fair value through profit or loss on initial recognition. Financial
+liabilities are subsequently measured at fair value, with gains or losses arising from changes in fair value
+and dividend and interest expenses relating to the financial liabilities recognized in profit or loss.
+Other financial liabilities are subsequently measured at amortised cost using the effective interest
+method.
+2) Derecognition of financial liabilities
+A financial liability or a portion of an obligation that is discharged is derecognised when all or part
+of the present obligation of the financial liability has been discharged. When an agreement is entered into
+between the Company and a creditor to replace an existing financial liability by the assumption of a new
+financial liability, and the contractual terms of the new financial liability are substantially different from
+those of the existing financial liability, the existing financial liability is derecognised and the new financial
+liability is recognised at the same time. If the Company materially modifies the contractual terms of all or
+part of an existing financial liability, it derecognises the existing financial liability or part of it and
+recognises the modified financial liability as a new financial liability at the same time. The difference
+between the carrying amount of the derecognized portion and the consideration paid is recognized in profit
+or loss for the current period.
+(5)
+Determination of the fair value of financial assets and financial liabilities
+The Company measures the fair value of financial assets and financial liabilities at prices in the
+principal market or, if no principal market exists, at prices in the most advantageous market, using
+valuation techniques that are applicable at the time and supported by sufficient available data and other
+information. There are three levels of inputs used in fair value measurement. Specifically, Level 1 inputs
+are unadjusted quoted prices in active markets for identical assets or liabilities that are available at the
+measurement date; Level 2 inputs are inputs other than level 1 inputs that are directly or indirectly
+observable for the underlying asset or liability; and Level 3 inputs are unobservable inputs for the
+underlying asset or liability. The Company prioritizes the use of Level 1 inputs and then uses Level 3
+inputs last. The level to which the fair value measurement results belong is determined by the lowest level
+to which the inputs that are significant to the fair value measurement as a whole belong.
+(6)
+Offsetting of financial assets and financial liabilities
+The Company's financial assets and financial liabilities are presented separately in the balance sheet
+and are not offset against each other. However, they are presented in the balance sheet on a netting basis
+if both of the following conditions are met: (1) the Company has a legal right to offset the recognised
+amounts and such legal right is currently enforceable; and (2) the Company plans to settle on a net basis
+or to realise the financial asset and settle the financial liability simultaneously.
+112 / 259
+(7)
+2020 Annual Report
+Distinction between and treatment of financial liabilities and equity instruments
+The Company distinguishes between financial liabilities and equity instruments on the following
+principles: (1) A contractual obligation meets the definition of a financial liability if the Company cannot
+unconditionally avoid meeting that obligation by delivering cash or other financial assets. Some financial
+instruments do not explicitly contain terms and conditions for an obligation to deliver cash or other
+financial assets, but it is possible that a contractual obligation may arise indirectly through other terms and
+conditions. (2) If a financial instrument is required to be, or may be, settled with the Company's own equity
+instruments, consideration needs to be given to whether the Company's own equity instruments used to
+settle the instrument are intended as a substitute for cash or other financial assets or are intended to give
+the holder of the instrument a residual interest in the assets of the issuer after deducting all liabilities. In
+the former cases, the instrument is a financial liability of the issuer; in the latter cases, the instrument is an
+equity instrument of the issuer. In certain circumstances, a financial instrument contract requires the
+Company to settle the financial instrument with or using its own equity instruments, where the amount of
+the contractual right or contractual obligation is equal to the number of its own equity instruments available
+for acquisition or delivery multiplied by their fair value at the time of settlement, whether the amount of
+the contractual right or obligation is fixed or based wholly or partly on variables other than the market
+price of the Company's own equity instruments (e.g. interest rates, the price of a commodity or the price
+of a financial instrument), the contract is classified as a financial liability.
+(4)
+In classifying financial instruments (or components thereof) in the consolidated statements of
+operations, the Company considers all terms and conditions agreed between the members of the Company
+and the holder of the financial instrument. An instrument is classified as a financial liability if the Company
+as a whole has an obligation to deliver cash, other financial assets or settle in a manner that otherwise
+results in the instrument becoming a financial liability.
+comprehensive income at the same time as it recognizes impairment losses or gains in profit or loss for
+the period.
+111 / 259
+2020 Annual Report
+in the second stage and the Company measures the allowance for losses based on expected credit losses
+over the entire life of the instrument; if the credit impairment of a financial instrument has occurred since
+initial recognition, it is in the third stage and the Company measures the allowance for losses based on
+expected credit losses over the entire life of the instrument.
+For financial instruments with low credit risk at the balance sheet date, the Company measures the
+allowance for losses based on the expected credit losses over the next 12 months, assuming that the credit
+risk has not increased significantly since initial recognition.
+The Company calculates interest income for financial instruments at stages 1 and 2, and at lower
+credit risk, based on their carrying amounts before impairment allowances and effective interest rates. For
+financial instruments at stage 3, interest income is calculated on the basis of their carrying amount less
+impairment allowances, amortized cost and effective interest rate. For accounts receivable, the Company
+measures the allowance for losses on expected credit losses over the entire life of the receivable, regardless
+of whether there is a significant financing component.
+For receivables for which objective evidence of impairment exists, and for other receivables for
+which a separate assessment is applicable, a separate impairment test is performed, an expected credit loss
+is recognized and a separate provision for impairment is made. For receivables for which no objective
+evidence of impairment exists or when information on expected credit losses cannot be assessed at a
+reasonable cost for a single financial asset, the Company classifies receivables into groups based on credit
+risk characteristics and calculates expected credit losses on a group basis, with the basis for grouping as
+follows:
+a. Notes receivable
+Group: Bank acceptances bills
+b. Accounts receivable
+Group 1: Amounts from large-scale hydropower business
+Group 2: Receivables from Peru Company
+Group 2: Other receivables
+c. Other receivables
+Group 1: Dividends receivable
+Where an equity in an investee under common control is acquired in stages through multiple
+transactions that ultimately result in a business combination, additional disclosures should be made for the
+reporting period in which control is acquired as to treatment of long-term equity investments in the parent
+Group 3: Others
+For notes receivable classified into a group, the Company calculates expected credit losses by taking
+into account historical credit loss experience, current conditions and forecasts of future economic
+conditions through default exposures and expected credit loss rates over the life of notes receivable.
+For accounts receivable classified into a group, the Company calculates expected credit losses by
+taking into account historical credit loss experience, current conditions and forecasts of future economic
+conditions through default exposures and expected credit loss rates over the life of accounts receivable.
+For other receivables classified into a group, the Company calculates expected credit losses by taking
+into account historical credit loss experience, current conditions and projections of future economic
+conditions through default exposures and expected credit loss rates over the next 12 months or the entire
+life of the receivables.
+The Company records the allowance for losses accrued or reversed in profit or loss for the period.
+For debt instruments held at fair value through other comprehensive income, the Company adjusts other
+2020 Annual Report
+Where a financial instrument or a component thereof is a financial liability, the related interest,
+dividend (or dividends), gains or losses, and gains or losses arising from redemption or refinancing are
+included in the Company's profit or loss for the current period.
+Group 2: Receivables from Peru Company
+(8)
+2020 Annual Report
+16. Contract assets
+(1). Recognition methods and standards for the contractual
+Non-applicable
+(2). Method of determination of expected credit loss of contract assets and accounting treatment
+methods
+Non-applicable
+17. Assets classified as held for sale
+Non-applicable
+18. Debt investment
+(1). Expected credit loss model and accounting treatments of debt investment
+Non-applicable
+19. Other debt investments
+20. Long-term receivables
+(1). Expected credit loss model and accounting treatments of long-term receivables
+Non-applicable
+21. Long-term equity investments
+Applicable
+The Company's long-term equity investments are mainly investments in subsidiaries, investments in
+associates and investments in joint ventures.
+The Company bases its judgment of joint control on the fact that all participants or a combination of
+participants collectively control the arrangement and that the policies of activities related to the
+arrangement must be unanimously agreed by those participants who collectively control the arrangement.
+The Company is generally considered to have significant influence over an investee when it owns,
+directly or indirectly through a subsidiary, no less than 20 per cent but less than 50 per cent of the voting
+rights in the investee. If the Company holds less than 20% of the voting rights of an investee, it is also
+necessary to consider the facts and circumstances of having representatives on the board of directors or
+similar authority of the investee, or participating in the process of formulating financial and operating
+policies of the investee, or having significant transactions with the investee, or sending management
+personnel to the investee, or providing key technical information to the investee, in order to determine
+whether it has significant influence over the investee.
+If a financial instrument or a component thereof is an equity instrument, upon its issuance (including
+refinancing), repurchase, sale or cancellation, the Company treats it as a change in equity and does not
+recognise changes in the fair value of the equity instrument.
+114 / 259
+Provision for inventories is made at period end on an individual basis; however, provision for
+inventories of large quantities and lower unit prices is made by category; and provision is made on a
+combined basis for inventories that are related to a product line manufactured and sold in the same region,
+have the same or similar end use or purpose and are difficult to measure separately from other items.
+Where the factors affecting the value of inventories previously written down have disappeared, the write-
+down is reversed to the extent of the amount of recognized provision for inventories, with the reversal
+credited to profit or loss for the current period.
+(1). Expected credit loss model and accounting treatments of other debt investments
+Non-applicable
+Inventories are carried using a perpetual inventory system and are initially measured at cost when
+acquired, including purchase cost, processing cost and other costs. Inventories are valued on weighted
+average method or specific identification method when issued.
+Exchangeable bonds
+At the end of the period, inventories are fully counted and provision for inventories is made or
+adjusted at the lower of cost or net realisable value. The net realisable value of inventories of finished
+goods, goods on hand and materials for sale, which are directly for sale, is determined in the usual and
+ordinary course of production and operation as the estimated selling price of such inventories, less
+estimated selling expenses and related taxes. The net realizable value of inventories of materials subject
+to processing are determined in the usual and ordinary course of production and operation as the estimated
+selling price of the finished goods produced, less the estimated costs to completion, estimated selling
+expenses and related taxes. The net realisable value of inventories held for the purpose of performing sales
+contracts or service contracts is calculated on the basis of the contract price, and if the quantity of
+inventories held exceeds the quantity ordered under the sales contract, the net realisable value of the excess
+inventories is calculated at normal selling price.
+Exchangeable bonds issued by the Company that contain both a liability and an exchange option are
+initially recognized separately by splitting them on initial recognition. Of these, exchange options that are
+settled by exchanging the principal and interest included in the liability portion for financial assets held
+by the Company are presented as financial liabilities held for trading.
+On initial recognition, the fair value of the liability component is determined using the discounted
+bond cash flow method, and the fair value of the exchange option component is determined by the option
+binomial tree method using a Bermuda call option. The value of the liability portion of the exchangeable
+bond and the value of the exchange option are allocated to the overall issue price in the proportion that the
+fair value of the liability portion and the fair value of the exchange option represent the sum of the fair
+value of the liability portion and the fair value of the exchange option, respectively.
+For subsequent measurement, the liability portion of the exchangeable bonds is measured at
+amortised cost using the effective interest method and the value of the exchange option classified as a
+financial liability continues to be retained in liabilities. No loss or gain arises on maturity or exchange of
+exchangeable bonds.
+113 / 259
+Transaction costs incurred in connection with the issuance of exchangeable bonds are apportioned between
+the liability component and the exchange option component on the basis of their respective fair values.
+Transaction costs relating to the exchange option component are charged directly to profit or loss;
+transaction costs relating to the liability component are charged to the carrying value of the liability and
+amortised over the term of the exchangeable bond using the effective interest rate method.
+11. Notes receivable
+Expected credit loss model and accounting treatments of notes receivable
+Non-applicable
+12. Accounts receivable
+2020 Annual Report
+13. Financing receivables
+Non-applicable
+The Company's inventories mainly comprise raw materials, revolving materials, spare parts, low-
+value consumables and goods on hand.
+14. Other receivables
+Expected credit loss model and accounting treatments of other receivables
+Non-applicable
+15. Inventories
+Applicable
+Expected credit loss model and accounting treatments of accounts receivable
+Non-applicable
+149,510,174,624.05
+Special reserve
+Surplus reserve
+24,319,522,433.93
+24,319,522,433.93
+General reserve
+56,473,906,836.25
+Retained earnings
+56,473,906,836.25
+Equity attributable to owners of the
+2,352,431,567.60
+149,510,174,624.05
+parent
+2,352,431,567.60
+22,000,000,000.00
+Less: Treasury Shares
+44,364,313,786.27
+44,364,313,786.27
+Capital reserve
+Perpetual debt
+Including: Preference share
+Capital Reserves
+22,000,000,000.00
+Paid-in Capital
+SHAREHOLDERS' EQUITY:
+146,466,914,515.91 146,466,914,515.91
+505,791,900.93
+90,508,364,684.86
+90,508,364,684.86
+Other comprehensive income
+505,791,900.93
+4,195,981,088.98
+296,482,881,040.89
+874,792,997.65
+67,315,820.17
+67,315,820.17
+Other receivables
+13,370,253.30
+13,370,253.30
+Prepayments
+Financing receivables
+1,640,765,860.31
+2,300,000.00
+2,300,000.00
+1,640,765,860.31
+Adjustments
+1 January 2020
+4,195,981,088.98
+150,015,966,524.98
+31 December2019
+Notes receivable
+Derivative financial assets
+Cash and Cash equivalents
+Cash and Cash equivalents
+CURRENT ASSETS:
+Unit: RMB Yuan
+Item
+COMPANY STATEMENT OF FINANCIAL POSITION
+Non-applicable
+The explanation of other adjustments:
+SHAREHOLDERS' EQUITY
+TOTAL LIABILITIES AND
+Total shareholders' equity
+Non-controlling interests
+296,482,881,040.89
+150,015,966,524.98
+Accounts receivable
+874,792,997.65
+Long-term receivables
+5,833,758.06
+120,539,909.11
+Insurance reserves
+Long-term borrowings
+Bonds payable
+Non-current liabilities:
+Total current liabilities
+Other current liabilities
+liabilities
+Current portion of non-current
+sale
+Liabilities classified as held for
+Payable Reinsurance
+Fees and commission payable
+Dividend Payable
+Including: Interest Payable
+Other payables
+120,539,909.11
+Taxes payable
+Payroll and employee benefits
+deposits
+Securities underwriting brokerage
+Customer brokerage deposits
+institutions
+from banks and other financial
+Customer deposits and balances
+agreements to buy
+Financial assets sold under
+370,387.27
+370,387.27
+Contract liabilities
+Including: Interest receivable
+-376,547.61
+payable
+5,833,758.06
+2,106,242,913.91
+21,042,264,353.26
+21,232,945,436.94
+21,232,945,436.94
+2020 Annual Report
+Total Liabilities
+Total non-current liabilities
+Other non-current liabilities
+Deferred Tax Liabilities
+Deferred income
+Provisions
+benefits payable
+Long-term payroll and employee
+Long-term Payable
+Lease liabilities
+Perpetual debt
+2,106,242,913.91
+Including: Preference share
+24,600,000,000.00
+128 / 259
+43,794,792,492.21
+24,600,000,000.00
+55,958,549,831.05
+55,958,549,831.05
+6,160.34
+7,998,656,735.08
+7,998,650,574.74
+2,499,762,842.57
+2,499,762,842.57
+897,073,966.87
+897,073,966.87
+21,042,264,353.26
+43,794,792,492.21
+Dividends receivable
+Liabilities classified as held for
+50,045,000.00
+7,998,650,574.74
+7,998,650,574.74
+2,499,762,842.57
+2,499,762,842.57
+Other current liabilities
+Current portion of non-current
+sale
+liabilities
+8,788,393.37
+837,531,967.98
+837,531,967.98
+Dividend Payable
+Including: Interest Payable
+4,082,085,127.73
+4,082,085,127.73
+Other payables
+1,018,564,145.60
+1,018,564,145.60
+Taxes payable
+payable
+97,805,901.99
+97,805,901.99
+Payroll and employee benefits
+Contract liabilities
+8,788,393.37
+8,788,393.37
+Receipts in advance
+49,275,071.09
+49,275,071.09
+Total current liabilities
+20,693,633,606.92
+20,693,633,606.92
+Non-Current liabilities:
+2020 Annual Report
+130 / 259
+22,000,000,000.00
+22,000,000,000.00
+79,635,492,588.25
+79,635,492,588.25
+58,941,858,981.33
+58,941,858,981.33
+Total non-current liabilities
+Paid-in Capital
+SHAREHOLDERS' EQUITY:
+Total Liabilities
+Other non-current liabilities
+902,756,097.24
+Accounts payable
+902,756,097.24
+Deferred income
+Provisions
+benefits payable
+Long-term payroll and employee
+Long-term Payable
+Lease liabilities
+Perpetual debt
+Including: Preference share
+40,439,102,884.09
+40,439,102,884.09
+Bonds payable
+17,600,000,000.00
+17,600,000,000.00
+Long-term borrowings
+Deferred Tax Liabilities
+50,045,000.00
+18,701,549.83
+Notes payable
+Investment properties
+4,255,519,358.34
+4,255,519,358.34
+Other non-current assets
+investments
+3,912,606,164.86
+3,912,606,164.86
+instruments
+Other equity
+78,052,733,566.35
+78,052,733,566.35
+Long-term equity investments
+Long-term receivables
+2020 Annual Report
+129 / 259
+315,531,193.73
+6,364,049,432.31
+315,531,193.73
+6,364,049,432.31
+Other debt investments
+Debt investment
+Non-CURRENT ASSETS:
+Total current assets
+Other current assets
+assets
+Current portion of non-current
+Assets classified as held for sale
+Contract assets
+128,785,215.82
+128,785,215.82
+Inventories
+Fixed assets
+27,552,840.37
+27,552,840.37
+95,931,292,255.59
+through profit or loss
+Financial liabilities at fair value
+Financial liabilities held for trading
+4,920,000,000.00
+4,920,000,000.00
+Short-term borrowings
+Current liabilities:
+189,712,076,868.23
+189,712,076,868.23
+183,348,027,435.92
+183,348,027,435.92
+Total non-current assets
+Total assets
+34,272,485.05
+34,272,485.05
+18,701,549.83
+Other non-current assets
+98,251,997.77
+Deferred tax assets
+Long-term prepaid expenses
+Goodwil
+Development expenditures
+89,336,000.23
+89,336,000.23
+Intangible assets
+Right-of-use asset
+Productive biological assets
+946,462,767.36
+946,462,767.36
+Construction in progress
+95,931,292,255.59
+98,251,997.77
+9,164,940.98
+Oil and gas assets
+86,819,605.55
+(4). Other long-term employee benefits
+Termination benefits are compensation given to an employee by the enterprise to terminate the
+employment with the employee before the expiry of the employee's employment contract or to encourage
+the employee to voluntarily accept redundancy.
+Applicable
+(3). Termination benefits
+Service costs incurred for defined benefit plans and net interest on net liabilities or net assets of
+defined benefit plan are charged to profit or loss for the period or to the cost of the related assets; changes
+arising from the remeasurement of net defined benefit plan are charged to other comprehensive income
+and are not reversed to profit or loss in subsequent periods. On settlement of a defined benefit plan, a gain
+or loss on settlement is recognized as the difference between the present value of the defined benefit plan
+obligation and the settlement price determined at the settlement date.
+The Company discounts defined benefit plan obligations, including those expected to be paid within
+twelve months after the end of the reporting period in which employees render services, based on market
+yields on treasury bonds or high quality corporate bonds in active markets that match the maturity and
+currency of the defined benefit plan obligations at the balance sheet date.
+Post-employment benefits, which mainly include basic pension insurance premiums, unemployment
+insurance premiums, enterprise annuities and supplementary benefits provided by the Company for retired
+employees, are classified as defined contribution plans and defined benefit plans depending on risks and
+obligations assumed by the Company. For defined contribution plans, a liability is recognized on the basis
+of contributions made to a separate entity at the balance sheet date in exchange for services rendered by
+employees during the financial period, and is charged profit or loss or to the cost of related assets
+depending on the beneficiary. For defined benefit plans, the Company measures the obligation arising
+from the defined benefit plan and determines the period over which the related obligation vests, using
+unbiased and mutually consistent actuarial assumptions about the relevant demographic and financial
+variables using the projected unit credit method. The deficit or surplus resulting from the present value of
+the defined benefit plan obligation less the fair value of the defined benefit plan assets is recognized as a
+net liability or net asset of defined benefit plan. If a defined benefit plan has a surplus, the Company
+measures the net assets of defined benefit plan at the lower of the surplus or asset limit of the defined
+benefit plan.
+Applicable
+(2). Post-employment benefit
+Short-term payroll and employee benefits mainly includes salaries, bonuses, allowances and
+subsidies, employee benefits, social insurance premiums and housing provident fund, trade union expenses
+and employee education expenses and other expenses related to the services rendered by employees.
+Actual short-term remuneration incurred is recognized as a liability in the accounting period in which the
+services are rendered by the employees and is charged to profit or loss or the cost of relevant assets
+depending on the beneficiary.
+2020 Annual Report
+121 / 259
+(1). Short-term employee benefits payable
+Applicable
+33. Payroll and employee benefits payable
+(1). Recognition of contract liabilities
+Non-applicable
+32. Contract liabilities
+Non-applicable
+31. Long-term deferred and prepaid expenses
+If, after the impairment test, the carrying amount of the asset exceeds its recoverable amount, the
+difference is recognized as an impairment loss, and the impairment loss on the above assets, once
+recognized, is not reversed in subsequent financial periods.
+The Company examines long-term equity investments, investment properties measured using the cost
+model, fixed assets, construction in progress and intangible assets with definite useful lives at each balance
+sheet date and conducts impairment tests when there is an indication of impairment. For goodwill and
+intangible assets with indefinite useful lives, impairment tests are performed at the end of each period,
+regardless of whether there is an indication of impairment.
+30. Impairment of long-term assets
+Applicable
+Development stage expenditure that does not meet the above criteria is charged to profit or loss as incurred.
+Development expenditure previously charged to profit or loss is no longer recognised as an asset in
+subsequent periods. Development stage expenditures that have been capitalised are shown as development
+expenditure on the balance sheet and are presented as intangible assets from the date the it reaches its
+intended useable condition.
+(5) Expenditure attributable to the development stage of the intangible asset can be measured
+reliably.
+Applicable
+Other long-term employee benefits refer to all employee benefits other than short-term payroll and
+employee benefits, post-employment benefits and termination benefits.
+34. Lease liabilities
+Non-applicable
+(ii) The Company has physically transferred the goods to the customer;
+For performance obligations performed at a point in time, the Company recognizes revenue at the
+point in time when the customer obtains control of the relevant goods or services. In determining whether
+a customer has acquired control of goods or services, the Company considers the following indications.
+(i) The Company has a present right to receive payment for the goods or services;
+For performance obligations performed within a certain period of time, the Company recognizes
+revenue in proportion to the progress in performance during that period. When the progress in performance
+is not reasonably determinable, the Company recognizes revenue in the amount of costs already incurred
+until the progress in performance can be reasonably determined, if the costs already incurred are expected
+to be reimbursed.
+(ii) The customer is able to control the goods in progress in the course of the Company's performance.
+(iii) The goods produced in the course of the Company's performance have irreplaceable use and the
+Company is entitled to receive payment for the portion of the performance that has been completed to date
+in aggregate throughout the contract period.
+(i) The customer acquires and consumes the economic benefits arising from the Company's
+performance at the same time as the Company's performance.
+The Company is performing its performance obligations over a certain period of time if one of the
+following conditions is met, otherwise, it is performing its performance obligations at a certain point in
+time.
+will pay for the goods or services as soon as control is obtained. The difference between this transaction
+price and the contract consideration is amortized over the term of the contract using the effective interest
+method. If, at the contract commencement date, the Company expects that the interval between the
+customer's acquisition of control of the goods or services and the customer's payment of the price will not
+exceed one year, the existence of a significant financing component in the contract is not considered.
+2020 Annual Report
+123 / 259
+The transaction price is the amount of consideration to which the Company expects to be entitled as
+a result of the transfer of goods or services to the customer, excluding amounts collected on behalf of third
+parties. The Company does not recognize transaction prices in excess of the amount for which it is highly
+probable that there will be no material reversal of revenue recognized in the aggregate when the related
+uncertainty is removed. Amounts expected to be returned to customers as a liability for returned goods are
+not included in the transaction price. Where there is a significant financing component in the contract, the
+Company determines the transaction price based on the amount payable in cash assuming that the customer
+If a contract contains two or more performance obligations, the Company measures revenue at the
+contract commencement date by apportioning the transaction price to each individual performance
+obligation based on the relative proportion of the individual selling price of the goods or services promised
+by each individual performance obligation, and measuring revenue based on the transaction price
+apportioned to each individual performance obligation.
+(4) The Company has sufficient technical, financial and other resources to support the completion
+of the intangible asset and the ability to use or sell the intangible asset;
+The Company recognizes revenue when it has fulfilled its performance obligations under a contract,
+i.e., when the customer obtains control of the related goods or services.
+38. Revenue
+Non-applicable
+37. Preferred shares, perpetual debts and other financial instruments
+Non-applicable
+36. Share based payment
+An estimated liability is initially measured at the best estimate of the expenditure required to settle
+the related present obligation, taking into account the risks associated with the contingency, uncertainty
+and the time value of money. Where the effect of the time value of money is material, the best estimate is
+determined by discounting the related future cash outflows. The carrying amount of estimated liability is
+reviewed at each balance sheet date and, if changed, the carrying amount is adjusted to reflect the current
+best estimate.
+The Company recognizes a liability when operations related to contingencies such as external
+guarantees, discounting of commercial acceptances, pending litigation or arbitration and product quality
+warrants meet all of the following conditions: the obligation is a present obligation assumed by the
+Company; it is probable that the performance of the obligation will result in an outflow of economic
+benefits from the enterprise; and the amount of the obligation can be measured reliably.
+2020 Annual Report
+Applicable
+35. Provisions
+122 / 259
+(1). Accounting policies adopted for revenue recognition and measurement
+Applicable
+(iii) The Company has transferred to the customer major risks and rewards associated with legitimate
+ownership or ownership of the goods;
+(3) A market exists for the product produced by applying the intangible asset or a market exists for
+the intangible asset itself;
+The Company's research and development expenditures are classified into research stage
+expenditures and development stage expenditures, depending on their nature and whether there is a high
+degree of uncertainty that the research and development activities will result in intangible assets. Research
+stage expenditures are charged to profit or loss as incurred; development stage expenditures are recognized
+as intangible assets when the following conditions are met.
+1,742,787.89
+1,742,787.89
+Deferred tax assets
+Other non-current assets
+369,173,036.54
+369,173,036.54
+34,272,485.05
+34,272,485.05
+Total non-current assets
+285,447,734,318.45
+285,447,734,318.45
+Total assets
+296,482,881,040.89
+296,482,881,040.89
+Current liabilities:
+Short-term borrowings
+21,308,000,000.00
+21,308,000,000.00
+Borrowing from the central bank
+Deposits and balances from
+banks and other financial
+institutions
+Financial liabilities held for trading 768,403,141.10
+Long-term prepaid expenses
+Goodwill
+Development expenditures
+191,462,744.50
+(2). Accounting policy for internal research and development expenditure
+Applicable
+The estimated useful lives of the softwares and other intangible assets are 5 years.
+2020 Annual Report
+Long-term equity investments
+40,258,231,503.89
+Other equity
+instruments
+4,432,380,427.04
+40,258,231,503.89
+4,432,380,427.04
+investments
+Other non-current assets
+(1) It is technically feasible to complete the intangible asset so that it can be used or sold;
+(2) The Company has an intention to complete the intangible asset and to use or sell it;
+Investment properties
+Construction in progress
+Productive biological assets
+Oil and gas assets
+Right-of-use asset
+Intangible assets
+5,812,035,941.91
+27,552,840.37
+226,291,965,212.17
+6,880,639,435.66
+5,812,035,941.91
+27,552,840.37
+226,291,965,212.17
+6,880,639,435.66
+191,462,744.50
+Fixed assets
+(iv) The customer has accepted the goods or services.
+(2). Differences in accounting policies for revenue recognition due to different operating models for
+the same type of business activities
+Non-applicable
+receivable
+Reinsurance contract provision
+Due from reinsurers
+Insurance premium receivable
+14,453,284.98
+14,453,284.98
+2,560,000.00
+2,944,436,813.72
+2,560,000.00
+2,944,436,813.72
+Prepayments
+Financing receivables
+Banks and Other
+7,323,452,880.02
+7,323,452,880.02
+Cash and Cash equivalents
+Adjustments
+1 January 2020
+31 December 2019
+Accounts receivable
+Notes receivable
+Derivative financial assets
+Receipts in advance
+Financial Institutions
+Loans to
+Other receivables
+68,071,011.56
+68,071,011.56
+Including: Interest receivable
+Other debt investments
+127 / 259
+1,148,277,903.43
+1,148,277,903.43
+11,035,146,722.44
+459,771,956.64
+459,771,956.64
+11,035,146,722.44
+Debt investment
+Loans and advances
+NON-CURRENT ASSETS:
+Total current assets
+Settlements Provision
+Other current assets
+Current portion of non-current
+Assets classified as held for sale
+Contract Asset
+222,400,775.52
+222,400,775.52
+Inventories
+agreements to resell
+Financial assets purchased under
+50,045,000.00
+50,045,000.00
+Dividends receivable
+assets
+CURRENT ASSETS:
+Item
+Unit: RMB 100 million
+Applicable
+(1). Accounting treatment of operating lease
+42. Leases
+The Company recognizes deferred tax assets to the extent that it is probable that future taxable income
+will be available against which deductible temporary differences, deductible losses and tax credits can be
+utilized.
+law, a deferred tax asset is recognized accordingly. For temporary differences arising from the initial
+recognition of goodwill, no deferred tax liabilities are recognized. For temporary differences arising from
+the initial recognition of assets or liabilities in transactions other than business combinations that affect
+neither accounting profit nor taxable income (or deductible losses), no deferred tax assets and deferred tax
+liabilities are recognized. At the balance sheet date, deferred tax assets and deferred tax liabilities are
+measured at the tax rates that are expected to apply in the period when the asset is expected to be recovered
+or the liability settled.
+2020 Annual Report
+The Company's deferred tax assets and deferred tax liabilities are recognized based on the difference
+between the tax basis of assets and liabilities and their carrying amounts (temporary differences). For
+deductible losses that can be offset against taxable income in subsequent years in accordance with the tax
+125 / 259
+41. Deferred income tax assets / deferred income tax liabilities
+Applicable
+(3) In other cases, it is recognized directly in profit or loss for the current period
+(2) If there is a related deferred income, the carrying amount of the related deferred income is reduced,
+and the excess is recognized in profit or loss for the current period.
+(1) If the carrying value of the related asset is reduced upon initial recognition, the carrying value of
+the asset is adjusted.
+A lease is a finance lease if the terms of the lease transfer substantially all the risks and rewards
+associated with the ownership of the leased asset to the lessee, while other leases are operating leases.
+Operating leases are accounted for as follows:
+If the government grants recognized by the Company are required to be returned, they are accounted
+for in the period in which they are required to be returned as follows:
+If the relevant assets are sold, transferred, scrapped or destroyed before the end of their useful lives,
+the unallocated balance of the relevant deferred income is transferred to profit or loss in the period when
+the assets are disposed of.
+Government grants related to assets reduce the carrying amount of the related assets or recognized as
+deferred income. If deferred income is recognized, it is recognized in profit or loss over the useful life of
+the related assets using a reasonable and systematic method.
+Government grants are measured at the amount actually received if they are monetary assets, or at
+the amount receivable if the grant is allocated at a fixed standard or if there is conclusive evidence at the
+end of the period that the relevant conditions stipulated in the fiscal support policy can be met and the
+funds are expected to be received. Government grants are measured at fair value if they are non-monetary
+assets, and measured at the nominal amount (RMB1) if the fair value cannot be reliably obtained.
+Asset-related government grants refer to government grants acquired by the Company for the
+acquisition and construction or otherwise forming long-term assets; revenue-related government grants
+refer to government grants other than asset-related government grants. If the objects of government grants
+are not specified in government documents, the Company makes judgment on the above principles, and if
+it is difficult to distinguish, the same is fully classified as revenue-related government grants.
+Government grants, which are monetary and non-monetary assets obtained by the Company from the
+government without compensation, excluding capital invested by the government as the owner of the
+enterprise, are classified into asset-related government grants and revenue-related government grants.
+2020 Annual Report
+124 / 259
+Applicable
+40. Government grants
+Non-applicable
+39. Contract cost
+Revenue-related government grants that are used to compensate for related costs and expenses or
+losses in subsequent periods are recognized as deferred income and are recognized in profit or loss or
+reduce the related costs in the period in which the related costs and expenses or losses are recognized.
+Government grants related to ordinary activities are recognized in other income or offset against related
+costs and expenses based on the substance of the economic operations. Government grants that are not
+related to ordinary activities are recorded as non-operating income or expense.
+768,403,141.10
+(1) Lease payments made by the Company for leased assets are amortised on a straight-line basis
+over the entire lease term without deducting the rent-free period and are expensed. The initial direct costs
+paid by the Company in connection with the lease transaction are expensed when incurred.
+(2) Lease payments received by the Company for leasing assets are allocated on a straight-line basis
+over the entire lease term without deducting the rent-free period and recognized as lease income. The
+initial direct costs paid by the Company in connection with the lease transaction are expensed when
+incurred, or capitalized if the amount is significant, in which case it is amortized and expensed over the
+entire lease term on the same basis as lease income is recognized.
+CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+(3). The impacts arising from adoption of New financial Instrument Standard, New Lease Standard
+and New Revenue Standard on the balance sheet as at 1 January 2020
+Applicable
+Non-applicable
+(2). Changes in accounting estimates
+Nil
+Others
+the financial statements without
+adjustments for comparable
+periods. The adoption of the
+above new standard will not have
+a material impact on the
+Company's financial statements.
+The Company has adopted the
+new standard for revenue from 1
+January 2020 and made financial
+statement disclosures as required,
+adjusting opening retained
+earnings and other related items in
+Remarks (materially affected
+financial statement items and
+amounts)
+the Board of Directors of the
+Company.
+(hereinafter referred to as the
+new standard for revenue) in
+July 2017
+When the lessor bears the expenses related to the lease that should be borne by the Company, the
+Company deducts such expenses from the total rental amount, and amortize and expense the remaining
+rental over the lease term.
+(Cai Kuai [2017] No. 22) meeting of the Fifth Session of
+Approval procedure
+2020 Annual Report
+-
+The Ministry of Finance revised
+and issued Accounting
+Standard for Business
+Enterprises No. 14 Revenue
+Content of and reasons for
+changes in accounting policies
+126 / 259
+44. Changes in significant accounting policies and estimates
+(1). Changes in significant accounting policies
+Applicable
+43. Other significant accounting judgments and estimates
+Non-applicable
+(3). Identification and accounting treatment method of lease under the new lease standard
+Non-applicable
+Non-applicable
+When the Company incurs lease related expenses that should be borne by the lessee, the Company
+deducts such expenses from the total rental income and allocates the remaining amount over the lease term.
+(2). Accounting treatment of financing lease
+Relevant changes in accounting
+policy was adopted at the 15th
+Derivative financial liabilities
+Trading financial assets
+86,819,605.55
+Notes payable
+18,701,549.83
+18,701,549.83
+Accounts payable
+Unit: RMB Yuan
+Changes in the current period
+Applicable
+(3). Details of bad debt provision
+Refer to the disclosure of other receivables if bad debt provision is made based on the general ECL model:
+Non-applicable
+Bad debt provision assessed by groups:
+Non-applicable
+Bad debt provision assessed individually:
+Non-applicable
+Nacional de Aduanas y de
+Category
+2,944,436,813.72
+906,179.72
+65,513,867.59
+136
+2020 Annual Report
+135/259
+Provision
+Recovery
+906,179.72
+or
+Elimination
+or write-off
+Other changes
+Closing
+balance
+reversal
+Accounts 906,179.72
+1,531,903.86
+-1,282,241.59
+1,155,841.99
+receivable
+Total
+906,179.72
+Opening
+balance
+226
+66,420,047.31
+2,945,342,993.44
+46,731,935.33
+3,650,048,602.74
+large-scale hydropower 2,657,790,696.57
+Receivables portfolio of
+Including:
+assessed by groups
+2,944,436,813.72
+906,179.72 0.03
+72.79
+100.00
+3,650,048,602.74
+0.03
+1,155,841.99
+100.00
+3,651,204,444.73
+Bad debt provision
+2,945,342,993.44
+2,657,790,696.57
+2,878,922,946.13
+97.74
+1,155,841.99
+128
+46,731,935.33
+3,651,204,444.73
+Total
+portfolio
+receivables
+Other
+3
+Peru Company
+945,525,970.84
+1,155,841.99 0.12
+25.93
+Receivables portfolio of 946,681,812.8
+business
+2,878,922,946.13
+1,531,903.86
+Significant recovery or reversal of bad debt provision for the current period:
+Non-applicable
+(5). Top five accounts receivable based on debtors
+Applicable
+(4). Accounts receivable written off as at the end of the reporting period
+Non-applicable
+2,673,562,079.15
+73.22
+(6). Accounts receivable derecognized due to transferred financial asset
+Non-applicable
+(7). Carrying amount of continuing involvement after transferring accounts receivable
+Non-applicable
+136 / 259
+Others:
+Non-applicable
+6. Financing receivables
+Non-applicable
+7. Prepayments
+(1). Aging analysis of prepaymen
+Applicable
+Unit: RMB Yuan
+2020 Annual Report
+Closing balance
+Opening balance
+Aging
+Amount
+2-3 years
+5.53
+799,384.22
+11.92
+5,824,384.11
+1-2 years
+Total
+88.45
+88.06
+43,024,823.72
+Within 1 year
+Proportion (%)
+Amount
+Proportion (%)
+12,782,997.04
+year
+Company
+0.22
+China Southern Power Grid Co.,
+Ltd.
+year
+54.21
+1,979,486,679.59
+State Grid Corporation
+Within 1
+Within 1
+Balance of provision
+for bad debt at the end of
+the year
+Aging
+Closing balance
+Entity
+Proportion of
+total
+the
+Including:
+balance of
+other
+receivables at
+the end of the
+year (%)
+-1,282,241.59 1,155,841.99
+377,422,324.55
+year
+8,160,810.85
+Within 1
+State Grid Hubei Electric Power
+year
+0.43
+15,847,778.90
+10.34
+Within 1
+year
+China branch
+8.02
+292,644,485.26
+Within 1
+State Grid Corporation, Central
+Three Gorges First Wind Farm Pakistan
+(Pvt) Limited
+Carrying amount
+Proportio
+n(%)
+Amount
+Unit: RMB Yuan
+Applicable
+1、
+Cash and Cash equivalents
+For the financial statement data disclosed below, unless otherwise stated, “opening” refers to 1
+January 2020 and “closing” refers to 31 December 2020. “Current year” refers to the period from 1
+January 2020 to 31 December 2020 and “last year” refers to the period from 1 January 2019 to 31
+December 2019. The currency unit is RMB.
+VII. Notes to Items of the Consolidated Financial Statements
+Item
+meter
+Xiangjiaba Power
+Station
+meter
+for Actual water Station
+consumption
+Power
+production
+tax
+RMB0.09/cubic
+RMB0.1/cubic
+Power
+Cash on hand
+Other monetary funds
+Note: Of the Company's other cash and cash equivalents, performance bond of RMB7,000,000.00 is
+classified as restricted cash, and the remaining was cash for investments not subject to restrictions such as
+pledge or freeze.
+Others
+foreign countries
+Including: Total amount deposited in 3,924,867,095.04
+4,231,648,449.48
+7,323,452,880.02
+Bank balances
+2,334,151,383.55
+Opening balance
+9,231,213,791.79
+64,721,396.96
+9,159,811,937.11
+Closing balance
+6,680,457.72
+Total
+4,989,301,496.47
+2、
+Xiluodu
+RMB0.008/kWh
+Preferential taxation
+2.
+According to the Notice of the Continuation of the Enterprise Income Tax for Implementation of
+Exploration and Development of Western Region (Notice of the Ministry of Finance No. 23 [2020]),during
+the execution period of continued preferential tax treatments, Chuanyun is subject to corporate income tax
+at a reduced rate at 15% from 1 January 2021 to 31 December 2030.
+According to the Announcement of the Ministry of Finance No. 23 of 2020 "Announcement on the
+Renewal of the Enterprise Income Tax Policy for Western Development", during the renewal period of
+the tax concession, from 1 January 2021 to 31 December 2030, Chuanyun will continue to pay corporate
+income tax at a reduced rate of 15%.
+Note 2: According to the State Administration of Taxation Announcement No. 12 of 2012
+"Announcement on Corporate Income Tax Issues Related to the Further Implementation of the Western
+Development Strategy" and other policies, Chuanyun was eligible for the tax concessions for the Western
+Development and paid corporate income tax at a reduced rate of 15% from 1 January 2011 to 31 December
+2020.
+Income tax rate (%)
+Applicable
+29.5
+16.5
+Yangtze Andes Holding Co., Limited
+16.5
+China Three Gorges Power Operation Int'l Co.,
+Limited
+China Yangtze International (Hongkong) Co., 16.5
+Limited
+15
+Peru Company
+Water resources
+Note 1: Pursuant to Er Zheng Ban Fa [2016] No. 27, the rate of local education surcharge for
+enterprises in the Hubei was reduced from 2% to 1.5% provisionally for two years, effect from 1 May
+2016. Pursuant to Er Zheng Ban Fa [2018] No. 13, the preferential policy on local education surcharge for
+enterprises in the Hubei was extended to 31 December 2020.
+Others
+power
+Actual
+generation
+Water for power
+generation
+Tax rate
+Tax basis
+Classification
+3.
+Type of tax
+132 / 259
+Pursuant to the Notice on the Issuance of the Implementation Measures for the Expansion of Pilot
+Water Resources Tax Reform (Cai Shui [2017] No. 80) jointly issued by the Ministry of Finance, the State
+Administration of Taxation and the Ministry of Water Resources, it was clarified that Sichuan Province
+was in the second batch of pilot provinces for water resources tax reform nationwide. Chuanyun began to
+pay water resources tax from 1 December 2017 at rates shown in the table below.
+(2) Water resource tax
+Property tax is mainly based on 70% (Beijing, Chengdu, Yibin, Shuifu, Leibo and Yongshan) or 75%
+(Yichang) of the original value of the property, at a rate of 1.2%, or on rental income, at a rate of 12%
+(Chengdu, Beijing and Yichang). Underground plants are taxed on the basis of 75% (Yichang) of the
+original value of the taxable property which is 50% (Yichang) of the original price of the building, with a
+tax rate of 1.2%.
+(1) Property tax
+Applicable
+2020 Annual Report
+Financial assets held for trading
+Non-applicable
+3
+Unit: RMB Yuan
+Applicable
+(2). Disclosed by bad debt provision methods
+134 / 259
+3,651,204,444.73
+Total
+Category
+More than 5 years
+3-4 years
+More than 3 years
+2-3 years
+5,974.17
+6,124,352.24
+3,645,074,118.32
+4-5 years
+Book balance at the end of the reporting period
+Bad debt
+Closing balance
+Book balance
+Bad debt provision
+Proportio
+n(%)
+Amount
+Book balance
+Opening balance
+assessed individually
+2020 Annual Report
+provision
+Proportio
+n(%)
+(%)
+Amount
+Amount
+Proportion
+Bad debt provision
+Carrying
+amount
+Unit: RMB Yuan
+1-2 years
+year
+(5). Disclosed by bad debt provision methods
+Non-applicable
+(4). Notes transferred to accounts receivable due to the drawer's non-performance as at the end of the
+reporting period
+Non-applicable
+(3). Endorsed or discounted notes receivable that is not yet matured as at the end of the reporting
+period
+2020 Annual Report
+Non-applicable
+133259
+Non-applicable
+Categories of notes receivable
+(1).
+4、 Notes receivable
+Non-applicable
+Derivative financial assets
+(2). Notes receivable which have been pledged as security at the end of the reporting period
+Non-applicable
+Bad debt provision assessed individually
+Non-applicable
+Bad debt provision assessed by groups
+Within 1
+Including: Item aged within 1 year
+Within 1 year
+Aging
+Applicable
+(1). Disclosure by aging
+5 Accounts receivable
+Non-applicable
+Others
+Non-applicable
+(7). Notes receivable written off as at the end of the reporting period
+Non-applicable
+(6). Details of bad debt provision
+Refer to the disclosure of other receivables if bad debt provision is made based on the general ECL model:
+Non-applicable
+Non-applicable
+9,101.91
+0.02
+More than 3
+1.17
+ECL(impaired)
+2,773,863.89
+--Transfer to stage II
+--Transfer to stage III
+--Reverse to stage II
+--Reverse to stage I
+Provision
+139 / 259
+Reversal
+Elimination
+39,036.81
+2020 Annual Report
+39,036.81
+Write-off
+Other changes
+As at 31 December
+2020
+-20,246.07
+2,714,581.01
+-20,246.07
+Other
+Provision
+balance
+Category
+Opening
+Unit: RMB Yuan
+Total
+Applicable
+Details of bad debt provision
+Non-applicable
+Bad debt provision for the current period and basis for assessing whether there's significant increase in the credit
+risk of financial instruments:
+Non-applicable
+Explanations on significant changes in the book balance of interest receivable where there are changes in
+provision for the current period:
+2,714,581.01
+(10).
+Lifetime ECL (not Lifetime
+impaired)
+12-month ECL
+2,773,863.89
+As at 1 January 2020
+Changes due to
+financial instruments
+recognised as at 1
+January 2019
+402,358,367.37
+6,084,696.61
+Book balance at the end of the
+reporting period
+8,764,532.65
+Intercourse funds
+Funds disbursed
+Deposits and margin
+Book balance as at the beginning
+of the reporting period
+2,530,947.63
+Nature
+1,862,915.04
+454,541,596.37
+561,664.65
+(8). Details of classification by nature
+Applicable
+Total
+More than 5 years
+4 to 5 years
+Unit: RMB Yuan
+2,773,863.89
+333,391.71
+Social compensation Fund of 8,992,470.80
+Bad debt provision
+Stage III
+Stage II
+Stage I
+RMB Yuan
+Unit:
+10,786,040.44
+Applicable
+7,149,495.67
+20,799,875.45
+454,541,596.37
+28,341,528.94
+Total
+Other
+Peru's power industry
+(9). Details of bad debt provision
+Changes in the current period
+Recovery Elimination
+or reversal or write-off
+39,036.81
+Other
+changes
+Closing
+balance
+5,646,470.76
+Within
+Intercourse
+funds
+Lima
+1 year
+9,974.11
+1.24
+2.19
+Within
+Intercourse
+funds
+1 year
+2.74
+12,433,461.84
+Within
+9,974,110.51
+Intercourse
+funds
+1 year
+Within
+Administración Tributaria
+Yangtze Three Gorges
+Industrial Co., Ltd.
+Programa de Gobiemo
+Regional de
+Metropolitana
+Yunchuan Hydropower
+Intercourse
+funds
+Three Gorges Jinsha River
+80.43
+1 year
+/
+140 / 259
+365,588,329.75
+1.15
+5,210,999.91
+342,297.40
+803,229.70
+1 year
+73.11
+Proportion
+the
+Entity
+RMB Yuan
+(12).
+Applicable
+Unit:
+Top five other receivables based on debtors
+(11). Other receivables written off as at the end of the current period
+Non-applicable
+to
+Significant recovery or reversal of bad debt provision for the current period:
+Non-applicable
+39,036.81
+2,773,863.89
+Total
+portfolio
+receivables
+-20,246.07 2,714,581.01
+-20,246.07 2,714,581.01
+332,323.29
+total
+Nature
+332,323,286.73
+Within
+Intercourse
+funds
+(%)
+provision
+KALLPA
+Three Gorges Electric Energy Co., Ltd.
+receivables
+other
+of
+Aging
+Closing
+balance of
+closing balance
+Closing balance
+bad debt
+1,836,606.44
+3,114,211.37
+446,362,969.17
+14,314,790.93
+Pacífico Compañía de Seguros y
+Reaseguros S.A.
+Proportion of the total
+balance of prepayments
+at the end of the year (%)
+Aging
+Closing balance
+Entity
+Within 1 year
+(2). Top five prepayments based on the payers
+Applicable
+Total
+completed
+Sales Co., Ltd.
+2-4 years
+1,427.16
+not
+5,834,688.78
+Contract
+29.30
+CIA SEG Y REASEGUROS
+Jiangsu Huaneng Pipeline Industry
+5.26
+0-2 years
+2,570,159.28
+Jiangsu Wujin Hydraulic Hoist Co.,
+Ltd
+Proportion of the total
+balance of prepayments
+at the end of the year (%)
+EL PACIFICO PERUANO-SUIZA
+Aging
+Entity
+2020 Annual Report
+137 / 259
+10.68
+1-2 years
+5,219,640.75
+Closing balance
+1,251,005.67
+Hubei Yichang branch of Sinopec
+2-3 years
+Closing balance
+Entity
+Explanations on belated settlement of significant prepayments aged over 1 year:
+100.00
+14,453,284.98
+100.00
+Aging
+48,859,512.50
+years
+4.85
+701,247.54
+0.00
+1,202.76
+Development Co., Ltd
+Superintendencia
+Total
+completed
+Reason for not settled in
+time
+5,219,640.75
+8,877.51
+Fuzhou Tianyu Electric Co., Ltd.
+not
+Contract
+completed
+1-2 years
+EL PACIFICO PERUANO-SUIZA
+604,743.36
+Contract
+Jiangsu Wujin Hydraulic Hoist Co.,
+Ltd
+not
+Contract
+completed
+CIA SEG Y REASEGUROS
+1-2 years
+not
+169,656.18
+Within 1 year
+Co., Ltd.*
+Non-applicable
+(5). Significant dividends receivable aged over 1 year
+2020 Annual Report
+50,045,000.00
+138/259
+45,473,100.00
+(6). Details of bad debt provision
+Opening balance
+50,045,000.00
+68,071,011.56
+497,300,115.36
+18,026,011.56
+451,827,015.36
+50,045,000.00
+45,473,100.00
+Closing balance
+45,473,100.00
+Opening balance
+Non-applicable
+Non-applicable
+Book balance at the end of the reporting period
+3 to 4 years
+More than 3 years
+More than 3
+years
+1 to 2 years
+Others:
+Within 1 year
+Within 1 year
+Aging
+Unit RMB Yuan
+Applicable
+(7). Aging analysis
+Other receivables
+Including: Items aged within 1 year
+2.56
+Closing balance
+Hubei Qingneng Investment
+Development Group Limited
+Item
+Unit: RMB Yuan
+Applicable
+Presentation of items
+8. Other receivables
+Non-applicable
+Interest receivable
+Dividends receivable
+Others
+23,645,319.90
+Total
+0.59
+Within 1 year
+289,723.27
+Nexsys del Perú S.A.C.
+48.39
+Total
+Other receivables
+Total
+Non-applicable
+Item (or investee)
+Unit: RMB Yuan
+Applicable
+(4). Dividends receivable
+Dividends receivable
+Non-applicable
+Others:
+Other
+(3). Details of bad debt provision
+Non-applicable
+(2). Significant overdue interest
+Non-applicable
+(1). Classification of interest receivable
+Interest receivable
+Non-applicable
+The Company and its subsidiary (except the 25
+following companies)
+Total
+70% or 75% of the original value
+of real estate, rental income
+3%
+7% 5%
+6%
+3% 6% 9%
+13% 3%
+Turnover tax amount payable
+Transfer income of financial
+products
+Education surcharges
+Taxable services income, taxable
+labor income
+Revenue from power sales,
+commodity trading income,
+income arising from leasing
+movable assets
+Tax Basis
+maintenance tax
+and
+construction
+City
+Value-added tax
+Income arising from leasing
+immovable assets
+Local Education surcharges
+Income tax
+House property tax
+The name of taxation unit
+2020 Annual Report
+131 / 259
+The statements of the subjects of taxation adapted different income tax rates in Group.
+Applicable
+18%
+metre,
+RMB0.008/kWh,
+RMB0.09/cubic
+RMB0.1/cubic metre
+1.2% 12%
+15% 16.5% 25% 29% 29.5%
+Revenue from power sales and
+commodity trading income
+Actual production of electricity,
+actual amount of water drawing
+Taxable income (note 2)
+(note 1)
+Turnover tax amount payable 2% 1.5%
+Turnover tax amount payable
+Peru IGV tax
+Water resources tax
+Value-added tax
+Value-added tax
+9%
+Tax Rate
+Retained earnings
+22,934,762,401.97
+22,934,762,401.97
+Surplus reserve
+Special reserve
+2,502,766,455.34
+2,502,766,455.34
+Other comprehensive income
+Less: Treasury Shares
+46,906,964,332.39
+Value-added tax
+Capital reserve
+2020 Annual Report
+Perpetual debt
+Including: Preference share
+Capital Reserves
+GENERACIONS
+15,732,091,090.28
+15,732,091,090.28
+46,906,964,332.39
+110,076,584,279.98
+Total shareholders' equity
+Tax
+Applicable
+The principal kinds of taxes and related tax rates:
+VI. Taxation
+Non-applicable
+45. Other
+Non-applicable
+(1). The retrospective adjustment of the comparative data from adoption of New financial Instrument
+Standard, New Lease Standard on the balance sheet as at 1 January 2019.
+1. The principal kinds of taxes and related tax rates:
+The explanation of other adjustments:
+SHAREHOLDERS' EQUITY
+189,712,076,868.23
+189,712,076,868.23
+TOTAL LIABILITIES AND
+Non-applicable
+110,076,584,279.98
+SDIC Power
+Holding Co., 6,206,400,037.89 2,713,306,831.15
+695,201,483.95 5,631,937.58
+8,318,201.18 220,820,559.27
+9,408,037,932.48
+Chuantou
+Sichuan
+4,700,095,843.00 1,110,002,443.12
+Ltd.
+248,374.18
+414,804,123.74 138,764.58
+Ltd.
+Holdings Co.,
+344,093,435.53 5,601,312.56
+310,242,639.53 -109,831,035.73 15,079,865.69 135,353,223.35
+2,912,492,366.43
+Capital
+Three Gorges
+Ltd
+Energy Co.,
+4,968,986.28
+Power United 343,461,109.25
+Yangtze
+Chongqing
+Limited
+Group
+199,351,173.88
+2,992,630,612.57
+6,025,938,374.74
+balance
+Chongqing
+617,342,747.85
+Chongqing
+(Limited)
+Partnership
+Fund
+Investment
+41,418,778.04
+389,442.27
+41,029,335.77
+Equity
+Xinghong
+Three Gorges
+Liangjiang
+Chongqing
+2020 Annual Report
+(Limited)
+Partnership
+147 / 259
+Fund
+Investment
+Equity
+49,430,880.67
+-114,858.91
+39,994,725.58 9,551,014.00
+Changfu
+Gorges
+Fuling Three
+Energy Co.,
+Ltd.
+4,569,988.77
+Conservancy
+-638,431.07
+and Electric
+2,866,592,643.49
+20,280,119.50
+-697,078.25
+-3,947,695.67
+104,627,516.64
+1,935,840,645.13 851,049,375.14
+Qianjiang
+Water
+Three Gorges
+Chongqing
+Ltd
+Power Co.,
+224,119,537.52
+224,119,537.52
+Nuclear
+Taohua River
+Hunan
+Co., Ltd
+1,961,923,053.84
+5,071,690.17 25,612,345.59
+8,709,022.33
+64,346,668.25
+Electric Power 1,051,951,594.37 857,456,424.31
+Shanghai
+Ltd.
+2,154,762,481.96
+Power
+324,376.10
+Co.,Ltd.
+508,225,161.18
+49,606,629.95
+572,620,161.64
+Industry
+Fuling Energy
+Chongqing
+Co., Ltd
+20,018,230.17
+-8,872,815.07
+Youtai Energy 28,891,045.24
+Chongqing
+Limited (Note)
+3,027,239,470.92
+-2,090,589.55
+-1,854,775.60
+110,220,947.12
+2,920,970,488.95
+Company
+2020 Annual Report
+Shenergy
+Co., Ltd.
+Development
+146259
+Base
+527,782,891.47
+6,878,679.12
+-5,699,939.92
+32,136,349.33
+Three Gorges
+Changhong
+Hubei
+Equity
+Equity
+Reform
+7,689,491.63
+117,990,431.38
+Mixed
+Green Energy
+Ltd*
+97,918.86
+u Energy Co.,
+25,846,117.66
+Changxingyo
+Chongqing
+149 / 259
+S.ar.l
+Luxembourg
+24,274,146.32
+-18,593,302.52
+107,221,021.07
+Offshore
+Gorges
+China Three
+y Co., Ltd.
+Machiner
+1,966,792.62
+187,927,800.00
+Hydraulic
+2.47
+25,944,036.52
+125,679,923.01
+Investmen
+150 / 259
+Note 2: During the current year, the Company increased its investments in Shanghai Electric Power Co., Ltd., SDIC Power Holdings Co., Ltd. and Sichuan
+Chuantou Energy Co., Ltd. through secondary market.
+Note 1: From January to June 2020, the Company incrementally held 155,001,162.00 shares in Shenergy Company Limited. As of the end of June 2020, the
+Company held a total of 399,860,123.00 shares in Shenergy Company Limited. As its second largest shareholder, the Company has assigned a director to its board
+and is able to exercise significant influence over it. Therefore, this investment became long-term equity investment and subsequently measured under the equity
+method.
+Other descriptions
+7245,72 50,424,131,310.62
+2.47
+1,003,007,293.86
+40,258,231,503.89 8,745,906,997.72 611,888,073.97 3,182,977,402.41 -149,402,204.56 8,558,701.46
+Total
+7,245,72 50,169,159,727.61
+2.47
+150,101,971.24
+6,460,184.46 1,003,007,293.86
+-149,402,204.56
+287,009.98
+581.75
+267,794,638.44 1,372,673.66
+611,888,073.97 3,192,722,505.29
+40,019,013,335.00 8,722,506,997.72
+292,065,923.24 124,170,421.05
+p)*
+Other
+Subtotal
+Partnershi
+(Limited
+Enterprise
+р
+Partnershi
+(Guangzh
+ou)
+Fund
+t
+2020 Annual Report
+7,245,72 105,656,142.40
+189,894,592.62
+u
+Zhengzho
+24,468,012.03
+28,626,278.70
+-7,570,734.24
+11,514,309.86
+49,150,715.11
+Industry
+Medical
+nal
+Internatio
+CCB
+5,000,126,396.53
+102,516,396.53
+4,897,610,000.00
+Co., Ltd
+Development
+Hydropower
+Midstream
+Jinsha River
+Huadian
+Yunnan
+(Limited)
+Partnership
+Fund
+Investment
+176,629,239.62
+541,523.82
+40,087,715.80 136,000,000.00
+148 / 259
+Three Gorges
+Hubei
+Energy
+Co., Ltd. *
+Brokerage
+29,907,939.31
+2,223,754.57
+400,936.81
+2,598,278.66
+29,934,352.03
+Insurance
+8,653,816.56
+37,757,357.07
+2020 Annual Report
+Gorges
+Three
+Ltd.*
+ng Co.,
+Engineeri
+-12,392,304.78
+21,046,121.34
+Garden
+Longteng
+100,390,644.91
+Ltd.*
+-6,745,890.14
+44,503,247.21
+Fund Co.,
+Capital
+Venture
+New
+233,249,838.22 -157,100.16
+Finance Co., 2,022,060,388.81
+Three Gorges
+(4). Information on the amortised amount of cost of contract performance for the period
+Non-applicable
+Others:
+Non-applicable
+10. Contract assets
+Non-applicable
+(1). Amount and reasons for significant changes in book value during the reporting period
+Non-applicable
+(2). Provision for impairment of contract assets in the current period
+(3). Explanations on the closing balance of inventories containing the capitalization of borrowing costs
+Non-applicable
+Non-applicable
+Others:
+Non-applicable
+11. Assets held for sale
+Non-applicable
+12. Current portion of non-current assets
+Non-applicable
+Significant debt investments and other debt investments as at the end of the reporting period:
+Non-applicable
+Refer to the disclosure of other receivables if bad debt provision is made based on the general ECL model:
+Non-applicable
+Others:
+256,232,932.34
+1,731.70
+319,248,290.01
+8,885,552.28 3,926,579.83
+63,013,625.97
+141 / 259
+Work in process
+Finish goods
+Materials in transit
+Consumable
+biological assets
+Contract
+9,785,726.43 9,064,627.05
+2020 Annual Report
+Spare parts
+253,403,543.13
+Other
+1276.75
+Total
+320,360,710.64
+15,641,521.32
+454.95
+17,737,932.85
+performance cost
+Nil
+13. Other current assets
+Applicable
+459,771,956.64
+Others
+Note 1: Treasury bond reverse repo represents the principal amount of funds offered by the Company
+on the treasury bond reverse repo market to obtain interest income during the period. During the reporting
+period, the Company held 1-day, 2-day, 3-day, 4-day, 7-day, 14-day and 28-day treasury bond reverse
+repo, and interest income was calculated at effective interest rate at the time of repo transactions in
+Shanghai market and Shenzhen market.
+Note 2: Other current assets at the end of the year increased from the beginning of the year due largely
+to the increase in treasury bond reverse repo at the end of the year.
+14. Debt investment
+(1). Details of debt investment
+Applicable
+1,013,297.44
+Unit: RMB Yuan
+Opening balance
+Provision
+Item
+Book balance
+for
+Provision
+Book
+balance
+Closing balance
+442,307,961.50
+16,450,697.70
+Closing balance
+Unit:
+RMB Yuan
+142 / 259
+2020 Annual Report
+Item
+Outstanding VAT credit
+Government bonds purchased
+under agreements to resell (Note 1,
+note 2)
+Closing balance
+261,516.66
+852,007,760.00
+Prepaid tax
+1,932,668.63
+Recoverable Peru IGV tax
+94,254,716.28
+Total
+|948,456,661.57
+5,138,047.22
+900,174.15
+2,095,956.58
+66,955,890.76
+parts
+253,403,543.13 167,723,510.00
+256,232,932.34 206,936,158.28 421,127,053.13
+463,169,090.62
+Spare
+n contracts
+constructio
+Other
+unsettled
+4,493,652.52
+16,556,347.87
+but
+Completed
+assets
+biological
+e
+4,493,652.52
+105,041.70
+Total
+601,308,734.84
+Reversal or
+write-back
+er
+S
+Provision
+Closing
+Opening
+balance
+Item
+Decrease in the current
+period
+Increase in the
+current period
+Unit: RMB Yuan
+Applicable
+cost
+(2). Provision for decline in value of inventories/ provision for impairment of contract performance
+4,211.82
+222,400,775.52
+1,276.75
+320,360,710.64
+5,488.57
+542,761,486.16
+103,310.00
+282,060,444.83
+1,731.70
+319,248,290.01
+Consumabl
+Provision
+for
+in transit
+goods
+Closing balance
+Unit: RMB Yuan
+Applicable
+(1). Categories
+Inventories
+9、
+Non-applicable
+Opening balance
+Others:
+Non-applicable
+(14). Other receivables derecognized due to transferred financial assets
+Non-applicable
+Receivables related to government grants
+(13).
+2020 Annual Report
+Raw materials
+(15). Carrying amount of continuing involvement after transferring other receivables
+Non-applicable
+Item
+Book balance
+Provision
+for decline
+in value of
+inventories
+16,556,347.87
+Finished
+process
+in
+Work
+materials
+121,478,254.65
+Raw
+50,179,401.18
+66,955,890.76
+for decline Carrying
+in value of amount
+inventories
+117,135,291.94
+58,464,628.68
+63,013,625.97
+Book
+balance
+Carrying
+amount
+Provision
+Materials
+Carrying amount
+impairment
+impairment
+31,166,705.99
+1,148,410.08
+32,315,116.07
+(Guangdong)
+Co., Ltd
+Shaanxi
+Yan'an
+Energy
+Electric
+15,000,000.00
+1,706,991.12
+-324,003.71
+29,565,386.04
+Power
+Co., Ltd.
+Three Gorges
+13,182,398.63
+Electric
+Three Gorges
+Ltd
+Three Gorges
+Electric
+Energy
+72,404,849.29
+4,890,073.99
+67,514,775.30
+(Anhui) Co.,
+Ltd
+Yangtze
+Intelligent
+Distributed
+84,587,864.85
+8,400,000.00
+4,254,853.71
+1,541,526.33
+90,274,537.47
+Energy Co.,
+Electric
+method
+Energy
+-3,455,576.38
+1,906,684,945.84
+208,005,653.56
+-2,610,006.94 45,473,100.00
+2,066,607,492.46
+Development
+Group
+Limited
+Investment
+Guangzhou
+3,768,911,523.89
+180,564,961.10 4,080,925.76
+5,104,838.13
+27,205,162.90
+3,931,457,085.98
+Group
+Incorporated
+Development
+Qingneng
+Hubei
+Ltd.
+880,994.38
+35,301,768.13
+(Yunnan) Co.,
+Ltd
+145 / 259
+2020 Annual Report
+Subtotal
+239,218,168.89 23,400,000.00
+-9,745,102.88
+2,098,517.00
+254,971,583.01
+II. Associates
+Hubei Energy
+Group Co., 7,942,851,468.62
+702,146,724.85 -62,136,933.68 -17,607,509.95
+186215,663.30
+8,379,038,086.54
+37,876,350.13
+Others
+provision for
+impairment
+Others
+Non-applicable
+Provision for impairment for the current period and basis for assessing whether there's significant increase
+in the credit risk of financial instruments:
+Non-applicable
+Others
+Non-applicable
+143 / 259
+2020 Annual Report
+15. Other debt investment
+(3). Details of provision for impairment
+(1). Other debt investments
+(2). Significant other debt investments as at the end of the reporting period
+Non-applicable
+(3). Details of provision for impairment
+Non-applicable
+Provision for impairment for the current period and basis for assessing whether there's significant increase
+in the credit risk of financial instruments:
+Non-applicable
+Others:
+Non-applicable
+Non-applicable
+(2). Significant debt investment as at the end of the reporting period
+1,148,277,903.43
+Preferen
+ce
+shares
+and
+1,139,169,084.08
+1,139,169,0
+84.08
+1,148,277,903
+.43
+1,148,277,903.43
+sharehol
+ders'
+loans
+Total
+1,139,169,084.08
+1,139,169,0
+84.08
+1,148,277,903
+.43
+Non-applicable
+impairment
+16.
+(1). Details of long-term receivables
+Non-applicable
+Decrease in
+investment
+losses
+recognised
+I. Joint ventures
+2020 Annual Report
+or
+Adjustment to
+other
+income
+comprehensive
+under equity income
+Declared cash
+dividend
+profit
+or
+Provision
+for
+Closing balance
+Closing
+balance
+of
+Other equity
+changes
+investment
+Additional
+Opening
+balance
+(2). Details of bad debt provision
+Non-applicable
+Bad debt provision for the current period and basis for assessing whether there's significant increase in the credit
+risk of financial instruments:
+Non-applicable
+(3). Long-term receivables derecognized due to transferred financial assets
+Non-applicable
+(4). Carrying amount of continuing involvement after transferring long-term receivables
+Non-applicable
+Others
+Non-applicable
+144 / 259
+17 Long-term equity investments
+Applicable
+Unit:
+RMB Yuan
+Changes for the current period
+Investment
+Investee
+Long-term receivables
+6,600.00
+18
+Disposals,
+Closing balance
+2,978,656,023.35
+14,812,476.85
+2,993,468,500.20
+2020 Annual Report
+(Note)
+Xiangjiaba
+Item
+Unit: RMB Yuan
+Applicable
+(1). Construction in progress
+Non-applicable
+Others:
+Total
+Construction materials
+Construction in progress
+Item
+Unit: RMB Yuan
+Applicable
+Presentation of items
+22, Construction in progress
+Opening balance
+1,298,110.20
+1,298,110.20
+In the process of applying for the
+certificates of title
+Reasons why certificates of title
+have not been obtained
+157/259
+18,710,649.03
+18,710,649.03
+Closing balance
+Others:
+Nil
+Total
+Disposal of fixed assets
+Item
+Opening balance
+6,820,572,132.91
+60,067,302.75
+6,880,639,435.66
+Unit: RMB Yuan
+Closing balance
+Book balance
+29,519,374.10
+Transformation of the
+monitoring system of Three
+Gorges Left Bank power
+station
+Addition of GCB switches to
+six generators in the Three
+Gorges Left Bank power
+station
+28,304,013.79
+28,304,013.79
+158 259
+49,230,429.26
+49,230,429.26
+61,643,360.09
+61,643,360.09
+122,424,114.45
+541,058,560.68
+5,816,605,608.15
+Carrying amount
+Provision for
+impairment
+Transformation of 220kV
+switch station of Gezhouba
+Renovation, transformation
+and increase in capacity of
+hydraulic generators of the
+power station of Gezhouba
+Illuminated construction of
+hub rendering of Gezhouba
+Ancillary buildings of
+Kunming base
+122,424,114.45
+75,903,756.68
+75,903,756.68
+541,058,560.68
+5,816,605,608.15
+1,485,013,496.49
+1,485,013,496.49
+construction
+Book balance
+Carrying amount
+for
+Provision
+impairment
+Opening balance
+Applicable
+Disposal of fixed assets
+Non-applicable
+4. Change
+and others
+abandonment
+( 1 )
+period
+in the current
+3.Decrease
+Provision
+in the current
+period
+2.Increase
+2020 Annual Report
+155/259
+balance
+1.Opening
+for impairment
+Provision
+III.
+121,812,067,748.01
+196,654,553.54 724,241,505.47
+33,469,261,965.22 22,343,927,428.67 65,077,982,295.11
+6.Closing
+translation
+475,723,543.30
+41,282,029.67
+-7271,210.90
+-405,613,650.42
+-21,556,652.31
+currency
+5. Foreign
+in scope
+business
+combinations
+of
+Others:
+Carrying amount
+19,692,745.69
+Plant and buildings
+Item
+RMB Yuan
+Unit:
+Applicable
+(5). Fixed assets of which certificates of title have not been obtained
+Non-applicable
+(4). Fixed assets leased out under operating leases
+Non-applicable
+(3). Fixed assets acquired under finance leases
+(2). Temporary idle fixed assets
+Non-applicable
+2020 Annual Report
+2020 Annual Report
+156/259
+Note: The land is the land ownership right of Peru Company.
+54,562,641.16 453,137,114.48
+111,631,462,389.91 69,913,655,385.79 44,237,849,570.63
+147,211,735.77 688,475,227.99 1,104,871,371.74 231,101,152,705.45
+108,432,635,569.33 70,740,189,051.32 49,987,769,749.30
+2.Carrying
+amount at the
+beginning of the
+reporting period
+1.Carrying
+amount at the
+end of the
+reporting period
+amount
+IV. Carrying
+balance
+6.Closing
+translation
+currency
+5. Foreign
+226,290,667,101.97
+29,519,374.10
+25,766,816.02
+25,766,816.02
+of
+construction
+Illuminated
+Gezhouba
+of
+station
+the power
+generators of
+95.00
+78.62
+61,643,360.09
+71,755,303.23 59,342,372.40
+49,230,429.26
+1,800,000,000.00
+hydraulic
+in capacity of
+Renovation,
+transformatio
+n and increase
+of Gezhouba
+switch station
+90.00
+57.32
+75,903,756.68
+375,943.06
+43,120,176.41 89,264,591.12
+122,424,114.45
+393,350,000.00
+on of 220kV
+Transformati
+base
+hub
+37,000,000.00
+28,304,013.79
+275,819.57
+financing
+Self-
+Self-
+financing
+Self-
+financing
+Self-
+financing
+financing
+Self-
+Self-
+financing
+95.00
+73.79
+29,519,374.10
+100.00
+7725
+160 / 259
+Kunming
+station
+Gorges Left
+Three
+the
+3,752,558.08
+25,766,816.02
+40,000,000.00
+six
+generators in
+GCB switches
+to
+Addition of
+Gezhouba
+rendering of
+28,579,833.36
+Bank power
+combinations
+100.00
+51,715,47626
+progress
+(2). Changes in significant construction in
+Note: The main works of Xiangjiaba Power Station has been reached its intended use and transferred to fixed assets, and CIP represents closing works of Xiangjiaba
+project.
+195,586,533.65
+6,820,572,132.91
+195,586,533.65
+6,820,572,132.91
+Total
+19,347,119.90
+19,347,119.90
+878,058,372.53
+2,978,656,023.35
+878,058,372.53
+2,978,656,023.35
+Other
+113,494,623.02
+substation of Progreso
+220/22,9/10 kV power 113,494,623.02
+Pachacutec
+270,942,739.53
+270,942,739.53
+220/60kV power substation of
+30,963,713.88
+hydraulic generators of 30,963,713.88
+Gezhouba
+Transformation of 170 MW
+Left Bank power station
+governors of Three Gorges
+12
+Tranformation of
+22,248,937.01
+22,248,937.01
+33,116,587.03
+33,116,587.03
+Applicable
+Unit: RMB Yuan
+Intere
+Amount
+injected
+as
+25,237,967.59 514,581,052.01
+541,058,560.68
+616,250,000.00
+buildings of
+Ancillary
+construction
+1,485,013,496.49
+5,816,605,608.15 61,323,121.19 4,392,915,232.85
+54,165,000,000.00
+Xiangjiaba
+2020 Annual Report
+159 / 259
+☐☐ ☐
+Item
+91.89
+on
+Source of
+n rate
+capital
+izatio
+capitaliz
+ed
+Amount of
+accumulated
+Closing balance
+Transfer to fixed Other
+Opening balance
+Budget
+Constructi
+a
+Increase in the
+st
+Includin
+g:
+proportio
+business
+balance
+46,675,214.79 279,256,877.84
+II.Accumulated depreciation and amortization
+155,338,482.33
+73,189,747.22
+82,148,735.11
+6.Closing balance
+-17,025,586.65
+-11,087,995.66
+-5,937,590.99
+5. Foreign currency translation
+combinations
+127,931,979.92
+84,277,742.88
+4. Change in scope of business 43,654,237.04
+(2) Other transfer-out
+(1) Disposal
+44,432,089.06
+Total
+in
+Construction
+progress
+Land
+2020 Annual Report
+44,432,089.06
+Buildings
+3. Decrease in the current period
+assets\construction in progress
+( 2 ) Transfer from inventories\fixed
+(1) Purchases
+2.Increase in the current period
+1.Opening balance
+1.Opening balance
+16,879,248.69
+16,879,248.69
+2.Increase in the current period
+1. Carrying amount at the end of the 52,085,356.95
+reporting period
+IV. Carrying amount
+6.Closing balance
+5. Foreign currency translation
+combinations
+4. Change in scope of business
+(2) Other transfer-out
+(1) Disposal
+3.Decrease in the current period
+(1) Provision
+3,271,203,908.56
+E Provision for impairment
+1.Opening balance
+27,552,840.37
+125,275,104.17
+I. Cost
+73,189,747.22
+-1,888,003.36
+30,063,378.16
+5. Foreign currency translation
+6.Closing balance
+2020 Annual Report
+13,414,222.82
+152 / 259
+4. Change in scope of business 13,414,222.82
+combinations
+(2) Other transfer-out
+(1) Disposal
+3.Decrease in the current period
+(1) Depreciation or amortization
+1,657,910.01
+1,657,910.01
+1,657,910.01
+1,657,910.01
+-1,888,003.36
+30,063,378.16
+2.Carrying amount at the beginning of the 27,552,840.37
+reporting period
+Unit: RMB Yuan
+(1) Investment properties measured at cost
+to
+income
+loss
+comprehensive
+Accumulated income
+Accumulated
+Dividends income recognized
+in the current period
+Item
+other
+comprehensive
+transfer from
+other
+FVTOCI
+Transfer from designation as at
+for
+Reason
+for
+Reason
+RMB Yuan
+Applicable
+Unit:
+(2). Details of investments in non-trading equity instruments
+4,432,380,427.04
+Opening balance
+4,432,380,427.04
+Unit: RMB Yuan
+Closing balance
+3,609,195,163.56
+3,609,195,163.56
+Details of investments in non-trading equity instrumentsp
+Total
+Item
+(1). Details of other equity instruments investments
+Applicable
+2020 Annual Report
+Other equity instruments investments
+retained earnings
+Non-trading
+equity
+226,231,419.93
+Measurement of investment properties
+20、 Investment properties
+Non-applicable
+Others:
+to
+151 / 259
+5,812,035,941.91
+5,812,035,941.91
+4,713,666,463.26
+4,713,666,463.26
+Opening balance
+5,812,035,941.91
+Closing balance
+4,713,666,463.26
+term
+Holding for long-
+Item
+earnings
+income
+Total
+Classified as financial assets at fair value through profit or loss
+Including: equity instrument investments
+Unit: RMB Yuan
+Item
+Applicable
+19. Other non-current financial assets
+Non-applicable
+Others:
+2,186,609,407.78
+226,231,419.93
+Total
+instruments
+2,186,609,407.78
+retained
+(2). Investment property of which certificates of title have not been obtained
+2.Increase in the current period
+Others
+148,139,869.48 452,232,129.28
+30,264,402,807.38 19,777,731,189.85 57,045,533,235.65
+1.Opening
+343,866,289.31 1,412,716,733.46 1,104,871,371.74 352,913,220,453.46
+141,901,897,534.55 93,084,116,479.99 115,065,752,044.41
+-15,959,141.96 -57,986,682.76 -179,719,240.43 -2,304,126,486.15
+-206,766,063.24 -1,843,695,357.76
+2020 Annual Report
+depreciation
+II.Accumulated
+balance
+6.Closing
+translation
+currency
+5. Foreign
+154 / 259
+combinations
+Non-applicable
+106,783,334.84 367,344,816.09 1254249293.14 15,624,654,421.32
+1,551,373,720.94 12,344,903,256.31
+of
+in scope
+4. Change
+and others
+abandonment
+290,340,727.47
+17,392,935.73 39,027,194.31
+229,885,321.59
+3,803,700.68
+107,688,039,231.64
+231,575.16
+balance
+3,204,940,998.08
+140,302,729.49 2,804,969,086.44
+of
+in scope
+4. Change
+and others
+abandonment
+273,217,244.30
+12,346,931.94 37,828,796.81
+220,264,323.28
+2,695,352.03
+81,840.24
+Disposals,
+( 1 )
+period
+273,217,244.30
+12,346,931.94 37,828,796.81
+220,264,323.28
+2,695,352.03
+in the current 81,840.24
+3.Decrease
+Provision
+11,601,765,395.41
+21,457,612.11 71,863,324.83
+2,450,145,513.67 5,853,357,946.72
+3,204,940,998.08
+( 1 )
+11,601,765,395.41
+21,457,612.11 71,863,324.83
+2,450,145,513.67 5,853,357,946.72
+2.Increase
+in the current
+period
+Disposals,
+business
+period
+(I)Cost:
+Total
+Land
+Electronic and
+other
+equipment
+Machinery and equipment Vehicles
+and
+Water retaining Plant
+structures
+buildings
+Item
+RMB Yuan
+Unit:
+( 1 )
+Applicable
+(1). Details of fixed assets
+Fixed assets
+Non-applicable
+Other:
+226,291,965,212.17
+Opening balance
+226,290,667,101.97
+1,298,110.20
+153 / 259
+Closing balance
+231,101,152,705.45
+18,710,649.03
+231,119,863,354.48
+Total
+Disposal of fixed assets
+Fixed assets
+Item
+Unit: RMB Yuan
+Applicable
+Presentation of items
+21. Fixed assets
+Non-applicable
+1.Opening
+141,895,865,197.29 89,691,386,575.64 101,283,382,806.28
+2020 Annual Report
+333,978,706,333.61
+290,340,727.47
+17,392,935.73 39,027,194.31
+202,702,510.64 905,369,243.76
+3,803,700.68
+231,575.16
+in the current
+3.Decrease
+progress
+construction in
+5,836,951,434.35
+30,341,319.03
+51,923,421.28 210,167,308.41
+2,051,456,920.80 3,486,798,552.41
+6,263,912.42
+Transfer from
+229,885,321.59
+Additions
+( 2 )
+balance
+2.Increase
+6,263,912.42
+2,051,925,947.33 3,511,046,661.17
+67,732,521.52 237,016,550.68 30,341,319.03
+5,904,326,912.15
+in the current
+( 1 )
+469,026.53
+24,248,108.76
+15,809,100.24 26,849,242.27
+67,375,477.80
+period
+Other
+173,255,002.86
+154,495,388.93
+176,249,045.04
+169,132,142.26
+27,008,248.59
+159,036,867.30
+Total
+Nil
+Peru IGV tax
+Others:
+23,836,339.53
+Education surcharges
+City
+House property tax
+maintenance tax
+35,919,275.51
+48,761,003.59
+and
+construction
+32,967,873.52
+40,527,856.06
+Individual income tax
+994,450,590.67
+1,740,507,264.91
+Enterprise income tax
+17,175,057.81
+4,235,444,499.44
+Land use tax
+16,978,581.00
+Total
+41 Other payables
+110,122,250.31
+14,812,476.85
+170 / 259
+Opening balance
+Closing balance
+21,042,264,353.26
+20,145,190,386.39
+Opening balance
+897,073,966.87
+16,960,189,786.68
+15,831,729,269.46
+36,473,316.08
+Closing balance
+1,091,987,201.14
+Item
+Unit: RMB Yuan
+Applicable
+(1). Categories
+Interest payable
+Non-applicable
+Others:
+Total
+Other payables
+Dividends payable
+Interest payable
+Item
+Unit: RMB Yuan
+Applicable
+Presentation of items
+2,106,242,913.91
+84,477,127.01
+Item
+565,168,563.12
+Non-applicable
+(2). Short-term loans overdue but not yet repaid
+Nil
+Explanations on the categories of short-term borrowings:
+24,057,628,342.50
+22,165,407,342.50
+1,892,221,000.00
+Total
+Unsecured loans
+Guaranteed loans
+Secured loans
+Opening balance
+Closing balance
+Pledged loans
+|Item
+Unit: RMB Yuan
+Applicable
+(1). Categories of short-term borrowings
+32 Short-term borrowings
+Non-applicable
+31 Other non-current assets
+Non-applicable
+Others:
+year
+Non-applicable
+(5). Deductible losses for which deferred tax assets are not recognised will be expired in the following
+340,642.14
+479,557,041.59
+112,372.96
+602,190,258.47
+Total
+Deductible losses
+Significant short-term loans overdue but not yet repaid are as follows:
+Non-applicable
+differences
+Other
+33, Financial liabilities held for trading
+127,506,111.87 640,897,029.23
+Applicable
+Others:
+768,403,141.10
+Total
+designated as at FVTPL
+liabilities
+Financial
+exchangeable bonds (note)
+Options
+768,403,141.10
+of
+2020 Annual Report
+167 / 259
+Including:
+liabilities
+640,897,029.23
+127,506,111.87
+768,403,141.10
+financial
+Held-for-trading
+Closing balance
+Decrease in the
+current period
+Increase in
+the current
+period
+Item
+Opening balance
+21,308,000,000.00
+21,308,000,000.00
+Unit: RMB Yuan
+Applicable
+Non-applicable
+Opening balance
+479,216,399.45
+temporary 602,077,885.51
+Deductible
+Unit: RMB Yuan
+Applicable
+385,247,857.13 2,287,751,326.05 369,173,036.54
+21,547,841.06
+(2). Deferred tax liabilities before offset
+2,477,751,551.29
+Total
+of Peru Company
+73,043,529.01
+Other projects
+Peru Company
+8,428,080.75
+remuneration of 28,569,765.25
+Staff's
+grants
+205,652,742.93 1,163,482,497.00 181,739,027.75
+22,792,177.80 121,041,327.99 18,156,199.20
+1,403,529.83 5,833,758.06 1,458,439.52
+5,614,119.30
+Government
+151,947,852.00
+Accruals
+social functions
+1,344,397,357.72
+Transfer fee of
+fixed asset
+50,647,382.21 631,917,685.53 80,929,930.49
+551,060,215.03
+Depreciation of
+remuneration
+10,360,075.56
+Closing balance
+Opening balance
+Taxable
+Item
+Closing balance
+Item
+2020 Annual Report
+Unit: RMB Yuan
+Applicable
+(4). Unrecognized deferred tax assets
+166 / 259
+(3). Deferred tax assets or liabilities presented at the net amount after offset
+Non-applicable
+7,034,510,376.97 1,960,405,682.52 3,499,171,990.53 874,792,997.65
+99,761,870.00 24,940,467.50 352,848,712.87 88,212,178.23
+Total
+Company
+Other projects of Peru
+value of assets of Peru 4,483,957,517.33 1,322,767,467.61
+Company
+Appreciation of the
+127,506,111.87 640,897,029.23
+other debt investments
+2,450,790,989.64 612,697,747.41
+352,848,712.87 88,212,178.23
+differences
+Deferred tax
+liabilities
+Changes in fair value of
+financial assets
+non-current 99,761,870.00 24,940,467.50
+Fair value change of
+other
+differences
+temporary
+Taxable
+tax
+Deferred
+liabilities
+temporary
+3,146,323,277.66 786,580,819.42
+Note: Please see “7. 46. Bonds Payable Note 4 and Note 5”for details.
+34 Derivative financial liabilities
+Non-applicable
+1,674,357,848.75
+1,659,869,110.16
+34,970,719.17
+II. Staff welfare
+allowances and subsidies
+I.Wages or salaries, bonuses,
+balance
+current period
+current period
+Decrease in the Closing
+Increase in the
+Opening
+balance
+Item
+2,741,921,980.61 2,643,230,715.43 219231,174.29
+120,539,909.11
+Unit: RMB Yuan
+Applicable
+(2). Short-term benefits
+Total
+within one year
+IV.Other benefits due
+III. Termination benefits
+4,362,545.80
+13,909,008,26
+18,271,554.06
+2,730,955.69
+199,624,284.09
+202,355,239.78
+Defined
+20,481,980.58
+218,763,319.97
+212,787,186.68
+5,976,133.29
+6,686,357.20
+8,353,954.35
+VII.Short-term profit-sharing
+VI. Short-term paid leave
+employee education costs
+IV. Housing funds
+Other
+V.
+medical insurance
+45,159,869.79
+45,159,869.79
+Supplementary
+4,069,973.73
+4,069,973.73
+212,137,672.80
+Maternity insurance
+1,298,110.47
+1,326,553.94
+Work injury insurance
+2,470,626.27
+61,860,949.34
+64,331,575.61
+Including: Medical insurance
+contributions
+4,166,666.89
+119,075,260.53
+123,241,927.42
+security
+Social
+III.
+28,443.47
+41,440,302.22
+2,429,697,423.08
+120,539,909.11
+Non-applicable
+Other
+Non-applicable
+(2). Significant accounts payable aged over 1 year
+Note: The accounts payable as at the end of the period mainly represent the payables for purchase of
+electricity.
+86,819,605.55
+264,592.22
+731,546.04
+13,022,392.72
+Opening balance
+72,801,074.57
+867,671,236.16
+82,355.58
+3,188,816.24
+1,565,560.87
+862,834,503.47
+Closing balance
+Total
+More than 3 years
+2-3 years
+1-2 years
+Within 1 year
+Item
+Unit: RMB Yuan
+Applicable
+(1). Accounts payable
+36, Accounts payable
+Non-applicable
+(1). Notes payable
+35. Notes payable
+37, Receipts in advance
+(1). Receipts in advance
+Applicable
+Unit: RMB Yuan
+Decrease in the Closing
+current period balance
+current period
+Opening balance
+Increase in the
+contribution plan
+benefits
+II.Post-employment
+I. Short-term benefits
+Item
+Unit: RMB Yuan
+(1). Payroll and employee benefits payable
+Applicable
+39 Payroll and employee benefits payable
+Non-applicable
+Others:
+2,521,295,186.77
+Non-applicable
+Non-applicable
+(1). Contract liabilities
+38 Contract liabilities
+2020 Annual Report
+168 / 259
+Others
+Non-applicable
+Non-applicable
+(2). Significant receipts in advance aged over 1 year
+33,980,139.67
+Opening balance
+8,788,393.37
+8,788,393.37
+Closing balance
+33,980,139.67
+Total
+Within 1 year
+Item
+(2). Amount and reasons for significant changes in book value during the reporting period
+Staff's
+assets impairment
+76,529,364.02
+I. Cost
+Item
+Unit: RMB Yuan
+Applicable
+(1). Intangible assets
+26 Intangible assets
+162 / 259
+Non-applicable
+25 Right-of-use asset
+Non-applicable
+24 Oil and gas assets
+Non-applicable
+Others
+(2). Productive biological assets measured at fair value
+Non-applicable
+(1). Productive biological assets measured at cost
+Non-applicable
+23 Productive biological assets
+Nil
+Others:
+60,067,302.75
+14,812,476.85 60,067,302.75
+Transformati
+on of the
+monitoring
+system
+of
+70,000,000.00
+22,248,937.01
+10,867,650.02
+Three Gorges
+1.Opening balance
+2.Increase in the current period
+(1) Additions
+(2) Internal R&D
+-1,594,560,827.26 -1,610,053,476.09
+359,492,714.26 99,131,678.96 20,292,775,372.89 20,874,044,665.11
+122,644,899.00
+21,976,502,949.47
+21,877,609,000.00
+99,256,000.00 -362,050.53
+-15,492,648.83
+1,969,560.32
+1,969,560.32
+2,605.60
+2,605.60
+1,966,954.72
+1,966,954.72
+152,968,287.71
+52,434,426.20 9,727,200.15
+152,968,287.71
+90,806,661.36 52,434,426.20 9,727,200.15
+90,806,661.36
+356,596,464.34
+Left
+47,061,908.89
+122,644,899.00
+Total
+特许经营权
+车位使用权
+软件及其他
+Land use rights
+2020 Annual Report
+6.Closing balance
+5. Foreign currency translation
+combinations
+4. Change in scope of business
+and others
+(1) Disposals, abandonment
+3.Decrease in the current period
+186,889,656.45
+II. Accumulated amortization
+Bank
+Transformation of of
+Self-
+financing
+Self-
+financing
+Self-
+financing
+2020 Annual Report
+(3). Provision for impairment of construction in progress for the current period
+Non-applicable
+Others
+Non-applicable
+Materials for construction of fixed assets
+(4). Materials for construction of fixed assets
+Applicable
+Unit: RMB Yuan
+Closing balance
+Opening balance
+Item
+Book balance
+Provision
+for
+impairment
+Carrying
+amount
+Book balance
+Provision
+for
+Carrying
+amount
+impairment
+Construction
+14,812,476.85
+14,812,476.85 60,067,302.75
+60,067,302.75
+materials
+161/259
+1,716,160,288.27
+52,091,419.32
+5,104,030,201.64
+2020 Annual Report
+33,116,587.03
+4731
+50.00
+12 governors
+of
+Three
+27,000,000.00
+19,347,119.90
+19,347,119.90
+71.65
+100.00
+Gorges Left
+Bank power
+power station
+station
+170
+MW
+hydraulic
+471,500,000.00
+30,963,713.88
+30,963,713.88
+6.57
+5.00
+generators of
+Gezhouba
+Total
+57,620,100,000.00
+6,624,985,599.26
+247.296,309.97
+Transformation of
+1,667,597.15
+1.Opening balance
+139,590,356.34 7,129,604.02
+Non-applicable
+(2). Provision for impairment of goodwill
+-
+Note: "Decrease in the year – other” represents the effect of exchange rate changes.
+9
+1,010,349,814.92
+82,408,645.57
+1,010,349,814.92
+82,408,645.57
+Total
+1,092,758,460.4
+9
+companies
+1,092,758,460.4
+Peru
+combination
+1
+in goodwill
+Other
+Other
+business
+Disposa
+Closing balance
+from
+Arising
+item resulting balance
+or Opening
+investee
+period
+(3). Relevant information of asset groups or portfolios of asset groups of which the goodwill forms
+a part
+Applicable
+According to the operating business of Peru Company and assets that generates cash inflows
+independently, it is classified as an asset group of generation, transmission and distribution and an asset
+group of power generation. Goodwill is allocated to each of the above asset group.
+(4). Explanations on impairment testing process of goodwill, key parameters (e.g., projected growth
+rate, stable period growth rate, profit margin, discount rate and forecast period, as applicable,
+when determining the present value of future cash flows) and recognition method of
+impairment losses
+324,035,755.25
+74,776,102.55
+323,118,712.98
+Consumption tax
+Provision
+assets
+tax
+Deferred
+Deductible temporary
+differences
+tax
+Deferred
+assets
+differences
+temporary
+Deductible
+Increase in the current period
+Item
+Closing balance
+Unit: RMB Yuan
+Applicable
+(1). Deferred tax assets before offset
+30 Deferred tax assets/deferred tax liabilities
+Non-applicable
+29 Long-term prepaid expenses
+2020 Annual Report
+165 / 259
+Others
+Non-applicable
+Non-applicable
+(5). Impact of impairment testing of goodwill
+At the end of the year, the Company engaged a third-party intermediary institution to carry out
+impairment tests on goodwill. According to the historical operating condition of asset groups and the
+forecast estimate of future operations, the recoverable amount of asset groups amounted US$5.295 billion
+which is higher than its carrying value (US$5.116 billion), thus there are no impairment against goodwil.
+Applicable
+Opening balance
+18,413,759.48
+Name of the
+Unit: RMB Yuan
+2.Increase in the current period
+1.Opening balance
+III. Provision for impairment
+6. Closing balance
+163 / 259
+-9,253,645.50
+-9,253,645.50
+71,864,846.98
+-40,153.02
+71,905,000.00
+1,966,954.72
+1,966,954.72
+5. Foreign currency translation
+4. Change in scope of business
+combinations
+(1) Disposals, abandonment
+and others
+1,966,954.72
+33,941,278.87
+33,941,278.87
+165,133,719.84
+1,966,954.72
+3.Decrease in the current period
+1,263,681.40
+29,601,185.99
+3,076,411.48
+(1) Provision
+1,263,681.40
+29,601,185.99
+3,076,411.48
+2. Increase in the current period
+(1) Provision
+3.Decrease in the current period
+(1) Disposals, abandonment
+and others
+4. Change in scope of business
+combinations
+5. Foreign currency translation
+Applicable
+(1). Cost of goodwill
+28 Goodwill
+Non-applicable
+27 Development expenditures
+Non-applicable
+Others:
+Non-applicable
+(2). Land use rights of which certificates of title have not been obtained
+2020 Annual Report
+164 / 259
+At the end of the current period, the proportion of intangible assets arising from in-house research and development to the balance of intangible assets is 0%.
+Note: The Company acquired Peru Company during the current year and its core asset is the generation, transmission and distribution assets in Peru region.
+According to the local relevant laws of Peru, the concession right of the business of generating, transmitting and distributing electricity does not have a term of
+termination, thus it belongs to an intangible asset with infinite useful life. At the end of the year, the Company engaged a third-party intermediary agency to carry out
+impairment tests of intangible assets. According to the results, no impairment has been discovered and it is not necessary to provide impairment of intangible assets
+with infinite useful life.
+191,462,744.50
+Decrease in the current
+39,932,304.87
+104,231,139.52
+amount at the
+beginning of the reporting period
+2.Carrying
+129,616,772.15 90,778,546.56 20,292,775,372.89 20,614,325,419.64
+the reporting period
+101,154,728.04
+1.Carrying amount at the end of
+IV. Carrying amount
+259,719,245.47
+8,353,132.40
+229,875,942.11
+2020 Annual Report
+21,490,170.96
+6.Closing balance
+47,299,300.11
+106,099,042.21
+for
+85,569,189.94
+1.Basic pension insurance
+2020 Annual Report
+RMB Yuan
+Unit:
+Applicable
+(3). Defined contribution plan
+169 / 259
+2,429,697,423.08 212,137,672.80
+2,521,295,186.77
+120,539,909.11
+remuneration
+26,139,336.42
+26,139,336.42
+short-term
+VIII.Other
+plan
+69,780,571.02
+254,474,062.63
+324,254,633.65
+111,732,321.02
+36,764,685.86
+62,927,816.94
+and
+Labor union
+106,099,042.21
+2.Unemployment insurance
+3. Enterprise annuity
+Total
+Opening
+1,771,618,935.33
+Opening balance
+Total
+Value added tax
+Item
+Unit: RMB Yuan
+Applicable
+40 Taxes payable
+Non-applicable
+Others:
+2,730,955.69
+199,624,284.09
+202,355,239.78
+Closing balance
+133,788,497.34
+133,443,403.16 345,094.18
+Increase in the
+current period
+Decrease in the
+current period
+Closing balance
+balance
+64,247,967.88
+2,385,861.51
+1,932,913.05
+1,932,913.05
+66,633,829.39
+(Tranche II) in
+2020-7-9
+2020 (Note 3)
+173 / 259
+2,498,964,099.26
+2020 Annual Report
+Short-term
+3,900,000.00 3,000,000,000.00
+Financing Bonds
+100.00
+46 days 2,000,000,000.00
+Short-term
+3,654,794.52
+2,600,000.00 2,000,000,000.00
+(Tranche III) in
+2020 (Note 4)
+Financing Bonds
+100.00
+2020-7-13
+135 days 3,000,000,000.00
+2,996,099,999.99
+19,417,808.22 3,900,000.01 3,000,000,000.00
+23,013,698.63
+1,997,400,000.00
+2,996,100,000.00
+Others:
+2020-7-6
+(Tranche IV) in
+100.00
+2020-1-8
+245 days 1,000,000,000.00
+999,165,356.40
+16,400,273.22
+834,643.60
+1,000,000,000.00
+(Tranche I) in
+2020 (Note 1)
+Short-term
+Financing Bonds
+100.00
+2020-5-14
+(Tranche I) in
+1 year
+2,500,000,000.00
+2,496,933,962.26
+27,328,767.10 2,030,137.00
+2020 (Note 2)
+Short-term
+Financing Bonds
+100.00
+160 days 3,000,000,000.00
+2020 (Note 5)
+Note 2: On 14 May 2020, the Company issued RMB2.5 bn 1-year 1.75% CYPC 2020 CP (Tranche I), with value date of 18 May 2020 and maturity date of 18
+May 2021, and all interest and principal due and payable on maturity.
+Financing Bonds
+Note 4: On 9 July 2020, the Company issued RMB2.0 bn 46-day 1.45% CYPC 2020 SCP (Tranche III), with value date of 13 July 2020 and maturity date of 28
+August 2020, and all interest and principal due and payable on maturity.
+Note 5: On 13 July 2020, the Company issued RMB3.0 bn 135-day 1.75% CYPC 2020 SCP (Tranche IV), with value date of 15 July 2020 and maturity date of
+27 November 2020, and all interest and principal due and payable on maturity.
+Note 6: On 24 August 2020, the Company issued RMB2.5 bn 135-day 2.97% CYPC 2020 CP (Tranche II), with value date of 26 August 2020 and maturity date
+of 26 August 2021, and all interest and principal due and payable on maturity.
+174 / 259
+2020 Annual Report
+Note 7: On 8 December 2020, the Company issued RMB2.5 bn 130-day 2.8% CYPC 2020 SCP (Tranche V), with value date of 10 December 2020 and maturity
+date of 19 April 2021, and all interest and principal due and payable on maturity.
+175 / 259
+45 Long-term borrowings
+(1). Categories of long-term borrowings
+Applicable
+Note 3: On 6 July 2020, the Company issued RMB3.0 bn 160-day 1.75% CYPC 2020 SCP (Tranche II), with value date of 8 July 2020 and maturity date of 15
+December 2020, and all interest and principal due and payable on maturity.
+Unit: RMB Yuan
+Pledged loans
+Secured loans
+Guaranteed loans
+Unsecured loans
+Total
+2020 Annual Report
+Closing balance
+Opening balance
+14,447,141,791.44
+14,447,141,791.44
+Item
+Financing Bonds
+Note 1: On 8 January 2020, the Company issued RMB1.0 bn 245-day 2.45% CYPC 2020 SCP (Tranche I), with value date of 9 January 2020 and maturity date
+of 10 September 2020, and all interest and principal due and payable on maturity.
+Applicable
+100.00
+2020-8-24
+(Tranche II) in
+1 year 2,500,000,000.00
+2,500,000,000.00
+26,038,356.17 1,139,726.04
+2,501,139,726.04
+2020 (Note 6)
+Short-term
+Financing Bonds
+100.00
+2020-12-8
+130 days 2,500,000,000.00
+2,500,000,000.00
+4,219,178.08 423,076.92
+2,500,423,076.92
+(Tranche V) in
+2020(Note 7)
+Total
+26,000,000,000.00 7,998,650,574.74
+17,984,932,809.22 272,939,952.47 16,943,518.26 18,500,000,000.00
+7,500,526,902.22
+CYPIBVII N2111
+Short-term
+Short-term
+100.00
+(Tranche V) in
+Other current liabilities
+Applicable
+Unit: RMB Yuan
+2,499,762,842.57
+23,924,325,034.79
+2,499,762,842.57
+Item
+Short-term bonds payable
+Closing balance
+7,500,526,902.22
+Output VAT tax to be 6,358.36
+44. Other current liabilities
+transferred
+7,500,533,260.58
+172 / 259
+Opening balance
+7,998,650,574.74
+6,160.34
+7,998,656,735.08
+Changes in short-term bonds payable:
+Applicable
+Unit:
+RMB Yuan
+Bond name
+Short-term
+Total
+Nil
+Others:
+Total
+Not yet due
+Total
+225,390,733.49
+Others:
+Non-applicable
+42 Liabilities classified as held for sale
+Non-applicable
+43. Current portion of non-current liabilities
+Applicable
+Unit: RMB Yuan
+171 / 259
+Item
+2020 Annual Report
+Closing balance
+Opening balance
+Long-term
+borrowings due 8,600,000,000.00
+within one year
+Bonds payable due within one 15,324,325,034.79
+year
+Long-term payables due within
+one year
+Lease liabilities due within one
+year
+Financing Bonds
+(Tranche I) in
+2020 Annual Report
+Nominal
+value
+2,498,940,792.84
+30,887,978.16
+1,059,207.16 2,500,000,000.00
+2019
+Short-term
+Financing Bonds
+100.00
+2019-12-5
+(Tranche III) in
+1 year
+3,000,000,000.00
+3,000,245,081.97
+89,686,065.57 -245,081.97 3,000,000,000.00
+2019
+Short-term
+Financing Bonds
+100.00
+2019-12-30
+1 year
+1,500,000,000.00
+1,499,233,490.57
+14,754,098.36 766,509.43
+1,500,000,000.00
+1 year 2,500,000,000.00
+2019
+(Tranche II) in
+24,600,000,000.00
+24,600,000,000.00
+Issue date
+Maturity
+of bond
+Issue amount
+Opening balance
+100.00
+2019-3-20
+1 year
+2,500,000,000.00
+2,499,464,699.93
+Issued in
+current period
+Interest accrued
+the
+per nominal
+value
+Amortization
+of premium
+and discount
+Repaid in the
+current period
+Closing balance
+17,538,934.44
+535,300.07
+2,500,000,000.00
+2019
+Short-term
+Financing Bonds
+2019-5-16
+Explanations on categories of long-term borrowings:
+value
+Other explanations, including interest rate range:
+Non-applicable
+2018/9/27
+3 years
+3,000,000,000.00
+3,001,941,623.30
+19 Yangtze 01
+100.00
+2019/2/19
+3 years
+3,000,000,000.00
+2,998,820,864.88
+100.00
+104,749,999.99 667,883.21
+90,014,562.29 2,105,071.34
+103,499,999.99 601,094.89
+3,004,046,694.64
+2,999,421,959.77
+19 Yangtze 02
+100.00
+2019/9/4
+5 years
+2,000,000,000.00
+1,998,946,085.44
+76,000,000.01
+240,394.09
+2,499,737295.13
+18 Yangtze 02
+2,499,069,411.92
+2,500,000,000.00
+MIN001
+19 Yangtze 100.00
+2019/8/7
+5 years
+2,000,000,000.00
+1,994,815,813.12
+67,999,999.98
+1,201,970.46
+1,996,017,783.58
+MIN002
+16 Yangtze 01
+100.00
+2016/10/17
+10 years
+3,000,000,000.00
+2,998,505,399.97
+100,499,999.99
+240,525.73
+2,998,745,925.70
+18 Yangtze 01
+100.00
+2018/7/26
+3 years
+1,999,186,479,53
+2,994,750,813.27
+19 Yangtze 03
+2019/12/6
+20 Yangtze (for
+COVID-19
+prevention
+2020 Annual Report
+100.00
+2020/3/12
+3 years
+2,500,000,000.00
+2,492,924,528.30
+58,797,945.22
+1,993,150.69
+177 / 259
+2,494,917,67899
+control)
+MIN001 (Note 2)
+20 Yangtze
+100.00
+2020/4/13
+MIN002 (Note3)
+5 years
+2,500,000,000.00
+2,497,113,207.55
+54,881,506.85
+and
+1)
+499,775,930.22
+58,949.09
+3 years
+2,000,000,000.00
+1,998,896,391.67
+69,800,000.03
+400,729.97
+1,999297,121.64
+20 Yangtze 01 (Note
+100.00
+2020/1/8
+3 years
+1,500,000,000.00
+1,499,150,94339
+49,583,196.73
+294,799.26
+1,499,445,742.65
+1)
+20 Yangtze 02 (Note
+100.00
+2020/1/8
+5 years
+500,000,000.00
+499,716,981.13
+18,146,174,84
+100.00
+1,802,955.66
+109,725,409.83
+2,992,947,857.61
+of Issue amount
+Opening
+balance
+Issued in the
+current
+period
+Addition in
+business
+combinatio
+Interest
+accrued per
+nominal
+Amortizatio
+n
+of
+n
+value
+Maturit
+y
+bond
+premium
+and discount
+Closing
+balance
+02 Three Gorges
+100.00
+2002/9/21
+20 years 5,000,000,000.00
+4,992,751,983.66
+238,000,000.00
+2,671,47433
+4,995,423,45799
+Bond
+Repaid in
+the current
+period
+14,273,905.83
+Issue
+date
+al
+46 Bonds payable
+(1). Bonds payable
+Applicable
+Unit: RMB Yuan
+Item
+Other bonds payable
+Closing balance
+52,851,382,109.82
+Opening balance
+42,938,865,726.66
+Less: Bonds payable due within -15,324,325,034.79
+one year
+Add: Exchangeable bonds
+-2,499,762,842.57
+3,355,689,608.12
+Total
+37,527,057,075.03
+43,794,792,492.21
+176 / 259
+2020 Annual Report
+(2). Changes in bonds payable: (excluding other financial instruments, such as preference shares and perpetual bonds classified as financial liabilities)
+Applicable
+Unit: RMB Yuan
+Nomin
+Bond name
+03 Three Gorges
+100.00
+2003/8/1
+30 years
+2016/8/1
+5 years
+4,000,000,000.00
+3,996,874,207.06
+124,799,999.99
+2,405,257.43
+3,999,279,464.49
+MTN002
+18 CYPC
+100.00
+2018/12/3
+5 years
+2,000,000,000.00
+1,995,627,683.95
+78,000,000.01
+1,202,628.66
+1,996,830,312.61
+MIN001
+19 CYPC
+100.00
+2019/3/13
+5 years
+3,000,000,000.00
+100.00
+Nil
+16 CYPC
+2,999,888,998.34
+3,000,000,000.00
+2,985,458,357.41
+145,800,000.00
+1,072,81621
+2,986,531,173.62
+Bond
+15 CYPC
+100.00
+2015/9/14
+10years
+3,000,000,000.00
+2,987,683,328.91
+135,000,000.00 2,164,139.10
+2,989,847,468.01
+MIN001
+16 CYPC
+100.00
+2016/1/13
+5 years
+3,000,000,000.00
+2,996,763,875.19
+91,199,999.99
+3,125,123.15
+MIN001
+SinoHydro Bureau 7 Co., Ltd.*
+RMB Yuan
+14,900,307.61
+257,701,480.12
+00
+B.C.LUZ DEL
+PEN
+SUR 3P4EM S-A-
+164,100,000. 2016/7/14
+9 years
+PEN 164,100,000.00
+343,855,140.00 13,834,741.93
+48,439,052.77
+295,416,08723
+THIRD
+42,255,029.88
+00
+2020 Annual Report
+B.C.LUZ DEL
+PEN
+SUR 3P5EM S-A-
+162,450,000. 2017/2/7
+6 years
+PEN 162,450,000.00
+340,397,730.00
+13,432,258.14
+47,952,005.62
+292,445,724.38
+THIRD
+178 / 259
+12,764,775.45
+299,956,510.00
+PEN 143,150,000.00
+B.CLUZ DEL
+PEN
+SUR 3P1EM S-A-
+THIRD
+138,950,000. 2014/6/5
+10 years
+PEN 138,950,000.00
+291,155,830.00
+12,052,342.66
+41,015,273.51
+250,140,556.49
+00
+B.C.LUZ DEL
+PEN
+SUR 3P2EM S-A-
+THIRD
+81,175,000.0 2015/9/3
+11 years
+PEN 81,175,000.00
+170,094,095.00
+9212,541.87
+-23,961,243.81
+146,132,851.19
+0
+B.CLUZ DEL
+PEN
+SUR 3P3EM S-A-
+THIRD
+143,150,000. 2014/9/22
+15 years
+00
+B.CLUZ DEL
+PEN
+SUR 3P6EM S-A-
+0
+B.C.LUZ DEL
+PEN
+SUR 4P1EM S-A-
+FOURTH
+168,500,000. 2019/10/17
+00
+15 years
+PEN 168,500,000.00
+Total
+43,794,792,492.21
+6,988,905,66037
+353,074,900.00
+11,405,531.36
+49,737,773.42
+-515,917,305.76
+303,337,126.58
+15,974,125,034.79
+37,527,057,075.03
+3,233,401,263.00 1,846,552,009.09
+Note 1: On 8 January 2020, the Company issued 2020 CYPC Corporate Bonds, including 20 CYPC 01 (RMB1.5 bn, 3.37%, 3-year, interest payable annually in
+arrears, and final interest and principal payable on maturity), and 20 CYPC 02 (RMB5.0 bn, 3.70%, 5-year, interest payable annually in arrears, and final interest and
+principal payable on maturity).
+Note 2: On 12 March 2020, the Company issued 2020 CYPC MTN (Tranche I), i.e. 20 CYPC (Pandemic Control Notes) MTN001 (RMB2.5 bn, 2.95%, 3-year,
+interest payable annually in arrears, and final interest and principal payable on maturity).
+Note 3: On 13 April 2020, the Company issued 2020 CYPC MTN (Tranche II), i.e. 20 CYPC MTN002 (RMB2.5 bn, 3.07%, 5-year, interest payable annually in
+arrears, and final interest and principal payable on maturity).
+Note 4: As approved by the 10th meeting of the 4th session of the Board of Directors of CYPC, on 9 November 2016, China Yangtze International (BVI) 1
+Limited (“KLIK (EIÆXÀ#S) 1ĦRA”), a wholly-owned subsidiary, issued USD 300 mn 5-year 0% overseas non-public exchangeable bonds
+("CYPIBVI1N2111"), exchangeable for up to 294,639,058 H shares in CCB. The exchange starts from 20 December 2016 to 26 October 2021 in general conditions,
+or in the event of early redemption, from 20 December 2016 to 10 days prior to the specified redemption date, with an initial exchange price of HK$7.8960 per share.
+The exchangeable bonds are listed on The Stock Exchange of Hong Kong Limited. As the exchangeable bonds are compound financial instruments, the value of the
+exchangeable bonds and the value of the exchange option are split upon initial measurement, and determined in proportion to the fair value of the liability component
+or the fair value of the exchange option to the sum of the fair value of the liability component and the fair value of the exchange option, respectively. On 9 November
+2016, the value of the liability component in amount of RMB1,884,189,900 was included in bonds payable, and the value of the exchange option component in amount
+179 / 259
+2020 Annual Report
+of RMB150,770,100 million was included in financial liabilities at fair value through profit or loss. As at 31 December 2020, the fair value of the exchange option
+component was RMB398,232,300. The amortisation of the premium or discount for the period was mainly due to the effect of exchange rate changes.
+Note 5: As approved by the 10th meeting of the 4th session of the Board of Directors of CYPC, on 9 November 2016, China Yangtze International (BVI) 2
+Limited (“+KLIT #ZXR#S) 2ĦRA”), a wholly-owned subsidiary, issued EURO 200 mn 5-year 0% overseas non-public exchangeable bonds
+(“CYPIBVI2N2111”), exchangeable for up to 202,898,346 H shares in CCB. The exchange starts from 20 December 2016 to 26 October 2021 in general conditions,
+or in the event of early redemption, from 20 December 2016 to 10 days prior to the specified redemption date, with an initial exchange price of HK$8.4600 per share.
+The exchangeable bonds are listed on The Stock Exchange of Hong Kong Limited. As the exchangeable bonds are compound financial instruments, the value of the
+exchangeable bonds and the value of the exchange option are split upon initial measurement, and determined in proportion to the fair value of the liability component
+or the fair value of the exchange option to the sum of the fair value of the liability component and the fair value of the exchange option, respectively. On 9 November
+2016, the value of the liability component in amount of RMB1,361,874,200 was included in bonds payable, and the value of the exchange option component in amount
+of RMB132,965,800 million was included in financial liabilities at fair value through profit or loss. As at 31 December 2020, the fair value of the exchange option
+component was RMB242,664,800. The amortisation of the premium or discount for the period was mainly due to the effect of exchange rate changes.
+180 / 259
+THIRD
+0
+149,058,208.55
+173,499,120.00 6,175,147.09
+161,800,000. 2017/12/14
+10 years
+PEN 161,800,000.00
+339,035,720.00
+12,460,379.37
+47,760,138.56
+291,275,581.44
+THIRD
+00
+B.C.LUZ DEL
+PEN
+SUR 3P7EM S-A-
+167,350,000. 2018/10/30
+10 years
+PEN 167,350,000.00
+350,665,190.00
+15,194,026.57
+49,398,459.81
+301,266,730.19
+THIRD
+00
+B.C.LUZ DEL
+PEN
+SUR 3P8EM S-A-
+82,800,000.0 2019/4/3
+7 years
+Not yet due
+-24,440,911.45
+152,244,597.79
+PEN 82,800,000.00
+8,123,886.04
+(1). Other payables presented by nature
+Other payables
+Non-applicable
+(2). Categories
+Dividends payable
+Non-applicable
+Others:
+Non-applicable
+Significant interest overdue but not yet paid:
+897,073,966.87
+1,091,987,201.14
+Total
+commercial paper
+117,587,021.83
+Interest payable on short-term 57,586,301.35
+borrowings
+25,720,341.70
+35,128,538.28
+Interest payable on short-term
+690,571,246.89
+854,358,367.81
+Interest on corporate debenture
+63,195,356.45
+144,913,993.70
+2020 Annual Report
+Interest of long-term borrowings with
+interest payable by installments and
+principal payable on maturity
+US 300 mill
+Applicable
+2016/11/9
+Unit:
+1,072,015.32
+-24,963,380.21
+SinoHydro Bureau 4 Co., Ltd.*
+Not yet due
+44,766,310.33
+SinoHydro Bureau 8 Co., Ltd.*
+Not yet due
+47,067,650.70
+SinoHydro Bureau 14 Co., Ltd.*
+Limited
+Not yet due
+China Gezhouba Group Stock Company 104,382,559.02
+transferred
+Reasons for not being repaid or
+Closing balance
+Item
+Unit: RMB Yuan
+Applicable
+Opening balance
+14,321,897,653.78
+466,446,442.12
+5, 319, 872, 751. 01
+36, 973, 539. 48
+20, 145, 190, 386. 39
+(2). Significant other payables aged over 1 year
+15, 831, 729, 269. 46
+Closing balance
+12,080,023,651.03
+495,415,527.99
+3,083, 967, 956.79
+172, 322, 133.65
+S
+Total
+Other payables
+Fees to be paid
+Deposit and Margin
+Project payment
+Item
+5 years
+2,498,185,222.87
+1,934241,932.36
+10 years
+PEN 77,580,000.00
+162,561,132.00
+5282,727.44
+-22,900,071.38
+139,661,060.62
+SECOND
+0
+B.CLUZ DEL
+PEN
+SUR 2P9EMS-U-
+83,460,000.0 2013/12/20
+8 years
+PEN 83,460,000.00
+174,882,084.00
+7,611,321.13
+-24,470,472.00
+150,411,612.00
+0
+B.CLUZ DEL
+PEN
+SUR 2P 10EM S
+U-SECOND
+84,570,000.0 2014/2/12
+8 years
+PEN 84,570,000.00
+US 300 million
+177,207,978.00
+77,580,000.0 2012/10/29
+SUR 2P 6EMS-U
+SECOND
+B.C.LUZ DEL
+1,810,927,714.33
+-123,314,218.03
+PEN
+(Note4)
+jon
+CYPIBV12 N2111
+(Note 5)
+00
+2016/11/9
+5 years
+EUR200
+million
+1,421,447,675.76
+39,566,854.66
+1,461,014,530.42
+EUR2
+B.CLUZ
+SECOND
+million
+0
+-8,197,108.56
+57,015,834.00
+PEN 27210,000.00
+2,503,534.30
+27,210,000.0 2011/10/26
+SUR 2P 2EMS-U
+PEN
+DEL
+10 years
+48,818,725.44
+53 Paid-in capital
+Non-applicable
+Applicable
+Non-applicable
+52 Other non-current liabilities
+Non-applicable
+Others:
+Non-applicable
+Non-applicable
+Deferred income
+51 Deferred income
+50 Provisions
+Non-applicable
+49 Long-term payroll and employee benefits payable
+2020 Annual Report
+Unit: RMB Yuan
+181 / 259
+Items related to government grants:
+Changes in the current period (+, -)
+(1). Basic information of other financial instruments (such as outstanding preference shares and perpetual
+bonds) at the end of the reporting period
+New
+issued
+Non-applicable
+182 / 259
+Others:
+Non-applicable
+Explanations on the changes in other equity instruments in the current period and reasons of such changes, and
+basis of the relevant accounting treatment:
+Non-applicable
+(2). Changes in financial instruments (such as outstanding preference shares and perpetual bonds) at the end
+of the reporting period
+Non-applicable
+2,467.92
+Opening balance
+Note: During the year, the Company issued 74,185,923 GDRs at USD26.46 each, representing
+741,859,230 underlying A shares (in the ratio of 1 GDR to 10 A shares). Through GDR offering, the
+Company raised about USD1.963 bn, equivalent to RMB 13,352,192,085.23. After deducting GDR
+offering related expense of RMB47,770,728.70, the net proceeds amounted to RMB13,304,421,356.53,
+including share capital of RMB741,859,230.00 and share premium of RMB 12,562,562,126.53.
+54. Other equity instruments
+shares
+741,859,230.00 22,741,859,230.00
+22,000,000,000.00 741,859230.00
+Number
+of
+reserve
+Closing balance
+Capitalization
+of capital Others Subtotal
+donation
+shares Share
+Others:
+(2). Special payables presented by nature
+Applicable
+Nil
+Long-term payables
+Item
+Unit: RMB Yuan
+Non-applicable
+Presentation of items
+48 Long-term payables
+Non-applicable
+47 Lease liabilities
+Non-applicable
+Others:
+Non-applicable
+Basis of other financial instruments classified as financial liabilities:
+Non-applicable
+Changes in financial instruments (such as outstanding preference shares and perpetual bonds) as at the end of
+the reporting period
+Non-applicable
+Basic information of other financial instruments (such as outstanding preference shares and perpetual
+bonds) as at the end of the reporting period
+(4). Explanation on other financial instruments classified as financial liabilities
+(3). Explanation on the conditions and time for conversion of convertible bonds
+Non-applicable
+2020 Annual Report
+Closing balance
+20,080,756,020.71
+Special payables
+Opening balance
+21,232,945,436.94
+Total
+Others:
+21,232,945,436.94
+20,080,756,020.71
+Total
+Yangtze Andes Holding Co., Limited
+Shareholders' loans by co-investors of 5,647,810,583.77
+China Three Gorges Corporation
+Closing balance
+21,232,945,436.94
+Opening balance
+Construction expenditures advanced by 14,432,945,436.94
+Item
+Unit: RMB Yuan
+Applicable
+(1). Long-term payables presented by nature
+Long-term payables
+Non-applicable
+Others:
+21,232,945,436.94
+20,080,756,020.71
+Special payables
+55 Capital reserve
+Applicable
+56,928,124,174.94
+2020 Annual Report
+Other
+plan
+defined benefit
+of changes in
+Remeasurement
+Including:
+profit or loss
+be
+comprehensive
+reclassified
+2,213,942,752.92 -792,402,213.31
+that
+income
+comprehensive
+Other
+I.
+tax expenses
+Less: Other
+cannot
+income that
+cannot
+be 44,423,777.32
+tax
+interests after
+minority
+Attributable to
+Attributable to the Company
+after tax
+Company's own
+credit risk
+fair value of the
+in
+Changes
+instruments
+other equity
+investments in 2,169,518,975.60 -794,969,953.03
+fair value of
+Changes in
+method
+under equity
+profit or loss
+transferred to
+2,567,739.72
+Less: Income
+comprehensive
+income in the
+prior periods
+that
+is
+transferred to
+profit or loss
+for the current
+period
+before
+Amount incurred
+income tax in the current
+period
+capital
+Other
+1)
+premium)(Note
+56,382,568,475.28
+12,562,562,126.53
+43,820,006,348.75
+(share
+premium
+Capital
+current
+period
+Closing balance
+the
+in
+in the
+Increase
+current period
+Opening balance
+Item
+Decrease
+reserves(Note
+Unit: RMB Yuan
+544,307,437.52
+Total
+Opening balance
+Item
+2020 Annual Report
+Less: Amount
+included in
+other
+Amount incurred in the current period
+RMB Yuan
+Unit:
+Applicable
+Other comprehensive income
+57
+183 / 259
+Non-applicable
+56 Treasury shares
+Note 2: The change in "Capital surplus - other capital surplus" for the year mainly represents changes
+in owners' equity of the investees under the equity method of accounting other than net profit or loss and
+other comprehensive income.
+Other explanations, including explanations on changes in the current period and reasons of such changes:
+Note 1: Please refer to "VII.53. Share capital" for details.
+545,555,699.66
+12,563,810,388.67
+1,248,262.14
+44,364,313,786.27
+2)
+to
+Add: exchange losses
+Closing balance
+Project costs
+2020 Annual Report
+Consultation fees
+Depreciation expense
+Payroll and employee benefits payable
+Unit: RMB Yuan
+Item
+Applicable
+65 Research and development expenses
+188 / 259
+Other
+Nil
+813,629,745.43
+5,272,716.20
+66,609,906.02
+1,292,798,651.45
+64,036,543.05
+8,496,729.57
+Total
+Other expenses
+Lease expenses
+3,837,253.24
+12,665,312.42
+Others:
+Total
+Others:
+Nil
+Others:
+Nil
+Amount incurred in the current
+period
+Amount incurred in the prior
+period
+-279,505,793.86
+242,408,192.63
+106,618,735.65
+-269,355,233.67
+-172,887,058.21
+-26,947,041.04
+71 Credit impairment losses
+Applicable
+Item
+Unit: RMB Yuan
+Loss on bad debts of notes receivable
+Bad debt provision of other receivables
+Impairment on debt investments
+Impairment on other debt investments
+incurred
+Amount
+current period
+-1,531,903.86
+39,036.81
+190 / 259
+in the
+Amount incurred in the prior
+period
+Unit: RMB Yuan
+Applicable
+66 Financial expenses
+Office expense
+Total
+institutions
+of intermediary 76,901,911.54
+benefits payable
+Payroll and employee 464,232,151.32
+period
+Amount incurred in the prior
+Amount incurred in the current period
+Item
+Unit: RMB Yuan
+Applicable
+64 General and administrative expenses
+Nil
+Depreciation
+Others:
+115,417,318.42
+2,990,614.97
+11,892,838.80
+12,284,977.80
+Total
+Other fees
+Labor service fees
+4,990,991.18
+5,778,950.65
+Sales service fee
+27,792,136.69
+of fixed 112,387,077.72
+assets
+Amortisation
+Fees
+fees
+39,742,436.81
+Property management 46,776,098.96
+8,993,685.74
+12,479,088.69
+Property insurance fees
+14,876,106.49
+8,895,120.38
+Traveling expenses
+265,862,933.30
+54,873,914.67
+391,053,028.26
+Repair cost
+expenditure
+dedicated 57,426,008.45
+Hub
+cost consumables
+intangible assets and low-
+21,764,354.27
+66,017,241.45
+222,025,479.29
+of 37,449,581.09
+43,753,717.95
+Other non-current financial assets
+Including: Gains from changes in
+fair values arising from derivatives
+Held-for-trading financial liabilities
+Investment properties carried at fair
+value
+Source resulting in gains from
+changes in fair values
+RMB Yuan
+-100,213,191.69
+Amount incurred in the
+prior period
+5,200,957,545.39
+-71,556,891.30
+-151,653,289.18
+36,243,084.10
+70,821,140.35
+45,306,987.09
+4,985,909,832.08
+5,166,955,172.60
+5,210,950,725.28
+Item
+Amount incurred
+in
+the
+Amount incurred in the prior
+current period
+VAT super-credit
+1,372,999.01
+Refunds of handling fees of
+3,539,937.07
+Unit: RMB Yuan
+current period
+the
+in
+Other expense
+Total
+Others:
+Nil
+67 Other income
+Applicable
+Amount incurred in
+the
+Amount incurred in the
+current period
+prior period
+25,549,620.90
+1,716,980.61
+16,635,301.60
+2,052,699.51
+3,515,685.06
+5,309,530.23
+4,503,489.19
+15,342,316.83
+3,476,192.71
+39,568,009.51
+2,533,112.19
+41,066,919.32
+Amount incurred
+withholding tax
+Shore power projects
+365,006.76
+period
+Dividend income from holding investments in other 226,231,419.93
+equity instruments
+Interest income from holding debt investments
+Interest income from holding other debt investments
+Investment income from disposal of held-for-trading
+financial assets
+Investment income from disposal of investments in
+other equity instruments
+Investment income from disposal of debt investments
+283,487,259.19
+61,109,567.16
+114,463,500.45
+Investment income from disposal of other debt
+investments
+Investment income from other non-current 233,407,099.89
+financial assets
+96,312,190.64
+Investment income from disposal of other non- 117,288,383.09
+current financial assets
+488,772,947.29
+Other
+Total
+11,747,051.78
+4,052,756,076.57
+14,483,332.83
+3,074,753,621.99
+Others:
+Nil
+69 Net exposure hedging gains
+Non-applicable
+Item
+Unit:
+FVTPL
+2,770,775.26
+Investment income from holding financial assets at
+2020 Annual Report
+305,316.22
+1,559,670.43
+395,354.28
+Policy supporting fund
+605,500.00
+337,000.00
+Exemption from VAT
+Total
+3,391.82
+5,886,834.66
+9,448.52
+2,606,789.45
+Others:
+Nil
+68 Investment income
+Applicable
+Unit: RMB Yuan
+Item
+Amount incurred in the
+current period
+Income from long-term equity investments under 3,182,977,402.41
+equity method
+189 / 259
+Amount incurred in the
+prior period
+2,077,234,391.59
+Investment income on disposal of long-term equity 219,995,152.31
+investments
+Interest expense
+Less: Interest income
+1,650,511.95
+payable
+|10,462,022,156.76
+10,462,022,156.76
+development fund
+Enterprise
+Reserve fund
+surplus reserve
+Discretionary
+reserve
+13,856,359,416.39
+Statutory surplus 13,856,359,416.39
+Others
+the Closing balance
+the Decrease
+current period
+in
+Increase
+current period
+Opening balance
+Item
+2020 Annual Report
+Unit: RMB Yuan
+Applicable
+59 Surplus reserve
+58. Special reserve
+Non-applicable
+in
+Total
+1,140,860.78
+|24,319,522,433.93
+Declaration of dividends on ordinary shares
+Transfer to discretionary surplus reserve
+Transfer to general risk reserve
+928,566,099.89
+21,543,493,635.57
+48,961,847,100.79
+561,377,843.66
+Prior period
+48,400,469,257.13
+4,252,610.14
+Less: Transfer to statutory surplus reserve
+Other
+Add: Net profit attributable to owners of the Company 26,297,890,222.70
+for the current period
+After adjustment: retained earnings at the beginning of 56,473,906,836.25
+the reporting period
+of the reporting period (increase “+”, decrease "-")
+Adjustment: Total retained earnings at the beginning
+Before adjustment: retained earnings of the prior 56,473,906,836.25
+period
+Current period
+Item
+Unit: RMB Yuan
+Applicable
+60. Retained earnings
+Nil
+Explanation on surplus reserve, including explanations on the changes in the current period and reasons of such
+changes:
+1,140,860.78
+24,319,522,433.93
+185/259
+14,960,000,000.00
+Other explanations, including the adjustment to the transfer of the effective portion of gains or losses on cash flow hedging to the initial recognition amount of hedged items:
+Nil
+313,556,807.71
+may
+income that
+comprehensive
+Including:
+Other
+to
+profit or loss
+reclassified
+income to be 138,488,814.68 -1,724,371,921.50
+comprehensive
+transferred to
+Other
+1,548,432,094.58
+184 / 259
+173,883,072.01
+-621,086,881.02
+-179,331.20 42,918,238.10
+4252,610.14 -1,505,539.22
+173,883,072.01
+1,591,350,332.68
+-179,331.20
+4,252,610.14 -622,592,420.24
+II.
+profit or loss
+be 84,829,424.53 -151,969,944.28
+under equity
+173,883,072.01
+4,252,610.14 -2,038,874,759.89
+308,089,581.85
+-1,210,653,005.22
+-1,264,312,395.37
+-67,140,519.75
+-151,969,944.28
+308,089,581.85
+-1,277,793,524.97
+-1,416,282,339.65
+2020 Annual Report
+2,352,431,567.60 -2,516,774,134.81
+comprehensive
+income
+other
+foreign
+currencies
+Total
+denominated in
+-1,572,401,977.22
+53,659,390.15
+statements
+financial
+differences of
+Translation
+method
+308,268,913.05
+14,960,000,000.00
+(Note)
+Conversion of ordinary shares' dividends into
+share capital
+187 / 259
+321,695,182.65
+22,231,151.61
+327,624,063.65
+Water resources tax
+23,463,766.45
+Stamp duty
+76,976,325.35
+59,897,056.19
+House property tax
+Land use tax
+109,646,033.52
+Local education surcharge
+189,554,871.64
+198,000,927.33
+Education surcharges
+maintenance tax
+385,293,181.68
+construction and 402,110,929.38
+City
+Amount incurred in the prior
+period
+Amount incurred in the current
+period
+115,211,267.29
+Tax of Peru Company
+Other
+Total
+17,039,755.28
+83,810,039.22
+employee benefits
+and
+Payroll
+period
+period
+Item
+Amount incurred in the prior
+Amount incurred in the current
+1,168,814,152.25
+430,150.00
+62,987,255.80
+1,192,929,347.63
+344,050.93
+3,375,891.74
+62,901,394.67
+2020 Annual Report
+Unit: RMB Yuan
+Applicable
+63. Selling expenses
+Nil
+Others:
+Item
+Unit: RMB Yuan
+Applicable
+62 Taxes and surcharges
+Amount incurred in the current period
+Revenue
+Cost
+Item
+Unit:
+RMB Yuan
+Applicable
+(1). Operating revenue and costs of sales
+61 Operating revenue and costs of sales
+Note: According to the "2019 Profit Distribution Plan" adopted at the general meeting of the
+Company on 21 May 2020, the Company distributes cash dividends of RMB 6.80 per 10 shares on the
+basis of a total share capital of 22,000,000,000 shares, resulting in a total cash dividends of
+RMB14,960,000,000.00.
+0.
+5、 The total effect of other adjustments on retained earnings at the beginning of the reporting period is RMB
+4. The effect of changes in the scope of consolidation resulting business combination involving enterprises
+under common control on retained earnings at the beginning of the reporting period is RMB 0.
+3. The effect of significant corrections of accounting errors on retained earnings at the beginning of the
+reporting period is RMBO.
+2020 Annual Report
+186 / 259
+2. The effect of changes in accounting policies on retained earnings at the beginning of the reporting period is
+RMBO.
+0.
+Enterprises and relevant new requirements on retained earnings at the beginning of the reporting period is RMB
+1、 The effect of retrospective adjustments made in accordance with the Accounting Standards for Business
+Details of the adjustments to retained earnings at the beginning of the reporting period:
+Retained earnings at the end of the reporting period
+56,473,906,836.25
+965,324.07
+67,815,084,345.02
+Other
+Amount incurred in the prior period
+Revenue
+Cost
+Travelling expenses
+Principal
+57,225,317,818.15
+Nil
+Others:
+Non-applicable
+(4). Explanation about allocation to the remaining performance obligations
+Non-applicable
+(3). Details of performance obligation
+Non-applicable
+Explanation of revenue from contracts:
+Non-applicable
+Revenue arising from the contract
+(2).
+5,442,953.03
+18,697,294,123.93
+80,720,647.08
+49,874,086,874.95
+21,149,454,266.44
+57,783,367,039.83
+Total
+434,411,670.05
+558,049,221.68
+Others
+activities
+18,691,851,170.90
+49,793,366,227.87
+20,715,042,596.39
+operating
+70. Gains from changes in fair value
+Applicable
+3,340,233.74
+Intangible assets
+As at 31 Dec 2020
+Item
+Year-on-year
+Unit: RMB Yuan
+Percentage
+total
+in
+Percentage
+total
+in
+Assets and liabilities
+1.
+Applicable
+(III) Analysis of Assets and Liabilities
+Non-applicable
+(II) Explanation of material changes in profit caused by non-principal business
+2020 Annual Report
+17 / 259
+Net cash flows from financing activities increased by RMB24,866 million year-on-year, mainly due to
+proceeds from issuance of GDRs and the increase in overseas borrowings obtained from the acquisition
+of Peru Companies during the year.
+operating revenue (%)
+Number of R&D staff
+253
+Number of R&D staff in total headcount 6.35
+(%)
+Percentage
+assets as at
+of capitalised R&D
+(2). Explanation
+Non-applicable
+Unit: RMB'0,000 Yuan
+5. Cash flow
+Applicable
+Net cash flows from investing activities decreased by RMB29,406 million year-on-year, mainly due to the
+acquisition of Peru Companies during the year.
+investment (%)
+1.00
+As at 31 Dec 2019
+change (%)
+20,614,325,419.64
+-56.49
+2.32
+6,880,639,435.66
+0.90
+2,993,468,500.20
+Construction in progress
+354.67
+0.01
+27,552,840.37
+0.04
+125,275,104.17
+106.29
+0.16
+459,771,956.64
+0.29
+948,456,661.57
+31
+Dec
+31
+Dec
+2020 (%)
+2019 (%)
+assets as at
+Other payables
+Investment property
+497,300,115.36
+0.15
+68,071,011.56
+0.02
+630.56
+Other current assets
+6.23
+Percentage of total R&D investment in
+Total R&D investment
+sector
+17,776,111,875.66
+hydropower fiscal
+Depreciation,
+Domestic
+Current period
+Cost items
+By product
+16 / 259
+By product situation
+etc.
+3,689.57
+0.30
+77,553,094.17
+10.21
+human cost, 2,938,930,720.73
+Materials,
+cost (%)
+Year-on-year
+Change (%)
+Domestic
+Depreciation,
+hydropower
+fiscal
+charges, etc.
+17,776,111,875.66
+18,614,298,076.73 71.71
+-4.50
+sector
+charges, etc.
+Other
+sectors
+61.77
+57,699.32
+Other
+sectors
+Capitalised R&D investment for the year
+Expensed R&D investment for the year
+Applicable
+(1). Particulars of R&D investments
+4. R&D investments
+Administrative expense rose by RMB479 million to RMB1.293 billion, which was mainly due to the
+acquisition of Peru Companies during the year.
+Sales expense rose by RMB88 million to RMB115 million, which was mainly due to the acquisition of
+Peru Companies during the year.
+3. Expense
+Applicable
+Purchases from top five suppliers amounted to RMB63,726,000, representing 20.56% of total
+domestic purchases for the year, among which purchases from related parties amounted to RMB0.
+Sales to top five customers amounted to RMB 59,779,694,900, representing 100% of total domestic
+sales for the year, among which sales to related parties amounted to RMB0.
+Applicable
+(4). Particulars of major customers and major suppliers
+3,689.57
+0.30
+10.21 77,553,094.17
+-4.50
+71.71
+human cost, 2,938,930,720.73
+etc.
+2020 Annual Report
+in
+Percentage
+total
+cost (%)
+Materials,
+61.77
+in
+total
+Year-on-year
+cost (%)
+Change (%)
+18,614,298,076.73
+Prior period
+191,462,744.50
+0.06
+10,666.76
+ratio (%)
+Current
+Cost
+Change
+Same
+period
+last
+year(
+%)
+year(% (0,000
+kWh)
+22,582,8
+69
+22,693,022 7.82
+Domestic
+hydropower
+Revenue
+on-
+Year-
+Electricit
+sold
+y
+on-
+Year-
+Electricity
+generated
+(*0,000
+kWh)
+20,940,799 7.84
+2020
+264.90
+2020
+264.90
+22,582,869
+20,940,799 7.84
+components period
+Category
+Domestic
+hydropower
+Total
+Electricity, revenue and cost for the reporting period
+2.
+Applicable
+Unit: RMB'00,000,000 Yuan
+Category
+2020
+22,582,869
+2020
+percentage
+in total cost
+Year-
+20 / 259
+-4.50
+71.71
+186.14
+61.77
+177.76
+6.49
+496.59
+7.84 528.82
+22,582,8
+69
+22,693,022 7.82
+Total
+-4.50
+71.71
+186.14
+61.77
+177.76
+Prior
+period
+percentage
+in total
+on-year
+change
+year
+2019
+(%)
+(%)
+Depreciatio
+7.84 528.82
+496.59 6.49
+n,
+fiscal
+charges, etc.
+cost (%)
+20,923,931 7.85
+20,923,931 7.85
+22,567,075
+22,567,075
+21,046,277 7.82
+1.28
+81.87
+0.04
+120,539,909.11
+0.07
+219,231,174.29
+4,235,444,499.44
+23,924,325,034.79 7.23
+14,447,141,791.44 4.37
+1,960,405,682.52 0.59
+Deferred tax liabilities
+Long-term borrowings
+current liabilities
+Current portion of non-
+0.00
+48,910.52
+270.76
+0.00
+9,164,940.98
+0.01
+33,980,139.67
+Goodwill
+1,010,349,814.92
+0.31
+Accounts payable
+867,671,236.16
+0.26
+2,106,242,913.91 0.71
+86,819,605.55
+899.40
+Receipts in advance
+Contracts liabilities
+Payroll and employee
+benefits payable
+Taxes payable
+0.03
+101.09
+2,499,762,842.57 0.84
+24,600,000,000.00 8.30
+874,792,997.65 0.30
+857.06
+On-grid electricity ('0,000 kWh)
+Electricity sold ('0,000 kWh)
+On-grid tariff Sales tariff
+(RMB/MWh) (RMB/MWh)
+2019
+Year-on-year change (%)
+2020 Annual Report
+2020
+Year-on-year change (%)
+2020
+2019
+Year-on-year change (%)
+22,693,022
+22,693,022 21,046,277 7.82
+2019
+cost (%)
+Electricity generated ('0,000 kWh)
+19/259
+-41.27
+124.10
+Other descriptions:
+At the end of the year, the balance of other receivables rose by RMB429 million from year beginning to
+RMB 497 million, mainly because of the acquisition of Peru Companies.
+At the end of the year, the balance of other current assets rose by RMB489 million from year beginning
+to RMB 948 million, which was mainly due to increase in short-term investments.
+At the end of the year, the balance of construction in progress dropped by RMB3.887 billion from year
+beginning to RMB 2.993 billion, which was mainly due to the transfer from CIP to fixed assets.
+At the end of the year, receipts in advance and contract liabilities changed from year beginning mainly
+because the newly acquired Peru Companies were included in the scope of consolidated financial
+statements and some balances on financial statements were re-classified as the Company adopted new
+standards for revenue for the year.
+Analysis of operations of the electricity sector
+1. Power tariffs for the reporting period
+Applicable
+At the end of the year, the balance of taxes payable rose by RMB2.129 billion from year beginning to
+RMB 4.235 billion, which was mainly due to an increased income from power generation for the year.
+At the end of the year, the balance of interest-bearing liabilities rose by RMB6.103 billion to RMB127.537
+billion, which was mainly due to an increase in short-term interest-bearing liabilities.
+statements.
+2. Significant assets restricted at end of reporting period
+Non-applicable
+18 / 259
+2020 Annual Report
+(IV) Industry operating information analysis
+Applicable
+At the end of the year, investment properties, intangible assets, goodwill, accounts payable, payroll and
+employee benefits payable, estimated liabilities and deferred tax liabilities changed from year beginning
+mainly because the newly acquired Peru Companies were included in the scope of consolidated financial
+total
+Percentage
+Prior period
+(I) Principal Business Analysis
+In 2020, the power output of the Company's cascade hydropower stations reached 226.930 billion
+kWh, an increase of 16.467 billion kWh over the same period last year, up 7.82%; Its total profit hit RMB
+32.456 billion, RMB 5.829 billion more than the same period last year, up 21.89%; Net profit attributable
+to the parent company reached RMB 26.298 billion, an increase of RMB 4.755 billion or 22.07% over the
+same period last year; The basic earnings per share were RMB 1.1853, an increase of RMB 0.2061 or
+21.05% over the same period last year.
+II. Operating Overview for the Reporting Period
+Highlights of scientific and technological innovation have emerged. The Company promoted the top-
+level design of smart hydropower, prepared and released the smart hydropower blueprint at a high starting
+point, and initiated the construction of industrial Internet platform. It completed the development of
+advanced application pilots such as decision-making support system for basin maintenance and unit
+holographic monitoring, as well as the R&D of intelligent equipment for hydropower stations, including
+penstock testing and maintenance robot and hydraulic hoist piston rod testing robot. In the whole year, the
+Company obtained 152 national granted patents, a record high, making the total number of patents more
+than 1200.
+(5) Continued to advance reform and innovation and unleashed the driving forces for development
+Comprehensive reform was deepened. The Company has completed the comprehensive reform task
+of the "Double-hundred Action" of the State-owned Assets Supervision and Administration Commission
+(SASAC), and pushed forward special reforms such as "Create First-class Hydropower Power",
+"Benchmarking World-class Management Improvement Action" and "Science Reform Demonstration
+Action", further standardizing the rights and responsibilities of various governance subjects. It has
+completed the pilot project of professional managers in joint-stock mixed-ownership enterprise, and
+implemented tenure system and contractual management for senior executives. In the special evaluation
+of three system reforms of "Double-hundred Enterprises" carried out by the SASAC, the Company was
+awarded A-level rating and circular of commendation.
+The Company's market value hit a new high. The Company's excellent performance and standardized
+governance mode has been recognized by the capital market, with the year's market value reached the
+highest RMB 473.7 billion. The Company consistently strengthened investor relation management,
+broadened investor communication channels, and conducted in-depth communication with more than
+2,000 investors by holding "Webcast" performance briefing and major event presentations. The Company
+has won many key awards in the capital market, such as the "Tianma Award - Best Listed Company in
+Investor Relations" and the "China Securities Golden Bauhinia Award - Best Listed Company in Investor
+Relations".
+Internal management was continuously optimized. The Company has made continuous efforts in
+improving the system construction, establishing the compliance management system at all levels of the
+Company, improving the risk control list, standardizing the Company's risk event classification standards
+and management requirements, carrying out legal risk investigation at home and abroad, and conducting
+risk early warning prompt irregularly. The Company achieved preliminary results in the integration of
+internal control, risk management and compliance management.
+Obvious cost reduction and efficiency effects were made. The Company raised low-cost funds
+through multiple channels through precise research and judgment, seizing opportunities, innovative
+financing and other ways; The financial expenses incurred for the whole year amounted to RMB 4.986
+billion, down by RMB 225 million year-on-year; The Company realized the collection of electric charges
+to the fullest extent possible, providing a powerful fund guarantee for production and operation. The
+Company also made great efforts in deepening the standardization of the management of electricity
+generation costs and strengthening the cost management of projects under construction.
+(4) Constantly enhanced management level and development momentum
+2020 Annual Report
+A unit outage in which the facilities must be converted from the usable state to the unavailable state has not occurred.
+14 / 259
+1
+The power distribution and sale business achieved steady development. The “integration of four
+networks" in Chongqing region was smoothly completed, providing an "industry model" for the power
+system reform and mixed ownership reform. The scope of the incremental power distribution network that
+the Company has participated in has been continuously expanded, and the incremental power distribution
+network in Yan'an New District and Xichou County of Yunnan Province has been put into operation
+smoothly. With the development idea of "pilot first, overall layout, rapid development and scale formation
+", the Company took the lead in the layout of intelligent integrated energy business along the Yangtze
+River Economic Belt. The Company actively followed up the development of new business forms. The
+world's largest pure electric cruise ship - "Yangtze River Three Gorges No.1 Cruise Ship ", jointly invested
+and researched with Yichang Transportation Group, has been officially put into construction.
+A breakthrough was made in international business. The Company has successfully completed the
+equity delivery of Luz del Sur Project in Peru and the introduction of co-investors, established the Andes
+Project Office, and organized capable forces to push forward the stable transition of control of Luz del
+Sur. Overcoming the adverse impact of major changes in the international situation, the Company
+successfully issued the "Shanghai-London Stock Connect" global depositary receipts (GDR). In addition,
+the Company has obtained the green certification and achieved the dual listing of "A+G" for the first time,
+an important milestone for the Company to deeply integrate into the international capital market and
+promote the development of international strategies. The Company provided high-quality operation and
+maintenance services of overseas hydropower stations as well as technology consulting services, and its
+first overseas entity project "Pakistan Wind Power Project" operated in an orderly manner. The Company
+also actively cooperated with the power production and construction of Karot Hydropower Station.
+(3) Constantly consolidated the "two wings" growth and expanded the scope of development
+The construction of hydropower stations proceeded in an orderly manner. The Company thoroughly
+implemented General Secretary Xi Jinping's important instructions for the first batch of units of Wudongde
+hydropower station in terms of commissioning and power generation, and taken over the 8 units that have
+been put into operation in Wudongde hydropower station, and successfully achieved the goal of "first
+stable 100-day operation" for the first 4 units put into operation and "zero unscheduled downtime¹" for the
+units already taken over. The Company set up Baihetan Power Plant. While deeply practicing the concept
+of "combination of construction and management and seamless handover", the Company devoted itself to
+the project construction and steadily promoted the construction of production organization system,
+technical management system and standardized management system, laying a solid foundation for
+impounding and power generation.
+Significant marketing achievements have been made. The Company wrapped up the task of electric
+energy consumption, and signed the 2020 annual power purchase and sale contract for cascade
+hydropower stations in a relatively superior way in terms of quantity and price. The Company closely
+followed the pace of power system reform for continued improvement of the marketing capabilities, and
+set up the power sales company to explore how to optimize the marketing system and mechanism.
+Power output of cascade hydropower stations in 2020 (100 million kWh)
+Gezhouba
+1. Analysis of changes in relevant items on income statement and cash flow statement
+Item
+Operating revenue
+Operating cost
+5,210,950,725.28
+-3.65
+41,066,919.32
+58.89
+813,629,745.43
+1,292,798,651.45
+39,568,009.51
+4,985,909,832.08
+315.29
+27,792,136.69
+115,417,318.42
+Three Gorges
+Financial expense
+Administrative expense
+Sales expense
+2020 Annual Report
+15 / 259
+49,874,086,874.95 15.86
+18,697,294,123.93
+13.12
+57,783,367,039.83
+21,149,454,266.44
+2019
+Unit: RMB Yuan
+Change
+in
+Percentage (%)
+2020
+R&D expense
+-4.32
+Xiangjiaba
+186 185 191
+Section 4 Operating Results Discussion and Analysis
+The Company will further give play to its credit advantages, and optimize the debt structure and
+minimize the cost of capital by using various financing tools and channels; The Company will actively
+serve the Yangtze River Economic Belt, "the Belt and Road Initiative", Yangtze River Protection, "Peak
+Carbon Dioxide Emissions", "Carbon Neutral" and other major national strategies, and seize the national
+power system reform, mixed-ownership reform, clean energy transformation, new energy development
+and other major opportunities, so as to actively promote the industrial chain extension and international
+development; The Company will seize the good opportunities of capital market reform and continuous
+improvement of the system, actively and steadily carry out investment around the main business, and
+thoughtfully manage the market value.
+The Company has excellent financial situation, stable and abundant cash flow, and good reputation
+in both international and domestic capital markets, and has the advantages of international credit rating of
+domestic AAA and national sovereign level, with strong investment, merger and financing capabilities. In
+September 2020, the Company became the first "A+G" listed entity enterprise in China through the
+successful issuance of GDR, which effectively improved the coverage of investors in the overseas market,
+further expanded overseas financing channels and laid a solid foundation for its subsequent overseas
+investment and financing businesses. In recent years, the Company has placed greater focus on its main
+responsibilities and businesses, actively and steadily carried out foreign investment around hydropower,
+electricity distribution and sales and smart integrated energy, continuously optimized the investment
+structure and investment quality, and realized the contribution ability of investment income commensurate
+with its scale.
+(5) Financing and asset merger, acquisition and integration capabilities
+The electric energy consumption covers 2 major power grids, 3 regions and 12 provinces and cities.
+Combining with the characteristics of hydropower station consumption, the Company continued to expand
+marketing ideas, innovated marketing strategies, optimized marketing methods, and implemented refined
+and precise marketing to maximize the overall benefits of the Company.
+and healthy development by giving full play to professional advantages and actively striving for policy
+support.
+2020 Annual Report
+11 / 259
+The Company actively responded to the impact of the market-based reform of electric energy. The
+Company made persisting efforts in forward-looking research, in-depth analysis of the market
+environment and focusing on market dynamics and emerging businesses, hoping for grasping the
+opportunities and challenges. The Company deeply understood the reform trend, and promotes sustainable
+The Company's hydropower stations are the key national energy projects and the backbone power
+source of the "West-to-East Power Transmission", and all of them are trans-regional and trans-provincial
+long-distance transmission and consumption, with significant scale advantage and brand effect. Over the
+years, the Company has gradually formed a more scientific and perfect trans-regional and trans-provincial
+consumption mechanism of large hydropower, which has established a strong foundation for rational and
+orderly consumption of electric energy.
+(4) Cross-region electric power marketing capability
+With the use of cutting-edge management and technical means, the core maintenance capabilities
+have been continuously improved. According to the big data concept of hydropower station operation, the
+Company established a remote diagnosis and analysis platform for cascade hydropower station equipment
+in the basin, allowing for the implementation of lean maintenance strategies based on diagnosis and
+evaluation. The Company developed a decision-making support system for maintenance in the basin to
+give great impetus to the transformation of maintenance towards digitalization; Focusing on core capacity
+building and industry leading objectives, the Company has successfully developed and popularized
+various advanced technologies and facilities including special robots, laser repair device and intelligent
+maintenance tooling suitable for the maintenance of hydropower stations, greatly improving the
+maintenance efficiency and safety coefficient. After maintenance and transformation, the cascade
+hydropower station equipment in the basin achieved well-established technical indicators, and the one-
+time startup success rate after unit maintenance (including major technical transformation) reached 100%,
+and the operation and safety of the equipment were properly guaranteed throughout the year.
+A leading basin maintenance mode in the industry was established through the optimization of
+maintenance management system. The Company has the largest maintenance team specialized for
+hydropower complex in China, and has grasped the core maintenance technologies of 700,000-kilowatt
+giant units. The Company built an expert decision-making support system with the technical committee
+as the core to promote the application of advanced technologies in production. The maintenance
+management system of cascade hydropower stations in the basin has been formed with the principle of
+"mastering core technologies, being lean, efficient and motorized, coordination and cooperation",
+safeguarding the long-term safe operation of cascade hydropower stations in the basin.
+(3) Overhaul and maintenance capacity of mega hydropower stations
+By mastering the running law of the generators, we gets the world's leading reliability of the
+equipment. After years of power production and management practice, the Company has obtained the safe
+and stable running law of the cascade giant power stations within Yangtze basin for multiple conditions,
+improving the control capability of the power station's "large load, long period, uninterrupted" operation,
+assuring that the equipment are under controllable and controlled status 7-24. In 2020, the average
+equivalent availability factor of the cascade generators reached 94.26%, with the equipment key indicators
+maintained at an industrial leading level.
+Scientific organization of power generation ensures lean and efficient power station operation. The
+Company operates and manages 5 mega hydropower stations, with a total of 66 sets of 700 MW giant
+hydro-generators, taking up 56.4% of that in the whole world. Guided by the principle of "lean and
+efficient, scientific division of labor, state-of-art and reasonable", backing up by high-quality talents and
+advanced technologies and equipment as well as excellent management concept, the power generations
+are scientifically organized with supreme economic and technical indicators and outstanding operation
+efficiency.
+(2) Large-scale Hydropower Station Operation and Management Expertise
+founded the Hubei Key Lab of Smart Yangtze and Hydropower Science, with an aim to keep promoting
+the construction of the innovative platform for water resource scientific survey within the basin and
+relevant key technologies research, fulfilling scientifically the reservoirs joint scheduling, and thus
+leveraging the cascade hub benefits to a full extend; Xiluodu-Xiangjiaba-Three Gorges Joint Ecological
+Operations Trial was conducted, taking full advantage of the scheduling to create conditions suitable for
+fish spawning and reproduction; the annual total volume of water supplement to the downstream from the
+cascade reservoir is 31.183 billion cubic meters, meeting the downstream water demand of livings and
+productions.
+in
+I.
+Operating Results Discussion and Analysis
+In 2020, in the face of the COVID-19 epidemic and the complex and changing domestic and
+international circumstances, the whole country has managed to coordinate the prevention and control of
+the epidemic scientifically to ensure the stable recovery of the economy and the overall balance of power
+supply and demand. China's electricity consumption was 7.51 trillion kilowatt-hours, up 3.1% year on
+year.
+The year 2020 is the last year of the 13th Five-Year Plan. Under the leadership of the Board of
+Directors, the management of the Company led all its staff to work together and overcome difficulties,
+and made new progress and results in production and operation, reform and development, party building
+and other aspects, fully completed the annual production and operation objectives and tasks, and realized
+the successful conclusion of the "13th Five-Year Plan".
+2019
+331 330 337
+Planned
+Actual
+970 969
+1,118
+2020 Annual Report
+634 615 608
+13 / 259
+Xiluodu
+Comprehensive benefits were fully demonstrated. Through the scientific implementation of the "joint
+scheduling of five water reservoirs", the Company successfully dealt with the third largest basin-wide
+flood since the founding of new China. The Three Gorges and Xiluodu reservoirs withstood the highest
+flood peaks since the construction of the reservoir, reaching 75,000 cubic meters per second and 18,200
+cubic meters per second, respectively. The cascade junctions in the basin have impounded nearly 36 billion
+cubic meters of flood water during the flood season, accounting for 60% of the total amount of flood
+retention by the reservoir group in the middle and upper reaches of the Yangtze River, and have played a
+tremendous role in flood control and anti-waterlogging. The new regulations for cascade scheduling of the
+Three Gorges and Gezhouba Dam have been approved smoothly, and have achieved remarkable results in
+their first application. The annual water-saving and power-increasing capacity of cascade hydropower
+stations in the basin reached 9.856 billion kWh.
+Power production hit a new record. The Company has always taken the operation and management
+of "the pillars of a great nation" as its greatest responsibility and undertaking, and has continued to practice
+the lean production management concept of "accurate scheduling, lean operation, meticulous maintenance
+to improve the utilization efficiency of water resources. The Three Gorges, Gezhouba, Xiluodu and
+Xiangjiaba cascade hydropower stations generated 226.93 billion kilowatt-hours of electricity in the year,
+hitting a new high. The annual energy output of Three Gorges Hydropower Station reached 111.802 billion
+kilowatt-hours, setting a new world record for the annual energy output of a single hydropower station set
+by Itaipu Hydroelectric Power Station in 2016. The Company has persistently deepened diagnostic
+operation and condition maintenance, solid annual repair and routine maintenance and deficiency
+elimination, so that the health level of equipment has been steadily improved, and the key operating
+indicators of cascade hydropower station units have been in the leading position in the industry. The
+cascade hydropower stations of the Company withstood the test of "long cycle, heavy load and
+uninterrupted operation" during the major flood period, and the full-load duration of Xiluodu, Xiangjiaba
+and Three Gorges hydropower stations all reached a record high.
+"
+(2) Focused on the main business and strength, and constantly improved the quality and efficiency of
+development
+have been sticking to their posts, and the Company organized capable forces to go out for Peru. With the
+joint efforts of all parties, the Company realized the orderly promotion of overseas business and "zero
+infection" of its overseas staffs.
+2020 Annual Report
+12 / 259
+Our Chinese staffs overseas achieved "zero infection". Under the unfavorable situation of actively
+coping with the spread of the epidemic abroad, the Company made donations through various channels
+and formulated multiple epidemic prevention measures. The staffs of the Company's overseas projects
+Success was achieved in combating the epidemic at home and in securing supplies. The Company
+established a working group for epidemic prevention and control in the first time, and took measures to
+ensure the life safety and health of its staff by organizing special meetings, purchasing epidemic prevention
+supplies in an emergency manner, and quickly introducing epidemic prevention and control measures. At
+the critical stage of epidemic prevention and control, more than 1,000 staffs of the Company stood firm in
+the front line of power generation, ensuring the safe and stable operation of cascade hydropower stations
+and reliable supply of electric power, providing a strong and reliable energy support for winning the
+defense wars in Wuhan and Hubei.
+(1) Worked together to jointly defeat challenges and achieved wins in both epidemic prevention and
+supply guarantee
+Safety and environmental protection were maintained in good shape. The Company pushed forward
+the special problem-addressing action of production safety and the construction of dual prevention
+mechanism by concentrating on the management and control of five major safety risks, that is, heavy
+casualties, flooded plant, widespread blackout, major equipment and facilities damage accidents and key
+network information security incidents. Adhering to the principle of "promoting safety through science
+and technology", the Company promoted the online operation of the safety management information
+platform and the further improvement of the on-site safety intelligent control measures. The Company has
+achieved the goal of "zero personal casualties and zero equipment accidents" for the 11th consecutive year,
+once again creating the best performance in terms of production safety. Envisioning to providing flood
+control capabilities against the Yangtze River and contribute clean energy to the society, the Company
+systematically carried out pollution prevention and control, environmental protection and ecological
+civilization construction. The Company set up a leading group of environmental protection, and compiled
+a list of eco-environment protection responsibilities, in order to fulfill environmental protection
+responsibilities level by level.
+Net cash flow from operating | 41,036,864,400.40
+2020 Annual Report
+Net cash flow from investing -36,037,256,431.23
+activities
+sector
+hydropower 52,882,345,871.07
++3.87
+Domestic
+margin
+(%)
+revenue (%)
+gross
+(%)
+change of
+of
+cost
+year
+Year-on-year
+change
+operating
+operating
+margin
+of
+Year-on-year
+change
+Operating cost
+By product Operating revenue
+Other
+17,776,111,875.66
+66.39
+6.49
+activities
+Percentage
+total
+in
+Current period
+Cost item
+By sector
+Unit: RMB Yuan
+By sector situation
+(3). Cost analysis
+Gross
+(2). Analysis of production volume and sales volume
+Non-applicable
+3,689.57
+3,139.66
+32.33
+2,938,930,720.73
+4,342,971,947.08
+sectors
+points
+-9.82
+percentage
+-4.50
+percentage
+points
+Year-on-
+Percentage
+change
+operating
+(%)
+revenue (%)
+operating
+margin
+Operating cost
+By sector Operating revenue
+of change
+Principal business by product
+Gross
+Year-on-year
+Year-on-year
+Unit: RMB Yuan
+Principal business by sector
+(1). Principal business by sector, product or region
+Applicable
+2. Revenue and cost analysis
+-27,873,589,870.07 -89.21
+Net cash flow from financing -3,007,326,032.09
+activities
+-6,631,454,496.45 443.43
+of
+cost
+Domestic
+(%)
+17,776,111,875.66
+36,464,419,570.28 12.54
+percentage
+points
+3,689.57
+3,139.66
+32.33
+2,938,930,720.73
+hydropower 52,882,345,871.07
+sectors
+-9.82
+Other
+4,342,971,947.08
+sector
+oints
+6.49
+-4.50
+66.39
+change of
+gross
+margin
++3.87 per
+centage p
+Year-on-
+year
+12,830,134.48
+Cash and Cash equivalents
+2020 Annual Report
+3,922,333,109.55
+Including: USD
+507,018,359.51
+6.5249
+EUR
+8.0250
+1,139,169,084.08
+102,961,829.20
+HKD
+389,575,943.57
+0.8416
+327,867,114.11
+PKR
+218,469,276.31
+0.0404
+197259
+3,308,244,093.97
+RMB
+Decrease in inventories (increase is
+Closing balances of Exchange rates for Closing balance of
+foreign currencies
+37,719,301.45
+PEN
+19,692,745.69
+In the process of applying for
+the certificates of title
+Intangible assets
+Investment in other equity 3,040,287,564.30
+Target
+shares of the
+instruments
+translation
+Total
+Nil
+Exchangeable Bond
+3,066,980,309.99
+/
+82 Foreign currency monetary items
+(1). Foreign currency monetary items
+Applicable
+Unit: Yuan
+Item
+Others:
+96,896,963.40
+10,360,975.82
+8,826,158.76
+174,433,913.51
+50,568,757.48
+1.8002
+Other current assets
+91,033,877.23
+96,209,293.54
+Including: PKR
+18,392,733.89
+0.0404
+743,066.45
+PEN
+53,030,900.50
+1.8002
+95,466,227.09
+Debt investment
+1,139,169,084.08
+Including:: EUR
+141,952,533.84
+-17,652,717.34
+8.0250
+PEN
+40,687.73
+0.0404
+1,007,122.00
+Accounts receivable
+977,863,578.59
+Including: USD
+3,125,198.58
+6.5249
+20,391,608.21
+PKR
+531,914,975.18
+0.0404
+1.8002
+21,489,365.00
+519,932,566.03
+1.8002
+935,982,605.38
+Other receivables
+101,435,540.78
+Including: USD
+1,587,913.35
+6.5249
+PKR
+PEN
+indicated by "")
+Non-applicable
+-190,232,556.87
+equivalents of the Company
+Including: Restricted cash and cash
+equivalents
+III. Closing balance of cash and cash 9,224,213,791.79
+57,721,396.96
+9,159,811,937.11
+6,680,457.72
+Opening balance
+7,317,940,980.02
+9,224,213,791.79
+Closing balance
+due within three months
+Including: Investments in debt securities
+II. Cash equivalents
+Placements with banks
+Deposits with other banks
+Deposits with the central bank
+Other monetary funds
+Bank deposits
+Including: Cash on hand
+subsidiaries within the Group
+Others:
+Non-applicable
+and
+Performance bonds
+Short-term borrowings
+7,000,000.00
+reporting period
+Reasons for such restriction
+Carrying amount at the end of the
+Fixed assets
+Inventories
+Notes receivable
+I. Cash
+Cash and Cash equivalents
+Unit: RMB Yuan
+Applicable
+81 Assets with restricted ownership or right-of-use
+Non-applicable
+Describe matters such as the names and the adjustment amount of the items included in "others" in respect of
+adjustments to the closing balances of the prior reporting period:
+7,317,940,980.02
+2,328,639,483.55
+4,989,301,496.47
+80 Notes to items in the statement of changes in owners' equity
+Item
+Decrease in receivables from operating
+Item
+Applicable
+Add: Closing balance
+5,334,485,176.04
+7,317,940,980.02
+Less: Opening balance of cash
+7,317,940,980.02
+9,224,213,791.79
+Closing balance of cash
+equivalents:
+36,464,419,570.28
+-50,250,031.87
+41,036,864,400.40
+942,008,657.53
+1,981,722,119.42
+3. Net changes in cash and cash
+Convertible bonds due within one year
+Fixed assets acquired under finance
+leases
+Conversion of debt into capital
+Net cash flow from operating activities
+2. Significant investing and financing
+activities that do not involve cash
+receipts and payments
+Increase in payables from operating
+activities (decrease is indicated by "—")
+Others
+activities (increase is indicated by "—")
+-300,121,582.59
+of cash
+equivalents
+Less: Opening balance of cash
+equivalents
+(4). Composition of cash and cash equivalents
+(3). Net cash received for disposal of subsidiaries in the current period
+2020 Annual Report
+196 / 259
+Nil
+Others:
+24,000,543,409.77
+Net cash paid to acquire subsidiaries
+combinations occurred in prior periods
+Unit: RMB Yuan
+Add: Cash or cash equivalents paid in the current period for business
+Cash or cash equivalents paid in the current period for business 24,857,381,434.57
+combinations occurred in the current period
+Amount
+Unit: RMB Yuan
+Applicable
+(2). Net cash paid to acquire subsidiaries in the current period
+1,983,455,803.98
+equivalents
+1,906,272,811.77
+Net increase in cash and cash
+Less: Cash and cash equivalents held by subsidiaries at the date of 856,838,024.80
+acquisition
+4,857,628,342.50
+Donations
+540,000,000.00
+Luz del Sur S.A.A.
+Lima, Peru
+PEN
+Lima, Peru PEN
+Inmobiliaria Luz del Sur S.A.
+Lima, Peru PEN
+Inland Energy S.A.C.
+Selection basis
+The business is mainly measured and
+settled by such currency
+The business is mainly measured and
+settled by such currency
+The business is mainly measured and
+settled by such currency
+The business is mainly measured and
+settled by such currency
+The business is mainly measured and
+settled by such currency
+The business is mainly measured and
+settled by such currency
+The business is mainly measured and
+settled by such currency
+The business is mainly measured and
+settled by such currency
+83, Hedges
+Non-applicable
+84,
+Tecsur S.A.
+PEN
+Lima, Peru
+PEN
+currency
+Recording
+Company
+place
+of
+business
+China
+Yangtze
+International
+Government grants
+Hong Kong
+(Hongkong) Co., Limited
+China Three Gorges Power Operation_
+Hong Kong
+USD
+Int'l Co., Limited
+Grupo de Contratistas Internacionales_
+S.A.C.
+Lima, Peru
+PEN
+Los Andes Servicios Corporativos Lima, Peru
+S.A.C.
+USD
+Principal
+(1). Basic information of government grants
+Unit: RMB Yuan
+sized Enterprises to Become Sizable 50,000.00
+Enterprises in the Service Industry
+Subsidies for job stabilization
+6,159,697.00
+Non-
+operating
+income
+Offset of
+50,000.00
+costs and 6,159,697.00
+expenses
+199 / 259
+(2). Return of government grants
+Non-applicable
+Others:
+Nil
+85 Others
+Non-applicable
+2020 Annual Report
+200 / 259
+14,648,665,135.50
+Incentive for Micro- and Small-
+income
+148,100.00
+operating
+Category
+Amount
+Presenting
+items
+Amount included in
+profit or loss
+Policy supporting fund
+605,500.00
+Other income
+605,500.00
+Shore power project
+Applicable
+365,006.76
+365,006.76
+Shore
+power project
+Deferred
+145,368.00
+income
+Non-
+2020 Epidemic Subsidy
+148,100.00
+Other income
+Including: USD
+2020 Annual Report
+Applicable
+6.5249
+96,474,485.69
+PEN
+29,458,709.03
+1.8002
+53,031,567.99
+Dividend Payable
+36,473,316.08
+Including: PEN
+20,260,702.19
+1.8002
+36,473,316.08
+Other payables
+190,836,692.20
+Including: USD
+2,928,589.76
+6.5249
+19,108,755.32
+HKD
+14,785,588.39
+Including: USD
+149,506,053.68
+Interest payable
+6.5249
+3,523,446,000.00
+PEN
+741,130,064.71
+1.8002
+1,334,182,342.50
+Accounts payable
+808,369,254.70
+Including: USD
+108,913.74
+9,465,089.01
+61,758,759.28
+PKR
+PEN
+92,472,942.33
+0.0404
+3,735,906.87
+412,662,253.39
+1.8002
+742,874,588.55
+6.5249
+198 / 259
+0.8416
+PKR
+Including: PEN
+248,384,508.08
+1.8002
+447,141,791.44
+Bonds payable
+2,578,680,004.58
+Including: PEN
+1,432,440,842.45
+1.8002
+2,578,680,004.58
+Long-term Payable
+Including:SSD
+5,647,810,583.77
+865,578,105.99
+6.5249
+5,647,810,583.77
+Others:
+Nil
+-25,331,122.73
+(2). Description of foreign operations: for significant foreign operations, major domicile and functional
+currency and its basis of selection shall be disclosed, and reasons for foreign operations changing
+their functional currencies shall also be disclosed.
+447,141,791.44
+Long-term borrowings
+199,230,337.44
+1.8002
+147,640,950.99
+0.0404
+PEN
+92,029,541.53
+1.8002
+5,964,694.42
+165,671,580.66
+Current portion of non-current
+3,471,172,582.19
+91,661.80
+liabilities
+277,541,067.96
+6.5249
+1,810,927,714.33
+EUR
+182,057,885.41
+8.0250
+1,461,014,530.42
+PEN
+110,671,224.00
+Including: USD
+-74,914,030.68
+Effect of different tax rates applicable to subsidiaries
+Effect of adjustment to income tax of prior periods
+-27,850,006.10
+192 / 259
+Item
+Total losses on
+disposal of non-
+current assets
+Including: Losses on
+2020 Annual Report
+Amount incurred in the Amount incurred in the
+current period
+222,224.19
+prior period
+227.80
+Amount
+included in
+non-recurring profit or
+loss in the current period
+222,224.19
+Increase in deferred tax liabilities
+(decrease is indicated by "—")
+227.80
+222,224.19
+28,740,000.00
+assets
+198,100.00
+Income-related
+Cultivation
+and
+Innovation of Industrial
+Enterprises in Yibin
+Incentive for Micro- and
+Small-sized Enterprises
+to Become Sizable 50,000.00
+Enterprises in the Service
+Industry
+2020 Epidemic Subsidy 148,100.00
+Total
+Others:
+Non-applicable
+75, Non-operating expenses
+Applicable
+Unit:
+RMB Yuan
+950,000.00
+Income-related
+Income-related
+Losses on disposal of
+intangible assets
+Losses on debt
+13,393.68
+491,280,818.61
+334,933,992.54
+13,393.68
+200,915,969.61
+Others:
+Nil
+76, Income tax expense
+(1). Income tax expense
+Applicable
+Unit: RMB Yuan
+Amount incurred in the current
+Item
+Current tax expenses
+period
+Amount incurred in the prior
+period
+6,038,094,127.20
+Deferred tax expenses
+-88,815,131.90
+Total
+5,949,278,995.30
+Total
+Other expense
+area
+281,985,666.60
+restructuring
+Losses on exchange
+of
+non-monetary
+assets
+Donations to third
+200,675,000.00
+50,374,313.04
+200,675,000.00
+Income-related
+parties
+5,351.74
+323,785.10
+5,351.74
+Research funds of
+2,250,000.00
+2,250,000.00
+acipenser sinensis
+Maintenance
+expense of reservoir 288,114,849.00
+Penalty
+27,790,000.00
+related
+Asset-related/income-
+X.Impairment on intangible assets
+XI.Impairment on goodwill
+XII. Others
+-35,595,283.18
+Total
+Others:
+Nil
+73. Gains from disposal of assets
+Applicable
+Unit: RMB Yuan
+-17,737,932.85
+-35,595,283.18
+Item
+Amount incurred in the current
+period
+Amount incurred in the prior
+period
+current assets
+Gains from disposal of non-
+Including: Gains on disposal of
+22,038,670.15
+IX. Impairment on oil and gas assets
+VIII. Impairment on productive biological assets
+VII. Impairment on construction in progress
+VI. Impairment on materials for construction of
+fixed assets
+Bad debt provision of long-term
+receivables
+Contract asset impairment losses
+2020 Annual Report
+Total
+Others:
+Nil
+-1,492,867.05
+3,342,701.66
+26,792.08
+72 Assets impairment losses
+Unit: RMB Yuan
+Item
+I. Bad debt provision
+Amount incurred in the
+current period
+Amount incurred in the
+prior period
+II. Inventory depreciation loss and contract -17,737,932.85
+performance
+III. Impairment on long-term equity investments
+IV. Impairment on investment properties
+V. Impairment on fixed assets
+Applicable
+(2). Reconciliation of income tax expenses to the accounting profit
+Applicable
+non-current
+26,792.08
+on debt
+restructuring
+Gains on exchange of
+non-monetary assets
+Donations received
+Government grants
+198,100.00
+Other
+Total
+50,770,175.16
+50,968,275.16
+28,740,000.00
+479,094.32
+29,219,094.32
+198,100.00
+50,770,175.16
+50,968,275.16
+Note: During the current year, non-operating income – other represents the amounts of the fair value of
+the investee's identifiable net assets the Company is entitled when the initial investment cost of the
+Company in respect of Shenergy Company Limited, an associate of the Company is less than its
+investments.
+Government grants included in profit or loss
+Applicable
+Unit: RMB Yuan
+Item
+2019 central fiscal
+subsidy funds for the
+separation and transfer of
+"utility supply and
+property management"
+Subsidies for Step-wise
+Amount incurred in the
+current period
+Amount incurred in
+the prior period
+Gains
+non-recurring profit or
+loss in the current period
+included in
+Amount
+classified as held-for-sale
+Including: Gains from disposal
+22,038,670.15
+26,792.08
+of fixed assets
+Total
+22,038,670.15
+26,792.08
+Others:
+assets not 22,038,670.15
+Nil
+Non-operating income
+Applicable
+Unit: RMB Yuan
+191/259
+2020 Annual Report
+Item
+Total gains on disposal
+of non-current assets
+Including: Gains on
+disposal of fixed assets
+Gains on disposal of
+intangible assets
+Amount incurred in the Amount incurred in the
+current period
+prior period
+74 Non-operating income
+Unit: RMB Yuan
+disposal of fixed 222,224.19
+5,112,745,783.43
+Item
+Amount incurred in the current
+period
+Amount incurred in the prior
+period
+Issue costs of short-term commercial
+paper and bonds
+Loans guarantee and surcharges
+Payments of purchase and
+construction of fixed assets by
+instalments
+Other
+Total
+21,028,944.44
+19,522,746.17
+7,672,887,725.27
+11,322,290.06
+7,724,761,705.94
+Description of cash payments relating to other financing activities:
+Nil
+79, Supplementary information to the cash flow statement
+(1). Supplementary information to the cash flow statement
+Applicable
+Unit: RMB Yuan
+32,320,833.35
+6,011,219.18
+RMB Yuan
+Unit:
+Applicable
+(6). Cash payments relating to other financing activities
+Amount incurred in the current
+period
+190,217,371.81
+Amount incurred in the prior
+period
+194 / 259
+2020 Annual Report
+Total
+190,217,371.81
+Description of cash received relating to other investing activities:
+Nil
+(5). Cash receipts relating to other financing activities
+Applicable
+14,604,539,810.95
+Unit: RMB Yuan
+Shareholders' loans by co-investors
+of Yangtze Andes Holding Co.,
+Amount incurred in the current
+period
+Amount incurred in the prior
+period
+Limited
+Total
+5,974,723,001.24
+5,974,723,001.24
+Description of cash receipts relating to other financing activities:
+Nil
+Item
+Loss of control of Gaoke Company
+5,793,272.02
+Current period
+195/259
+2020 Annual Report
+Losses on disposal of fixed assets,
+intangible assets and other long-term -22,038,670.15
+assets (gains are indicated by "—")
+-26,792.08
+Losses on retirement of fixed assets
+(gains are indicated by "—")
+222,224.19
+227.80
+Losses on changes in fair values (gains
+are indicated by "—")
+Financial expenses (income is indicated
+by "—")
+Losses arising from investments (gains
+are indicated by "—")
+Decrease in deferred tax assets (increase
+is indicated by "—")
+172,887,058.21
+26,947,041.04
+5,085,012,116.94
+5,281,953,849.47
+-4,052,756,076.57
+-3,074,753,621.99
+-13,901,101.22
+1,492,867.05
+17,737,932.85
+536,864.54
+536,864.54
+Prior period
+1.Reconciliation of net profit to cash
+Item
+Net profit
+26,506,261,798.82
+21,567,447,100.19
+Add: Provision for impairment losses of
+assets
+Credit impairment loss
+Supplementary information
+Depreciation of fixed assets, depletion
+of oil and gas assets, depreciation of 11,603,423,305.42
+Amortization of right-of-use assets
+Amortization of intangible assets
+Amortization of long-term prepaid
+expenses
+35,595,283.18
+-3,342,701.66
+12,038,664,044.18
+33,941,278.87
+20,345,046.84
+productive biological assets
+Item
+flow from operating
+(4). Other cash payments relating to investing activities
+Applicable
+78. Items of the cash flow statement
+(1). Cash received relating to other operating activities
+Applicable
+Unit: RMB Yuan
+Item
+Intercourse funds
+Interest income
+Amount
+incurred in the
+Amount incurred in the prior
+current period
+period
+423,419,233.38
+95,675,832.87
+71,556,891.30
+27,910,673.21
+Non-operating income
+Deferred income
+100,213,191.69
+Please refer to “note VII. 57 Other comprehensive income" for details.
+520,143.26
+36,148,478.18
+5,949,278,995.30
+77. Other comprehensive income
+-53,181,128.83
+5,059,564,654.60
+Unit: RMB Yuan
+Total profit
+Income tax expenses calculated at statutory/applicable tax
+rate
+Effect of non-taxable income
+Effect of non-deductible costs, expenses and losses
+Effect of using deductible losses for which deferred tax
+assets were previously not recognised
+Effect of deductible temporary differences or deductible
+losses unrecognized in the current period
+Amount incurred in the current period
+32,455,540,794.12
+8,113,885,198.53
+-1,281,000,954.74
+-4,918,645.31
+-952,647,179.64
+37,801,614.32
+10,483.96
+193 / 259
+Other
+Income tax expenses
+Others:
+Non-applicable
+2020 Annual Report
+145,368.00
+Applicable
+Total
+current period
+period
+228,445,486.97
+109,607,199.32
+438,271,483.27
+249,618,773.62
+26,759,569.79
+963,225.21
+200,675,000.00
+5,000,000.00
+600,461.59
+900,720,578.57
+10,659,495.71
+262,207.40
+323,785.10
+156,374,313.04
+3,116,035.50
+767,365.08
+530,729,174.77
+Other
+Note on other cash payments relating to operating activities:
+Nil
+(3). Cash received relating to other investing activities
+Non-applicable
+Amount incurred in the prior
+the
+5,351.74
+incurred
+528,865,293.99
+Description of cash received relating to other operating activities:
+4,567,357.66
+in
+Nil
+(2). Cash paid relating to other operating activities
+Applicable
+Unit: RMB Yuan
+Intercourse funds
+General and administrative expenses
+Selling expenses
+Item
+Bank charges
+Amount
+196,076,781.07
+Total
+Research and development expenses
+933,383.69
+Non-operating expenses
+Restricted cash and bank balances
+4,700,095,843.00
+3,768,911,523.89 2912492,366.43 6,206,400,037.89
+associates
+3,931,457,085.98
+Fair value of
+6,025,938,374.74 7,942,851,468.62
+investment in
+2.992,630,612.57
+equity
+5,000,126,396.53
+equity 8,379,038,086.54
+1,881,432978.74
+Carrying value
+☐ rest of moral ✓ ✓
+--Unrealized
+2020 Annual Report
+208 / 259
+1,645,379,479.58
+1,645,379,479.58
+1,881,432978.74
+investment of 7225,167,736.04 3,547,553,242.16
+347239,457.65
+346,794,253.51
+-53,414,565.52
+of
+associates with
+1,272,825,763.04 355,693,399.74 663,386,409.36
+Operating
+expenses
+1,991,669,825.55 134,583,303.40
+1,991,669,825.55 134,682276.40
+288,846266.67
+4,779,200,990.74
+611,668,588.69
+656,461,43693
+866,576,16031
+709,556,695.38
+Financial
+revenue
+838,331,60428
+42,433,460,265.79
+1,498,099,186.10
+29,534,215,00720
+1,031,120,302.57 15,810,756,895.30
+894,031,237.51
+2,952,056,422.41
+17,023,439,11120 31,645,123,124,53
+4,883,224,367.15
+6,671,917,11726
+3,558,435,307.32
+7,765,193,159.61
+6,199,095,079.05
+public offer
+49,031,420.78
+liabilities
+346,836,451.15
+346,391,247.01
+34,011,667,621.63
+9,798,666,960.81
+150327333373.52
+4213,777,861.07
+116,107,469281.60
+32,397,762,533.29 43,971,108,091.06 199,787,831,879.48 32,012,587,167.54
+42,385,420,110.19 47,508,174,353.67 224,721,513,218.80 37,455,297271.00
+8,028,054,52699 8,334,766,81494 34,219,864,09192 5,584,889,099.74
+56,528,248,477.41 36,785,721,299.58 54,940,620,189.02
+66,232,460,280.79 41,329,132,241.17 60,364,977,644.97
+15,001,082,627.55 5,394274,490.09 12,380,797,972.01
+16216,852,85036 20,814,757,319.71 6,177,160,892.11 14,387,014,034.86
+18,073,695,532.47 35,815,839,94726 11,571,435,382.20 26,767,812,006.87
+6,167234.69
+962,061,24737 6,305,071,387.07
+3,093,421,535.02
+6,185,917,51627
+Non-controlling
+Total liabilities 25,112,598,664.88 22348226394.02
+liabilities
+14,118,800,581.70 13,961,610,468.06
+Non-current
+25,309,166,470.49
+26216,304,76091
+1,856,842,682.11
+10,993,798,083.18 8,386,615,92596
+Current
+60,166,839,800.44 43,400,669,145.60
+Total assets
+assets
+54,867,848,441.33 33,850,343,861.74
+Income
+Non-current
+527,710,564.05
+3,128,744,73797
+3,128,744,73797
+interests
+attributable to
+119,909,672.06
+--Goodwill
+119,810,699.06
+Adjustments
+ratio
+by shareholding
+3,054,716,363.42
+2,965,906,93195 4,324,967,059.15
+3,421,672,06624
+4,034,268,549.19 7,808,268,16522
+1,871,381,658.56 3,041,662,033.35
+8259227,387.48 3,584,620,634.83
+assets calculated
+Share of net
+parent
+owners of the
+27,128,919,746.14
+40,382,512,223.65
+17,142,645,622,44 29,659,069,319,52
+28,795,635,611.60 27292,094251.03
+8,136,441,993.75 30,416,620,333.53
+17,959,021,216.56
+28,868,323,61929
+Equity
+tax
+13,827,731,550.45 9,514,338,21921
+21,855,786,077.44 17,849,105,034.15
+3,386,988,41031
+254,896,934.15
+1,482,447,659.54
+--Total comprehensive income
+--Other comprehensive income
+--Net profit
+Items calculated according to shareholding ratio
+Total carrying value of 23,839,969,171.25
+investment
+Associates
+-9,745,102.88
+--Total comprehensive income
+--Other comprehensive income
+-9,745,102.88
+--Net profit
+Items calculated according to shareholding ratio
+investment
+239,218,168.89
+carrying value of 254,971,583.01
+Total
+Joint ventures
+Opening balance/ prior period
+Closing balance/current period
+Unit: RMB Yuan
+Summary financial information of nonsignificant joint ventures and associates
+Applicable
+18,346,074.51
+1,500,793,734.05
+10,501,107.25
+10,501,107.25
+equivalents
+210 / 259
+Non-applicable
+4. Important joint operation
+As at 31 December 2020, the Company assumed the guarantee liability for the borrowings of
+RMB251,468,000 in proportion to its shareholding accordingly.
+On 31 August 2019, the Company issued the Announcement on Continued Provision of Financing
+Guarantee for and Connected Transaction with Hunan Taohua River Nuclear Power Co., Ltd., pursuant to
+which the Company provided financing guarantee for Taohua River Nuclear Power. The matter was
+considered and approved at the second extraordinary general meeting on 15 October 2019. On 25
+November 2019, the Company signed a guarantee contract with the relevant party ti provide general
+liability guarantee for a term of two years from the day immediately following the expiry of the term of
+the loan.
+Hunan Taohua River Nuclear Power Co., Ltd. ("Taohua River Nuclear Power") is a 19.43% associate
+of the Company. In order to ensure smooth financing for Taohua River Nuclear Power Station, the
+Company provided a guarantee for its financing.
+Contingent liabilities related to investment in joint ventures or associates
+Applicable
+(8).
+Non-applicable
+(4).
+(7). Unconfirmed commitments related to joint ventures
+Excess losses of joint ventures or associates
+(6).
+Non-applicable
+Description of significant restrictions on the ability of joint venture or associates to transfer
+funds to the company
+(5).
+Nil
+Others
+660,756,016.30
+7,631,139.46
+653,124,876.84
+14,488,262,095.17
+Non-applicable
+794,460,838.02
+2020 Annual Report
+Nil
+292,463,956.81
+-192,806.58
+-1,128,284,368.14
+comprehensive 409,028,063.50 20,445,519.78
+Other
+operations
+discontinuing
+Net profit from
+2,987,713,781.77
+8,731,06225095
+2,009,119,204.86
+961,455,803.84
+32,557,429.82
+1,586,010,055.27
+159,308,62621
+199,648,676.41
+39,952,478.65 657235,845.63
+3,209,998,367.37 1,799,538,493.61
+384,179277.01
+3,095,718,323.91
+70,106,680.16
+445,828,114,56
+1,092,279,134.76
+2,759225,614.69
+Net profit
+expense
+207,123,789.66
+797,745,799.73
+-293,581,432.47
+1,468,532.48
+Others
+current year
+associates in the
+148,727,645.70
+163,527,38033
+97,823,736.79
+53,415,773.90
+199,351,173.88 203,655,565.41
+135,353223.35
+27205,162.90
+186,215,66330
+209 / 259
+received from
+income
+2989,182,31425
+8,437,480,818.48
+2,806,865,004.59
+1,168,579,593.50
+1,967,433,955.77 3,209,805,560.79 2,092,002,450.42
+445,828,11456
+2,350,197,551.19 1,112,724,654,54
+comprehensive
+Total
+income
+Dividends
+708,195,762.59
+563,855,649.61
+104,018,962.34
+Investment
+purpose
+Virgin
+Special
+Power (BVI) 1 Virgin
+British
+China Yangtze British
+stations
+Co., Limited
+overseas power
+Operation Int'l
+Investment
+80.00
+of
+management
+vehible
+Co., Ltd
+Islands
+Islands
+Co., Ltd.
+Wuhan,
+Hubei
+Wuhan,
+Hubei
+Electric Energy
+Three Gorges
+Business
+consolidation
+100.00
+Kong
+Development of
+hydropower
+Islands
+Chengdu, Chengdu,
+Sichuan Sichuan
+Three Gorges
+Electric Energy
+Co., Ltd.
+Investment
+100.00
+Special purpose
+vehible
+British
+China Yangtze | British
+Power (BVI) 2 Virgin Virgin
+Co., Ltd
+Islands
+Gorges Power Kong
+Operation and
+Hong
+Juyuan
+Changjiang
+Beijing
+Limited
+Investment
+100.00
+Equity investment
+Beijing
+Yichang,
+Hubei
+Capital Holdings
+Yichang,
+Yangtze Power
+Directly Indirectly method
+business
+Business nature
+Acquisition
+Hubei
+Electricity
+dispatch and sale
+Beijing
+85.00
+China Three Hong
+Limited
+investment
+(Hongkong) Co.,
+Investment
+100.00
+Overseas
+Equity investment
+Kong
+International
+Hong
+China Yangtze Hong
+Co., Ltd
+Management
+Investment
+Investment
+Kong
+70.00
+Investment
+Three Gorges
+S.A.C.
+Business
+consolidation
+100.00
+Transportation
+services
+Corporativos
+Peru
+Peru
+Tecsur S.A.
+Servicios
+Andes Lima,
+Los
+2020 Annual Report
+204 / 259
+S.A.C.
+consolidation
+100.00
+Lima,
+Business
+Lima,
+Development and
+Peru
+Peru
+Business
+Shareholding
+Servicios
+Lima,
+Lima,
+Lima,
+Inversiones en
+consolidation
+90.21
+of
+consultation
+Peru
+Peru
+Business
+projects
+of
+maintenance
+Emergency
+of 100.00
+supply
+Production and
+Investment
+51.00
+and
+investment
+development of
+technology
+Investment
+Hubei
+Yangtze Andes
+Power Sales Co., Shanghai Shanghai
+China Yangtze
+Power (Hubei) Yichang, Yichang,
+Ltd.
+Co., Ltd
+Sale of electricity,
+Hubei
+Peru
+electricity and heat
+in
+Grupo
+Contratistas
+Lima, Lima,
+Internacionales Peru
+de
+operation
+management of
+power generation
+and
+service
+Kong
+Investment
+Investment
+70.03
+Hong
+Hong
+Kong
+Co.,
+dispatch and sale,
+energy, electricity
+Limited
+Holding
+consultancy
+Place
+registration
+place of
+Subsidiary
+Applicable
+(2). Cost of business combination and goodwill
+2020 Annual Report
+201 / 259
+On 24 April 2020, the Company acquired 100% of equity interests in Peru Company through cash and has engaged a third-party intermediary institution to issue
+a distribution report of the trade consideration on the purchase day, of which, the multi-period excess earnings method was adopted to separately identify the concession
+right of the business of generating, transmitting and distributing electricity as an intangible asset. The fair value of the identifiable net assets of Peru Company at the
+acquisition date of purchase was approximately RMB24.329 billion, the combination cost was approximately RMB25,422 million and goodwill recognized was
+approximately RMB1,093 million.
+Note:
+Other descriptions:
+Unit: RMB Yuan
+6.33
+completing
+delivery
+Company
+POC
+by
+control of the
+acquiree
+24 April 2020
+Acquired
+by cash
+assets 41.30
+100.00
+Consideration of business combination
+--Fair value of non-cash assets
+Nil
+The main reasons for the formation of large amount of goodwill
+Nil
+The description of determination method of the fair value of the combination cost, the contingent consideration
+and its changes
+1,092,758,460.49
+Goodwill combination cost less than the fair value
+share of identifiable net assets obtained
+24,329,104,985.38
+Cash and Cash equivalents
+Less: fair value share of identifiable net assets
+obtained
+Total consideration of business combination
+Peru Company
+25,421,863,445.87
+--Others
+--Fair value of equity held before the acquisition date
+on the acquisition date
+--Fair value of contingent consideration
+--Fair value of equity securities issued
+--Fair value of debt issued or assumed
+25,421,863,445.87
+Others:
+Nil
+254.22
+Company
+equity
+acquisition
+acquisition
+Acquiree
+Date of equity of
+Consideration
+the acquiree
+Income of the
+Equity
+acquisition
+ratio
+Net profit of
+Unit: RMB'00,000,000 Yuan
+Applicable
+(1). ies not under common control in the current period
+Business combination involving entities not under common control
+Applicable
+1、
+VIII. Changes of the scope of consolidation
+8,447,826,01991
+2020 Annual Report
+24 April 2020
+Method of
+equity
+acquisition
+for
+2.58
+effective
+obtained
+AB
+company
+The
+the period
+Basis
+purchase to
+the end of
+date
+the
+from
+acquiree from the
+date of purchase to
+the end of the
+period
+of
+determination
+acquisition date
+Acquisition date
+of
+100.00
+(3). Identifiable assets and liabilities of the acquiree on the acquisition date
+Unit: RMB Yuan
+newly-added
+3
+newly-added
+2
+China Yangtze Power Sales Co., Ltd.
+Yangtze Andes Holding Co., Limited
+2
+1
+3
+Reason of change
+Company
+Number
+Explain the changes in the consolidation scope caused by other reasons (such as the establishment of new
+subsidiaries, liquidation of subsidiaries, etc.) and relevant situations:
+Applicable
+5. Changes in consolidation scope due to other reasons
+Others:
+Non-applicable
+Whether there is the situation that loss of control is from a single disposal of subsidiaries
+Non-applicable
+4. Disposal of subsidiaries
+Level
+Non-applicable
+Three
+loss of control
+Shareholding ratio
+2020 Annual Report
+Main
+Composition of the Group
+IX. Equity in other entities
+1. Equity in subsidiaries
+(1).
+Applicable
+203 / 259
+Non-applicable
+Gorges High-tech Information 2
+6 Other
+3
+Three Gorges Powwe (Henan) Co., Ltd
+5
+loss of control
+Three Gorges Yangtze Power Big Data 3
+Technology (Yichang) Co., Ltd
+4
+Technology Co., Ltd
+deregistered
+Applicable
+3 Reverse acquisition
+Business combination involving entities under common control
+8,216,618,075.40
+771,207,000.00
+5,683,573,241.35
+7,196,181,999.98
+Carrying value on the acquisition date
+12,879,755,241.33
+37,296,653,581.66
+Fair value on the acquisition date
+29,080,035,506.26
+Peru Company
+Net
+interests
+controlling
+Less:
+NET ASSETS
+LIABILITIES:
+ASSETS:
+acquired
+Non-applicable
+non- 4,750,930,520.88
+4,912,366,241.35
+2
+Non-applicable
+(6). Others
+Non-applicable
+(5). Relevant explanations on the acquisition date or at the end of the current period when the
+acquisition consideration or the fair value of the identifiable assets and liabilities of the acquiree
+cannot be reasonably determined
+2020 Annual Report
+202 / 259
+assets 24,329,104,985.38
+Non-applicable
+value
+(4). Gains or losses arising from the re-measurement of equity held before the acquisition date at fair
+Others:
+Nil
+Nil
+Contingent liabilities of the acquiree in business combination:
+Nil
+Methods for determining the fair value of identifiable assets and liabilities:
+Any transaction that realizes business combination step by step through multiple transactions and obtains
+control right in the reporting period
+platform
+100.00
+Electricos S.R.L.
+production
+Ltd.
+1.27
+13.93
+Holding Co.,
+Equity
+Electrical power
+Beijing
+SDIC Power Beijing
+management
+Co., Ltd.
+method
+investment, asset
+Holdings
+10.00
+method
+Sichuan
+Chengdu Chengdu
+Chuantou
+method
+23.00
+Equity
+construction and
+operation
+Kunming Kunming
+Midstream
+Jinsha River
+Beijing
+Investment,
+Yunnan
+Ltd.
+Equity
+method
+energy
+Energy Co.,
+14.01
+Investment in clean
+Huadian
+Beijing
+Equity
+investment, equity
+commerce
+and
+industry
+utilities,
+public
+method
+1.98
+Hubei
+urban 17.98
+Equity
+energy industry,
+and
+of
+management
+Investment
+Directly Indirectly ventures
+/associates
+joint
+Incorporation Guangzhou Guangzhou logistics,
+Hydropower
+Investment,
+Energy
+Capital
+Industrial
+Three Gorges
+energy
+Ltd.
+Province
+Equity
+method
+Wuhan,
+of
+Province
+Group Co.,
+3.26
+25.35
+Hubei
+development and
+Hubei
+management
+Development
+Co., Ltd
+management
+Co.,Ltd.
+Energy Co.,
+Ltd.
+Holdings
+Incorporate
+Ltd.
+Holding Co., Chuantou
+Ltd.
+Capital
+d
+nt Group
+Energy
+Co., Ltd.
+Holdings
+r Co.,Ltd.
+Incorporated
+Ltd.
+Capital
+HydroPowe
+Group Co.,
+Group Co., Group
+Co., Ltd.
+5298,991,359.11
+4,358,822,320.77
+601,386,644.61 1,215,771,418.19
+406,729,928.85
+310,238,859.66
+2,686,133,55298
+cash 1,013,975,987.67
+and
+Current assets
+Including: cash
+24,933,681,33932
+3,537,066,262.61
+9,987,657,576.90
+4,543,410,941.59 5,424,357,455.95
+9,704211,803.38
+907,138,290.42
+9,550,325,283.86
+5,442,710,103.46
+Group
+Gorges
+Energy
+207 / 259
+Non-applicable
+(2). Main financial information of important joint ventures
+The Company holds 14.01% equity in Sichuan Chuantou Energy Co., Ltd. but has significant
+influence on it as the Company is its second largest shareholder and has the right to nominate director.
+The Company holds 15.19% equity in SDIC Power Holding Co., Ltd. but has significant influence
+on it as the Company assigns one director to its board.
+The Company holds 10.00% equity in Three Gorges Capital Holdings Co., Ltd. but has significant
+influence on it as the Company assigns one director to its board.
+The Company holds 19.96% equity in Guangzhou Development Group Incorporated but has
+significant influence on it as the Company assigns one director to its board.
+(3). Main financial information of significant associates
+Basis for circumstances where the Company has significant influence with less than 20% voting rights or
+where the Company has no less than 20% voting rights without significant influence
+The basis for holding less than 20% of the voting rights but having significant influence, or holding 20% or
+more of the voting rights but without significant influence:
+Nil
+Explanation on the difference between the shareholding proportion in joint ventures or associates and the
+proportion of voting right:
+2020 Annual Report
+206 / 259
+power stations
+of
+Description of circumstances where the percentage of shareholding in a joint venture or an associate
+differs from the percentage of voting rights:
+Developme
+Applicable
+Closing balance/ current period
+Chuantou
+Gorges
+Jinsha River
+Development
+Energy
+SDIC Power Sichuan
+Three
+Unit: RMB Yuan
+Guangzhou
+Sichuan
+Three
+Yunnan
+Guangzhou
+Hubei
+consolidation
+2020 Annual Report
+Hubei
+Development
+Opening balance/ prior period
+registration
+asset management
+Peru
+Peru
+100.00
+Business
+and
+Investment
+consolidation
+Lima,
+electricity
+consolidation
+of
+distribution
+83.64
+Business
+and
+Inmobiliaria Luz Lima,
+del Sur S.A.
+transmission
+Inland Energy Lima,
+Business
+Energy Business Lima,
+consolidation
+industry
+Peru
+Peru
+100.00
+Business
+Lima,
+Electronic
+Andes Power Lima,
+S.A.C.
+consolidation
+Peru
+Peru
+S.A.C.
+100.00
+Power generation
+Lima,
+Lima,
+Peru
+Generation,
+Lima,
+Lima,
+Peruvian
+Company S.R.L.
+consolidation
+100.00
+platform
+Shareholding
+Peru
+Services
+Business
+Shareholding
+Lima,
+Lima,
+Guangzhou
+Peruvian
+Peru
+Peru
+Services
+Peru
+Lima,
+Luz del Sur Lima,
+S.A.A.
+consolidation
+industry
+Peru
+Peru
+100.00
+Peru
+Electronic
+Blue River Corp Lima,
+S.A.C.
+S.R.L.
+consolidation
+Company II
+100.00
+Business
+platform
+Lima,
+Shareholding
+Business
+International
+(4). Major restrictions on the use of Group assets and repayment of Group debts
+Non-applicable
+Non-applicable
+Major financial information of significant non-wholly owned subsidiaries
+(3).
+2020 Annual Report
+205 / 259
+Non-applicable
+(5). Financial support or other support provided to structured entities included in the consolidated
+(2). Important non-wholly owned subsidiaries
+Others:
+Nil
+The basis for determining whether the company is an agent or a principal:
+Nil
+The control basis for the important structured entities included in the consolidation scope:
+Nil
+The basis for holding half or less voting rights but still controlling the investee, and holding more than half of
+the voting rights but not controlling the investee:
+Nil
+Nil
+financial statements
+Others:
+of business
+/associates
+Business
+Business nature
+of
+Main place Place
+Joint ventures
+Non-applicable
+Accounting
+treatment for
+Unit: RMB Yuan
+Applicable
+(1). Material joint ventures or associates
+Applicable
+3. Equity in joint ventures or associates
+Non-applicable
+2、 The owner's equity share of the subsidiary changes and still controls the transactions of the
+subsidiary
+Shareholding ratio
+Explanation of the difference between the shareholding proportion in the subsidiary and the voting right
+proportion:
+Non-applicable
+consolidation
+platform
+Peru
+Peru
+S.R.L.
+100.00
+Shareholding
+Lima,
+consolidation
+Lima,
+S.R.L.
+consolidation
+100.00
+Company S.A.C.
+platform
+Peru
+Peru
+Ontario-Quinta
+Andes Bermuda
+Business
+platform
+Lima,
+Peru
+Peru
+Opportunity
+Lima,
+Business
+Peruvian
+consolidation
+Shareholding
+Ltd.
+100.00
+Bermuda
+Shareholding
+100.00
+Bermuda
+Business
+platform
+Financial liabilities held
+398,232,264.23
+199,230,337.44
+PKR
+PEN
+242,664,765.00
+EUR
+Total
+640,897,029.23
+190,836,692.20
+Other payables
+19,108,755.32
+91,661.80
+5,964,694.42
+165,671,580.66
+Current portion of non-
+1,810,927,714.33
+current liabilities
+HKD
+3,471,172,582.19
+1,461,014,530.42
+for trading
+USD
+Accounts payable
+2020 Annual Report
+Foreign
+Subtotal
+1,139,169,084.08
+Long-term borrowings
+105,656,142.40
+1,139,169,084.08
+10,649,508,185.55
+currency
+financial liabilities:
+Short-term borrowings 3,523,446,000.00
+Interest Payable
+Dividend Payable
+61,758,759.28
+96,474,485.69
+214 / 259
+1,334,182,342.50
+4,857,628,342.50
+3,735,906.87
+742,874,588.55
+808,369,254.70
+53,031,567.99
+36,473,316.08
+149,506,053.68
+36,473,316.08
+Closing balance
+Item
+447,141,791.44
+1,089.05
+Bonds payable
+financial assets
+825,438,170.71
+215 / 259
+4,223,137,690.77
+15,567,590.63
+15,567,590.63
+1,089.05
+825,438,170.71
+Item
+Opening balancee
+non-current
+USD
+equity
+instruments
+investments
+Long-term
+equity
+investments
+Debt investment
+105,656,142.40
+Foreign
+Subtotal
+Other
+Other
+Other current assets
+receivable
+2,578,680,004.58
+2,578,680,004.58
+Long-term Payable
+5,647,810,583.77
+5,647,810,583.77
+Subtotal
+18,828,515,650.37
+(continued)
+Item
+Foreign currency
+Opening balancee
+USD
+HKD
+EUR
+PKR
+Total
+financial assets:
+Cash and Cash
+1,440,652,516.18
+2,601,156,725.10
+181,328,449.49
+equivalents
+Accounts
+|447,141,791.44
+Debt investment
+24,057,628,342.50
+697,646,273.05
+More than 5 years
+Total
+24,057,628,342.50
+borrowings
+Accounts payable
+17,854,519,232.52
+Current portion of
+non-current
+23,924,325,034.79
+17,854,519,232.52
+Short-term
+23,924,325,034.79
+Other
+current
+7,500,526,902.22
+7,500,526,902.22
+liabilities
+Long-term
+14,447,141,791.44
+14,447,141,791.44
+borrowings
+Long-term Payable
+liabilities
+2-5 years
+1-2 years
+Within 1 year
+currency
+2020 Annual Report
+5. Equity in structured entities not included in the consolidated financial statements
+Related description of structured entities not included in the scope of consolidated financial statements:
+Non-applicable
+6 Others
+Non-applicable
+X. Risks relevant to financial instruments
+Applicable
+The Company's business activities expose it to various financial risks: credit risk, liquidity risk and
+market risk (mainly exchange rate risk and interest rate risk). The Company's overall risk management
+plan addresses the unpredictability of financial markets and seeks to reduce the potential adverse impact
+on the Company's performance. Risk management objectives and policies are as follows:
+1. Credit risk
+The Company's credit risk mainly arises from cash and cash equivalents, notes receivable, accounts
+receivable, other receivables and other non-current financial assets. Management has established
+appropriate credit policies and continuously monitors these credit risk exposures.
+The Company's cash and cash equivalents are mainly deposited with financial institutions such as
+state-controlled banks and other large and medium-sized commercial banks. Management believes that
+these commercial banks have high creditworthiness and tremendous assets and do not have significant
+credit risks and that the company will not incur any significant losses due to default of the counter-parties.
+For accounts receivable, other receivables and notes receivable, the Company sets relevant policies
+to control credit risk exposures. The Company evaluates customers' credibility and sets credit periods
+accordingly based on the customers' financial status, the possibility of obtaining guarantees from third
+parties, credit history and other factors including current market conditions. The Company regularly
+monitors the credit history of its customers and will send written reminders, shorten the credit term or
+cancel the credit term for customers with poor credit history to keep the Company's overall credit risk
+manageable.
+As of 31 December 2020, top five customers accounted for 73.22% of the Company's total balance
+of accounts receivable.
+The Company's maximum exposure to credit risk is the carrying amount of each financial asset
+(including derivative financial instruments) in the balance sheet. Other than the financial guarantees given
+by the Company as set forth in Note IX, the Company has not provided any other guarantees that may
+expose the Company to credit risk. The maximum exposure of credit risk exposed to the Company is the
+carrying amount of each financial asset (including derivative financial instrument) in the balance sheet.
+Except the financial guarantees made by the Company as set out in Note 9, the Company has not provided
+any other guarantee which may expose the Group to credit risk.
+2. Liquidity risk
+Liquidity risk refers to the risk that the Company is unable to obtain sufficient funds in a timely
+manner to meet its business needs or to pay its debts and other payment obligations as they fall due.
+211 / 259
+2020 Annual Report
+The Company's finance department continuously monitors the Company's short-term and long-term
+capital requirements to ensure that adequate cash reserves are maintained. It also continuously monitors
+whether commitments to provide sufficient standby facility commitment from major financial institutions
+to meet short-term and long-term capital requirements are met in accordance with the terms of borrowing
+agreements.
+212 / 259
+2020 Annual Report
+The remaining contractual maturity of the financial liabilities of the Group in the balance sheet is listed as below:
+10,286,048,197.81
+3,609,195,163.56
+5,647,810,583.77
+19,806,959,799.83
+7,434,049,077.39
+3,922,333,109.55
+equivalents
+Accounts receivable 20,391,608.21
+21,489,365.00
+Other receivables
+10,360,975.82
+Other current assets
+Other
+non-current
+financial assets
+174,433,913.51
+Investments in other
+equity instruments
+Long-term
+equity
+investments
+40,687.73
+743,066.45
+935,982,605.38
+91,033,877.23
+95,466,227.09
+977,863,578.59
+101,435,540.78
+96,209,293.54
+697,646,273.05
+| 3,609,195,163.56
+8,826,158.76
+102,961,829.20
+327,867,114.11
+20,080,756,020.71
+37,527,057,075.03
+Bonds payable
+3. Market Risk
+(1) Exchange rate risk
+The Company's principal operations are located in the PRC and its principal business is denominated in RMB. However, the Company's recognised foreign
+currency assets and liabilities and future foreign currency transactions (foreign currency assets and liabilities and foreign currency transactions are mainly denominated
+in HKD, USD, SOL and Euro) are still subject to exchange rate risk. The Company closely monitors the size of its foreign currency transactions and foreign currency
+assets and liabilities in order to minimise its exposure to exchange rate risk.
+1) The amounts of foreign currency financial assets and foreign currency financial liabilities held by the Company as at 31 December 2020, translated into RMB,
+are set out below:
+213 / 259
+Item
+Foreign
+Closing balance
+USD
+currency
+financial assets:
+2020 Annual Report
+HKD
+EUR
+PKR
+PEN
+Total
+Cash
+and
+Cash
+3,308,244,093.97
+14,432,945,436.94
+financial liabilities:
+(2) Interest rate risk
+463,751,512.28
+6、
+Continuous fair value measurement items, if there is a conversion between various levels during the
+current period, the reasons for the conversion and the policy for determining the timing of the
+conversion
+Non-applicable
+7 Changes in valuation technology during the current period and reasons for the changes
+Non-applicable
+8. The fair value of financial assets and financial liabilities not measured at fair value
+Non-applicable
+9、 Others
+Non-applicable
+XII. Related parties and related party transactions
+1、 The company's parent company
+Applicable
+Continuous level 3 fair value measurement items, adjustment information between the opening and
+closing carrying value and sensitivity analysis of unobservable parameters
+Non-applicable
+Unit: RMB Yuan
+2020 Annual Report
+Shareholding
+Parent
+company
+Place
+registration
+of Business
+Registered capital
+nature
+ratio of parent
+company to the
+company (%)
+Development
+219 / 259
+China Three
+5
+Applicable
+2. Financial liabilities designated
+at fair value through profit or loss
+Total liabilities continuously
+640,897,029.23
+640,897,029.23
+measured at fair value
+II Non-continuous fair value
+measurement
+(I) Assets held for sale
+218 / 259
+Total assets that are not
+continuously measured at fair
+value
+The Company uses continuous level 3 fair value measurement for investments in unlisted equity
+instruments, and the fair value of investments in unlisted equity instruments is determined based on their
+net assets.
+Total liabilities that are not
+continuously measured at fair
+value
+2、
+The basis for determining the market price of continuous and non-continuous level 1 fair value
+measurement items:
+Applicable
+The Company's investments in equity instruments that are measured at continuous level 1 fair value
+are the A shares and H shares held by the Company, and the market price is determined based on the
+closing price on the last trading day of the period
+3、
+Qualitative and quantitative information on the valuation techniques used and important
+parameters for continuous and non-continuous level 2 fair value measurement items
+Applicable
+The Company uses continuous level 2 fair value measurement for exchangeable options on
+exchangeable bonds, and the fair value of exchangeable options is calculated using an option pricing model
+(binomial tree model). The risk-free interest rate, the standard deviation of the underlying stock and the
+market price of the underlying stock are the main input variables.
+4、
+Qualitative and quantitative information on the valuation techniques used and important
+parameters for continuous and non-continuous level 3 fair value measurement items
+2020 Annual Report
+and
+Beijing
+Gorges
+12,734,105,445.00
+12,742,229,292.00
+55.99
+57.92
+Corporation
+The ultimate controller of the enterprise is the State-owned Assets Supervision and Administration
+Commission of the State Council
+Others:
+Nil
+2、
+Subsidiaries of the company
+China Three Gorges
+Please refer to the notes for details of the company's subsidiaries
+For details of the subsidiaries, please refer to Note "IX.1. Equity in subsidiaries
+3、 Joint venture and associates of the enterprise
+Please refer to the notes for details of the company's joint venture and associates
+Applicable
+For details of the Company's significant joint ventures or associates, please refer to Note "IX.3. (1)
+Significant joint ventures or associates".
+Other joint ventures or associates that have related party transactions with the company in the current period or
+have opening balance due to related party transactions with the company in the previous period are as follows
+Applicable
+Name of joint ventures/associates
+Relationship with the company
+220 / 259
+Financial liabilities
+Applicable
+Opening
+Closing
+Opening balance
+Corporation
+operation of 211,500,000,000.00 55.99
+large-scale
+hydropower
+Description of the parent company of the company
+(1) Registered capital of the controlling shareholder and its movements
+Controlling
+Opening balance
+China Three
+Gorges
+211,500,000,000.00
+Corporation
+Increase
+Decrease
+Proportion of
+voting rights of
+parent company
+to the company
+(%)
+55.99
+211,500,000,000.00
+(2) Shares or equity held by the controlling shareholders and its changes
+Controlling
+Shareholding amount
+Shareholding
+shareholder
+Closing balance
+Others
+liabilities
+Closing balance
+640,897,029.23
+216 / 259
+2020 Annual Report
+The Company's interest rate risk arises mainly from long-term interest-bearing debt such as long-
+term borrowings and bonds payable. Floating-rate financial liabilities expose the Company to cash flow
+interest rate risk, while fixed-rate financial liabilities expose the Company to fair value interest rate risk.
+The Company determines the relative proportion of fixed rate and floating rate contracts based on
+prevailing market conditions.
+The Company's finance department monitors the level of the Company's interest rates on an ongoing
+basis. Rising interest rates could increase the cost of new interest-bearing debt and interest expense on the
+Company's outstanding floating-rate interest-bearing debt and adversely affect the Company's results, and
+management will make timely adjustments to mitigate interest rate risk based on the latest market
+conditions.
+1) As of December 31, 2020, the Company's long-term interest-bearing debt is mainly long-term
+borrowings, bonds payable and long-term payables. Of these, long-term borrowings and long-term
+payables are mainly RMB-denominated floating rate contracts, with the total amount of long-term
+borrowings and long-term payables floating rate contracts being RMB34,528 million. For details, please
+refer to Note VII 45, 46 and 48.
+2) Sensitivity analysis:
+For the year ended December 31, 2020, if the interest rate on borrowings at floating rates had
+increased or decreased by 50 basis points, with all other factors held constant, the Company's net profit
+would have decreased or increased by approximately RMB 138,824,700.
+The sensitivity analysis above assumes that changes in interest rates have occurred at the balance
+sheet date and has been applied to all of the Company's floating-rate borrowings.
+(3) Price risk
+The Company's price risk is primarily the risk that the fair value of equity financial instruments held
+will fluctuate due to changes in market price factors other than market interest rates and foreign exchange
+rates. The Company's maximum exposure to market price risk is determined by the fair value of the
+financial instruments it holds, as it invests primarily in stocks and funds listed on the stock exchange.
+For the year ended 31 December 2020, for each class of the Company's foreign currency financial assets and foreign currency financial liabilities, if the RMB
+appreciates or depreciates by 10% against each foreign currency and other factors remain unchanged, the Company's net profit will decrease or increase by
+approximately RMB159,937,200.
+The Company tracks the prices of financial assets daily and submits price analysis reports on a regular
+or irregular basis in response to changes in the market environment, and makes timely management
+recommendations.
+2) Sensitivity analysis:
+As at 31 December 2020, if the fair value of the above investments had increased or decreased by
+10% while other factors remained unchanged, the Company's other comprehensive income would have
+increased or decreased by RMB281,549,200 and the Company's net profit would have increased or
+decreased by RMB371,173,300.
+217 / 259
+2020 Annual Report
+XI. Disclosure of fair value
+1、 Fair value of assets and liabilities measured at fair value at the end of the period
+Applicable
+Unit: RMB Yuan
+Fair value at the end of the period
+Fair
+1) As at 31 December 2020, the Company held equity financial instruments measured at fair value
+amounted to RMB8,322,861,600, as detailed in Note "XI. Fair value disclosures1".
+value
+4,124,173,616.79
+1,421,447,675.76
+held for trading
+640,897,029.23
+Other payables
+Bonds payable
+1,934,241,932.36
+Subtotal
+2) Sensitivity analysis:
+HKD
+4,432,380,427.04
+2020 Annual Report
+3,355,689,608.12
+EUR
+Total
+107,221,021.07
+1,148,277,903.43
+4,432,380,427.04
+107,221,021.07
+1,148,277,903.43
+304,651,628.82
+768,403,141.10
+80,867.57
+80,867.57
+PKR
+Fair
+10,752,023,892.70
+Fair
+(IV) Investment properties
+1. Land use right for lease
+2. Buildings for lease
+3. Land use right held for sale
+after appreciatio
+(V) Biological assets
+1. Consumptive biological assets
+2. Productive biological assets
+Total assets continuously
+measured at fair value
+(VI) Financial liabilities held
+for trading
+1. Financial liabilities at fair
+value through profit or loss
+3,609,195,163.56
+3,609,195,163.56
+8,016,309,280.72
+306,552,346.10 8,322,861,626.82
+640,897,029.23
+640,897,029.23
+640,897,029.23
+640,897,029.23
+value
+Derivative
+financial
+(II) Other debt investment
+(III) Investment in other equity
+instruments
+investment
+Including: trading bonds issued
+(3) Derivative financial assets
+2. Financial assets designated at
+fair value through profit or loss
+Item
+measurement at
+(1) Debt instrument investment
+( 2 ) Equity instrument
+value
+the level 1
+measurement
+at the level 2
+measurement
+at the level 3
+Total
+Continuous fair value
+measurement
+(I) Financial assets held for
+4,407,114,117.16
+I、
+trading
+1. Financial assets at fair value
+4,407,114,117.16
+Equity instrument
+306,552,346.10 4,713,666,463.26
+through profit or loss
+(1) Debt instrument investment
+( 2 )
+investment
+306,552,346.10 4,713,666,463.26
+306,552,346.10 4,713,666,463.26
+4,407,114,117.16
+Amount
+Sales of
+technology service
+China Three Gorges Corporation
+controlling party
+ultimate
+the prior
+period
+current period
+incurred in
+Related party transaction
+incurred in the
+goods, 7,403.81
+Controlling shareholder and
+3,641.34
+China Three Gorges International Co., Ltd
+Three Gorges First Wind Farm Pakistan
+(Pvt) Limited
+Hubei Energy Group Co., Ltd.
+13.81
+technology service, 44,772.95
+entrusted management
+Consultancy service
+Operations
+Related party
+bills, 11.40
+25.17
+24.40
+Technology service
+Electricity
+technology service
+Sales of goods,
+Three Gorges Jinsha River Yunchuan
+Hydropower Development Co., Ltd
+Enterprises under control of the same
+controlling shareholder
+Three Gorges Base Development Co., Ltd.
+Three Gorges Finance Co., Ltd.
+37.66
+25.10
+Technology service
+Joint ventures or associates
+Amount
+Shanghai
+0000 Yuan
+225.13
+55.30
+Investigation, Design & Planning and design,
+Co., Ltd.
+286.69
+69.00
+Research Institute Co., Ltd.
+Tendering agency
+114.70
+216.03
+Promotion fee
+management
+1,937.57
+under China Three Gorges Corporation
+China Three Gorges Media Co., Ltd
+Three Gorges International Tendering
+2020 Annual Report
+consulting fees
+Handling
+,
+Unit: RMB
+Applicable
+226 / 259
+Sales of goods / render of services
+90,021.07
+Three Gorges Finance (HK) Limited
+89,250.83
+Total
+Three Gorges Media Corporation
+Receipt of service
+letters of guarantee
+29.69
+fee for
+7.55
+3,182.58
+121.35
+and
+69.58
+72.52
+107.09
+of electricity,
+technology service
+Technology service,
+sales of goods
+Technology service
+Yueyang Three Gorges Comprehensive
+Water Environment Management Co., Ltd
+Three Gorges Tibet New Energy
+Investment Co., Ltd.
+Yangtze Three Gorges Water Services Sales
+(Yichang) Co., Ltd
+59.43
+142.54
+technology service
+Storage Co., Ltd
+415.66
+154.33
+Zhejiang Changlong Mountain Pumped Sales of goods,
+technology service
+Three Gorges Science & Technology Co., Sales of goods
+Ltd
+168.87
+China Three Gorges Renewables (Group) Technology service
+Co., Ltd.
+8.83
+20.83
+227 / 259
+sales of goods
+Engineering Technology Co., Ltd
+54.46
+Technology service,
+68.01
+Three Gorges Mechanical & Electrical
+26.26
+60.54
+Yangtze Three Gorges Technology & Technology service,
+Economy Development Co., Ltd.
+14.90
+67.61
+Yunnan Mile Shidong Mountain Power Technology service
+Generation Co., Ltd
+sales of goods
+1,263.35
+192.05
+technology service
+Yangtze Ecology and Environment Co., Sales of goods,
+maintenance service
+603.76
+1,107.54
+and
+Three Gorges Third Wind Farm Pakistan Operations
+(Pvt) Limited
+799.71
+maintenance service
+1,211.44
+and
+Three Gorges Second Wind Farm Pakistan Operations
+(Pvt) Limited
+maintenance service
+446.89
+1,356.50
+500.61
+Three Gorges International Tendering Co., Sales of goods,
+Ltd.
+477.68
+Pakistan Branch of Yangtze Three Gorges
+Technology & Economy Development Co.,
+Ltd.
+284.96
+224.64
+bills,
+Electricity
+Yangtze Three Gorges Industrial Co., Ltd.
+electricity bill
+Ltd.
+426.69
+Tourism Technology service,
+Yangtze Three Gorges
+Development Co., Ltd
+85.41
+584.03
+technology service
+technology service
+Consultancy service,
+294.65
+550.00
+Brother company of the Group
+Chinese Sturgeon Research Institute
+Others
+Nil
+Hubei Energy Group New Energy Development Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Three Gorges Yangtze Power Big Data Technology (Yichang) Co.,
+Ltd
+Brother company of the Group
+5 Related party transaction
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+2020 Annual Report
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Yangtze Ecology and Environment (HK) Investment Limited
+Three Gorges First Wind Farm Pakistan (Pvt) Limited
+Three Gorges Second Wind Farm Pakistan (Pvt) Limited
+Three Gorges Third Wind Farm Pakistan (Pvt) Limited
+Yichang Three Gorges Duoneng Asset Management Co., Ltd
+China Three Gorges International Co., Ltd
+Three Gorges Media Corporation
+Brother company of the Group
+Three Gorges New Energy Panzhou Power Generation Co., Ltd
+(1). Related party transactions of purchase and sales of goods, render and accept services
+Applicable
+3,273.73
+Entrusted
+China Three Gorges Corporation
+controlling party
+period
+prior
+Purchase of goods / accept of services
+the
+party Amount incurred in
+the current period
+Related
+transaction
+Amount
+incurred
+Controlling shareholder and ultimate
+Related party
+Unit: RMB' 0000Yuan
+in
+2,313.64
+Brother company of the Group
+China Three Gorges Sounth Asia Investment Ltd
+Shanghai Donghua Engineering Consulting Co., Ltd
+Sui County Aikang Energy Investment Co., Ltd
+224 / 259
+Brother company of the Group
+Yueyang Junshan Three Gorges Comprehensive Water Environment
+Management Co., Ltd
+Brother company of the Group
+Yueyang Three Gorges Comprehensive Water Environment
+Management Co., Ltd
+Brother company of the Group
+2020 Annual Report
+Brother company of the Group
+Brother company of the Group
+Zhong County Jidian New Energy Co., Ltd
+Brother company of the Group
+Yangtze Three Gorges (Chengdu) Electronic Commerce Co., Ltd.
+Brother company of the Group
+Brother company of the Group
+Zhucheng Tianrong Wind Power Co., Ltd
+Brother company of the Group
+Three Gorges New Energy Offshore Wind Power Operation & Brother company of the Group
+Maintenance Jiangsu Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Pakistan Branch of Yangtze Three Gorges Technology & Economy
+Development Co., Ltd.
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Three Gorges New Energy Longling Power Generation Co., Ltd
+Wuhu Three Gorges Phase I Water Environment Comprehensive
+Treatment Co., Ltd.
+Chongqing Wulong Daliangzi Wind Power Co., Ltd
+Shanghai Jikai Engineering Inspection Technology Co., Ltd
+Yangtze Three Gorges Ecological Garden Co., Ltd
+Yangtze Three Gorges Tourism Development Co., Ltd
+Brother company of the Group
+Enshi Banqiao Wind Power Co., Ltd
+Brother company of the Group
+Yangtze Three Gorges Water Services (Yichang) Co., Ltd
+Leshan Damo Hydropower Co., Ltd
+management
+Joint ventures/associates
+Three Gorges Base Development Co., Property management,
+Property management,
+engineering services
+1,606.88
+2,165.32
+Economy Development Co., Ltd.
+Yangtze Three Gorges Technology & management, repair,
+Yangtze Three Gorges Tourism transportation fee
+Entrusted
+3,909.12
+5,213.75
+of
+procurement
+materials and storage
+Yangtze Three Gorges Equipment & Receipt of service,
+Materials Co., Ltd
+and
+management fee
+equipment
+facilities
+1,663.69
+Development Co., Ltd
+1,071.07
+731.22
+Yangtze Three Gorges Ecological Garden Property management
+Co., Ltd
+(Yichang) Co., Ltd
+1,011.92
+1,043.90
+2,731.01
+Yangtze Three Gorges Water Services
+management
+Engineering Technology Co., Ltd
+2,908.70
+1,070.08
+Entrusted
+Three Gorges Mechanical & Electrical
+Water fee
+16,225.35
+of 13,798.53
+maintenance
+183.77
+Energy Receipt of service
+Management (Hubei) Co., Ltd
+Three Gorges Electric
+2020 Annual Report
+225/259
+3,700.45
+614.99
+Handling fee for
+letters of guarantee
+Three Gorges Finance Co., Ltd.
+entrusted management
+Ltd.
+2,486.61
+4,316.91
+540.16
+Chongqing Three Gorges Water Conservancy and Electric Power Receipt of service
+Co.,Ltd
+Enterprises under control of the same
+13,502.47
+15,166.19
+office
+40,954.72
+35,492.80
+asset
+Engineering Co., Ltd
+Yangtze Three Gorges Hydropower management,
+management
+Entrusted
+Management Co., Ltd
+China Three Gorges Construction Entrusted
+expenses
+ancillary
+management,
+Yangtze Three Gorges Industrial Co., Ltd. Property management,
+controlling shareholder
+Entrusted
+Fuzhou Haixia Power Generation Co., Ltd
+Technology service
+Sales of goods,
+technology service
+229 / 259
+1.89
+Wuhan Three Gorges Linkonggang Waste Technology service
+Water Treatment Co., Ltd
+1.89
+Wuhu Three Gorges Water Services Co., Technology service
+Ltd
+Ltd
+2020 Annual Report
+1.89
+Management Co., Ltd
+1.89
+an Three Gorges Phase I Technology service
+Comprehensive Water Environment
+Liu
+1.89
+Lixin Three Gorges Comprehensive Water Technology service
+Environment Management Co., Ltd
+Pengze Three Gorges Comprehensive Technology service
+Water & Environment Management Co.,
+1.89
+Wuhan Three Gorges Clear-water into Technology service
+Rivers Water Services Co., Ltd
+Chongqing Liangping Three Gorges Technology service
+Comprehensive Water & Environment
+Fuqing Haixia Power Generation Co., Ltd
+Zhangpu Haixia Power Generation Co., Ltd
+Three Gorges New Energy Huili Zhongyi
+Power Generation Co., Ltd
+Hubei Energy Group
+0.75
+New Energy Development Co., Ltd under Technology service
+Management Co., Ltd
+1.89
+1.89
+Comprehensive Water & Environment
+Chongqing Wushan Three
+Management Co., Ltd
+1.89
+Chongqing Banan Three Gorges Technology service
+Comprehensive Water Environment
+Management Co., Ltd
+1.89
+Gorges Technology service
+Technology service
+Jiujiang Three Gorges Water Services Co., Technology service
+Ltd
+1.89
+2.83
+Technology service
+Three Gorges Green Development Co., Ltd
+technology service
+Generation Co., Ltd
+6.67
+China International Water & Electric Corp.
+3.71
+Three Gorges New Energy Puge Power Sales of
+Management Co., Ltd
+3.77
+Investment Technology service
+Yangtze Three Gorges
+Development Co., Ltd
+goods,
+Services Co., Ltd
+Technology service
+422.25
+Dao County Three Gorges Kaihang Water Technology service
+Management Co., Ltd
+1.89
+Comprehensive Water Environment
+Technology service
+Yueyang Junshan Three Gorges
+2.36
+17.11
+Technology service
+China Three Gorges (Europe) Co., Ltd
+14.81
+2.22
+Technology service
+Huili Zhaoguang New Energy Co., Ltd
+2.00
+3.77
+0.66
+Technology service
+Technology service
+Three Gorges New Energy Yunnan Yao'
+an Power Generation Co., Ltd
+12.52
+Three Gorges New Energy Hami Wind Technology service
+Power Co., Ltd
+4.43
+Three Gorges New Energy Dachaidan Wind Technology service
+Power Co., Ltd
+11.17
+2.77
+19.19
+Three Gorges New Energy Diaobingshan Technology service
+Wind Power Co., Ltd
+3.78
+Technology service
+4.43
+Technology service
+Three Gorges New Energy Xinjiang Technology service
+Dabancheng Wind Power Co., Ltd
+0.97
+Three Gorges New Energy Jinchang Wind Technology service
+Power Co., Ltd
+Three Gorges New Energy Yunnan Shizong Technology service
+Power Generation Co., Ltd
+Yangtze Three Gorges Hydropower Engineering Co., Ltd
+Zhejiang Changlong Mountain Pumped Storage Co., Ltd
+230 / 259
+2.23
+Three Gorges New Energy Pishan Power Technology service
+Generation Co., Ltd
+Generation Co., Ltd
+1.07
+17.71
+Technology service
+4.43
+Technology service
+Qingdao Runlai Wind Power Co., Ltd
+4.43
+Three Gorges New Energy Wuzhong Power Technology service
+Generation Co., Ltd
+6.31
+Three Gorges New Energy Shanshan Power
+98.31
+Technology service
+Development Co., Ltd
+technology service
+Management Co., Ltd
+69.30
+goods,
+of
+Sales
+Zhucheng Tianrong Wind Power Co., Ltd
+Linqu Tianrong Wind Power Co., Ltd
+Construction
+5.81
+Chinese Sturgeon Research Institute under Electricity bills
+China Three Gorges Corporation
+4.43
+0.60
+Technology service
+0.66
+China Three Gorges
+Weixi Longdu Power Generation Co., Ltd
+Weixi Longdu Power Generation Co., Ltd
+Huade Wind Power Co., Ltd under China
+Water Affairs Group Limited
+Technology service
+Technology service
+9.24
+Yunnan Longling Lazhai Hydropower Technology service
+Development Co., Ltd
+4.43
+Technology service
+Station
+4.43
+Ningde Dagang Hydropower
+Technology service
+Xiangshui Yangtze Wind Power Co., Ltd
+4.43
+Technology service
+Cixi Yangtze Wind Power Co., Ltd
+4.43
+8.86
+Hydropower Technology service
+Qingjiang
+Hubei
+Technology service
+Three Gorges New Energy Yangjiang
+Power Generation Co., Ltd
+15.22
+15.88
+Technology service
+47.32
+15.85
+15.88
+service,
+Technology
+sales of goods
+Technology service
+Three Gorges First Comprehensive Water
+Environment Management Wuwei Co., Ltd
+Fujian Energy Investment Co., Ltd under
+China Three Gorges Corporation
+Haixia Power Generation Co., Ltd
+20.36
+China Huashui Hydropower Development Technology service
+Co., Ltd
+19.69
+19.24
+20.94
+85.33
+13.07
+8.87
+bill,
+Electricity
+12.84
+New Sales of goods
+Yangtze Three Gorges Ecological Garden Electricity
+Co., Ltd
+Puge Ziyue Optical New Energy Power Technology service,
+Generation Co., Ltd
+Zhong County Jidian New Energy Co., Ltd
+Chongqing Wulong Daliangzi Wind Power
+Co., Ltd
+sales of goods
+Energy Co., Ltd
+13.07
+service,
+Chongqing Wushan Chengguang New Technology
+sales of goods
+Three Gorges Shantou Chaoyang
+Energy Power Generation Co., Ltd
+Yangtze Three Gorges Hydropower
+Engineering Co., Ltd
+19.50
+Jiujiang Three Gorges Comprehensive Technology service
+Water Environment Management Co., Ltd
+8.70
+China Three Gorges Media Co., Ltd
+sales of goods
+5.09
+29.94
+Technology service,
+Fujian Three Gorges Offshore Wind-power
+Industrial Park Operation Co., Ltd
+Technology service
+technology service
+35.32
+Three Gorges New Energy Siziwang Wind Sales of goods,
+Power Co., Ltd
+technology service
+40.17
+51.54
+52.04
+72.33
+Co., Ltd.
+28.28
+Shanghai Investigation, Design & Research | Technology
+21.89
+Environment Comprehensive Treatment
+Technology service
+Wuhu Three Gorges Phase I Water
+technology service
+Materials Co., Ltd
+47.28
+84.73
+Yangtze Three Gorges Equipment & Sales of goods,
+sales of goods
+Institute Co., Ltd.
+140.49
+26.31
+service,
+22.46
+technology service
+Technology service
+8.73
+5.86
+Three Gorges New Energy Pingnan Power Technology service
+Generation Co., Ltd
+5.86
+Three Gorges New Energy Hongsibao Technology service
+Power Generation Co., Ltd
+5.86
+Three Gorges New Energy Dunhuang Technology service
+Power Generation Co., Ltd
+Three Gorges New Energy Mizhi Power Technology service
+Generation Co., Ltd
+6.51
+6.51
+Three Gorges New Energy Dalian Power Technology service
+Generation Co., Ltd
+6.51
+Three Gorges New Energy Tian' e Power Technology service
+Generation Co., Ltd
+2020 Annual Report
+228 / 259
+Shixing Jinxu New Energy Power Technology service
+Generation Co., Ltd
+Generation Co., Ltd
+5.86
+5.86
+Corporation
+4.72
+4.72
+International Technology service
+China Three Gorges
+5.86
+Three Gorges New Energy Qingshui Power Technology service
+Generation Co., Ltd
+Weinan Xiayang New Energy Power Technology service
+Generation Co., Ltd
+5.86
+Tongchuan Xiaguang New Energy Power Technology service
+5.86
+Three Gorges New Energy Tongxin Power Technology service
+Generation Co., Ltd
+5.86
+Three Gorges New Energy Suide Power Technology service
+Generation Co., Ltd
+Generation Co., Ltd
+6.51
+Three Gorges New Energy Pingding Power Technology service
+Power Co., Ltd
+7.19
+sales of goods
+Technology service
+Chaohu Jiaoyang New Energy Co., Ltd
+Power Generation Co., Ltd
+7.23
+Three Gorges New Energy Dao County Technology service,
+4.43
+technology service
+7.29
+bills,
+8.80
+8.73
+Sales of goods
+8.80
+3.16
+Butuo Zhongtian
+New Energy
+Technology service
+6.51
+Technology service
+Huludao Quanfang New Energy Wind
+6.51
+Lijiang Longji Clean Energy Co., Ltd
+8.85
+6.51
+Three Gorges New Energy Golmud Technology service
+Qingneng Power Generation Co., Ltd
+Generation Co., Ltd
+11.27
+6.51
+Three Gorges New Energy Wujiaqu Power Technology service
+Development Co., Ltd
+6.60
+6.60
+Three Gorges New Energy Mianning Power Sales of goods,
+Generation Co., Ltd
+Brother company of the Group
+Jiujiang Three Gorges Comprehensive Water Environment
+Management Co., Ltd
+Yangtze Three Gorges Technology & Economy Development Co., Brother company of the Group
+Ltd.
+Holding subsidiary of parent
+Holding subsidiary of parent
+Holding subsidiary of parent
+Shanghai Investigation, Design & Research Institute Co., Ltd.
+China Three Gorges Renewables (Group) Co., Ltd.
+China Three Gorges International Corporation
+Wholly-owned subsidiary of
+parent
+Wholly-owned subsidiary of
+parent
+parent
+Three Gorges Science & Technology Co., Ltd
+Three Gorges Finance (HK) Limited
+221 / 259
+Three Gorges Asset Management Co., Ltd
+parent
+Chinese Sturgeon Research Institute under China Three Gorges Wholly-owned subsidiary of
+Corporation
+parent
+Wholly-owned subsidiary of
+Wholly-owned subsidiary of
+parent
+China Three Gorges Media Co., Ltd
+Yangtze Ecology and Environment Co., Ltd.
+parent
+China International Water & Electric Corp.
+Wholly-owned subsidiary of
+Wholly-owned subsidiary of
+2020 Annual Report
+Three Gorges Mechanical & Electrical Engineering Technology Co., Holding subsidiary of parent
+Ltd
+Three Gorges Jinsha Jiangyunchuan Hydroelectric Development Holding subsidiary of parent
+Co., Ltd
+Brother company of the Group
+Hainan Jiepu Green Energy Co., Ltd
+Hainan Haijin Kstar New Energy Co., Ltd
+Huade Wind Power Co., Ltd under China Water Affairs Group Brother company of the Group
+Limited
+Guyuan Hengyi New Energy Co, Ltd
+Hubei Qingjiang Hydropower Development Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Golmud Yangguang Qiheng New Energy Co., Ltd
+Brother company of the Group
+Fuzhou Haixia Power Generation Co., Ltd
+Brother company of the Group
+Fuqing Haixia Power Generation Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Park
+Fujian Three Gorges Offshore Wind-power Industrial
+Operation Co., Ltd
+Delingha Xiayang New Energy Power Generation Co., Ltd
+Cixi Yangtze Wind Power Co., Ltd
+Chaohu Jiaoyang New Energy Co., Ltd
+Brother company ofthe Group
+Brother company of the Group
+Butuo Zhongtian New Energy Development Co., Ltd
+Butuo Junsheng New Energy Co., Ltd
+Bin County Dageling Wind Power Co., Ltd
+parent
+Brother company of the Group
+China Three Gorges Construction Management Co., Ltd
+parent
+Three Gorges Electric Energy (Yunnan) Co., Ltd
+Three Gorges Electric Energy (Guangdong) Co., Ltd
+Yangtze Intelligent Distributed Energy Co., Ltd
+Co.,Ltd.
+Chongqing Three Gorges Water Conservancy And Electric Power Associate
+Associate
+Three Gorges High-Tech Information Technology Co.,Ltd.
+Associate
+Chongqing Liangjiang Changxing Power Co., Ltd
+Associate
+Three Gorges Electric Energy (Anhui) Co., Ltd
+Hubei Qingneng Investment Development Group Limited
+Three Gorges Electric Energy Management (Hubei) Co., Ltd
+Associate
+Three Gorges Finance Co., Ltd.
+Associate
+Three Gorges Base Development Co., Ltd.
+Associate
+Hunan Taohua River Nuclear Power Co., Ltd
+Associate
+Chongqing Fuling Energy Industry Group Limited
+2020 Annual Report
+Associate
+Joint venture
+Joint venture
+Joint venture
+Wholly-owned subsidiary of
+China Three Gorges (Europe) Co., Ltd
+parent
+Yangtze Three Gorges Equipment & Materials Co., Ltd
+Wholly-owned subsidiary of
+parent
+Corporation
+Fujian Energy Investment Co., Ltd under China Three Gorges Wholly-owned subsidiary of
+parent
+Wholly-owned subsidiary of
+parent
+Yangtze Three Gorges Investment Management Co., Ltd
+Three Gorges Tibet New Energy Investment Co., Ltd.
+Wholly-owned subsidiary of
+Relationship with the company
+Wholly-owned subsidiary of
+parent
+Three Gorges International Tendering Co., Ltd.
+Name of other related parties
+Applicable
+Other related parties
+4、
+Non-applicable
+Others
+Joint venture
+Wholly-owned subsidiary of
+Hainan Yixin New Energy Technology Co., Ltd
+Yangtze Three Gorges Industrial Co., Ltd.
+Hainan Zhuma Optical New Energy Co., Ltd
+Brother company of the Group
+Jiujiang Three Gorges Water Services Co., Ltd
+Brother company of the Group
+Water Environment Brother company of the Group
+Lijiang Longji Clean Energy Co., Ltd
+Management Co., Ltd
+Lixin Three Gorges Comprehensive
+Management Co., Ltd
+Liu' an Three Gorges Phase I Comprehensive Water Environment Brother company of the Group
+Brother company of the Group
+Huludao Quanfang New Energy Wind Power Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Puge Ziyue Optical New Energy Power Generation Co., Ltd
+Pengze Three Gorges Comprehensive Water & Environment
+Management Co., Ltd
+Weinan Xiayang New Energy Power Generation Co., Ltd
+Tongchuan Xiaguang New Energy Power Generation Co., Ltd
+Shixing Jinxu New Energy Power Generation Co., Ltd
+Three Gorges Green Development Co., Ltd
+Environment Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Water
+Wuhan Three Gorges Linkonggang Wastewater Treatment Co., Ltd
+Wuhu Three Gorges Water Services Co., Ltd
+Three Gorges First Comprehensive
+Management Wuwei Co., Ltd
+Wuhan Three Gorges Clear-water into Rivers Water Services Co., Brother company of the Group
+Ltd
+Brother company of the Group
+China Huashui Hydropower Development Co., Ltd
+Brother company of the Group
+Chongqing Banan Three Gorges Comprehensive Water Environment Brother company of the Group
+Management Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Yunnan Longling Lazhai Hydropower Development Co., Ltd
+Yunnan Mile Shidong Mountain Power Generation Co., Ltd
+Zhangjiachuan Tianyuan Wind Power Co., Ltd
+Zhangpu Haixia Power Generation Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Suzhou Fuyang Photovoltaic Power Geneartion Co., Ltd
+Yongdeng Hongyang New Energy Power Generation Co., Ltd
+Brother company of the Group
+Dao County Three Gorges Kaihang Water Services Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Xiangshui Yangtze Wind Power Co., Ltd
+Wulan Jinfeng New-energy Photovoltaic Power Generation Co., Ltd | Brother company of the Group
+Xiyang Sineng New Energy Co., Ltd
+Weixi Longdu Power Generation Co., Ltd
+Shuangliao Qingda Photovoltaic Power Generation Co., Ltd
+Sheqi Guohe Wind Power Co., Ltd
+Brother company of the Group
+Shandong Jianeng Solar Energy Technology Co., Ltd
+Brother company of the Group
+2020 Annual Report
+Shenmu Yuanhang New Energy Development Co., Ltd
+Chongqing Liangping Three Gorges Comprehensive Water & Brother company of the Group
+Environment Management Co., Ltd
+Macheng Zhongguang Shenghui New Energy Co., Ltd
+Ningde Dagang Hydropower Station Development Co., Ltd
+Qingdao Runlai Wind Power Co., Ltd
+Linqu Tianrong Wind Power Co., Ltd
+Leling Zhongtian New Energy Co., Ltd
+Jinfeng New Energy Gonghe Power Generation Co., Ltd
+Jiuquan Zhaoyang New Energy Power Generation Co., Ltd
+Jiuquan Sanyang New Energy Power Generation Co., Ltd
+Kaiyuan Hongyu Sunshine New Energy Power Generation Co., Ltd
+Huili Zhaoguang New Energy Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Lingwu Baitugang Angli Photovoltaic Power Generation Co., Ltd
+Brother company of the Group
+Three Gorges New Energy (Zuoyun) Power Generation Co., Ltd
+Three Gorges New Energy Angli (Lingwu) Power Generation Co.,
+Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Qiyueshan Wind Power Co., Ltd under Hubei Energy Group
+Brother company of the Group
+Haixia Power Generation Co., Ltd
+223 / 259
+Brother company of the Group
+Brother company of the Group
+Three Gorges New Energy Binchuan Power Generation Co., Ltd
+Three Gorges New Energy Bole Power Generation Co., Ltd
+Three Gorges New Energy Dachaidan Wind Power Co., Ltd
+Three Gorges New Energy Delingha Power Generation Co., Ltd
+Three Gorges New Energy Golmud Qingneng Power Generation
+Co., Ltd
+Brother company of the Group
+222 / 259
+Chongqing Wushan Chengguang New Energy Co., Ltd
+Three Gorges New Energy Golmud Power Generation Co., Ltd
+Three Gorges New Energy Guyuan Power Generation Co., Ltd
+Three Gorges New Energy Hami Wind Power Co., Ltd
+Three Gorges New Energy Huaping Power Generation Co., Ltd
+Three Gorges New Energy Huili Zhongyi Power Generation Co., Ltd
+Three Gorges New Energy Jinchang Wind Power Co., Ltd
+Brother company of the Group
+Chongqing Wushan Three Gorges Comprehensive Water &
+Environment Management Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Three Gorges New Energy Tongxin Power Generation Co., Ltd
+Three Gorges New Energy Tian' e Power Generation Co., Ltd
+Three Gorges New Energy Suide Power Generation Co., Ltd
+Three Gorges New Energy Qingshui Power Generation Co., Ltd
+Three Gorges New Energy Pingnan Power Generation Co., Ltd
+Three Gorges New Energy Pingding Power Generation Co., Ltd
+Three Gorges New Energy Mizhi Power Generation Co., Ltd
+Three Gorges New Energy Hongsibao Power Generation Co., Ltd
+Three Gorges New Energy Dunhuang Power Generation Co., Ltd
+Three Gorges New Energy Dao County Power Generation Co., Ltd
+Three Gorges New Energy Dalian Power Generation Co., Ltd
+Three Gorges Shantou Chaoyang New Energy Power Generation
+Co., Ltd
+Three Gorges New Energy Yunnan Yao' an Power Generation Co., Brother company of the Group
+Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Three Gorges New Energy Yangjiang Power Generation Co., Ltd
+Three Gorges New Energy Yiwu Power Generation Co., Ltd
+Three Gorges New Energy Yiyuan Power Generation Co., Ltd
+Three Gorges New Energy Yuanmou Power Generation Co., Ltd
+Three Gorges New Energy Yunnan Shizong Power Generation Co.,
+Ltd
+Three Gorges New Energy Xintai Power Generation Co., Ltd
+Three Gorges New Energy Diaobingshan Wind Power Co., Ltd
+Three Gorges New Energy Tongcheng Power Generation Co., Ltd
+Three Gorges New Energy Wuzhong Power Generation Co., Ltd
+Three Gorges New Energy Wujiaqu Power Generation Co., Ltd
+Three Gorges New Energy Xinjiang Dabancheng Wind Power Co.,
+Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+2020 Annual Report
+Three Gorges New Energy Jiuquan Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Three Gorges New Energy Shidian Power Generation Co., Ltd
+Three Gorges New Energy Siziwang Wind Power Co., Ltd
+Three Gorges New Energy Taiyang Mountain Power Generation
+Co., Ltd
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+Three Gorges New Energy Kangbao Power Generation Co., Ltd
+Three Gorges New Energy Laiyuan Power Generation Co., Ltd
+Three Gorges New Energy Lichuan Wind Power Co., Ltd
+Three Gorges New Energy Mengyin Power Generation Co., Ltd
+Three Gorges New Energy Mianning Power Generation Co., Ltd
+Three Gorges New Energy Pishan Power Generation Co., Ltd
+Three Gorges New Energy Pingquan Power Generation Co., Ltd
+Three Gorges New Energy Pingshan Power Generation Co., Ltd
+Three Gorges New Energy Pu' an Power Generation Co., Ltd
+Three Gorges New Energy Puge Power Generation Co., Ltd
+Three Gorges New Energy Quyang Power Generation Co., Ltd
+Three Gorges New Energy Shanshan Power Generation Co., Ltd
+Weixi Longdu Power Generation Co., Ltd
+Transaction
+the
+period
+current
+Pricing policy
+and decision
+prior period
+process
+Three
+China
+Corporation
+China
+Corporation
+Gorges Interests on borro
+wings
+148,448.93
+Note 1
+Gorges Long-term Payable
+Interest
+Three
+165,834.39
+eld on behalf
+Amount in the
+in
+Amount
+0000 Yuan
+Unit: RMB
+(2) Payment of interests to related parties
+Note 2: Calculated at the demand deposit rates of Bank of China (Hong Kong) Limited for various
+currencies.
+Note 1: Calculated at bank deposit rate published by the head office of the People's Bank of China
+for the same period.
+Agreed price
+5,250.86
+return of shares h
+86,351.18
+and
+Name of other related parties
+118,606.36
+2020 Annual Report
+Interests on borro
+Ecology
+current period
+and decision
+Transaction
+Name of other related parties
+Amount in the
+Amount in the
+Pricing policy
+0000 Yuan
+Unit:RMB
+235 / 259
+(3) Payment of guarantee fee to related parties
+Note: calculated at bank deposit rate published by the head office of the People's Bank of China for
+the same period.
+Agreed price
+Agreed price
+674.09
+wings
+Three Gorges Finance (HK) Interests on borro
+Limited
+erm borrowings
+Ltd
+Note 1
+14.31
+4.54
+Interests on short-t
+Yangtze Three Gorges
+Hydropower Engineering Co.,
+wings
+Note 1
+30,933.12
+37,925.38
+Three Gorges Finance Co., Ltd.
+1,470.65
+Yangtze
+Environment (HK) Investment
+Limited
+Three Gorges Finance (HK) Limited
+Limited
+Remuneration of key management 959.63
+personnel
+prior period
+Amount incurred in the
+Amount incurred in the current
+period
+Item
+Unit: RMB'0,000 Yuan
+Applicable
+(7). Remuneration of key management personnel
+Non-applicable
+Asset transfer and debt restructuring between related parties
+(6).
+2021.6.30
+2020.11.13
+163,122.50
+prior period
+2021.7.15
+2020.9.23
+50,000.00
+Three Gorges Finance Co., Ltd.
+2021.3.17
+2020.9.14
+200,000.00
+Three Gorges Finance Co., Ltd.
+2020.12.24 2021.7.15
+100,000.00
+Three Gorges Finance Co., Ltd.
+2021.7.15
+2020.7.15
+600,000.00
+(8). Other related party transactions
+Fixed annualized
+Applicable
+234 / 259
+Note 2
+949.55
+1,841.84
+Interest income
+Three Gorges Finance (HK)
+Tendering Co., Ltd.
+0.02
+0.02
+Interest income
+Three Gorges International
+Note 1
+3,641.98
+5,226.26
+Interest income
+Three Gorges Finance Co., Ltd.
+process
+period
+decision
+current period
+the prior
+交易内容
+Related party
+policy and
+Amount in the
+Amount in
+Pricing
+2020 Annual Report
+Unit: RMB 0000 Yuan
+728.77
+(1) Receipt of interests from related parties
+process
+0.07
+Three
+Three Gorges Electric Energy 0.16
+Other
+2020 Annual Report
+236/259
+0.02
+Three Gorges High-tech Information
+Technology Co., Ltd
+receivable
+Accounts
+0.51
+0.43
+Co., Ltd.
+Three Gorges Base Development
+Accounts
+receivable
+(Yunnan) Co., Ltd
+receivables
+0.02
+18.32
+Three Gorges Electric Energy
+Other
+(Anhui) Co., Ltd
+receivables
+0.03
+Three Gorges Electric Energy 28.84
+Other
+0.03
+29.23
+1.85
+39.46
+Three Gorges Electric Energy
+(Guangdong) Co., Ltd
+receivables
+receivables
+Management (Hubei) Co., Ltd
+Chongqing Liangjiang Changxing
+140.16
+Three Gorges Second Wind Farm
+Pakistan (Pvt) Limited
+receivable
+Accounts
+Pakistan Branch of Yangtze Three
+Gorges Technology & Economy 495.69
+Development Co., Ltd.
+receivable
+0.41
+405.27
+1.00
+997.41
+Yangtze Three Gorges Industrial Co.,
+Ltd.
+receivables
+Accounts
+Other
+447.31
+1,584.78
+0.23
+2.25
+33.23
+33,232.33
+Three Gorges Jinsha River Yunchuan
+Hydropower Development Co., Ltd
+Three Gorges First Wind Farm
+Pakistan (Pvt) Limited
+receivable
+Accounts
+receivables
+Other
+controlling shareholder
+Enterprises under control of the same
+Power Co., Ltd
+0.02
+16.18
+Other
+receivables
+Other
+Energy Co., Ltd
+receivables
+(1). Receivables
+Receivables and payables of related parties
+The public costs and infrastructure operation and maintenance expenses incurred by the Three
+Gorges Project during the year were apportioned between CTG and the Company on a 25:75
+basis The Company bore RMB574,897,900.
+(5) Apportionment of public costs of the Three Gorges Project
+6、
+Agreed price
+225.00
+Institute under China Three 225.00
+Gorges Corporation
+Research fund
+Chinese Sturgeon Research
+process
+decision
+policy and
+Amount in the
+prior period
+the
+Amount in
+current period
+transactions
+Name of other related parties
+of
+Туре
+Pricing
+0000 Yuan
+Unit:RMB
+(4) Payment of research fund to related parties
+Agreed price
+600.82
+481.32
+Guarantee
+Gorges
+Applicable
+,
+Unit:RMB 0000 Yuan
+Item
+0.09
+0.95
+0.20
+40.70
+Yangtze Intelligent Distributed
+Other
+5,004.50
+4,547.31
+Hubei Qingneng Investment
+Development Group Limited
+receivable
+Dividends
+Joint ventures or associates
+receivables
+Three Gorges Finance Co., Ltd.
+China
+Corporation
+1.62
+receivable
+Other
+1,075.24 0.09
+223.24
+China Three Gorges Corporation
+Accounts
+controlling party
+Bad debts
+Opening balance
+Carrying
+value
+debts
+value
+Bad
+Closing balance
+Carrying
+Controlling shareholder and ultimate
+Related party
+China Three Gorges Corporation
+2021.2.26
+November
+2019
+250,000.00
+Generation Co., Ltd
+4.43
+Technology service
+Yongdeng Hongyang New Energy Power
+4.43
+Technology service
+Xiyang Sineng New Energy Co., Ltd
+4.43
+Technology service
+Guyuan Hengyi New Energy Co, Ltd
+Generation Co., Ltd
+4.43
+Jinfeng New Energy Gonghe Power Technology service
+Geneartion Co., Ltd
+4.43
+Power Technology service
+Photovoltaic
+Suzhou Fuyang
+4.43
+Golmud Yangguang Qiheng New Energy Technology service
+Co., Ltd
+2.36
+Kaiyuan Hongyu Sunshine New Energy Technology service
+Power Generation Co., Ltd
+4.43
+Three Gorges New Energy Delingha Power Technology service
+Generation Co., Ltd
+19.19
+4.43
+3.24
+Shuangliao Qingda Photovoltaic Power Technology service
+Generation Co., Ltd
+Three Gorges New Energy (Zuoyun) Power Technology service
+Generation Co., Ltd
+Delingha Xiayang New Energy Power Technology service
+Three Gorges New Energy Pu' an Power Technology service
+Generation Co., Ltd
+4.43
+Leling Zhongtian New Energy Co., Ltd
+12.81
+goods,
+Sui County Aikang Energy Investment Co., Sales of
+Ltd
+5.21
+Shanghai Donghua Engineering Consulting | Technology service
+Co., Ltd
+2.20
+Three Gorges New Energy Longling Power Technology service
+Generation Co., Ltd
+2.17
+33.31
+Sales of goods
+technology service
+10.40
+Sales of goods,
+Shanghai Jikai Engineering Inspection Technology service
+Technology Co., Ltd
+Three Gorges New Energy Offshore Wind
+Power Operation & Maintenance Jiangsu
+Co., Ltd
+Leshan Damo Hydropower Co., Ltd
+technology service
+12.80
+goods,
+Sales of
+Enshi Banqiao Wind Power Co., Ltd
+123.10
+China Three Gorges Sounth Asia Technology service
+Investment Ltd
+Development Co., Ltd
+4.43
+Technology service
+Shenmu Yuanhang New Energy
+4.43
+Technology service
+Generation Co., Ltd
+2020 Annual Report
+231 / 259
+4.43
+Three Gorges New Energy Pingquan Power Technology service
+Generation Co., Ltd
+4.43
+Three Gorges New Energy Xintai Power Technology service
+Generation Co., Ltd
+2.21
+Jiuquan Zhaoyang New Energy Power Technology service
+Generation Co., Ltd
+2.21
+Technology service
+19.19
+Technology service
+Bin County Dageling Wind Power Co., Ltd
+Jiuquan Sanyang New Energy Power
+Generation Co., Ltd
+2.31
+Three Gorges New Energy Binchuan Power Technology service
+Generation Co., Ltd
+1.54
+Three Gorges New Energy Yuanmou Power Technology service
+Generation Co., Ltd
+4.43
+Three Gorges New Energy Tongcheng Technology service
+Power Generation Co., Ltd
+2.77
+Three Gorges New Energy Yiwu Power Technology service
+Generation Co., Ltd
+8.86
+Technology service
+4.43
+Technology service
+Hainan Haijin Kstar New Energy Co., Ltd
+Three Gorges New Energy Quyang Power
+Generation Co., Ltd
+4.43
+Hainan Yixin New Energy Technology Co., Technology service
+Ltd
+4.43
+4.43
+Wulan Jinfeng New-energy Photovoltaic Technology service
+Power Generation Co., Ltd
+Three Gorges New Energy Angli (Lingwu) Technology service
+Power Generation Co., Ltd
+4.43
+Sheqi Guohe Wind Power Co., Ltd
+Technology service
+4.43
+Three Gorges New Energy Pingshan Power Technology service
+Generation Co., Ltd
+2.31
+Three Gorges New Energy Huaping Power Technology service
+Generation Co., Ltd
+3.70
+Three Gorges New Energy Shidian Power Technology service
+Generation Co., Ltd
+4.43
+Three Gorges New Energy Kangbao Power Technology service
+Generation Co., Ltd
+4.43
+Lingwu Baitugang Angli Photovoltaic Technology service
+Power Generation Co., Ltd
+4.43
+Three Gorges New Energy Yiyuan Power Technology service
+Generation Co., Ltd
+4.43
+Hainan Zhuma Optical New Energy Co., Technology service
+Ltd
+4.43
+technology service
+Three Gorges New Energy Guyuan Power Technology service
+Generation Co., Ltd
+Three Gorges New Energy Bole Power Technology service
+Generation Co., Ltd
+8.86
+Three Gorges New Energy Taiyang Technology service
+Mountain Power Generation Co., Ltd
+4.43
+Three Gorges New Energy Laiyuan Power Technology service
+Generation Co., Ltd
+4.43
+Three Gorges New Energy Mengyin Power Technology service
+Generation Co., Ltd
+Technology Co., Ltd
+4.43
+Jianeng Solar Energy Technology service
+Ltd
+Shandong
+4.43
+4.43
+Three Gorges New Energy Jiuquan Co., Ltd | Technology service
+Zhangjiachuan Tianyuan Wind Power Co., Technology service
+2.77
+Hainan Jiepu Green Energy Co., Ltd
+Technology service
+4.43
+233 / 259
+2002
+800,000.00
+Guarantee
+amount
+Guarantee start Guarantee
+date
+Whether the guarantee has
+been fulfilled
+China Three Gorges
+Corporation (Note)
+Guarantor
+Unit: RMB 0000 Yuan
+,
+Applicable
+The company as the guarantee
+NO
+expiry date
+November
+2025
+502.17
+Power Co., Ltd
+Hunan Taohua River Nuclear 25,146.80
+Guarantee start Guarantee
+date
+amount
+Guaranteed company
+Guarantee
+0000 Yuan
+Unit: RMB
+Applicable
+been fulfilled
+Whether the guarantee has
+The company as the guarantor
+(4). Related party guarantee
+Non-applicable
+expiry
+date
+August NO
+2033
+Three Gorges Finance Co., Ltd.
+2021.7.16
+2020.7.16
+100,000.00
+2021.03.18
+2020.03.18
+620,000.00
+2019.07.17 2022.07.17
+2013.05.01 2028.05.01
+2017.07.14 2021.07.14
+860,000.00
+700,000.00
+1,443,294.54
+2022.01.16
+2017.01.16
+700,000.00
+Description of related lease
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+Description
+Expiry date
+Starting date
+Amount
+Related party
+,
+Unit: RMB 0000 Yuan
+Funds borrowing from related parties
+Applicable
+(5).
+Note: Pursuant to the Letter of Guarantee issued by CTG on 30 June 2009 and the Guarantee Agreement
+by and between CTG and the Company in August 2009, CTG will irrevocably provide joint and several
+liability guarantee for the payment of principal and interest payable, penalty, liquidated damages, claim
+realization costs and other expenses payable in respect of the RMB16 bn of Three Gorges Bonds. If the
+Company fails to pay the principal and interest on the bonds in accordance with the original terms of each
+tranche of Three Gorges Bonds, CTG assumes joint and several liability and unconditionally repays all
+principal and interest on the bonds and expenses payable by the Company on its behalf. As at 31 December
+2020, the Company had repaid RMB8 bn of Three Gorges Bonds due and the balance of the guarantee
+was RMB8 billion at the end of the year.
+Information on related party guarantee
+Applicable
+2020 Annual Report
+20 September 01
+Borrowing
+2020.2.26
+Management Co., Ltd
+Yichang Three Gorges Duoneng Asset Building
+current period
+1,513.10
+Lease income in the
+China Three Gorges International Building
+assets
+Lessee
+Types of leased
+Unit: RMB 0000 Yuan
+Applicable
+The company as the lessor:
+Related lease
+(3).
+Description of related management / outsourcing
+Non-applicable
+Entrusted management / outsourcing of the company
+Non-applicable
+Non-applicable
+Description of related trusteeship / contract
+2020 Annual Report
+232 / 259
+Non-applicable
+(2). Related entrusted management / contracting and entrusted management / outsourcing
+Entrusted management / contracting of the company:
+Description of related party transactions of purchase and sales of goods, render and accept services
+Non-applicable
+12,402.10
+62, 612.58
+Total
+3.70
+Technology service
+Three Gorges New Energy Panzhou Power
+Generation Co., Ltd
+4.92
+Technology service
+Three Gorges Asset Management Co., Ltd
+Lease income in the
+prior period
+1,516.90
+Corporation
+Yangtze Three Gorges Industrial | Building
+Co., Ltd.
+Management Co., Ltd
+115.51
+26.61
+Yichang Three Gorges Duoneng Asset Building
+114.86
+174.83
+Building
+Yangtze Three Gorges Industrial Co.,
+Ltd.
+7,394.94
+7,394.94
+Land
+China Three Gorges Corporation
+Lease expenses in the
+prior period
+the current period
+12.48
+assets
+Lessor
+Types of leased
+0000 Yuan
+Unit: RMB
+Applicable
+The company as the lessee:
+371.81
+832.80
+Yangtze Three Gorges Industrial Building
+Co., Ltd.
+384.05
+288.04
+Yangtze Three Gorges Tourism Building
+Development Co., Ltd
+461.17
+463.47
+Lease expenses in
+Accounts
+1.33
+140.16
+Accounts
+Power Co., Ltd
+receivable
+0.00
+1.88
+Tianyuan Wind
+Zhangjiachuan
+Accounts
+Co., Ltd
+receivable
+0.00
+1.88
+Three Gorges New Energy Jiuquan
+Accounts
+receivable
+0.00
+1.88
+Sheqi Guohe Wind Power Co., Ltd
+0.00
+0.47
+0.00
+1.88
+Three Gorges New Energy Xintai
+Accounts
+receivable Power Generation Co., Ltd
+Accounts Three Gorges New Energy Pingquan
+receivable Power Generation Co., Ltd
+Accounts
+Power Generation Co., Ltd
+receivable
+0.00
+0.94
+Jiuquan Zhaoyang New Energy
+Shandong Jianeng Solar Energy
+Accounts
+1.88
+receivable
+0.00
+1.88
+Hainan Zhuma Optical New Energy
+Accounts
+Power Generation Co., Ltd
+0.00
+0.47
+Three Gorges New Energy Guyuan
+0.00
+1.18
+0.00
+3.75
+Three Gorges New Energy Taiyang
+Mountain Power Generation Co., Ltd
+Three Gorges New Energy Bole
+Power Generation Co., Ltd
+Accounts
+receivable
+Accounts
+receivable
+Accounts
+receivable
+2020 Annual Report
+239 / 259
+Power Generation Co., Ltd
+receivable
+0.00
+0.47
+Three Gorges New Energy Laiyuan
+Accounts
+Power Generation Co., Ltd
+receivable
+0.00
+1.88
+Three Gorges New Energy Mengyin
+Accounts
+Technology Co., Ltd
+0.00
+Generation Co., Ltd
+receivable
+0.00
+receivable
+Accounts
+Power Generation Co., Ltd
+receivable
+0.00
+0.94
+Three Gorges New Energy Quyang
+Accounts
+Co., Ltd
+receivable
+0.00
+1.88
+Hainan Haijin Kstar New Energy
+Accounts
+Technology Co., Ltd
+receivable
+0.00
+1.88
+Hainan Yixin New Energy
+Ltd
+0.00
+1.88
+Wulan Jinfeng New-energy
+Photovoltaic Power Generation Co.,
+0.00
+1.88
+Three Gorges New Energy Angli
+(Lingwu) Power Generation Co., Ltd
+Accounts
+receivable
+Accounts
+receivable
+Accounts
+0.00
+0.95
+Three Gorges New Energy Yiwu
+Power Generation Co., Ltd
+1.18
+0.00
+Three Gorges New Energy
+0.94
+Jiuquan Sanyang New Energy Power
+Accounts
+Co., Ltd
+receivable
+0.00
+8.14
+Bin County Dageling Wind Power
+Accounts
+Power Generation Co., Ltd
+receivable
+0.00
+4.78
+Three Gorges New Energy Wujiaqu
+receivable
+Accounts
+receivable
+0.00
+0.98
+Three Gorges New Energy Binchuan
+Accounts
+0.00
+0.65
+Three Gorges New Energy Yuanmou
+Power Generation Co., Ltd
+receivable
+Ltd
+0.00
+1.88
+Tongcheng Power Generation Co.,
+Accounts
+receivable
+Accounts
+Power Generation Co., Ltd
+Three Gorges New Energy Pishan
+Power Generation Co., Ltd
+Co., Ltd
+receivable
+0.00
+1.88
+Chaohu Jiaoyang New Energy Co.,
+Accounts
+receivable
+Energy Co., Ltd
+receivable
+0.00
+1.88
+Golmud Yangguang Qiheng New
+Accounts
+Co., Ltd
+receivable
+0.01
+24.36
+Fuqing Haixia Power Generation
+Accounts
+Energy Power Generation Co., Ltd
+receivable
+0.00
+1.00
+Kaiyuan Hongyu Sunshine New
+Accounts
+Power Generation Co., Ltd
+receivable
+0.00
+1.88
+Three Gorges New Energy Delingha
+Accounts
+Power Generation Co., Ltd
+Ltd
+receivable
+Accounts
+1.88
+1.88
+Yongdeng Hongyang New Energy
+Power Generation Co., Ltd
+receivable
+Accounts
+receivable
+0.00
+0.47
+Xiyang Sineng New Energy Co., Ltd
+Accounts
+receivable
+0.00
+0.47
+Guyuan Hengyi New Energy Co, Ltd
+Accounts
+Generation Co., Ltd
+receivable
+0.00
+1.88
+Jinfeng New Energy Gonghe Power
+Ltd
+0.00
+4.84
+Yangjiang Power Generation Co.,
+Accounts
+receivable
+Accounts
+Energy
+Three Gorges New
+Geneartion Co., Ltd
+receivable
+0.00
+Suzhou Fuyang Photovoltaic Power
+0.00
+8.14
+Qingda Photovoltaic
+Accounts
+Power Generation Co., Ltd
+0.00
+0.98
+Three Gorges New Energy Huaping
+Accounts
+receivable
+Power Generation Co., Ltd
+receivable
+0.00
+1.57
+Three Gorges New Energy Shidian
+Accounts
+Power Generation Co., Ltd
+receivable
+0.00
+0.47
+Three Gorges New Energy Kangbao
+Accounts
+Ltd
+0.00
+1.88
+Photovoltaic Power Generation Co.,
+Accounts
+receivable
+Angli
+Baitugang
+Lingwu
+0.00
+1.88
+Three Gorges New Energy Yiyuan
+Power Generation Co., Ltd
+Leshan Damo Hydropower Co., Ltd
+11.48
+0.00
+receivable
+Shuangliao
+Accounts
+0.00
+0.47
+Three Gorges New Energy (Zuoyun)
+Power Generation Co., Ltd
+receivable
+Accounts
+Power Co., Ltd
+receivable
+0.00
+0.50
+Chongqing Wulong Daliangzi Wind
+Accounts
+Power Generation Co., Ltd
+Accounts
+receivable
+1.37
+Three Gorges New Energy Pu' an
+Accounts
+Power Generation Co., Ltd
+receivable
+0.00
+0.47
+Three Gorges New Energy Pingshan
+Accounts
+0.01
+94.79
+China Three Gorges Sounth Asia
+Investment Ltd
+receivable
+Accounts
+0.00
+Three Gorges Third Wind Farm
+receivable
+Power Generation Co., Ltd
+120.06
+Shanghai Investigation, Design &
+Accounts
+Ltd
+receivable
+0.00
+0.19
+Butuo Junsheng New Energy Co.,
+Accounts
+0.00
+0.36
+Butuo Zhongtian New Energy
+Development Co., Ltd
+receivable
+Accounts
+0.00
+1.11
+0.00
+2.30
+0.00
+2.24
+Three Gorges New Energy Huili
+Zhongyi Power Generation Co., Ltd
+Accounts Three Gorges New Energy Puge
+receivable Power Generation Co., Ltd
+Accounts Three Gorges New Energy Mianning
+receivable Power Generation Co., Ltd
+receivable
+Accounts
+Wind Power Co., Ltd
+receivable
+0.00
+0.20
+Three Gorges New Energy Lichuan
+Accounts
+0.01
+Materials Co., Ltd
+receivable
+237 / 259
+receivable
+Accounts
+Accounts
+Co., Ltd
+receivable
+0.00
+1.15
+Fuzhou Haixia Power Generation
+Accounts
+New Energy Co., Ltd
+receivable
+0.00
+0.39
+Macheng Zhongguang Shenghui
+Accounts
+under Hubei Energy Group
+0.00
+0.35
+Qiyueshan Wind Power Co., Ltd
+Ltd
+0.01
+9.15
+power Industrial Park Operation Co.,
+Accounts
+receivable
+Accounts
+receivable
+Fujian Three Gorges Offshore Wind-
+0.00
+1.08
+Fujian Energy Investment Co., Ltd
+under China Three Gorges
+Corporation
+Accounts
+receivable
+2020 Annual Report
+Research Institute Co., Ltd.
+receivable
+0.00
+4.37
+10.24
+9.40
+Water
+Yangtze Three Gorges
+Accounts
+Development Co., Ltd
+receivable
+0.00
+20.23
+26.49
+Yangtze Three Gorges Tourism
+Accounts
+Engineering Co., Ltd
+receivables
+2.96
+38.09
+5.19
+30.00
+Yangtze Three Gorges Hydropower
+Other
+Ltd.
+receivable
+38.32
+32.74
+Yangtze Three Gorges Industrial Co.,
+Accounts
+Pakistan (Pvt) Limited
+receivable
+607.28
+0.00
+receivable
+Services (Yichang) Co., Ltd
+Accounts
+Yangtze Three Gorges Equipment &
+Accounts
+0.00
+0.73
+0.07
+Yangtze Three Gorges Hydropower 0.73
+Engineering Co., Ltd
+receivable
+Accounts
+0.47
+1.02
+China Three Gorges Publication and
+Media Co., Ltd
+receivables
+Other
+0.40
+Zhangpu Haixia Power Generation
+Co., Ltd
+121.09
+receivable
+Accounts
+Asset Management Co., Ltd
+receivables
+0.20
+2.00
+0.35
+2.00
+Yichang Three Gorges Duoneng
+Garden Co., Ltd
+receivable
+Other
+1.88
+2.60
+Yangtze Three Gorges Ecological
+Yangtze Three Gorges Technology &
+Economy Development Co., Ltd.
+Accounts
+1.00
+receivable
+Three Gorges New Energy Jinchang
+Accounts
+Power Generation Co., Ltd
+receivable
+0.00
+3.75
+Three Gorges New Energy Golmud
+Accounts
+Yao' an Power Generation Co., Ltd
+receivable
+0.00
+4.73
+Three Gorges New Energy Yunnan
+Accounts
+0.05
+5. 31
+0.00
+1.88
+0.00
+1.18
+0.00
+8.13
+0.00
+1.60
+Huade Wind Power Co., Ltd under
+China Water Affairs Group Limited
+Three Gorges New Energy
+Diaobingshan Wind Power Co., Ltd
+Three Gorges New Energy Xinjiang
+Dabancheng Wind Power Co., Ltd
+Three Gorges New Energy
+Dachaidan Wind Power Co., Ltd
+Three Gorges New Energy Hami
+Wind Power Co., Ltd
+receivable
+Accounts
+receivable
+receivable
+Accounts
+receivable
+Accounts
+receivable
+Accounts
+7.51
+Accounts
+0.03
+Wind Power Co., Ltd
+receivable
+0.00
+0.46
+Three Gorges New Energy Shanshan
+Accounts
+receivable
+0.00
+0.72
+Enshi Banqiao Wind Power Co., Ltd
+Accounts
+receivable
+0.00
+1.88
+Qingdao Runlai Wind Power Co., Ltd
+Accounts
+Power Generation Co., Ltd
+0.00
+1.88
+0.00
+2.68
+Three Gorges New Energy Yunnan
+Shizong Power Generation Co., Ltd
+Three Gorges New Energy Wuzhong
+Accounts
+receivable
+Accounts
+receivable
+2020 Annual Report
+238/259
+0.00
+6.32
+Yunnan Mile Shidong Mountain
+Power Generation Co., Ltd
+receivable
+Accounts
+receivable
+Co., Ltd
+receivable
+0.00
+receivable
+0.00
+1.88
+Cixi Yangtze Wind Power Co., Ltd
+Accounts
+Pumped Storage Co., Ltd
+receivable
+0.02
+229.77
+Mountain
+Zhejiang Changlong
+Accounts
+(Group) Co., Ltd.
+receivable
+0.03
+16.76
+China Three Gorges Renewables
+Accounts
+0.00
+21.47
+China Three Gorges Construction
+Management Co., Ltd
+receivable
+Accounts
+0.00
+2.77
+0.05
+434.22
+Three Gorges Jinsha River Yunchuan
+Hydropower Development Co., Ltd
+Huili Zhaoguang New Energy Co.,
+Ltd
+Accounts
+receivable
+Accounts
+China Three Gorges (Europe) Co.,
+7.00
+0.00
+0.47
+Weixi Longdu Power Generation
+Accounts
+Co., Ltd
+receivable
+0.00
+0.41
+Weixi Longdu Power Generation
+Accounts
+Hydropower Development Co., Ltd
+receivable
+0.00
+3.92
+Lazhai
+0.00
+Longling
+Accounts
+0.00
+1.88
+Ningde Dagang Hydropower Station
+Development Co., Ltd
+receivable
+Accounts
+Ltd
+receivable
+0.00
+3.75
+Xiangshui Yangtze Wind Power Co.,
+Accounts
+Ltd
+receivable
+Yunnan
+2020 Annual Report
+240 / 259
+0.00
+Debt restructuring
+Exchange of non-monetary assets
+In May 2020, Chongqing Three Gorges Water Conservancy and Electric Power Co., Ltd. acquired
+the Company's 36% equity in Chongqing Liangjiang Changxing Power Co., Ltd. and 8.06% equity in
+Chongqing Yangtze Power United Energy Co., Ltd. by way of issuance of shares and payment of cash.
+The transaction is a non-monetary asset exchange with commercial substance as the future cash flows
+from the incoming assets are expected to be significantly different in risk, timing and amount from those
+from the outgoing assets.
+(2).
+Exchange of other assets
+Non-applicable
+4、
+Pension plan
+Applicable
+The Company implements an enterprise annuity plan in accordance with the relevant state regulations
+after CTG filed the same with the Labour and Social Security Bureau. The Company accounts for its
+contribution to the annuity plan as employee remuneration and charge it to profit or loss for the current
+period, and transfer the annuity payments to employees' accounts with the account manager. As at 31
+December 2020, there were no significant changes to the annuity plan.
+245 / 259
+2020 Annual Report
+5 Discontinued operations
+Non-applicable
+6. Segment information
+(1). Determination basis and accounting policy of reporting segment
+Non-applicable
+(2).
+Financial information of the reporting segment
+Non-applicable
+(3).
+If the company has no reporting segment or cannot disclose the total assets and liabilities of
+each reporting segment, the reasons shall be explained
+Non-applicable
+Applicable
+(1).
+2020 Annual Report
+Accounts
+0.40
+Zhong County Jidian New Energy
+Co., Ltd
+receivable
+Accounts
+Development Co., Ltd
+receivable
+0.00
+1.88
+Shenmu Yuanhang New Energy
+Accounts
+receivable
+(4). Others
+0.00
+Hainan Jiepu Green Energy Co., Ltd
+Ltd
+0.00
+1.88
+Leling Zhongtian New Energy Co.,
+Accounts
+receivable
+Accounts
+Power Generation Co., Ltd
+receivable
+0.00
+1.88
+Delingha Xiayang New Energy
+1.88
+Non-applicable
+7、
+Other important transactions and matters that have an impact on investors' decisions
+Non-applicable
+Provision
+--Reverse to stage I
+---Reverse to stage II
+--Transfer to stage III
+--Transfer to stage II
+January 2020
+recognised as at 1
+financial instruments
+to
+Changes due
+415,379.65
+350,732.57
+415,379.65
+(impaired)
+Total
+ECL Lifetime ECL
+Lifetime
+(not impaired)
+12-month ECL
+Bad debt provision
+Stage III
+Stage II
+Stage I
+Unit: RMB Yuan
+Applicable
+As at 1 January 2020
+0.00
+Reversal
+Write-off
+8. Others
+Non-applicable
+XVII.
+Notes to major account of the company's financial statements
+1、 Accounts receivable
+(1). Disclosure by aging
+Applicable
+Unit: RMB Yuan
+Aging
+Within 1 year
+Including: Item aged within 1 year
+Elimination
+Within 1 year
+Non-applicable
+250/259
+Non-applicable
+Bad debt provision for the current period and basis for assessing whether there's significant increase in the
+credit risk of financial instruments:
+Non-applicable
+Explanations on significant changes in the book balance of other receivables where there are changes in
+provision for the current period:
+766,112.22
+350,732.57
+2020
+As at 31 December 766,112.22
+Other changes
+1-2 years
+Accounts
+receivable
+Three Gorges New Energy Offshore
+Wind Power Operation
+Maintenance Jiangsu Co., Ltd
+Tendering Co., Ltd.
+58.92
+International
+Three Gorges
+Prepayments
+Tendering Co., Ltd.
+receivables
+0.02
+17.00
+International
+Three Gorges
+Total
+Other
+receivable
+0.00
+15.29
+Three Gorges New Energy Siziwang
+Accounts
+0.00
+1.57
+Three Gorges New Energy Panzhou
+Power Generation Co., Ltd
+receivable
+Accounts
+Treatment Co., Ltd.
+Wind Power Co., Ltd
+receivable
+41,595.32
+9,811.36 4.68
+Long-term
+2020 Annual Report
+2,123,294.54
+1,443,294.54
+beginning of
+the reporting
+period
+balance
+the
+at
+as
+Book
+reporting
+period
+at the end of the
+41.94
+balance
+241 / 259
+China Three Gorges Corporation
+Long-term Payable
+controlling party
+Controlling shareholder and ultimate
+Related party
+Item
+RMB 0000 Yuan
+Payables Items
+,
+(2).
+Applicable
+Book
+0.00
+9.73
+Comprehensive
+0.00
+5.52
+Shanghai Donghua Engineering
+Consulting Co., Ltd
+Power Generation Co., Ltd
+receivable
+Accounts
+receivable
+0.00
+0.93
+Three Gorges New Energy Longling
+Ltd
+Accounts
+receivable
+Accounts
+1.88
+Zhucheng Tianrong Wind Power Co.,
+Accounts
+receivable
+0.00
+1.88
+Linqu Tianrong Wind Power Co., Ltd
+Accounts
+0.00
+37.64
+&
+0.00
+Shanghai Jikai Engineering
+2.30
+0.00
+Wuhu Three Gorges Phase I Water
+Environment
+Accounts
+Co., Ltd.
+receivable
+0.02
+171.28
+Yangtze Ecology and Environment
+Accounts
+Management Co., Ltd
+receivable
+0.00
+22.12
+Comprehensive Water Environment
+Accounts
+Gorges
+Three
+Jiujiang
+Investment Co., Ltd
+receivable
+0.00
+0.72
+Sui County Aikang Energy
+Accounts
+Inspection Technology Co., Ltd
+receivable
+(3). Details of bad debt provision
+China Three Gorges Corporation
+17,686,199.82
+15,605,295.12
+Corporation of China
+year
+China Southern Power Grid
+Within
+186,454,672.92
+11.09
+Company Limited
+year
+State Grid Hubei Electric Power Co.,
+Ltd
+Within
+1
+17.40
+8,160,810.85
+year
+Three Gorges Electric Energy Co.,
+Within 1
+2,080,392.81
+0.12
+Ltd.
+year
+Total
+1,681,081,347.55
+99.98
+of
+0.49
+balance of
+292,644,485.26
+Central China branch of State Grid
+Non-applicable
+Significant recovery or reversal of bad debt provision for the current period:
+Non-applicable
+(4).
+Accounts receivable written off as at the end of the reporting period
+Non-applicable
+Significant write-off of accounts receivable:
+Non-applicable
+(5).
+Applicable
+Top five accounts receivable based on debtors
+Proportion of
+Within
+total closing Closing
+Entity
+Closing balance Aging
+accounts
+receivable
+(%)
+State Grid Corporation of
+1,191,740,985.71
+China
+Within
+year
+1
+70.88
+balance
+Details of bad debt provision
+bad debt
+(6).
+Non-applicable
+(2). Significant overdue interest
+Non-applicable
+(3). Details of bad debt provision
+Non-applicable
+Others:
+Non-applicable
+Dividends receivable
+(4). Dividends receivable
+Applicable
+Unit: RMB Yuan
+(1). Classification of interest receivable
+Item (or investee)
+Investment
+Closing balance
+45,473,100.00
+Opening balance
+50,045,000.00
+Development Group Limited
+Total
+45,473,100.00
+50,045,000.00
+(5). Significant dividends receivable aged over 1 year
+Non-applicable
+(6). Details of bad debt provision
+Non-applicable
+Hubei Qingneng
+provision
+Interest receivable
+Others:
+Accounts receivable derecognized due to transferred financial assets
+Non-applicable
+(7).
+Carrying amount of continuing involvement after transferring accounts receivable
+Non-applicable
+248 / 259
+Others:
+Non-applicable
+2 Other receivables
+List of items
+Applicable
+Non-applicable
+Unit: RMB Yuan
+Interest receivable
+2020 Annual Report
+Closing balance
+Opening balance
+Dividends receivable
+Other receivables
+Total
+45,473,100.00
+336,776,408.06
+382,249,508.06
+50,045,000.00
+17,270,820.17
+67,315,820.17
+Item
+(3).
+Refer to the disclosure of other receivables if bad debt provision is made based on the general ECL model:
+Non-applicable
+Non-applicable
+1-2 years
+Within 1 year
+Including: Items aged within 1 year
+Within 1 year
+249 / 259
+Book balance at the end of the reporting period
+Unit: RMB Yuan
+Aging
+Applicable
+(1). Aging analysis
+Other receivables
+2-3 years
+2-3 years
+More than 3 years
+More than 5 years
+Total
+Book balance at the end of the reporting period
+1,681,426,962.93
+1,681,426,962.93
+246 / 259
+(2).
+Applicable
+Disclosed by bad debt provision methods
+Unit: RMB Yuan
+Closing balance
+Book balance
+3-4 years
+4-5 years
+Category
+More than 3 years
+4-5 years
+739,300.00
+of the reporting period
+Book balance as at the beginning
+337,542,520.28
+140,133.79
+336,663,086.49
+739,300.00
+reporting period
+Book balance at the end of the
+Total
+Other
+3-4 years
+Intercourse funds
+Nature
+Unit: RMB Yuan
+Applicable
+(2). Details of classification by nature
+206,300.00
+337,542,520.28
+400,000.00
+133,000.00
+336,803,220.28
+2020 Annual Report
+Total
+More than 5 years
+Deposit and Margin
+Amount
+Bad debt
+provision
+1,679,077,351.06 99.86
+1,679,077,351.06
+1,636,258,291.59 99.73
+1,636,258,291.59
+hydropower
+business
+Other
+receivables 2,349,611.87
+0.14
+2,349,611.87
+4,507,568.72
+large-scale
+0.27
+portfolio
+Total
+1,681,426,962.93
+1,681,426,962.93
+1,640,765,860.31
+/
+1,640,765,860.31
+247 / 259
+2020 Annual Report
+Explanations on bad debt provision assessed individually:
+Non-applicable
+Bad debt provision assessed by groups:
+4,507,568.72
+portfolio of
+Receivables
+Including:
+assessed
+individually
+Including:
+2020 Annual Report
+Proportion Carrying amount
+Opening balance
+Book balance
+Bad debt provision
+Proportion
+(%)
+Amount
+(%)
+Amount
+Proportion
+(%)
+Bad debt provision
+Proportion Carrying amount
+Amount
+(%)
+Bad debt
+provision
+1,681,426,962.93 100.00
+1,681,426,962.93
+1,640,765,860.31
+100.00
+1,640,765,860.31
+assessed by
+groups
+1,341,604.70
+Others:
+1,400,000.00 2,460,000.00
+Non-applicable
+104.31
+Yangtze Three Gorges Ecological Garden
+Co., Ltd
+Other payables
+Corporation
+200.00
+200.00
+Other payables
+China Three Gorges International
+367.84
+Three Gorges Finance (HK) Limited
+Interest payable
+25,260.84
+436.87
+Yangtze Three Gorges Industrial Co., Ltd.
+Other payables
+Economy Development Co., Ltd.
+523.25
+811.95
+Other payables
+Yangtze Three Gorges Technology &
+Engineering Technology Co., Ltd
+1,496.71
+1,280.00
+Other payables
+Three Gorges Mechanical & Electrical
+88.76
+Accounts payable
+Yangtze Three Gorges Equipment &
+Materials Co., Ltd
+73.69
+Other payables
+Three Gorges Yangtze Power Big Data
+16.70
+16.70
+China Three Gorges Media Co., Ltd
+Other payables
+Materials Co., Ltd
+1,538.07
+17.90
+Other payables
+Yangtze Three Gorges Equipment &
+Development Co., Ltd
+Management Co., Ltd
+20.00
+Other payables
+Gorges Tourism
+Yangtze Three
+commerce Co., Ltd
+31.49
+Accounts payable
+Yangtze Three Gorges (Chengdu) E-
+Institute Co., Ltd.
+42.51
+35.48
+Shanghai Investigation, Design & Research
+Other payables
+20.00
+5.00
+2,000.00
+Construction
+Other payables
+1,115.53
+1,415.56
+Three Gorges Finance Co., Ltd.
+Interest payable
+980,000.00
+1,200,000.00
+Three Gorges Finance Co., Ltd.
+Short-term
+borrowings
+7,708.51
+36,911.58
+49,012.84
+5,964.82
+China Three Gorges Corporation
+China Three Gorges Corporation
+Joint ventures or associates
+Other payables
+Interest payable
+borrowings
+1,100,000.00
+720,000.00
+China Three Gorges Corporation
+Short-term
+liabilities
+860,000.00
+non-current
+Current portion of China Three Gorges Corporation
+borrowings
+3. Exchange of assets
+Three Gorges Finance Co., Ltd.
+551.48
+Other payables
+Other payables
+China Three Gorges
+Engineering Co., Ltd
+6,758.59
+2,474.41
+Hydropower
+Yangtze Three Gorges
+Other payables
+163,122.50
+Three Gorges Finance (HK) Limited
+controlling shareholder
+Enterprises under control of the same
+Technology Co., Ltd
+Other payables
+67.78
+Accounts payable
+74.77
+Three Gorges High-tech Information
+Technology Co., Ltd
+Other payables
+3.14
+Three Gorges Electric Energy Management
+(Hubei) Co., Ltd
+Other payables
+4.46
+4.45
+600.00
+1,556.70
+41.03
+Three Gorges Base Development Co., Ltd.
+Chongqing Fuling Energy Industry Group
+Limited
+Three Gorges High-tech Information
+Technology (Yichang) Co., Ltd
+Short-term
+borrowings
+Accounts payable
+Non-applicable
+(2). Explanation should be provided if the Company has no significant contingencies that are
+required to be disclosed.
+Apart from the above-mentioned contingencies, the Company had no other significant contingencies
+that should be disclosed but were not disclosed as at 31 December 2020.
+As at 31 December 2020, the Company had no guarantees for debts of unrelated parties.
+For details of contingent liabilities relating to investments in joint ventures or associates, please refer
+to Note "IX.3.(8) Contingent liabilities relating to investments in joint ventures or associates".
+(1). Material contingency existing at the balance sheet date
+√适用 不适用
+2. Contingencies
+Apart from the above commitments, as at 31 December 2020, the Company had no other significant
+commitments that should be disclosed but were not disclosed.
+(2) CTG and the Company have agreed that when relevant transaction conditions are satisfied, CTG
+will sell to the Company and the Company undertakes to purchase CTG's equity in Yangtze Three Gorges
+Technology & Economy Development Co., Ltd.
+(1) Relevant costs or expenses that are explicitly required by national regulations or policies to be
+included in the power generation costs of the Three Gorges Power Station will be borne by the Company.
+4. Relevant covenants and undertakings of CTG and the Company in the CYPC Report on Significant
+Asset Purchase and Connected Transaction:
+3. In September 2009, the Company entered into a lease agreement with CTG for the land use rights
+in the Three Gorges area for a term of 20 years commencing from 28 September 2009, with the rental
+subject to re-negotiation between the parties every three years. The most recent adjustment to the rental
+was in 2014.
+2. In December 2007, the Company entered into a lease agreement with CTC for the land use rights
+in the Gezhouba area for a term of 20 years commencing from 1 January 2007, with the rental subject to
+re-negotiation between the parties every three years.
+1. As at 31 December 2020, the Company had commitments for capital expenditure and expense such
+as asset purchases that had been signed but not yet required to be recognized in the financial statements in
+amount of RMB31.8491 million.
+2020 Annual Report
+243 / 259
+Significant commitments to external parties existing at the balance sheet date and their nature and amounts
+Significant commitments, nature and amount on the balance sheet date
+Applicable
+1. Significant commitments
+XIV. Commitments and contingencies
+Non-applicable
+5 Others
+Non-applicable
+Modification and termination of share-based payment
+3. Others
+Non-applicable
+XV. Post balance sheet date events
+1. Important non-adjusting events
+Non-applicable
+2、
+Three Gorges Third Wind Farm Pakistan
+Non-applicable
+Prospective adopt
+(2).
+Non-applicable
+(1). Retrospective adjustment
+1、 Correction of prior accounting errors
+On 7 April 2021, the Company issued RMB 2.5 bn of 3-year 3.53% SCP (Tranche I)
+Other significant matters
+On 11 March 2021, the Company issued RMB2.0 bn of 365-day 3.08% SCP (Tranche II).
+On 6 January 2021, the Company issued RMB2.5 bn of 365-day 2.89% SCP (Tranche I).
+XVI.
+4、
+Issuance of bonds
+Notes to other subsequent events after the balance sheet date
+4、
+Non-applicable
+3. Sales return
+According to the 2020 Profit Distribution Plan considered and approved in the twenty-third meeting
+of the fifth session of the Board, the Company proposes cash dividends totaling RMB 15,919,301,461.00
+(tax inclusive), subject to approval of the general meeting.
+Declared profit distribution or dividend
+2020 Annual Report
+244 / 259
+15,919,301,461.00
+Proposed profit distribution or dividend
+Unit: RMB Yuan
+2. Profit distribution
+Applicable
+Non-applicable
+Applicable
+2. Equity settled share-based payment
+Non-applicable
+borrowings
+800.00
+Yangtze Three Gorges Hydropower
+Short-term
+Corporation
+878.84
+Prepayments
+International
+China Three Gorges
+297.74
+12.80
+1,301.82
+Engineering Co., Ltd
+Accounts payable
+Accounts payable
+2.58
+Three Gorges Second Wind Farm Pakistan
+(Pvt) Limited
+Accounts payable
+2.75
+Three Gorges First Wind Farm Pakistan
+(Pvt) Limited
+Accounts payable
+2020 Annual Report
+242 / 259
+3. Cash settled share-based payment
+(Pvt) Limited
+3.06
+Accounts payable
+Interest payable
+Yangtze Three Gorges Industrial Co., Ltd.
+Yangtze Three Gorges Technology &
+Economy Development Co., Ltd.
+Yangtze Three Gorges Hydropower
+Engineering Co., Ltd
+1.06
+1、 General situation of share-based payment
+Share based payment
+Yangtze Three Gorges Hydropower
+Non-applicable
+XIII.
+268,201.35
+268,201.35
+Opening balance
+Unit: RMB 0000 Yuan
+489,108.20
+Closing balance
+Total
+Three Gorges Finance Co., Ltd. Deposit
+489,108.20
+Commitment of related parties
+5,851,436.94
+Item
+6,750,429.01
+7、
+Non-applicable
+8.
+Total
+Others
+Engineering Co., Ltd
+Applicable
+Bank balances
+Related party
+Labor
+0.49
+1,646.14
+Yichang
+Within 1
+year
+429,309.00
+739,300.00
+Security
+Margin
+Supervision Branch
+2-6 years
+Co., Ltd.
+0.22
+Deposit and
+1,646,135.76
+Int'l Co., Limited
+Industrial
+Development Co.,
+Shanghai Clearing
+331,263.14
+Ltd
+China Three Gorges
+Power Operation
+Intercourse
+funds
+Intercourse
+funds
+Within 1
+year
+1.11
+3,747.35
+Yangtze
+Three
+Gorges
+3,747,348.40
+Other
+in 56,819,596,483.34
+House
+Closing balance
+Item
+Investment
+subsidiaries
+Opening balance
+Provision for
+impairment
+2020 Annual Report
+Carrying amount
+56,819,596,483.34
+46,182,014,702.55
+ventures
+associates
+Total
+98.14
+and
+Investment in joint 46,182,014,702.55
+140,133.79
+Unit: RMB Yuan
+3. Long-term equity investments
+Within 1
+year
+0.04
+140.13
+Total
+337,536,055.68
+100.00
+Applicable
+766,105.76
+Non-applicable
+(8). Other receivables derecognized due to transferred financial assets
+Non-applicable
+(9). Carrying amount of continuing involvement after transferring other receivable
+Non-applicable
+Others:
+Non-applicable
+251 / 259
+(7). Receivables related to government grants
+Within 1
+year
+3
+Intercourse
+funds
+Net profit attributable to ordinary shareholders of
+the company after deducting non-recurring profit 16.63
+16.71
+Net profit attributable to ordinary shareholders of
+the company
+1.1853
+1.1853
+per
+and loss
+earnings
+share
+Diluted
+Weighted
+Earnings per share
+Profit in the reporting period
+(4). Details of bad debt provision
+Applicable
+average return Basic earnings
+on net assets (%) per share
+Unit: RMB Yuan
+1.1798
+Differences of accounting data under domestic and foreign accounting standards
+103,001,611,185.89
+259 / 259
+Revision Information
+Non-applicable
+Submission date approved by the Board of Directors: 29 April 2021
+Original copies of all documents and announcements of the Company which
+had been disclosed to the public on the newspapers designated by CSRC and
+the website of Shanghai Stock Exchange during the Reporting Period.
+Chairman: Lei Mingshan
+1.1798
+Document Available for Original Audit Report with Accounting Firms' Seals and Certified Public
+Inspection
+Accountants' Signatures and Seals.
+Document Available for
+Inspection
+Section 11 Document Available for Inspection
+2020 Annual Report
+258 259
+Non-applicable
+4. Others
+Non-applicable
+Document Available for Financial statements signed and sealed by the chairman of the Company, chief
+Inspection
+financial officer and head of accounting department.
+2020 Annual Report
+Changes in the current period
+Category
+Entity
+Three Gorges Jinsha
+River Yunchuan
+Hydropower
+Closing
+balance
+Unit: RMB Yuan
+766,112.22
+to Closing
+balance of
+bad debt
+provision
+Nature
+Closing balance
+Applicable
+Aging
+Proportion
+the total closing
+balance of other
+receivables (%)
+766,112.22
+Applicable
+(6). Top five other receivables based on debtors
+(5). Other receivables written off as at the end of the current period
+Non-applicable
+Opening
+balance
+Provision
+Recovery
+or reversal
+Elimination
+or write-off
+Other
+changes
+Other
+415,379.65
+350,732.57
+receivables
+portfolio
+Total
+415,379.65
+350,732.57
+Significant recovery or reversal of bad debt provision for the current period:
+Non-applicable
+331,263,137.73
+(1). Investment in subsidiaries
+Ltd
+(5). Unit: RMB Yuan
+balance of
+provisions
+Closing
+n Ot Closing balance
+12
+rs
+rm
+ent
+pai
+for he
+im
+cash
+of
+dividends or
+profits
+changes in
+equity
+Other
+Declaration
+Other
+comprehens
+ive income
+adjustment
+Investment profit
+and loss recognized
+under equity method
+Increase in Decrease in
+investment investment
+Opening
+balance
+Investor
+for
+impairmen
+t
+I.Joint ventures
+3,173,098,564.35
+Guangzhou Development
+Group Limited
+2,066,607,492.46
+45,473,100.00
+-2,610,006.94
+208,005,653.56
+Investment Development 1,906,684,945.84
+Qingneng
+sio
+Hubei
+7232,408,750.75
+164,982,859.30
+-15,601,201.58
+-55,056,667.91
+622,139,792.90
+6,845,909,686.64
+Hubei Energy Group Co.,
+II. Associates
+Subtotal
+Ltd
+162,653,206.45
+ovi
+2020 Annual Report
+Partnership (Limited)
+Chongqing
+Qianjiang
+Changhong Three Gorges
+40,087,715.80
+136,000,000.00
+541,523.82
+176,629,239.62
+Equity Investment Fund
+Partnership (Limited)
+中核浦核电有限公司
+1,157,761.04
+148,452.27
+238,297.75
+1,544,511.06
+Yunnan Huadian Jinsha
+River
+Midstream
+4,897,610,000.00
+41,418,778.04
+389,442.27
+41,029,335.77
+Equity Investment Fund
+Increase/decrease in the current period
+Unit: RMB Yuan
+Applicable
+(2). Investment in joint ventures and associates
+252 / 259
+56,819,596,483.34
+20,000,000.00
+20,000,000.00
+15,687,246,726.52
+700,000,000.00
+Pr
+4,700,095,843.00
+414,804,123.74
+138,764.58
+248,374.18
+199,351,173.88
+6,025,938,374.74
+Co., Ltd.
+Chongqing
+Liangjiang
+Three Gorges Xinghong
+1,110,002,443.12
+102,516,396.53
+3,676,104.46
+3,319,521,158.73
+United Energy Co.,Ltd
+4,968,98628
+5,601,312.56
+344,093,435.53
+343,461,10925
+Chongqing Yangtze Power
+Industry Group Limited
+617,342,747.85
+4,569,988.77
+324,376.10
+-638,431.07
+49,606,629.95
+572,620,161.64
+Chongqing Fuling Energy
+Co.,Ltd
+20,018,230.17
+-8,872,815.07
+28,891,045.24
+Chongqing Youtai Energy
+Three Gorges Capital
+2,912,492,366.43
+310,242,639.53
+-109,831,035.73
+8,689,700,595.93
+7,683,665.06 219,152,51927
+6,110,61324
+686,098,680.81
+2,060,816,851.18
+6,148,143,30491
+SDIC Power Holding Co.,
+Partnership (Limited)
+Fund
+Limited
+Investment
+-114,858.91
+9,551,014.00
+39,994,725.58
+Gorges Changfu Equity
+Chongqing Fuling Three
+Holdings Co., Ltd.
+2,992,630,612.57
+135,353,223.35
+15,079,865.69
+49,430,880.67
+4,598,44637 24,505,162.90
+3,027239,47092
+-2,090,589.55
+224,119,537.52
+Hunan Taohua River
+Co., Ltd
+1,961,923,053.84
+25,612,345.59
+5,071,690.17
+8,709,02233
+64,346,668.25
+857,456,424.31
+1,051,951,594.37
+Shanghai Electric Power
+Ltd
+2,154,762,481.96
+100,390,644.91
+-157,100.16
+233,249,838.22
+2,022,060,388.81
+Three Gorges Finance Co.,
+Group Incorporated
+224,119,537.52
+Nuclear Power Co.,Ltd
+Chongqing Three Gorges
+Water Conservancy and 1,570,169,50731
+-1,854,775.60
+110,220,947.12
+2,920,970,488.95
+Shenergy Company
+2020 Annual Report
+253 / 259
+Development Co.,Ltd.
+391,985,208.14
+6,878,679.12
+6,600.00
+-5,699,93992
+372,427,477.85
+Three Gorges Base
+Electric Power Co.,Ltd
+2,100,618,877.71
+15,966,340.20
+491,193.52
+-2,810,587.68
+75,275,388.80
+474,442,103.00
+32,136,349.33
+5,000,126,396.53
+Hydropower
+Development Co.,Ltd
+Profit and loss of entrusting others to invest or
+manage assets
+Provision for impairment of various assets due
+to force majeure, such as natural disasters
+Profit and loss of debt restructuring
+The cost of company restructuring, such as the
+expenses for staff placement and integration
+The profit and loss exceeding the fair value
+arising from the transaction whose transaction
+price is obviously unfair
+Current net profit and loss of subsidiaries from
+the beginning of the period to the date of
+business combination under the common
+control
+Profits and losses arising from contingencies
+unrelated to the normal operation of the
+company
+205,222,701.21
+In addition to the effective hedging business
+related to the company's normal business -55,598,675.12
+operations, the profit and loss of fair value
+257/259
+2020 Annual Report
+changes arising from the holding of trading
+financial assets, derivative financial assets,
+trading financial liabilities, derivative financial
+liabilities, and investment income obtained
+from the disposal of trading financial assets,
+derivative financial assets, trading financial
+liabilities, derivative financial liabilities and
+other debt investment
+Reversal of provision for impairment of
+receivables tested individually
+Profit and loss from external entrusted loans
+Profit and loss from changes in fair value of
+investment properties measured by fair value
+model
+The impact of one-off adjustment on the
+current profit and loss according to the
+requirements of tax, accounting and other laws
+and regulations
+Custody fee income from entrusted operation
+Other non-operating income and expenses
+except the above items
+Other profit and loss items conforming to the
+definition of non-recurring profit and loss
+The impact of income tax
+The impact on non-controlling interests
+Total
+-200,395,826.32
+15,678,172.60
+Gains or losses from non-monetary assets
+exchange
+the investment is acquired
+the identifiable net assets of the investee when
+is less than the income from the fair value of 50,250,031.87
+10,185,846.74
+2,709,620,090.44
+Non-applicable
+XVIII. Supplementary information
+1、 Details of current non-recurring profit and loss
+Applicable
+Unit: RMB Yuan
+Item
+Gains and losses on disposal of non-current
+88,040,202.18
+assets
+Government grant included in the current profit
+and loss (except for the government grant
+Amount
+Description
+36,811,121.25
+which are closely related to the business of the 6,357,797.00
+company and are in accordance with the
+national unified standard quota)
+Capital occupation fee charged to non-
+financial companies included in current profit
+and loss
+The investment cost of subsidiary, joint
+venture and associates acquired by a company
+Tax return and reduction with or without
+formal approval documents
+1,248,231.13
+-24,122,775.82
+The reasons shall be explained for the non-recurring profit and loss items defined by the company according to
+the definition of "explanatory Announcement No. 1 of information disclosure of companies offering securities
+to the public non recurring profit and loss" and the items of non-recurring profit and loss listed in the
+explanatory announcement of information disclosure of companies offering securities to the public No. 1 - non
+recurring profit and loss as recurring profit and loss items.
+Non-applicable
+the
+the in
+in
+Increase
+current period
+Opening balance
+Investee
+Provision
+for
+Decrease
+78,052,733,566.35
+36,920,383,809.53
+41,132,349,756.82
+Carrying amount
+for
+Provision
+impairment
+78,052,733,566.35
+103,001,611,185.89
+36,920,383,809.53
+41,132,349,756.82
+Opening balance
+Book balance
+Closing balance
+impairment
+current
+period
+in
+2、
+Return on net assets and earnings per share
+41,132,349,756.82
+700,000,000.00
+Total
+China Yangtze Power Sales Co., Ltd.
+Three Gorges Electric Energy Co., Ltd.
+Power Development Co., Ltd.
+36,866,982,193.05
+122,242,748.85
+2,600,000,000.00
+16,632,614,290.29
+2,600,000,000.00
+965,367,563.77
+Three Gorges Jinshajiang Chuanyun Hydraulic 36,866,982,193.05
+China Yangtze International (Hongkong) Co.,
+Limited
+Yangtze Power Capital Holdings Limited
+impairment
+current
+period
+of
+Closing
+balance
+provisions
+for
+the
+15,667,246,726.52
+407,395,571.14
+Others
+6
+255 / 259
+4. Operating revenue and costs of sales
+(1). Operating revenue and costs of sales
+Applicable
+Unit: RMB Yuan
+2020 Annual Report
+Item
+Amount incurred in the current period
+Revenue
+Cost
+Amount incurred in the prior period
+Revenue
+Cost
+Principal operating
+activities
+Others
+487,434,188.72
+422,127,448.20
+58,389,114.18
+1,254,682.92
+Total
+28,417,422,202.84 8,509,136,185.45 25,485,490,294.18 | 9,179,257,872.79
+Others:
+Nil
+46,182,014,702.55
+37,830,748.61 943,314,504.15
+-157,414,033.46
+Three Gorges High-tech
+Information Technology 28,378,738.18
+42,660,000.00 15,892,295.69
+3,625,716.55
+30,348,011.16
+1,071,866.86
+88,048,303.34
+Co.,Ltd
+Subtotal
+36,920,383,809.53
+28,904,856,391.56 | 8,931,263,633.65 | 25,543,879,408.36 | 9,180,512,555.71
+7,611,899,324.56 359,985,731.22
+-157,414,033.46
+37,830,748.61 943,314,504.15
+46,182,014,702.55
+254/259
+2020 Annual Report
+Total
+36,920,383,809.53
+7,611,899,324.56 359,985,731.22
+3,072,615,088.68
+3,072,615,088.68
+(2). Income generated from contracts
+Non-applicable
+(3). Description of performance obligations
+143,704,035.28
+Amount incurred in the prior
+period
+2,156,913.71
+1,956,213,738.27
+207,677,760.00
+264,877,578.00
+Investment income from disposal of other
+debt investments
+Investment gain from holding other
+non-current financial assets
+192,843,027.67
+3,072,615,088.68
+256 / 259
+2020 Annual Report
+Investment gain from disposing of other
+non-current financial assets
+103,483,918.32
+Investment gain from entrusted loans
+Other
+Total
+1,108,018.86
+7,927,020.59
+3,739,463,466.11
+Others:
+Nil
+67,542,211.45
+Sichuan Chuantou Energy
+10,104,596.71
+Investment income from disposal of debt
+investments
+Non-applicable
+(4). Allocation to the outstanding performance obligations
+Non-applicable
+Others:
+Nil
+5、
+Investment income
+Applicable
+Unit: RMB Yuan
+Amount incurred in the
+current period
+Item
+equity
+Income from long-term equity
+investments under equity method
+Investment income on disposal of long-
+term equity investments
+Investment income from holding held-for-
+trading financial assets
+Dividend income from holding
+investments in other equity instruments
+Interest income from holding debt
+investments
+Interest income from holding other debt
+investments
+Investment income from disposal of held-
+for-trading financial assets
+Investment income from disposal of
+investments in other equity instruments
+Income from long-term
+investments under cost method
+Applicable
+Hydropower, as a renewable energy source, is safe, stable, clean, efficient and flexible in operation,
+which is highly in line with the spirit of the national energy strategy. The mega hydropower stations
+operated and managed by the Company are all national key energy projects and the backbone power source
+of the "West-to-East Power Transmission", and will be consumed in accordance with relevant national
+policies. The Company maintains a good government-enterprise interaction relationship with the
+provinces and cities that send and receive electricity in terms of power supply and low-carbon
+development. With the development of the electricity market, the transaction of the electricity market will
+be more perfect and mature, which will give the Company strong policy support and price advantage, and
+further improve the competitiveness of the hydropower stations of the Company.
+275,819.57
+Applicable
+Capital expenditures
+5.
+The utilization hours of power generation equipment at Xiangjiaba Power Station was 5,748.81 hours,
+down 1.86% year-on-year; the service power consumption rate was 0.06%, which remained at similar
+level with last year.
+The utilization hours of power generation equipment at Xiluodu Power Station was 5,152.97 hours,
+up 1.57% year-on-year; the service power consumption rate was 0.13%, down 0.01 percentage points year-
+on-year;
+The utilization hours of power generation equipment at Gezhouba Power Station was 7,064.34 hours,
+down 4.10% year-on-year; the service power consumption rate was 0.15%, down 0.01 percentage point
+year-on-year;
+at similar level with last year;
+In 2020, the utilization hours of power generation equipment at Three Gorges Power Station was
+4,998.66 hours, up 15.18% year-on-year; the service power consumption rate was 0.07%, which remained
+During the reporting period, the Company's investment in fixed assets amounted to RMB1,564
+million, of which RMB67 million was spent on the acquisition of fixed assets and RMB1,497 million was
+invested in infrastructure.
+Applicable
+4.
+At the end of 2020, the Company had a controllable installed capacity of 45,595,000 kilowatts,
+including 45,495,000 kilowatts controllable domestic installed capacity and 100,000 kilowatts controllable
+overseas installed capacity (Luz del).
+Applicable
+Installed capacity analysis
+3.
+2020 Annual Report
+(1) Significant equity investments
+Applicable
+On April 24, 2020, the Company, through Yangtze Andes, a platform of its wholly-owned subsidiary
+Yangtze International, and Sempra Energy completed the business transaction pursuant to the Equity
+Acquisition Agreement dated September 28, 2019, with underlying transaction consideration of US $3.59
+billion, and core assets acquired of 83.64% equities in Luz del Sur. Upon completion of the acquisition,
+the Company proceeded in an orderly manner with the mandatory tender offer for the remaining 13.68%
+equities in Luz del Sur as stipulated in the local laws of Peru. The shares subject to the mandatory tender
+offer represented approximately 13.5% of the total share capital of Luz del Sur and the transfer registration
+of acquired shares was completed on February 24, 2021. Upon completion of the tender offer, Yangtze
+Andes indirectly held approximately 97.14% of shares in Luz del Sur.
+Power generation efficiency analysis
+Significant constructions in progress are as follows.
+Unit: RMB Yuan
+Increases
+71,755,303.23 59,342,372.40
+49,230,429.26
+Hydroelectric
+Capacity Increase of
+and
+Renovation
+Transformation,
+1,485,013,496.49
+4,392,915,232.85
+61,323,121.19
+5,816,605,608.15
+Xiangjiaba Project
+assets
+2020
+Closing balance
+Other decreases
+Opening balance
+Project name
+in Transfer to fixed
+Details of the above transactions can be found in the Announcement 2020-017,2021-012 published
+on the website of Shanghai Stock Exchange (http://www.sse.com.cn/).
+(2) Significant non-equity investments
+Non-applicable
+(3) Financial assets measured at fair value
+technologies;
+industrial
+Yangtze Power
+investment;
+Capital Holdings 100
+Limited
+300,000.00
+319,683.29
+317,773.34
+3,062.81
+investment;
+equity
+securities
+investments;
+asset
+management; investment
+management and consulting.
+Development, investment,
+China
+Yangtze
+International
+operation and management
+Investment in advanced
+61,643,360.09
+(%)
+Net profit
+Applicable
+As at the end of 2020, the Company's investment in other equity instruments was
+RMB3,609,195,163.56, with a fair value change of RMB-794,969,953.03 for the period; the balance of
+other non-current financial assets was RMB4,713,666,463.26, with a fair value change of RMB-
+279,505,793.86 for the period.
+23/259
+2020 Annual Report
+(VI) Disposal of significant assets and equity investments
+Applicable
+On August 28, 2020, Yangtze Andes, a wholly-owned subsidiary of Yangtze International in Hong
+Kong, has introduced co-investors CYAN Holdings Limited ("CYAN"), MAGENTA Investment
+Company Limited ("MAGENTA") and LLAMAS (BVI) Investment Limited ("LLAMAS"). Upon
+completion of the transaction, Yangtze International, CYAN, MAGENTA and LLAMAS held 70.03%,
+9.99%, 9.99% and 9.99% of the shares of Yangtze Andes respectively, and each shareholder provided
+Yangtze Andes with shareholder loans corresponding to their shareholding ratio. In addition, CYAN,
+MAGENTA and LLAMAS shared the transaction costs of Yangtze International's investment in the power
+distribution project in South America according to the above proportion. On September 16, 2020, the
+above transaction was considered and approved by the Second Extraordinary General Meeting of the
+Company in 2020.
+On November 10, 2020, Yangtze International, Yangtze Andes, CYAN, MAGENTA and LLAMAS
+signed the Share Subscription Agreement, Shareholders Agreement and Shareholders Loan Transfer
+Agreement, aimed to agree on matters relating to the subscription of shares by co-investors and the transfer
+of shareholder loans. On December 23, 2020, the transacting parties completed the settlement as agreed,
+and each co-investor subscribed US $71,326,574 in new capital of Yangtze Andes and received US
+$288,526,035.33 in shareholder loans, respectively. After the completion of the transaction, the
+shareholding ratio of all parties in Yangtze Andes remained unchanged.
+For details on the above transactions, refer to Announcements 2020-050, 2020-056 and 2020-078 on
+SSE website (http://www.sse.com.cn/).
+(VII)
+Applicable
+Analysis of significant subsidiaries and associates
+1. Subsidiaries
+Unit: RMB'0,000 Yuan
+Shareho
+Name
+lding
+Registered
+capital
+Total assets
+Net assets
+Business Scope
+Generating Units of
+Gezhouba
+Hydropower Station
+2019 (100 million kWh)
+2020 (100 million kWh)
+Applicable
+6.
+Electricity market-oriented transaction
+Hydropower Station
+Gezhouba
+30,963,713.88
+30,963,713.88
+Generating Units in
+170MW Hydroelectric
+Transformation of
+Station
+Hydropower
+bank
+33,116,587.03
+10,867,650.02
+Three Gorges Left- 22,248,937.01
+Monitoring System for
+Year-on-year
+of
+change
+10.59%
+In 2020, Three Gorges Electric Energy made constant efforts in optimizing the power sales
+organization system and gradually expanding its complex power sales team. It has completed the
+construction of the power sales management system, expanded the power sale market in Anhui, Zhejiang
+and other regions, and realized the continuous expansion of market-oriented transaction scale. It
+participated in the pilot run of the full-week and full-month settlement in Guangdong Province, and was
+invited to take part in the construction of the spot electricity market in Hubei Province, which further
+consolidated the sales synergetic mechanism.
+In order to acclimate the trend of national power system reform, the Company established Three
+Gorges Electric Energy Co., Ltd. with TG Capital in June 2016, and carried out power sales business with
+Three Gorges Electric Energy as the platform.
+2020 Annual Report
+22 / 259
+Applicable
+7.
+Operation of electric power sales business
+points
++0.3 percentage
+13.9%
+14.2%
+7.85%
+2,092.4
+2,256.7
+Total on-grid power
+Proportion
+quantity
+electric
+transaction
+Total market-oriented 320.7
+290
+100
+Reconstruction
+Gorges Left-bank
+Other decreases
+Transfer to fixed
+in
+Increases
+2020
+Opening balance
+Project name
+2020 Annual Report
+21/259
+51,715,476.26
+25,237,967.59 514,581,052.01
+541,058,560.68
+Station of Gezhouba
+Hydropower Station
+Auxiliary Housing of
+Kunming Base
+75,903,756.68
+375,943.06
+43,120,176.41 89,264,591.12
+122,424,114.45
+220kV Switching
+of
+Transformation
+Closing balance
+Hydropower Station
+assets
+and
+19,347,119.90
+19,347,119.90
+Governors in Three
+Reconstruction of 12
+Station
+Hydropower
+bank
+Three Gorges Left-
+29,519,374.10
+3,752,558.08
+25,766,816.02
+Generators in
+Six
+Switches at Outlet of
+Installation of GCB
+Gezhouba Dam
+28,579,833.36
+As at the end of 2020, the Company invested in equity of 51 companies, with an accumulated balance of
+approximately RMB 47.2 billion at cost, and equity investments increased by approximately RMB 35.2
+billion during the reporting period.
+Lighting Project of 28,304,013.79
+Rendering
+USD154 million 4,133,716.27
+2,081,477.91
+59,710.79
+15.19
+678,602.33
+Holding Co., Ltd.²
+Sichuan Chuantou
+Energy Co., Ltd.
+14.01
+440,214.05
+Energy investment, development and management; other business operations within the
+scope permitted by national policies.
+Providing financial and financing consulting, credit verification and related consulting
+and agency services to member units; assisting the member units in the receipt and
+payment of transaction funds; providing guaranty to member units; handling entrusted
+loans and entrusted investments among member units; dealing with bill acceptance and
+discount for member units; handling internal transfer settlement among member units
+and designing corresponding settlement and liquidation schemes; absorbing deposits of
+member units; conducting loans and financial leasing for member units; inter-bank
+borrowing; issuing financial corporation bonds upon approval; underwriting the
+corporate bonds of member units; equity investment in financial institutions; portfolio
+investment; buyer's credit and finance leases for the products of member units; other
+businesses approved by the China Banking Regulatory Commission.
+Retail trade of commodities (except items subject to administrative permit or approval);
+wholesale trade of commodities (except items subject to administrative permit or
+approval); investment of enterprises' own funds; enterprise management services
+(except services involving licensed business items); corporate headquarters
+management; wholesale of coal and products; wholesale of petroleum products (except
+refined oil products and dangerous chemicals); retail of electrical equipment; retail of
+general machinery and equipment; development of natural gas utilization technology;
+R&D and design of solar photovoltaic power supply system; engineering project
+management service; promotion service of energy-saving technologies; promotion
+service of environmental protection technologies; technical consulting and services in
+the field of renewable energy; municipal facilities management; technical services
+(excluding items subject to permit or approval).
+Industrial investment; equity investment; asset management; investment consulting.
+Power generation; power supply, sales and service; development, construction, design
+and operation management of power distribution and sales system; engineering survey
+and design; installation (repair, commissioning) of electric power facilities;
+development, technology transfer, technical consulting and technical services of electric
+power technologies; sales and leasing of electric power supplies; power project
+development; comprehensive utilization service of distributed energy; comprehensive
+energy services integrating power supply, gas supply, water supply and heat supply;
+production, processing and sales of roasting manganese, manganese carbonate, silicon-
+manganese alloy and manganese-iron alloy.
+Investment, construction, operation and management of energy projects mainly in
+electric power production; development and operation of new energy projects, advanced
+technologies and environmental protection industries; development and management of
+electric power supporting products, information and consulting services.
+Investment, development, operation and management of energy projects mainly in
+electric power production; development and operation of new energy projects, electric
+power supporting products, information and consulting services; investment and
+2As of December 31, 2020, the Company and Yangtze Power Capital held 14.02% of the shares of SDIC Power Holding
+Co., Ltd. Yangtze International held 8,149,959 "Shanghai-London Stock Connect" global depositary receipts (GDR) of
+SDIC Power Holding Co., Ltd., representing 81,499,590 A-shares of underlying securities and accounting for 1.17% of
+the total share capital of SDIC Power Holding Co., Ltd.
+26 / 259
+Yunnan Huadian
+Jinsha
+River
+Midstream
+23.00
+779,739.00
+Power
+Hydropower
+SDIC
+714,285.71
+Three
+Gorges
+19.35
+500,000.00
+Finance Co., Ltd.
+Guangzhou
+Development Group 19.96
+Incorporated
+Three
+Capital
+Gorges
+Holdings
+10.00
+Co., Ltd.
+Chongqing Three
+Conservancy and 16.55
+Gorges
+Water
+Electric Power Co.,
+Ltd.
+272,619.66
+191,214.29
+Co., Ltd.
+Development Co.,
+2020 Annual Report
+Financing plan: The Company will continue to closely follow the market trend, formulate financing
+strategies in a scientific way, and give play to the advantages of the Company's high credit rating by
+accurately grasping the issuance window, selecting superior financing tools, innovating financing methods
+and expanding financing channels, so as to further optimize the Company's capital structure and minimize
+financing costs.
+(IV) Potential Risks
+Applicable
+1. Risk of water coming from the Yangtze River
+Currently, the Company has 4 huge hydropower plants located in the upper and middle reaches of
+the Yangtze River. Power generating capacity is closely related to water from reservoir. Water from
+watershed is uncertain and the newly built hydropower project in the upper reaches is used to retain water
+for the first time. Both electricity production and power generating capacity of the Company may be
+affected to a certain extent.
+The Company will pay close attention to the influence of meteorological changes on water and rain
+levels, strengthen cooperation with hydrologic, meteorological and construction units, continue to improve
+the mechanism of sharing information related to reservoirs in the upper reaches of the Yangtze River,
+continuously enhance the capability of forecasting and analyzing water and rain levels, deeply develop the
+mechanism of cascade joint reservoir dispatchment in the watershed, plan the demands in such areas as
+29/259
+2020 Annual Report
+flood prevention, power generation, shipping and water replenishment as a whole and fully exert the
+comprehensive benefits of cascade hubs.
+2. Production safety risk
+All the cascade power stations operated and managed by the Company are the huge hydropower
+stations in the main stream of the Yangtze River, carrying out several tasks such as flood prevention,
+power generation, shipping and water replenishment under complicated operation conditions; the units
+have large capacity and the quantity of the units is big, there are a lot of different types of equipment and
+the operation periods are long, it is very difficult to manage the operation of the equipment and there are
+heave responsibilities for managing the safety of the dams; the current safety management mode is subject
+to the new requirements during the development of the new business; and the safety management system
+is not sound and the basis of safe production is weak in some participating enterprises and so the Company
+should continue to explore the methods of safety management and control.
+The Company will continue to deeply promote the construction of the double prevention mechanism
+based on the safety risk management and control in such five aspects as material personal injury and death,
+factory premise flooding, large-scale power outages, damage to and destruction of significant equipment
+and facilities and material internet information safety events to form the long-term mechanism of safety
+management. The Company will further research and identity the safety management and control modes
+of the participating and holding enterprises and overseas projects and determine the responsibilities of the
+enterprise for safety management; continue to improve the risk management and control measures,
+enhance the application of such new technologies and new equipment as information technology and
+intelligent diagnosis in safety management and utilize modern technologies in safety management and
+control.
+3. Risk in the electricity market
+Electricity marketization is further accelerated and middle-and-long-term transactions and the spot
+market are promoted in depth, and so the Company has to face the influence brought about by the
+uncertainty in the external market.
+The Company will take proactive actions in the trend of electricity marketization reform, pay great
+attention to the change to electricity supply and demands, plan in advance with respect to the influence on
+the production and operation of the Company brought about by such uncertain factors arising during the
+process of electricity marketization as market-based transactions, spot market and auxiliary service market;
+continue to exert its advantages in such aspects as professionalism and policies and closely follow up with
+the policies related to the construction of the electricity market; and deepen the internal business
+cooperation, enhance the development of the external market, improve and optimize the marketing system
+and further raise its competitiveness in the electricity market.
+4. Risk in investment management and control
+While COVID-19 is spreading, the global economic growth becomes slow and the internal economic
+structure is adjusted, the Company is affected by such various factors in the course of outbound investment
+as domestic and foreign politics, economy, significant natural disasters, capital market changes and
+intensified market competition so that it becomes more difficult for the Company to make outbound
+investment and the return on investment may be less than the expected return; and, after completion of
+investment, such aspects as regions, culture, policy and way of thinking may be different and M&A
+projects may also face risks in management and control and cultural integration to a certain extent.
+The Company establishes the regulated investment management system, carries out preliminary
+research, due diligence investigation and feasibility study, strictly examine and evaluate such factors as
+30 / 259
+Investment plan: Guided by value creation, the Company will stick to the main responsibilities and
+main business, and actively and steadily carry out strategic investment around the business development
+direction of clean energy, power distribution and sales and smart integrated energy. The Company will
+persist in putting the stock assets to good use, strengthen the management of active market value, and fully
+tap the stock equity value by combining the trend of the capital market. The Company will persist in
+selecting investment targets by high standards, aim at value investment, long-term investment and large-
+proportion equity participation, and make important contributions to the Company's solid start of the "14th
+Five-Year Plan" and the sustained growth of both scale and performance.
+Ltd
+Power marketing plan: The Company will actively respond to the market situation and make further
+efforts in deepening the market concept, strengthening forward-looking research, promoting top-level
+design and strictly controlling market risks. Adhering to the benefit as the core, the Company will
+effectively complete the consumption of electric energy from mega hydropower stations, and actively
+strive to establish a long-term mechanism of large hydropower consumption; The Company will strive for
+and implement the priority power generation plan of mega hydropower stations, take multiple measures
+to ensure the consumption of electric energy, find a solution for related problems of electric energy
+consumption, and promote the realization of the Company's production and operation goals. The Company
+will closely center on its own strategic layout, actively explore the market and potential customers,
+enhance the market competitiveness comprehensively, and promote the sustainable development of the
+Company.
+2020 Annual Report
+operation of railway, traffic system automation and intelligent control products, optical
+fiber optic cable and other high-tech industries.
+Planning and preliminary work of basin cascades; investment, construction, operation
+and management of hydropower stations; operation regulation and dispatching of
+hydropower stations in the basin; production and sale of electric energy; procurement of
+water conservancy and hydropower supplies and equipment; technical consulting service
+of water conservancy and hydropower projects.
+(VIII) Particulars of structured entities controlled by the Company
+Non-applicable
+III. Discussion and Analysis of Future Development of the Company
+(I) Industry landscape and trend
+Applicable
+1. It is expected that the supply and demand of the national electric power will be balanced in 2021,
+and the power supply in some areas will be tight
+Electricity consumption will see continued growth. With the full recovery of domestic production
+and living order, China's economic growth rate is expected to achieve a substantial increase in 2021.
+China's electricity consumption in 2021 will increase by 6%-7% year on year, according to a forecast by
+relevant authorities after taking into account the economic situation at home and abroad as well as electric
+energy substitution factors.
+2. The green and low-carbon strategy provides a favorable policy environment for the development
+of the Company
+The power supply structure will be transformed to low carbon. As required by the goal of "We aim
+to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060", the power industry
+will speed up the transformation process of clean and low-carbon supply structure and achieve the carbon
+emission reduction target. The 14th Five-Year Plan is a critical period for China to construct a new
+development pattern and transform its energy power structure. The proportion of installed power
+generation from non-fossil energy is expected to continue to increase in 2021.
+(II) Corporate development strategy
+Applicable
+27/259
+2020 Annual Report
+Completion of the 13th Five-Year Plan: During the "13th Five-Year" period, faced with such severe
+situations as in-depth reform of the electricity market, intricate reservoir operation and power dispatching
+environment, fluctuations in the capital market, sudden outbreak of COVID-19 and expiration of tax
+preferential policies, the Company unswervingly adhered to its own development strategies, that is, to
+firmly grasp the "one main line" (to be the leader of the global hydropower industry), deeply cultivate the
+"two markets" (electricity market and capital market), and remain committed to the "three strategies"
+(hydropower operation brand strategy, internationalization strategy, water and electricity extension
+strategy). The Company devoted all its efforts to promote the market-oriented transformation of its value
+chain of "water flow - electricity flow - cash flow" and the strategic extension of its industrial chain of
+"power generation – power distribution - power sales". Through lean production management, active
+marketing, steady capital operation, in-depth reform and efficiency increasing, and strengthening the
+guidance of Party building, the Company has preliminarily constructed a well-established pattern with
+mega hydropower as the core, accompanied with flourishing power distribution, power sale and
+international business, and has achieved high-quality development in connotation and extension, and
+witnessed successful conclusion of the "13th Five-Year Plan". During the "13th Five-Year Plan", the
+Company's four cascade hydropower stations operated stably, generating a power output of 1,069.8 billion
+kilowatt-hours, a main business income of RMB 257.2 billion and a total profit of RMB 137.9 billion. The
+Company has fully completed the goals and tasks of the development plan, laying a solid foundation for
+the development of the "14th Five-Year Plan".
+During the 14th Five-Year Plan period, the Company will stick to the new development concept and
+take the initiative to serve the Yangtze River Economic Belt, "the Belt and Road Initiative", "Carbon
+Neutral", "New Power System Dominated by New Energy" and other major national strategies. The
+Company will unswervingly promote market-oriented reform, digital transformation, international
+expansion, and the integrated extension of "power generation - power distribution - power sales", so as to
+further consolidate its leading position in the world hydropower industry, and strive to forge a world-class
+clean energy listed company centering on hydropower.
+During the 14th Five-Year Plan period, the company will further consolidate, deepen and expand the
+development mode of "mega hydropower station", and continue to advance in five directions: (1) Build
+up the hydropower "base", and adhere to the concept of "precise scheduling, lean operation, elaborate
+maintenance" in the operation and management of the giant cascade hydropower stations in the Yangtze
+River Basin, complete the production preparation, connection, power generation and asset acquisition of
+Wudongde and Baihetan hydropower stations with high quality, and make persisting efforts in the joint
+optimized scheduling of the basin. (2) Actively promote the development of clean energy and smart
+integrated energy business. (3) Continue to develop power distribution and sales businesses, optimize the
+stock and seize the increment, constantly expand the construction of incremental distribution network, and
+improve the scale of market-based power sale. (4) Continue to focus on investment and merger, and
+actively carry out investment and merger of high-quality projects in the upstream and downstream of the
+clean energy industry chain while centering on the main responsibilities and main businesses. (5) Actively
+and prudently explore the international energy market and consistently expand our international business
+strength.
+(III) Operational Plan
+Applicable
+28/ 259
+Power generation plan: In 2021, it is predicted that the total inflow water of Xiluodu Reservoir will
+be no less than 135.5 billion cubic meters, and that of Three Gorges Reservoir will be no less than 435.3
+billion cubic meters. The planned annual power output of the Company's cascade hydropower stations
+will reach 202.7 billion kilowatt-hours at favorable distribution of inflow water for power generation.
+(V) Investment Analysis
+650,744.95
+Hubei Energy Group
+Power Sales Co., 100
+Ltd.
+100,000.00
+139,873.93
+137,657.80
+11,083.61
+Hydropower development,
+construction, investment,
+operation and management;
+clean energy development
+and investment; specialized
+technical services of clean
+energy.
+Development, construction,
+design and operation
+management of power
+distribution and sales
+service;
+system; power sales and
+development,
+consulting, transfer and
+service
+of
+power
+technologies; installation,
+maintenance and test of
+power equipment and
+facilities; electric vehicle
+charging
+service;
+Yangtze
+comprehensive utilization
+China
+70
+(Hongkong) Co.,
+Limited
+of overseas power and
+energy projects.
+24 / 259
+Three Gorges Jinsha
+River
+Yunchuan
+Hydropower
+2020 Annual Report
+100
+3,400,000.00
+13,235,702.58
+8,592,337.74
+1,032,095.50
+Development Co.,
+Ltd.
+Three
+Gorges
+Electric Energy Co.,
+Ltd.
+70
+28.62
+service of distributed new
+energy service integrating
+exchange,
+technology
+transfer,
+technology promotion,
+comprehensive energy
+management service and
+contracting
+energy
+25 / 259
+2020 Annual Report
+2. Analysis of major invested companies
+management service in the
+field of electric power
+science and technology.
+Unit: RMB'0,000 Yuan
+Sharehold
+Name
+ing
+Registered
+capital
+Business Scope
+(%)
+technology
+energy; comprehensive
+technology consulting,
+service,
+power supply, gas supply,
+water supply and heat
+supply.
+Power supply business.
+General project: energy-
+saving
+management
+services, sales agency,
+information consulting
+services
+(excluding
+licensing
+information
+consulting
+services),
+100,000.00
+2,000.09
+2,000.08
+0.08
+technology
+technology development,
+1. Overall analysis of equity investments
+Applicable
+investment direction, work procedure, investment return indicators and potential risks; continues to pay
+attention to changes to domestic and foreign capital and financial market, enhances researches on the trend
+of such aspects as exchange rate and interest rate in the relevant regions and selects the appropriate window
+period to make investment; and explores the innovative management mode and mechanism to ensure the
+flexible and highly-efficient subsequent management of the projects.
+40 / 259
+commitment
+strictly in a
+for
+limit
+of
+term
+is performed
+there is time
+and
+Date
+Whether
+commitment
+Whether
+Content of Commitment
+of Commitment
+made by
+commitment
+commitment
+Background of Type
+Applicable
+Commitments of the Company and its effective controller, shareholders, related parties, acquirers that were made in or continued into the reporting
+period
+(I)
+F
+II. Performance of Commitments
+2020 Annual Report
+32 / 259
+Non-applicable
+performance
+(IV) If the Company has positive profit for the reporting period and the parent has positive profit
+available for distribution to ordinary shareholders, but the Company does not have a plan for
+profit distribution in cash to ordinary shares, the Company shall disclose the reasons in detail
+as well as the purpose and intended use of undistributed profit.
+timely
+related to
+2026
+2017
+34 / 259
+1. After the completion of the transaction, the Company and the other enterprises controlled by
+the Company will minimize and avoid affiliated transactions to the largest extent possible. In
+case of necessary and evitable affiliated transactions, the Company will carry out such
+transactions fairly based on the principles of marketization and at the fair value and perform the
+affiliated transaction procedures and information disclosure obligations according to applicable
+laws, regulations and polices and the articles of association of China Yangtze Power Co., Ltd..
+The Company guarantees that it will not damage the legitimate rights and interests of the listed
+company and the other shareholders by way of affiliated transactions; 2. The Company
+undertakes that it will not damage the legitimate rights and interests of the listed company and
+After the successful completion of the material asset restructuring, the Company proposes to
+amend the Articles of Association and distribute cash dividends in an amount not less than RMB
+0.65 per share with respect to the profit distribution in each year from 2016 to 2020; and
+distribute cash dividends not less than 70% of the net profit realized in the year with respect to
+the profit distribution in each year from 2021 to 2025.
+Three Gorges Corporation undertakes that China Three Gorges Corporation will timely assist
+China Yangtze Power Co., Ltd. and the relevant companies to go through the title registration
+formalities to register China Yangtze Power Co., Ltd. and the relevant companies as the owners
+of the properties which have no title certificates among the target assets transferred to the
+Company in the material asset restructuring subject to the applicable state laws, regulations and
+policies and the satisfaction of the conditions to certificate application. China Three Gorges
+Corporation will indemnify the damage to or losses of China Yangtze Power Co., Ltd. and the
+relevant companies arising out of the non-completion of such title registration formalities of such
+properties, if any; 4. China Three Gorges Corporation undertakes that China Three Gorges
+Corporation will fully indemnify in cash the losses of the deposits of China Yangtze Power Co.,
+Ltd. and the relevant companies at Three Gorges Finance Co., Ltd. caused by insolvency of Three
+Gorges Finance Co., Ltd. upon the material asset restructuring of China Yangtze Power Co., Ltd.
+according to the audit results.
+China Three
+Gorges
+Corporation
+Yangtze
+Power Co.,
+Ltd.
+China
+Affiliated
+transactions
+Dividends
+2020 Annual Report
+Yes
+No
+NO
+manner
+Aug 2009,
+long term
+effective
+From
+33 / 259
+Relevant agreements and undertakings of China Three Gorges Corporation and the Company in
+the Report of China Yangtze Power Co., Ltd. on Material Asset Purchase and Affiliated
+Transactions: 1. As the relevant disposal formalities of certain lands of TGDC have not been
+completed, China Three Gorges Corporation and the Company agree that China Three Gorges
+Corporation will sell 100% equity interests of TGDC to the Company when the relevant
+transaction conditions are satisfied and the Company undertakes to purchase such equity
+interests; 2. According to the Agreement on Material Asset Restructuring and the Agreement on
+Assuming Three Gorges Bonds between the Company and China Three Gorges Corporation, the
+Company agrees to assuming the rights and obligations of the issuer specified in the bonds issue
+documents of the four traches of Three Gorges Bonds of China Three Gorges Corporation,
+namely 99, 01, 02 and 03 traches and the outstanding principal of the target Three Gorges Bonds
+not repaid at 0:00 on the closing and the payable interests of the bonds from the last interest
+payment date to 0:00 on the closing date from 0:00 on the closing date, and undertakes to perform
+the payment obligation according to the original terms and conditions in the issue documents of
+the target Three Gorges Bonds. China Three Gorges Corporation undertakes that China Three
+Gorges Corporation will perform the corresponding payment obligation to the investors who
+require China Three Gorges Corporation to continue to perform the payment obligation; 3. China
+China Three
+Gorges
+Corporation
+Asset
+injection
+restructuring
+asset
+material
+Undertakings
+Non-applicable
+(III) Share buyback in cash included in cash dividends
+15,919,301,461.00 26,297,890,222.70 60.53
+14,960,000,000.00 21,543,493,635.57 69.44
+14,960,000,000.00 22,610,936,420.39 66.16
+shareholders of the
+to
+attributable
+ordinary
+Amount of cash
+dividends (pretax)
+converted
+from capital
+per
+reserve
+distribution shares (RMB)
+per 10 (pretax)
+shares
+per10
+bonus shares
+profit
+of of
+Year
+Unit: RMB Yuan
+profit Percentage
+Net
+Number Dividends Number of
+(II) Plan or proposal for dividend distribution to ordinary shareholders, or plan or proposal for
+converting capital reserve into share capital of the Company for the recent three years
+(including reporting period)
+For the purpose of further regulating cash dividends, improving transparency of cash dividends and
+duly protecting investors' legitimate rights and interests, the Company promulgated the Announcement
+concerning Soliciting Investors' Opinions on Matters related to 2010 Profit Distribution Plan on 27
+February 2021 in accordance with the Guidance for Listed Companies on Supervision No.3 - Cash
+Dividends of Listed Companies to solicit the investors' opinions and suggestions on 2020 annual profit
+distribution plan of the Company, and reports the same to the Audit Committee of the Board of Directors.
+The profit distribution of the Company complies with the Articles of Association and the resolutions
+of the shareholders' meeting, the standards and percentages of dividends are definite and clear, the relevant
+decision-making procedures and mechanism are sound, the independent directors have given their explicit
+opinions, the small and medium shareholders have fully expressed their opinions and claims and their
+legitimate rights and interests have been protected.
+Applicable
+(I) Formulation, execution and adjustments to cash dividend policy
+Proposal for Profit Distribution to Ordinary Shareholders or for Converting Capital Reserve
+into Share Capital
+I.
+Section 5 Key Matters
+Non-applicable
+IV. Failure to Make Disclosure under the Standards due to the Inapplicability of the Standards to
+the Company, State Secrets, Trade Secretes and other Special Reasons
+listed company on
+in net profit
+attributable
+to ordinary
+0
+6.8
+0
+2018
+0
+6.8
+0
+2019
+0
+7.0
+0
+2020
+From Nov
+2015, long
+term
+effective
+(%)
+consolidated
+the
+year of profit
+distribution
+company on
+of the listed
+the consolidated
+statement for the
+shares(share)
+10
+shares
+2020 Annual Report
+31/259
+shareholders
+statement
+Yes
+No
+Yes
+The Company has no any material litigation or arbitration during the year
+X. Material Litigation and Arbitration
+Non-applicable
+IX. Bankruptcy Reorganization Related Issues
+Non-applicable
+Circumstance in Which the Company Faces De-listing and Reasons
+VIII.
+Non-applicable
+(II) Proposed countermeasures
+(I) Reason giving rise to suspension in listing
+Non-applicable
+VII. Potential Risk of Suspension in Listing
+Non-applicable
+Change in auditor during the audited period
+Non-applicable
+Explanation of appointment and removal of the auditor
+Grant Thornton LLP (致同会计师事 | 499,825
+务所(特殊普通合伙))
+Internal control auditor
+Compensation
+Name
+Shine Wing Certified Public Accountants LLP
+3,150,000
+5
+Years of service of domestic auditor
+Compensation of domestic auditor
+Name of domestic auditor
+Unit: RMB Yuan
+Current
+39 / 259
+2020 Annual Report
+XI. Punishments upon the Listed Company and its Directors, Supervisors, Senior Management,
+Controlling Shareholder, Beneficial Owner, Acquirer and Rectifications
+Non-applicable
+Non-applicable
+3. Events not disclosed in provisional announcements
+Non-applicable
+2. Events disclosed in provisional announcements but with subsequent development or change in
+implementation
+Non-applicable
+Events disclosed in provisional announcements and without subsequent development or change
+in implementation
+1.
+(I) Connected transaction in ordinary course of operations
+Material connected transactions
+XIV.
+Non-applicable
+Other incentive measures
+VI. Appointment and Removal of Auditor
+Non-applicable
+Non-applicable
+Other information
+Non-applicable
+Incentives not disclosed in provisional announcements or with subsequent development
+Particulars of equity incentives
+(II)
+Non-applicable
+Incentives disclosed in provisional announcements and with no subsequent development or
+change in implementation
+Share Incentive Plan, Employee Stock Option Plan or Other Employee Incentive Measures
+and Their Impact
+(I)
+XIII.
+Non-applicable
+XII. Credibility of the Company and its Controlling Shareholder and Effective Controller during
+the Reporting Period
+Particulars of employee stock option plan
+2020 Annual Report
+Non-applicable
+Non-applicable
+China Three
+Competition Gorges
+2020 Annual Report
+undertakings
+Other
+36/259
+Affiliated Parties”, subject to the scope specified in the current Listing Rules) in any capacity
+other than directors and supervisors; 2. The employment, human resources and salary
+management of the listed company shall be completely independent from those of the Company
+and its Affiliated Parties; 3. The Company shall recommend such officers as directors,
+supervisors and managers to the listed company in accordance with legitimate procedures and
+shall not Intervene the appointment and removal by the board of directors and the shareholders'
+meeting of the listed company. II. Independency and integrity of the assets of the listed company:
+1. The listed company shall establish the independent finance department and the independent
+finance and accounting system and have the regulated and independent finance and accounting
+system; 2. The listed company shall independently open bank accounts and shall not share the
+bank accounts with the Company and its Affiliated Parties; 3. The finance personnel of the listed
+company shall not also work for the Company and its Affiliated Parties; 4. The listed company
+shall pay taxes independently in accordance with laws; 5. The listed company shall be able to
+make independent finance decisions and the Company and its Affiliated Parties shall not
+intervene the use of funds by the listed company. IV. Independency in bodies of the listed
+company: 1. The listed company shall establish and improve its cooperate governance structure
+and possess the independent and complete organizations; 2. Such bodies of the listed company
+as the shareholders' meeting, board of directors, independent directors, board of supervisors and
+officers shall perform duties in accordance with laws and regulations and the articles of
+association of China Yangtze Power Co., Ltd. V. Independency in business of the listed
+company: 1. The listed company shall possess the assets, personnel, qualifications and
+capabilities necessary for it to independently carry out operating activities and the capability to
+independently, autonomously and continuously operate its business in the market; 2. It will not
+improperly interrupt the business of the listed company; 3. The Company will avoid being
+involved in the business materially competitive with that of the listed company; 4. The Company
+and the other enterprises controlled by the Company will minimize and avoid affiliated
+transactions with the listed company to the largest extent possible. In case of necessary and
+2020 Annual Report
+35/259
+effective
+term
+Yes
+No
+2015, long
+Yes
+No
+From Nov
+term
+effective
+From Nov
+2015, long
+I. Independence of personnel of the listed company: 1. Such officers of the listed company as
+general manager, vice general manager, chief finance officer and secretary to the board of
+directors of the listed company shall work for the listed company as full-time staff and receive
+remuneration from the listed company and not work for the Company and its affiliated natural
+persons, affiliated enterprises or affiliated legal persons (collectively as the “Company and its
+1. Currently, the Company and the other enterprises directly or indirectly controlled by the
+Company are not involved in the business materially competitive with the main business of China
+Yangtze Power Co., Ltd. and do not directly or indirectly operate or operate for others any
+business materially competitive with the main business of China Yangtze Power Co., Ltd. by
+such ways as investment and holding shares, participation, joint venture and joint operation; 2.
+For the purpose of avoiding the material competition between the Company and the other
+enterprises controlled by the Company and the listed company and its subsidiaries, the Company
+undertakes that it will not directly or indirectly be involved in, participate in or assist others in
+carrying out the business or other operating activities materially competitive with the business
+of the listed company and its subsidiaries in any form (including but not limited to independent
+or joint venture, cooperation, joint operation, investment, M&A and trusted operation), and will
+do the best to procure the other enterprises controlled by the Company to comply with the same
+obligations as the undertakings of the Company; and 3. The Company undertakes that it will
+indemnify the listed company and its subsidiaries for the damage or losses or expenditures
+incurred by them due to the breach of the undertakings by the Company.
+the other shareholders by utilizing the position of the listed company as the holding shareholder;
+3. The Company will desist from occupying funds and capital of the listed company for the
+purposes other than operation; and will not require the listed company to provide any guarantee
+of any form to the Company and the other enterprises controlled by the Company without
+approval of the shareholders' meeting; and 4. The Company guarantees that it will indemnify the
+listed company and its subsidiaries for the damage or losses or expenditures incurred by them
+due to the breach of the undertakings by the Company.
+China Three
+Gorges
+Corporation
+Others
+China Three
+Competition Gorges
+Corporation
+2020 Annual Report
+Corporation
+evitable affiliated transactions, the Company will carry out such transactions fairly based on the
+principles of marketization and at the fair value and perform the affiliated transaction procedures
+and information disclosure obligations according to applicable laws, regulations and polices and
+the articles of association of China Yangtze Power Co., Ltd..
+For the purpose of avoiding possible competition, China Three Gorges Corporation, the holding
+shareholder, issued the Letter of Undertaking on Avoiding Competition before the issuance and
+listing of the company, undertaking that China Three Gorges Corporation will not directly or
+indirectly carry out any business that is or may be competitive with the main business of the
+company specified in its business license both at home and abroad and procure its subsidiaries
+not to carry out any business that is or may be directly or indirectly competitive with the main
+business of the company when it is the controlling shareholder of the company.
+From 26
+(III) Communication with the former auditor
+2020 Annual Report
+38 259
+(II) Analysis of reasons for correction to significant accounting errors and its impact
+Non-applicable
+Remark (the account name and amount which
+have been significantly influenced)
+The Company applied the New Revenue
+Standard from 1 January 2020 and made
+disclosures in the financial statements
+according to the requirements under such
+standard. The opening retained profits and
+other relevant items in the financial
+statements will be adjusted while the
+information in respect of the comparable
+period will not be adjusted. The application
+of the above new standard will not have
+substantial impacts on the financial
+statements of the Company.
+of
+The change in relevant
+accounting policy has
+been considered and
+approved in the fifteenth
+meeting of the fifth
+session of the Board of
+Directors
+the
+Company.
+-
+The Ministry of Finance
+amended and published the
+"Accounting Standards for
+Business Enterprises No. 14
+Revenue" (Cai Kuai [2017]
+No.22) the "New Revenue
+Standards")
+Approval procedure
+Changes in accounting policies
+and their reasons
+applicable
+(IV) Other information
+(I) Analysis of reasons and impact of changes in accounting policies and accounting estimates of
+the Company
+Non-applicable
+IV. Explanation of Non-standard Auditor's Opinions
+Non-applicable
+III. Misappropriation of Funds during the Reporting Period and Developments in Recovery
+(III) Realization of guaranteed performance and its impact on goodwill impairment test
+Non-applicable
+Non-applicable
+(II) If any profit forecast exists for an asset or project of the Company, and the reporting period
+falls into the forecast period, the Company should specify whether the asset or project meets
+the profit forecast and provide reasons
+2020 Annual Report
+Yes
+No
+37 / 259
+Aug 2001,
+long term
+effective
+V. Analysis of Reasons of Changes in Accounting Policies and Accounting Estimates or Correction
+to Significant Accounting Errors and Their Impact
+Yes
+In addition to the main business of large hydropower operation, the Company actively explored the
+path of green development, jointly promoted the construction and operation of the Three Gorges shore
+power trial zone with State Grid Corporation, and explored business models such as intelligent operation
+and maintenance of ships along the Yangtze River, charging and swapping services, and battery leasing,
+and the world's first pure electric vehicle with electricity tourist passenger ships created together with
+Yichang Jiaotong Group have entered the construction stage; the total investment in biomass energy
+business projects has exceeded 160 million yuan. The Company was also actively exploring new business
+Unit: RMB Yuan
+County
+Ninth
+Nov 2019 Nov
+251,468,00
+Mian
+Hanzhong
+ny
+date)
+compa
+not
+ed or not ee or ny
+not
+signing
+t
+0.00
+listed
+guarante guarant |Compa
+ue
+Counter party n to the
+Related Relatio
+Overd
+Type of ee
+guarant perform ue or
+ed or not
+ee
+ent
+d
+Commence ng
+ment date date
+amount
+guarantor the
+(agreem
+guarantee
+amoun
+2019
+202
+Metallurgi
+Description of guarantees
+Description of possible joint and several liability for unexpired
+guarantees
+Total of the above three types of guarantees (C+D+E)
+Total amount of guarantees in excess of 50% of net assets (E)
+2020 Annual Report
+43 / 259
+Amount of guarantees provided directly or indirectly to secure debts of the 251,468,000.00
+guaranteed with a assets-liabilities ratio over 70% (D)
+Amount of guarantees provided for shareholders, effective controller and their 251,468,000.00
+related parties (C)
+1.20
+Ratio of total amount of guarantees to net assets of the Company (%)
+Including:
+2,143,689,000.00
+Total amount of guarantees provided by the Company (including those provided for subsidiaries)
+Total amount of guarantees (A+B)
+Total balance of guarantees provided for subsidiaries at end of the reporting 1,892,221,000.00
+period (B)
+Cumulative amount of guarantees provided for subsidiaries during the reporting 22,445,656,000.00
+period
+Guarantees provided by the Company and its subsidiaries to subsidiaries
+Total balance of guarantees at end of the reporting period (A) (excluding those 251,468,000.00
+for subsidiaries)
+(excluding those for subsidiaries)
+Urban and
+cal
+Rural
+Constructi
+Infrastruct
+on
+Guaranteed
+Co.,
+Ltd.
+Constructi
+on
+Co.,
+Ltd.
+Cumulative amount of guarantees provided during the reporting period
+ure
+to
+or
+The
+on
+For details, please see
+Announcements No. 2020-051
+website
+Details available at
+Applicable
+Overview
+Events disclosed in provisional announcements and without subsequent development or change
+in implementation
+1.
+(III) Material connected transactions in joint external investments
+2020 Annual Report
+41 / 259
+Non-applicable
+In case of any guaranteed performance, whether the performance is achieved for the reporting
+period shall be disclosed.
+4.
+Non-applicable
+3. Events not disclosed in provisional announcements
+Non-applicable
+2. Events disclosed in provisional announcements but with subsequent development or change in
+implementation
+50 / 259
+2020 Annual Report
+(II) Connected transactions in asset or equity acquisition or disposal
+1. Events disclosed in provisional announcements and without subsequent development or change
+in implementation
+Applicable
+Overview
+SSE
+On 28 August 2020, the Company disclosed the Public Announcement on
+Transferring 2% Ordinary Shares of Beijing Enterprises Water Group Limited by
+Agreement and Affiliated Transactions and the Company transferred 200,422,000
+ordinary shares of Beijing Enterprises Water Group Limited (0371.HK) held by it
+at the average price of HK$4.3072/share (with the total consideration being
+HK$863,257,638.40) by agreement at the price of the investment cost to Yangtze
+Ecology and Environment (HK) Limited, the wholly-owned subsidiary of Yangtze
+Ecology and Environment Co., Ltd in Hong Kong, the wholly subsidiary of China
+Three Gorges Corporation, through China Yangtze International, the wholly
+subsidiary of the Company, as the platform, accounting for about 2% of the total
+equity capital of Beijing Enterprises Water Group Limited.
+Details available at
+For
+details, please see
+Announcement No. 2020-052 on
+website
+SSE
+(http://www.sse.com.cn)
+For details, please see
+Announcements No. 2020-050,
+2020-056 and 2020-078 on SSE
+website (http://www.sse.com.cn)
+On 28 August 2020, the Company disclosed the Public Announcement on
+Introducing Joint Investors to the South America Electricity Distribution Project
+and Affiliated Transactions. On 23 December 2020, the Company disclosed the
+Public Announcement on the Progress of the Project of Introducing Joint Investors
+to the South America Electricity Distribution Project and Affiliated Transactions,
+pursuant to which the parties completed the closing as agreed in the agreement.
+(Please refer to “II(VI) Sale of Material Assets and Equity Interests” in Section IV
+(Discussion and Analysis on Operation) of this Report for the summary of the
+transaction.)
+251,468,000.00
+On 28 August 2020, the Company disclosed the Public Announcement on Capital
+Increase of Three Gorges Electric Energy Co., Ltd. and Affiliated Transactions. For the
+purpose of meeting the demands of the relevant investment projects of Three Gorges
+Electric Energy Co., Ltd. For funds, the original shareholders of Three Gorges Electric (http://www.sse.com.cn)
+Energy Co., Ltd. (the Company and Three Gorges Capital Holding Co., Ltd.) increase
+the capital of Three Gorges Electric Energy Co., Ltd.by RMB 1,000,000,000 by two
+tranches by way of non-public agreement, after which the registered capital of Three
+Gorges Electric Energy Co., Ltd.is creased from RMB 1,000,000,000 to RMB
+2,000,000,000. The subject matter of the transaction is 100% equity interests of Three
+Gorges Electric Energy Co., Ltd. after capital increase and capital stock expansion
+which is RMB 1,000,000,000. The Company contributes RMB 700,000,000,
+accounting for 70% equity interests after capital increase and capital stock expansion.
+Non-applicable
+e
+The
+Overd
+Endi
+guarant
+Guarant
+guarante
+n of the
+Date of
+Relatio
+Guarantees provided for external parties (except those for subsidiaries)
+Applicable
+(II) Guarantees
+Non-applicable
+Lease
+3.
+2020 Annual Report
+3. Events not disclosed in provisional announcements
+Non-applicable
+(IV) Amounts due to or from related parties
+For details, refer to Note “Related parties and connected transactions" to 2020 financial statements.
+(V) Other information
+Non-applicable
+2. Events disclosed in provisional announcements but with subsequent development or change in
+implementation
+XV. Material Contracts and Their Performance
+1. Custody
+Non-applicable
+2.
+Contracting
+Non-applicable
+42 / 259
+(I) Custody, contracting and lease
+During the year, the Company has provided
+guarantees for an internationally syndicated
+loan of US$3,440 million to its wholly-owned
+subsidiary YP International. As at 31 December
+2020, the balance of the international syndicated
+loan was US$290 million and was translated at|
+an exchange rate of US$1 = RMB6.5249.
+Nov
+1. Assets under discretionary management
+6.2 Investment amount
+6.1 Including: Number of
+programs
+6. Other
+500
+5.2 Investment amount
+Others
+Establishing ecological public welfare
+post
+Ecological protection and construction
+Establishing way of compensation for
+ecological protection
+Program name
+Including, 5.1
+5. Poverty alleviation through ecological protection
+Including, 4.1 Funds invested in medical and health 7,380
+resources in poverty-stricken areas
+4. Poverty alleviation in health domains
+resources in poverty-stricken areas
+3.3 Funds invested in improving educational 1,729
+3.2 Number of subsidized poverty-stricken 500
+1.3 Funds invested in poverty alleviation 5,350
+programs through industrial development
+1.4 Number of registered poverty-stricken 500
+people receiving help lifted out from poverty (person)
+2. Poverty alleviation through employment transfer
+Poverty alleviation through agricultural
+and forestry industry
+Poverty alleviation through tourism
+Poverty alleviation through e-commerce
+Poverty alleviation through tourism
+Poverty alleviation through science and
+technology
+Others
+47 / 259
+17
+2020 Annual Report
+2.2 Number of people receiving vocational 2,358
+skill training (person/time)
+2.3 Number of registered poverty-stricken 50
+people receiving help in employment (person)
+3. Poverty alleviation through education
+Including, 3.1
+Funds invested in supporting poverty-stricken
+students
+students
+245
+Including, 2.1 Funds invested in vocational 363
+skill training
+1.2 Number of poverty alleviation programs 10
+through industrial development (program)
+5,700.5
+people receiving help lifted out from poverty
+(3) Adhering to the green development road
+In addition, the company carried out the upgrading of sewage treatment facilities and the
+reinforcement of sewage pipe network in the dam area, and carried out the bleaching of floating objects
+in front of the dam to protect the "clear water of the Yangtze River.
+"Water replenishment dispatch" guaranteed comprehensive water demand. Under the premise of
+meeting flood control and power generation, the Company fully considered the comprehensive water
+demand of downstream ecology, shipping and coastal city life production, increased the discharge flow
+during dry seasons, and ensured the ecological base flow. In 2020, the water supply of cascade reservoirs
+reached 31.183 billion cubic meters, fully realizing the goal of ecological flow control.
+"Ecological Dispatch" continued to improve the water ecological environment. During the Xiluodu-
+Xiangjiaba-Three Gorges joint hydrological process ecological regulation experiment conducted in late
+May, the cumulative fish spawning scale was about 533 million; the first Three Gorges Reservoir's viscous
+egg fish natural reproduction ecological regulation experiment was carried out, which had a good effect
+on the spawning and hatching of carp and crucian in the tributary of the reservoir area. The previous
+ecological regulation experiments have promoted the matching of the discharge flow and water
+temperature of the reservoir with the upstream and downstream water ecological environment, and
+continued to promote the reproduction of natural fish in the Yangtze River and the improvement of the
+water ecological environment.
+"Precision dispatch" promoted water conservation for generation. In 2020, the forecast precision of
+the cascade reservoir for 24 hours reached 98%, the accumulated electricity generated by water
+conservation is 9,856,000,000kwh and the water utilization growth rate is 4.54%. The accumulated flood
+blocked and stored by the cascade reservoir was about 36,000,000,000m³, the highest in the history.
+With respect to the operation of cascade reservoirs, the organic link of such aspects as water
+environment, water biologics, water resources, water safety, water culture and shoreline were
+comprehensively considered to fully exert the comprehensive benefits.
+(2) Implementing “multiple water governance" and exerting the biological and environment
+protection comprehensive benefits of power stations.
+The clean electricity of 226,930,000,000kw will reduce the standard coal of 69,531,400 tons, reduce
+CO2 discharge of 190,167,300 tons, reduce SO2 discharge of 42,400 tons and reduce Nitrogen oxides of
+44,300 tons, setting an example and making contribution for the realization of the goal of "peak carbon
+dioxide emissions and carbon neutrality” in the whole society.
+In 2020, the Company overcome the impacts of the epidemic and proactively guaranteed the supply
+of clean electricity and the accumulated electricity generated by the cascade power stations in the whole
+year was 226,930,000,000kw, reaching a new record high, among which the Three Gorges Power Station
+generated 111,802,000,000kwh, setting a world record with respect to the annual electricity output of a
+single power station.
+2020 Annual Report
+49 / 259
+(1) Producing clean electricity highly effectively and helping realization of the goal of "peak carbon
+dioxide emissions and carbon neutrality”
+The cascade power stations of the Company have played an active role in aspects like electricity
+supply guarantee during the epidemic, reduction of emissions of pollutants and grid operation safety
+guarantee and the comprehensive benefits of biological and environment protection are fully exerted.
+In 2020, the Company strictly followed the laws and regulations on environment protection, fully
+performed its responsibilities as an enterprise and completed the environment protection tasks in high
+quality. There is no sudden environment event or penalty due to violation of environment-related laws in
+the whole year.
+The Company is mainly engaged in the hydropower business which effectively replaces the use of
+fossil energy and materially reduces the release of pollutant and greenhouse gases. According to the
+Administration Regulations on the List of Key Pollutant Discharge Units (For trial) promulgated by the
+Ministry of Ecology and Environment and the other applicable laws and regulations, the Company is not
+the key pollutant discharge unit.
+Applicable
+Explanation of environmental protection information of companies not on the watch list of key
+pollutant discharging units
+III. Awards Received (content, rank)
+(III) Particulars of cash under discretionary management
+Applicable
+2021 is the first year for China to begin the new journey of comprehensively constructing a socialism
+modern country, a year when overall liberation from poverty and rural vitalization and also the first year
+of the "14th five year plan" of the Company. The Company will promote the various tasks related to social
+responsibilities at a higher position and with bigger determination and greater strength, continue the
+subsequent assistance after poverty liberation, construct a new poverty government system, smoothly link
+poverty alleviation and rural vitalization and help people in difficulties in leaping from "getting out of
+poverty" to "becoming rich".
+48 / 259
+2020 Annual Report
+6.3 Number of registered poverty-stricken 250
+The Company will further enhance organization and leadership, establish and improve working
+mechanism, transfer the organization and talent resources of the enterprise into the resources for
+performing duties, exert the advantages of the Company in its main business and optimize development
+quality and drive the local economic development through its high-quality development. The Company
+will work together with targeted poverty assistance counties and poverty stricken regions to jointly
+promote rural vitalization, focus on key projects in industrial poverty assistance, cultivate and expand the
+advantageous industries with rural characteristics in poverty assistance regions, construct the steady and
+long-term poverty liberation mechanism and form the brand demonstration effects of industrial projects.
+The Company will integrate in depth the business advantages with the resources in the reservoir regions
+and the poverty assistance regions in combination of the development strategy of “one main task and two
+auxiliary tasks" of the Company, creating good social environment for the operation of the power stations
+of the Company, providing supports to the new business development, and organically combining social
+responsibilities and strategic development of the Company.
+Applicable
+Refer to CSR report for details.
+(III) Environmental Information
+1. Explanation of environmental protection information of companies and their important
+subsidiaries on the watch list of key pollutant discharging units published by the environmental
+protection authority
+Non-applicable
+2.
+(II) Corporate social responsibility
+1.1 Type of poverty alleviation program through
+industrial development
+4. Subsequent targeted poverty alleviation plan
+1. Poverty alleviation through industrial development
+XVI.
+On 30 December 2020, Yibin Xiangjiaba Dam Power Plant of Chuanyun Company, as the seller, and
+State Grid, as the purchaser, concluded the 2020 Xiangjiaba Dam Power Station Electricity Purchase and
+Sale Contract
+On 30 December 2020, Yongshan Xiluodu Power Plant of Chuanyun Company, as the seller, and
+Super High Electricity Power Transmission Company of China Southern Power Grid Company Limited,
+as the purchaser, concluded the 2020 Xiluodu Zuo'an Power Station Electricity Purchase and Sale
+Contract.
+On 30 December 2020, Yongshan Xiluodu Power Plant of Chuanyun Company, as the seller, and
+State Grid, as the purchaser, concluded the 2020 Xiluodu Zuo'an Power Station Electricity Purchase and
+Sale Contract.
+On 30 December 2020, the Company, as the seller, and State Grid, as the purchaser, concluded the
+2020 Supplementary Agreement on Electricity Purchase and Sale of Three Gorges Hydropower Station.
+On 30 December 2020, the Company, as the seller and China Southern Power Grid Company Limited,
+as the purchaser and State Grid, as the transmitter, concluded the 2020 Supplementary Agreement on
+Electricity Purchase and Sale and Transmission of Three Gorges Hydropower Station.
+On 5 June 2020, the Company, as the seller, and the Central China Branch of State Grid, as the
+purchaser, concluded the 2020 Gezhouba Dam Power Station Electricity Purchase and Sale Contract.
+Applicable
+(IV) Other material contracts
+Non-applicable
+2020 Annual Report
+Other information
+3.
+Non-applicable
+(3) Entrusted loan impairment provision
+44 / 259
+Other information
+Non-applicable
+(1) Overview of assets under discretionary management
+Non-applicable
+Including,
+Other information
+Non-applicable
+(2) Details of single assets under discretionary management
+Non-applicable
+Other information
+Applicable
+Non-applicable
+2. Particulars of entrusted loans
+(1) Overview of entrusted loans
+Non-applicable
+Other information
+Non-applicable
+(2) Details of single entrusted loans
+(3) Provision for impairment of assets under discretionary management
+Non-applicable
+Explanations of other material matters
+Non-applicable
+According to the use of proceeds disclosed in the Company's GDR prospectus, the proceeds, after
+deduction of relevant offering expenses, would be used to refinance the relevant international syndicated
+loan related to the acquisition of equity interest in Luz Del in Peru by China YP International (Hong Kong)
+Limited, a wholly-owned subsidiary of the Company, and to supplement the Company's working capital.
+As at 31 December 2020, the Company had utilised USD1,955,360,594.77 of the proceeds, representing
+II Investment by item
+people receiving help lifted out from poverty
+Pursuant to the Approval of the China Securities Regulatory Commission on the Approval of the
+Offering of Global Depositary Receipts by China Yangtze Power Company Limited and the Listing on
+the London Stock Exchange (Zheng Jian Xu Ke [2020] No. 2288) and the approval of relevant domestic
+and overseas regulatory authorities, the Company completed the GDR offering on 19 October 2020,
+issuing a total of 74,185,923 GDRs (including over-allotment of 5,085,923 GDRs) at an offer price of
+$26.46 per share for gross proceeds of USD1,962,959,522.58. After deducting expenses of
+US$7,229,354.04 in connection with the offering, the actual net proceeds raised were
+USD1,955,730,168.54.
+2. Number of registered poverty-stricken 800
+21,267.5
+Quantity and details
+Including, 1. Funds
+I. Overview
+Indicators
+Unit: RMB 0,000 Yuan
+Achievements in targeted poverty alleviation
+3.
+Summary of the targeted poverty alleviation work of the Company in 2020: currently, the Company
+has fulfilled all of its main tasks and goals of targeted poverty alleviation in reservoir areas, targeted
+poverty counties and paired assistance regions. It has 48 poverty alleviation projects within an investment
+of RMB 213,000,000. The Company proactively organized Wushan and Fengjie to train the poverty
+alleviation cadres and technical personnel. 2807 cadres at the basic level and 2358 technicians have
+participated in the trainings. The Company proactively assist the Group in introducing the fee support
+funds of RMB 35,660,000 provided by such institutions as China Poverty Alleviation Foundation in the
+two countries and rolled out such projects in the two counties as assistance for teenagers' major and serious
+diseases, 100 villages dorms project and China's rural credit cooperatives; purchased the agricultural and
+sideline products of RMB 10,170,000 sold badly due to the epidemic and help Wushan and Fengjie in
+selling such products as plums and oranges of RMB 25,590,000, effectively helping the poor households
+in increasing income.
+Overview of targeted poverty alleviation efforts for the year
+Applicable
+2.
+Applicable
+(I) Poverty alleviation efforts of the listed company
+45 / 259
+XVII.
+Particulars on Efforts Regarding Positive Performance of Social Responsibility
+2020 Annual Report
+Applicable
+1. Targeted poverty alleviation plan
+99.98% of the net proceeds, and the remaining USD369,573.77 of the proceeds will be used for
+management fees for subsequent GDR-related matters and to supplement working capital.
+Applicable
+Guiding idea: studying and implementing in depth General Secretary Xi Jinping's strategic thinking
+on poverty alleviation and development and the spirit of the Central Poverty Alleviation Work Conference,
+upholding the "Four Ones" concept, i.e. "building a power station, driving the economy of one side,
+improving the environment, and benefiting a group of immigrants", well conducting paired assistance in
+reservoir areas, targeted poverty alleviation counties and poverty-stricken areas, and improving the
+accuracy and effectiveness of paired assistance through overall deployment, layer-by-layer promotion,
+and on-site guidance, and making positive contributions to the sustainable development of China's
+economy, creating a good social environment for the safe and stable operation of the power stations of the
+Company.
+Overall goal: improving the ability of poor households in generating income, cultivating the ability
+of poor households in self-development, and assisting local governments in consolidating the results of
+poverty alleviation while eliminating absolute poverty, and ensuring that the people who have been lifted
+out of poverty really get out of poverty and do not return to poverty based on the resource characteristics
+and development reality of poverty stricken areas with the goal of reducing the vulnerability of poor
+households and enhancing the resilience of poverty alleviation through various means such as medical
+care guarantee, education and income increase by way of tourism and consumption.
+Main tasks: carrying out targeted assistance and assistance in reservoir areas, improving the
+infrastructure construction in paired assistance areas, and providing support in science and technology,
+transportation, education, electricity, health and other similar aspects.; providing volunteer services to left-
+behind children, left-behind women, left-behind elderly and the disabled and implementing key donations
+and temporary assistance; carrying out industrial poverty alleviation, developing local characteristic
+industries, and strengthening the endogenous motivation of poverty alleviation in poverty-stricken areas;
+striving to form a batch of poverty alleviation projects with good social impact in all areas of the Company
+and establishing a corporate social responsibility brand .
+Guarantee measures: establishing a poverty alleviation organization system in which the main leaders
+personally participate, the members of the poverty alleviation leading group regularly dock, the cadres to
+coordinate and promote, the full-time staff serve as the first secretary of the village, the leader of the
+poverty alleviation work team and the team members stay in the village to help all the year, and
+establishing a life-cycle poverty alleviation project management mechanism of "field research, plan
+formulation, project implementation, and evaluation and assessment" based on the principles of “seeking
+truth from facts, adapting measures to local conditions, classified guidance, and targeted poverty
+alleviation" to continuously improve the standardization and effectiveness of poverty alleviation work,
+and ensuring the implementation and execution of various poverty alleviation work.
+46 / 259
+2020 Annual Report
+May 2015
+Independent
+Director
+Oct 2015
+ZHANG
+Qiang
+YES
+Chongjiu
+0
+LV
+5 Mr. ZHANG Xingliao started receving remuneration from the Company as from 1 Nov 2020.
+58 / 259
+2020 Annual Report
+Independent M
+0
+0
+73
+15
+0
+Chuangen
+55
+M
+0
+Director
+55
+May 2016
+0
+ZHAO
+Director
+F
+51
+May 2016
+0
+0
+Yan
+ZHAO
+Director
+M
+Jul 2018
+15
+0
+ZHANG
+0
+15
+Director
+MO Jinhe
+Supervisor
+M
+56
+May 2015
+0
+XIA Ying
+Supervisor
+F
+51
+May 2017
+0
+ZHOU
+0
+0
+Zhenyong Director
+Nov 2017
+Independent M
+Independent M
+67
+Mar 2017
+0
+15
+Biyi
+Director
+WEN
+Independent M
+66
+Mar 2017
+0
+0
+15
+Bingyou
+Director
+YAN Hua
+66
+Renhuai
+68
+0
+period (in
+RMB❜0,000)
+YES
+LEI
+Chairman
+M
+59
+Dec 2018
+0
+0
+Mingshan
+MA
+Vice
+M
+57
+Jul 2018
+0
+not
+0
+reporting
+for
+SHENG
+Name
+Position
+Gender Age
+Start
+of term
+date
+End date
+of term
+Number of Number of
+shares held at shares
+beginning of held at end
+the year
+of the year
+Change
+number of
+shares held
+during the
+in
+Reason for
+change
+year
+Pretax
+emoluments
+received from
+from
+Unit: Share
+Received
+compensation
+related
+the Company party of the
+the Company or
+Zhenbo
+Chairman
+ZHANG
+MA Zhenbo
+Mingshan
+Main work experience
+Name
+LEI
+YES
+1,335.38
+30,000
+30,000
+Total
+YES
+YES
+Hongxin
+ZONG
+Director
+M
+55
+May 2016
+Chairman, master, senior economist. Served as deputy director of the economic and legal department of China International Engineering Consulting
+Corporation, deputy manager of China Consulting Assets Appraisal Firm, assistant general manager and deputy general manager (at the director
+level) of China International Engineering Consulting Corporation, Member of the Party Group and deputy general manager of China International
+Engineering Consulting Corporation, deputy director of the inspection department of the Three Gorges Office of the State Council (at the director
+level), director of the Funding Planning Department, deputy director of the Three Gorges Office of the State Council, member of the Party
+Leadership Group, Deputy Minister of the Ministry of Water Resources, and Member of the Party Leadership Group. Currently, Chairman and
+Party Secretary of China Three Gorges Group Co., Ltd.
+Vice Chairman, secretary of the Party Committee, master of engineering, senior engineer. Served as director and party secretary of Gezhouba
+Power Plant, director and party secretary of Three Gorges Power Plant, deputy general manager of the Company, director and party secretary of
+the Three Gorges Power Plant, party secretary and deputy general manager of the Company, and director of the human resources department and
+director of the office of retired employees of China Three Gorges Group Co., Ltd.. Currently, assistant to the general manager, vice chairman and
+secretary of the Party Committee of China Three Gorges Corporation.
+7 Mr. XIE Feng ceased receving remuneration from the Company as from 1 Sep 2020.
+60 / 259
+Director/
+M
+49
+Nov 2020/
+0
+0
+Xingliao
+GM
+0
+Oct 2020
+Director
+M
+50
+Dec 2018
+0
+0
+109.18
+15.125
+HE
+Supervisor
+M
+56
+0
+LI
+Director
+F
+51
+May 2020
+Qinghua
+Apr
+2020
+April 0
+2021
+YANG
+Chairman of M
+55
+Dec 2018
+Mar
+Xingshi
+the Board of
+0
+Ning
+May 2016
+50
+6
+Mr. Chen Guoqing ceased receving remuneration from the Company as from 1 Aug 2020.
+59/259
+2020 Annual Report
+HONG
+Director
+M
+57
+May 2016
+Feb
+0
+0
+Wenhao
+2021
+HUANG
+Director
+M
+2021
+2 YES
+Supervisors
+XIE Feng Vice GM
+58
+Oct 2015
+Oct
+0
+0
+94.06
+Pingshi
+2020
+WANG
+Vice GM
+M
+59
+2017-09
+Jul 2020 0
+0
+94.04
+Hong
+M
+Carquine Dementia Af 55 in 2018 Cuma 10,040 SAJAMO 91579
+Vice GM
+2020
+M
+49
+Apr 2020
+Aug
+0
+70.497
+2020
+XUE
+Vice GM
+Applicable
+56
+May 2015
+Dec
+0
+0
+94.06
+Fuwen
+LI
+Shaoping
+Secretary
+89.25
+Employee M
+47
+Aug 2019
+0
+0
+98.13
+Yanshan
+Supervisor
+YANG
+Employee M
+59
+Dec 2018
+0
+0
+70.42
+Xingbin
+Supervisor
+CHEN
+ZHAN
+Supervisor
+0
+Dec 2018
+0
+0
+Xiang
+TENG
+Supervisor
+M
+38
+Aug 2019
+0
+0
+Weiheng
+HU Yang
+Employee
+F
+53
+Aug 2019
+84.54
+M
+CFO/General M
+Apr 2019/
+91.19
+CHEN
+Vice GM
+M
+45
+Oct 2020
+0
+0
+94.48
+Hui
+LI
+Board
+M
+57
+Aug 2016
+0
+0
+0
+48
+0
+51
+0
+88.64
+Pingyuan
+Counsel
+Oct 2019
+GUAN
+Vice GM
+M
+56
+Oct 2015
+0
+0
+96.21
+Jielin
+XIE Jun
+Vice GM
+M
+Oct 2020
+(I) Particulars of changes in shareholding and emoluments of existing and resigned directors, supervisors and senior management during the reporting
+period
+Corporation
+Section 7 Particulars of Directors, Supervisors, Senior Management and Employees
+53 / 259
+2020 Annual Report
+Annual Report
+(II) Table of Shareholding by top 10 shareholders and top 10 unrestricted shareholders as at end of
+the reporting period
+Shareholding of top 10 shareholders
+Unit: Share
+Shareholder
+3 A GDR repreents 10 A shares in the Company.
+Changes in
+Number of Pledged or frozen shares
+Percentage
+Nature of
+name
+reporting
+(full name)
+period
+Number of
+Total Number of ordinary shareholders at end of the last 192,816
+month immediately preceding the disclosure date of the
+Total Number of ordinary shareholders at end of reporting 158,930
+period
+(I) Total number of shareholders
+Other derivative securities
+GDRs
+23 Sep 2020 USD26.46
+GDRs
+23 Sep 2020 USD26.46
+69,100,000
+GDRs³
+5,085,923
+GDRs
+30 Sep 2020 69,100,000
+GDRs
+19 Oct 2020 5,085,923
+GDRs
+Description of securities issued during the reporting period (for bonds with different interest rates during
+its term, please specify separately):
+Applicable
+With the approval of the CSRC and the UK Financial Conduct Authority, on 30 September 2020,
+69,100,000 GDRs through "Shanghai-London Stock Connect" were listed on the London Stock Exchange,
+with each GDR representing 10 A shares in the Company and the corresponding 691,000,000 underlying
+A shares were listed on SSE. On 19 October 2020, as a result of partial exercise of the over-allotment
+option by the Price Stabilization Manager, the Company issued additional 5,085,923 GDRs and the
+corresponding 50,859,230 additional underlying A shares were listed on the Shanghai Stock Exchange. In
+total, the Company issued 74,185,923 GDRs, representing 741,859,230 underlying A shares.
+On 8 January 2020, the Company issued "Publicly Offered 2020 Corporate Bonds (Tranche I) of
+China Yangtze Power Co., Ltd." to eligible investors at an issue price of RMB 100 per bond. The bonds
+are divided into two varieties: Variety 1 is RMB1.5 billion, 3-year, 3.37%, with short name of "20 CYPC
+01" and bond code of "163096", listed on 14 January 2020 and maturing on 8 January 2023; Variety 2 is
+RMB0.5 billion, 5-year, 3.70%, with short name of "20 CYPC 02" and bond code of "163097", listed on
+14 January 2020 and maturing on 8 January 2025.
+(II) Changes in total number of ordinary shares and shareholder structure of the Company and
+changes in assets and liabilities structure of the Company
+Applicable
+During the reporting period, the total number of shares of the Company changed from 22,000,000,000
+shares to 22,741,859,230 shares as a result of the issuance of GDRs by the Company. Details of the
+changes in the structure of the Company's assets and liabilities are set out in Section IV “Operating Results
+Discussion and Analysis"- "II. Operating overview for the reporting period" - "(III) Analysis of assets and
+liabilities".
+(III) Existing employee shares
+Non-applicable
+III. Particulars of shareholders and effective controller
+shares held at
+end of the year
+restricted
+Status of Number
+of
+5.46
+Unknown
+Other
+Clearing
+Company Ltd.
+Ping An Life
+Insurance Co.,
+Ltd.
+conventional
+ordinary
+insurance
+products
+China
+Three
+Gorges
+988,076,143
+4.34
+-34,949,727 1,241,098,586
+bonds billion
+Securities
+person
+I. Particulars of Changes in Shareholding and Emoluments
+shareholder
+shares held
+shares
+shares
+State-
+China Three
+owned
+Gorges
+-8,123,847
+12,734,105,445
+55.99
+0
+Pledged
+1,886,176,153
+legal
+Corporation
+Hong Kong
+2020 Annual Report
+52 / 259
+8 Jan 2025
+Change (+,
+New shares
+issued
+Sub-total
+After change
+Number
+shares
+of Percentage
+(%)
+I. Restricted shares
+II. Unrestricted shares 22,000,000,000 100.00
+outstanding
+1. RMB ordinary shares 22,000,000,000 100.00
+2.
+Domestic-listed
+foreign shares
+3.
+Overseas-listed
+foreign shares
+4. Others
+III. Total number of 22,000,000,000 100.00
+ordinary shares
+741,859,230 741,859,230 22,741,859,230 100.00
+of Percentage
+(%)
+741,859,230 741,859,230 22,741,859,230 100.00
+Before change
+Number
+shares
+Table of changes in ordinary shares
+2020 Annual Report
+projects such as integrated energy, distributed energy, optical storage and charging, and smart energy to
+further improve the efficiency of resource and energy utilization.
+3. Reason why companies not on the watch list did not disclose environmental information
+Non-applicable
+4.
+Explanation of subsequent development or changes of environmental information disclosed in
+the reporting period
+Non-applicable
+(IV) Other information
+Non-applicable
+XVIII.
+Particulars of Convertible Bonds
+Non-applicable
+Section 6 Changes in Ordinary Shares and Shareholders
+I.
+Changes in Ordinary Share Capital
+(I)
+Changes in ordinary shares
+1.
+Unit: Shares
+Unknown
+741,859,230 741,859,230 22,741,859,230 100.00
+2020 Annual Report
+Listing date
+Admitted for
+trading
+Trading
+close date
+Exchange bonds, warrant bons, corporate bonds
+Corporate
+8 Jan 2020
+3.37%
+RMB1.5 billion
+14 Jan 2020
+bonds
+Corporate
+8 Jan 2020
+3.70%
+RMB0.5 billion
+14 Jan 2020
+RMB1.5
+billion
+RMB0.5
+8 Jan 2023
+rate)
+51 / 259
+and derivative Date of offer (or interest Offer quantity
+securities
+Offer price
+2. Explanation of changes in ordinary shares
+Applicable
+The GDRs issued by the Company through "Shanghai-London Stock Connect" were listed on the
+London Stock Exchange on 30 September 2020. Before the exercise of the over-allotment option, a total
+of 69,100,000 GDRs were issued, representing 691,000,000 A-shares of the Company. After this issue
+and before the exercise of the over-allotment option, the total share capital of the Company changed to
+22,691,000,000 shares.
+As a result of partial exercise of the over-allotment option by UBS AG London Branch (as the Price
+Stabilization Manager) as agreed in the prospectus, the Company issued additional 5,085,923 GDRs,
+representing 50,859,230 A shares of the Company, which were listed on the Shanghai Stock Exchange on
+19 October 2020 (Beijing time). The total share capital of the Company were changed to 22,741,859,230
+shares after the listing.
+3.
+Impact (if any) of changes in ordinary shares on EPS, net assets per share and other financial
+indicators for the latest year and the latest period
+Applicable
+During the reporting period, the Company issued a total of 74,185,923 GDRs, representing a total of
+741,859,230 underlying A shares, which increased the total number of shares of the Company from
+22,000,000,000 shares to 22,741,859,230 shares. The above new shares accounted for 3.26% of the total
+number of shares of the Company and had no material impact on the earnings per share and net assets per
+share of the Company.
+4.
+Other information disclosure which the Company deems necessary or is required by the
+securities regulatory authority
+Non-applicable
+(II)
+Particulars of changes of restricted shares
+Non-applicable
+II. Securities Offering and Listing
+(I) Securities offering during the reporting period
+Applicable
+Class of stocks
+Unit: Share Currency: RMB Yuan
+Quantity
+Other
+(%)
+owned
+657,980,472
+Sunshine Life Insurance Co., Ltd.
+Jili
+420,000,000
+RMB ordinary shares
+420,000,000
+endowment insurance products
+RMB ordinary shares
+China National Nuclear Corporation
+Explanation of related
+RMB ordinary shares
+261,594,750
+relationship or acting in
+concert in respect of the
+above shareholders
+China Three Gorges Construction Management Co., Ltd. is a wholly owned subsidiary of our
+controlling shareholder China Three Gorges Corporation. Apart from that, whether any other
+shareholders are related or acting in concert is not known to the Company.
+Number of shares held by top ten restricted shareholders and restriction conditions
+Non-applicable
+(III) Strategic investors or general legal persons who become top 10 shareholders due to rights
+issue
+Non-applicable
+261,594,750
+657,980,472
+China Securities Finance Corp
+741,859,230
+988,076,143
+RMB ordinary shares
+988,076,143
+880,000,000
+RMB ordinary shares
+880,000,000
+Yunnan Energy Investment Group Co., Ltd.
+828,740,060
+RMB ordinary shares
+828,740,060
+Sichuan Energy Investment Group Co., Ltd.
+784,399,900
+RMB ordinary shares
+784,399,900
+Citibank, National Association
+741,859,230
+RMB ordinary shares
+State-
+2020 Annual Report
+IV. Particulars of Controlling Shareholder and Effective Controller
+(I) Controlling shareholder
+国务院国有
+中国长江
+中国长江
+2020 Annual Report
+State-owned Assets Supervision and Administration Commission of
+the State Council 100%
+100%
+直接持股55.99%
+China Three Gorges Corporation
+directly holds 55.99% in
+China Yangtze Power Co., Ltd.
+V.
+Other Corporate Shareholders with 10% or more Shareholding
+Non-applicable
+VI. Description on restrictions on reducing shareholding
+Non-applicable
+57 / 259
+2020 Annual Report
+56 / 259
+Number of shares
+12,734,105,445
+1,241,098,586
+Applicable
+2
+1
+Legal person
+Applicable
+Name
+China Three Gorges Corporation
+Principal or legal LEI Mingshan
+representative
+Incorporated on
+Principal business
+Equity in other domestic or
+overseas listed companies
+during the reporting period
+18 September 1993
+Project investment; equity investment; hydropower; wind power; solar
+power; ecological protection services; water pollution control; sewage
+treatment and recycling; water resources management; consulting services
+related to water resources; new energy and resource recycling technology
+research and development; new energy and environmental protection
+technology development, technology consultation, technology exchange,
+technology transfer, technology promotion, technical services; urban
+drainage facility management services; municipal facilities management
+services; environmental protection consulting services; engineering
+management services; engineering supervision services; Internet of Things
+application services; goods import Export, technology import and export,
+agent import and export; domestic tourism business.
+China Nuclear Power holding 50,000,000 shares, accounting for 0.32%.
+Hubei Energy, holding 1,021,100,000 shares, accounting for 15.69%. Bank
+of Beijing, holding 398,230,000 shares, accounting for 1.88%. China
+Development Bank Leasing, holding 687,024,000 shares, accounting for
+5.43%.
+(II) Effective controller
+1
+Legal person
+Applicable
+Name
+State-owned
+Assets Supervision and Administration
+Commission of the State Council
+Chart of property rights and shareholding structure between the Company and its controlling
+shareholder
+RMB ordinary shares
+55/259
+Hong Kong Securities Clearing Company Ltd.
+Ping An Life Insurance Co., Ltd. - conventional
+- ordinary insurance products
+China Three Gorges Construction Management
+Co., Ltd.
+Sichuan Energy
+owned
+Investment
+-95,600,100 784,399,900
+3.45
+0
+Unknown
+legal
+Group Co., Ltd.
+person
+Citibank,
+National
+741,859,230
+741,859,230
+3.26
+Unknown
+Other
+State-
+Association4
+person
+legal
+1,241,098,586
+880,000,000
+3.87
+0
+None
+legal
+Management
+person
+Co., Ltd.
+State-
+Yunnan Energy
+owned
+Investment
+-51,336,444 828,740,060
+3.64
+Pledged
+44,485,067
+Group Co., Ltd.
+4 Citibank, National Association is the depositary of the Company's GDRs and A shares underlying the GDRs are
+registered in its name in accordance with the law.
+Construction
+2020 Annual Report
+0
+261,594,750
+1.15
+State-
+owned
+Unknown
+legal
+Nuclear
+person
+Shareholding of top 10 unrestricted shareholders
+Shareholder name
+China Three Gorges Corporation
+Number of unrestricted shares Class and number of shares
+Class
+12,734,105,445
+54 / 259
+held
+China National
+RMB ordinary shares
+insurance
+products
+Securities
+657,980,472
+2.89
+Unknown
+Other
+Sunshine Life
+Insurance Co.,
+Finance Corp
+Jili
+0
+420,000,000
+China
+1.85
+Unknown
+Other
+endowment
+Ltd.
+Vice GM
+XUE Fuwen
+Vice GM
+Resigned
+Resigned
+LI Pingshi
+Resigned
+2020 Annual Report
+WANG Hong
+Vice GM
+Resigned
+Resigned
+V. Details on Punishments Imposed by Securities Regulatory Authorities during Last Three Years
+Non-applicable
+69 / 259
+Resigned
+VI. Particulars of Employees of the Parent Company and Significant Subsidiaries
+Resigned
+Resigned
+Resigned
+XIE Feng
+Director
+(I) Employees
+Resigned
+Resigned
+HUANG Ning
+Director
+Resigned
+Resigned
+LI Qinghua
+Director
+Resigned
+YANG Xingshi
+Chairman of Board of Resigned
+Resigned
+Supervisors
+68 / 259
+2020 Annual Report
+Vice GM
+Number of existing employees of the parent company
+Number of existing employees of significant
+subsidiaries
+Level of education cetagory
+Number of resigned and retired employees born
+expenses by the parent company and major subsidiaries
+Master
+947
+Undergraduate
+2,253
+College
+387
+Technical secondary school and below
+Total
+383
+3,985
+(II) Remuneration policy
+Applicable
+The Company adopts the performance-and-market-oriented income distribution system based on the
+value of the position and establishes the remuneration and incentive mechanism within several incentive
+measures. The Company determines the standard position salary based on the requirements of the position
+and the scope of duties, pays performance salary and other incentive income according to the performance
+appraisal result of the Company and the employees, increases incentives for marketization business unit,
+scientific and technological innovation, special contribution and key work and further improves the
+differentiated remuneration distribution strategy. The Company adopts total salary budget management in
+the electricity production units and establishes the salary and performance linkage mechanism oriented by
+production and operation performance and value creation. The Company pays various social insurance
+premium for the employees and implements such systems as housing provident fund, enterprise annuity,
+supplementary medical insurance, paid leaves, health rehabilitation and periodic health inspection.
+The Company establishes and improves the marketization mechanism oriented by value creation. The
+Company controls the number of personnel and total salary of various subsidiaries according to the
+realization of the annual production and operation targets, economic profits and human resources
+management requirements of the Company and has the various subsidiaries to formulate the corresponding
+remuneration policies based on their own production and operation characteristics.
+(III) Training plan
+Applicable
+In 2020, the Company sets up the philosophy of "gathering talents, achieving talents and properly
+utilizing talents", continues to optimize the top-level design for talent cultivation, establishes the talent
+ability standard system based on its development strategy and core organization ability and establishes
+and improves the systematic talent cultivation system led by its development strategy, oriented by talent
+70/259
+HONG Wenhao
+15
+Total number of existing employees
+PhD
+3,985
+Profession cetagory
+By profession
+Production staff
+Sales staff
+Technical staff
+Financial staff
+3,751
+234
+3,985
+1,436
+Number of employees
+2,771
+54
+555
+89
+516
+Administrative staff
+Total
+By level of education
+Number of employees (person)
+Resigned
+Apr 2020
+Director/GM
+SHENG Xiang
+SHENG Xiang
+Ltd.
+ZHAN Pingyuan
+LI Shaoping
+Three Gorges Finance Co., Ltd.
+Three Gorges Finance Co., Ltd.
+Director
+Supervisor
+Nov 2020
+Dec 2020
+Aug 2018
+64 / 259
+(II) Position held at other companies
+Applicable
+2020 Annual Report
+Position holder's name
+Other company's name
+ZHANG Xingliao
+XIA Ying
+TENG Weiheng
+ZHANG Xingliao
+Ltd.
+Sichuan Energy Investment Group Co., Head of Finance and Assets Sep 2018
+Ltd.
+Department (Clearing Center)
+Sichuan Energy Investment Group Co., Deputy Chief Accountant
+Capital
+CNPC
+Vice GM
+Vice GM
+Director
+Director, Vice GM, Board
+Secretary
+Head of Finance Department
+Director, Vice GM, Member of
+the Party Committee, Chief
+Accountant
+First-level staff, Director, Vice
+GM, Chief Accountant,
+member of the Party
+Committee
+Full-time Director/Supervisor
+Yunnan Energy Investment Group Co., Vice GM of
+Management Center
+Jan 2019
+Nov 2008
+Mar 2020
+Mar 2020
+Jun 2015
+Dec 2014
+Jun 2015
+Mar 2014
+Dec 2020
+Dec 2020
+Mar 2017
+Jun 2018
+HE Hongxin
+HE Hongxin
+HE Hongxin
+Member of Committee
+Sep 2016
+ZONG Renhuai
+Huading Guolian Power Battery Co., Ltd.
+Huading Guolian Battery Materials Co., Ltd
+Director
+Director
+ZHAO Qiang
+National Military-Military Integration
+Industry Investment Fund Co., Ltd.
+Director
+ZHAO Qiang
+Expert Committee of the Alliance for the Vice Chairman
+Promotion and Application of Management
+May 2017
+May 2017
+May 2020
+Dec 2019
+Accounting in the Industrial and Information
+and Communication Sector
+Chairman, Secretary of Mar 2021
+the Party Committee
+Investment Decision-Making Committee
+under Beijing Huading New Power Equity
+Investment Fund
+China Power New Energy Co., Ltd.
+Yangtze Three Gorges Investment
+Management Co., Ltd
+Bank of Beijing
+HE Hongxin
+ZONG Renhuai
+ZONG Renhuai
+China Three Gorges
+Corporation
+Position at other company
+From
+To
+International Director
+Guangdong Power Grid Co., Ltd.
+Dec 2015
+Jan 2017
+Feb 2021
+Chairman of the Board of Oct 2018
+Supervisors
+Director
+Dec 2018
+Non-executive Director
+Dec 2019
+Minsheng Royal Fund Management Co., Ltd.
+China Three Gorges Renewables (Group)
+Co., Ltd.
+Director
+China National Nuclear Corporation
+Guangdong Power Grid Co., Ltd.
+Ping An Asset Management Co., Ltd.
+Ping An Pension Insurance Co., Ltd.
+Sunshine Insurance Group Co., Ltd.
+Sunshine Asset Management Co., Ltd.
+Sichuan Energy Investment Group Co., Vice GM
+Ltd.
+YAN Hua
+MO Jinhe
+XIA Ying
+SHENG
+Xiang
+TENG
+Weiheng
+HU Yang
+CHEN
+Yanshan
+YANG
+Xingbin
+ZHAN
+Pingyuan
+Director, senior engineer. Served as vice chairman and general manager of Dongfang Boiler (Group) Co., Ltd., chief economist of China Dongfang
+Electric Group Corporation, director, member of the leading party group, and leader of the discipline inspection team of the leading party Group
+of China Dongfang Electric Group Co., Ltd.
+Director, senior economist. Served as member of the Party Committee, assistant to the general manager, and deputy secretary of the Party
+Committee of the Headquarters of Commercial Aircraft Corporation of China.
+Supervisor, undergraduate accounting, professor-level senior economist, senior auditor, and internationally registered internal auditor. Served as
+chief accountant of Hainan Power Grid Company, deputy director of the finance department of China Southern Power Grid Co., Ltd., and chief
+accountant of Guangdong Power Grid Co., Ltd. Currently, a first-level employee, director, deputy general manager, chief accountant, and member
+of the party committee of Guangdong Power Grid Co., Ltd.
+Supervisor, bachelor degree, senior engineer. Served as deputy director and director of the capital market division of the capital operation
+department of China National Petroleum Corporation. Currently, a full-time director and supervisor of China National Petroleum Corporation.
+Supervisor, senior accountant. Served as deputy director and director of the finance department of Sichuan Tianhua Co., Ltd. Currently, deputy
+chief accountant and director of the financial assets department (settlement center) of Sichuan Energy Investment Group Co., Ltd.
+Supervisor, Master of Economics. Served as deputy director of the channel management department of China Postal Savings Bank Co., Ltd.,
+manager of the investment department of Anhui Guofu Industrial Investment Fund Management Co., Ltd., and head of the institutional business
+department of Essence Securities Co., Ltd. Yunnan Branch. Currently, deputy general manager of the capital management center of Yunnan Energy
+Investment Group Co., Ltd.
+Employee supervisor, secretary of the Disciplinary Committee, master of economics, senior economist. Served as general manager of the operation
+and management department of China Water Resources Investment Corporation, general manager of the operation and management department,
+director of the corporate management and legal affairs department, the chief economist, and the general legal adviser of China Three Gorges New
+Energy Corporation. Currently, secretary of the disciplinary committee of the Company.
+Employee supervisor, MBA, senior political engineer. Served as administrative director and assistant manager of the general manager work
+department (party and mass work department) of the Company, deputy manager and manager of the general manager work department (legal
+affairs office) of the Company, director of the general manager work department of the Company. Currently, party secretary of the Party Committee
+and deputy factory director of the Overhaul Factory.
+Employee supervisor, doctor of engineering, senior engineer. Served as deputy chief engineer, chief engineer, and deputy director of the Dajiang
+branch of Gezhouba Power Plant, director and deputy chief engineer of the electrical maintenance department of Gezhouba Power Plant, assistant
+to the chief engineer of the Three Gorges Power Plant, technical leader of the Jinshajiang Electric Power production preparation working group
+and assistant to the director of the Three Gorges Power Plant, The head and deputy director of the production management department of the
+Xiluodu Power Plant preparation office, deputy director of the Xiluodu Power Plant, and deputy general manager of Three Gorges Jinsha River
+Chuanyun Hydropower Development Co., Ltd. Currently, secondary consulting of the Company.
+Chief financial officer, general counsel, doctor of management, senior accountant, senior international financial manager. Served as director of the
+asset finance department of China Hydropower International Investment Co., Ltd., director of the asset finance department, chief accountant and
+62 / 259
+Bingyou
+WEN
+ZHANG Biyi Director, senior accountant. Served as deputy general manager, chief accountant, and member of the Party Leadership Group of China Shipbuilding
+Industry Corporation.
+counsel and consultant of the State Grid Corporation of China.
+Resigned
+2020 Annual Report
+ZHANG
+Xingliao
+HE Hongxin
+ZONG
+Renhuai
+ZHOU
+Chuangen
+ZHAO Yan
+Director, general Manager, deputy secretary of the Party Committee, master of management, senior accountant. Served as deputy manager of the
+company's finance department, deputy manager of the company's finance department and deputy general manager and chief financial officer of
+Hubei Daye Nonferrous Metals Co., Ltd., deputy manager of the company's finance department and vice chairman of the board of supervisors of
+Hubei Daye Nonferrous Metals Co., Ltd., and deputy chief economist and director, member of the Party Committee, deputy general manager, chief
+accountant of Hubei Qingneng Real Estate Group Co., Ltd., deputy director, deputy director (in charge of work), and director of the asset finance
+department of China Three Gorges Group Co., Ltd., general manager and vice secretary of the Party Committee of Three Gorges Finance Co., Ltd..
+Currently, director, general manager and deputy secretary of the party committee of the Company.
+GUAN Jielin
+Director, MBA, senior accountant. Served as deputy director of the capital operation department of China Three Gorges Corporation, executive
+director and chief executive officer of China Power New Energy Development Co., Ltd. and principal of China Power International New Energy
+Holdings Co., Ltd., deputy general manager of China Three Gorges New Energy Co., Ltd., Deputy director (in charge of work) and director of the
+asset finance department of Three Gorges Corporation. Currently, deputy chief accountant, director of the asset finance department and director of
+the capital finance management center of China Three Gorges Corporation.
+Director, master of business administration, Certified Financial Analyst (CFA) in the United States. Served as deputy director of the Administration
+and Inspection Department of the State Administration of Foreign Exchange, senior researcher of Societe Generale Securities Asia Co., Ltd.,
+director of the research department of Cathay Pacific Fund Co., Ltd. and deputy general manager of Ping An Asset Management Co., Ltd. Currently,
+deputy general manager of Ping An Pension Insurance Co., Ltd.
+Director, master of science, master of business administration, Financial Risk Manager (FRM). He served as portfolio manager of Taikang Asset
+Management Co., Ltd., manager of Deloitte Management Consulting Company, general manager of the asset management center of Sunshine
+Insurance Group Co., Ltd., assistant general manager and chief risk officer of Sunshine Asset Management Co., Ltd. Currently, deputy general
+manager, director and secretary of the board of directors of Sunshine Asset Management Co., Ltd.
+ZHAO Qiang Director, master degree, senior accountant. Served as chief staff member and deputy director of the education division of the personnel and labor
+bureau of China National Nuclear Corporation, deputy director of the director and supervisory office of the investment operation department,
+deputy director of the investment and financing division of the financial audit department, and director of the budget division of the finance and
+accounting department, director of the capital division of China National Nuclear Corporation, chief accountant of Jiangsu Nuclear Power Co.,
+Ltd., chief accountant and general counsel of Jiangsu Nuclear Power Co., Ltd., deputy director of the Finance Department (in charge of work),
+director of Finance and Capital Operation Department, and director of Finance Department of China National Nuclear Corporation. Currently,
+Director of the Finance Department of China National Nuclear Corporation.
+ZHANG
+Chongjiu
+Independent director, doctor of management, senior economist. Served as a member of the Standing Committee of the Party Committee, deputy
+general manager and general counsel of China Gezhouba Group Co., Ltd., a member of the strategic advisory committee of China Energy
+Construction Group Co., Ltd., and a member of the advisory committee of China Gezhouba Group Co., Ltd.
+LV Zhenyong Independent director, bachelor degree, practicing lawyer, senior economist. Served as deputy director and director of the political and legal bureau
+of the Ministry of Electric Power Industry, chief legal counsel and director of the legal department of the State Power Corporation, and chief legal
+61 / 259
+2020 Annual Report
+Director, master of engineering, EMBA, professor-level senior engineer. Served as executive deputy general manager and general manager of
+Panzhihua China Resources Hydropower Development Co., Ltd. He was responsible for power development and other work of Sichuan Energy
+Investment Group Co., Ltd. and served as secretary of the Party Branch, director and chairman of Sichuan Energy Investment Distributed Energy
+Co., Ltd. Currently, deputy general manager of Sichuan Energy Investment Group Co., Ltd.
+ZHAO Qiang
+ZHANG Chongjiu
+XIE Jun
+LI Shaoping
+HE Hongxin
+China Three Gorges Corporation
+HE Hongxin
+ZONG Renhuai
+ZHOU Chuangen
+ZHOU Chuangen
+ZHAO Yan
+ZHAO Yan
+ZHAO Qiang
+MO Jinhe
+MO Jinhe
+Three Gorges Capital Holding Co., Ltd.
+2020 Annual Report
+Party Group
+Assistant to GM
+Deputy Chief Accountant
+Head of Assets and Finance
+Department
+Head of Asseets and Financial
+Management Center
+Jun 2020
+Nov 2018
+Jun 2017
+Oct 2020
+Chairman of the Board of Jan 2018
+Supervisors
+HE Hongxin
+MA Zhenbo
+HE Hongxin
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+63259
+Other information
+Non-applicable
+(II)
+2020 Annual Report
+director of the asset finance department, chief accountant and chairman of the Labor Union of Three Gorges International Energy Investment Group
+Co., Ltd. Currently, chief financial officer and general counsel of the Company.
+Deputy general manager, master of engineering, senior engineer. Served as chief engineer and deputy director of the Three Gorges Power Plant,
+deputy leader of the Jinshajiang Electric Power production preparatory working group, deputy director, director and party secretary of the Xiluodu
+Power Plant Preparation Office, and director and party secretary of the Xiluodu Power Plant. Currently, deputy general manager of the company.
+Deputy general manager, master of management, senior engineer. Served as deputy director and director of the electrical maintenance department
+of Three Gorges Power Plant, deputy director and secretary of the Party Branch of the Three Gorges Mechanical and Electrical Installation Project
+Department of the Mechanical and Electrical Engineering Department of China Three Gorges Power Plant, deputy plant director and member of
+the Party Committee of the Three Gorges Power Plant, and deputy leader of the preparatory group of the Yangtze Three Gorges Power Distribution
+Co., Ltd., general manager and secretary of the Party Committee of Three Gorges Power Co., Ltd. Currently, deputy general manager of the
+Company.
+Deputy general manager, master of engineering, senior engineer. Served as deputy director of the production technology department of Three
+Gorges Power Plant, head of production management department, deputy chief engineer and deputy director of the production management
+department of Xiluodu Power Plant Preparation Department, deputy chief engineer and deputy director of the production management department,
+chief engineer and director of the production management department of Xiluodu Power Plant, deputy leader of Uzbekistan East German and
+Baihetan Electric Power production preparation team, director of Baihetan Power Plant preparation office, plant director and deputy secretary of
+the Party Committee of Three Gorges Power Plant. Currently, deputy general manager of the Company.
+Board secretary, chief professional, bachelor of economics, senior accountant. Served as manager of the financial department, assistant to the
+company's general manager, secretary of the board of directors and manager of the strategic investment department of the Company. Currently,
+company secretary of the board of directors and chief professional of the Company.
+CHEN Hui
+Non-applicable
+Applicable
+Position holder's name
+Shareholder's name
+LEI Mingshan
+China Three Gorges Corporation
+Position at the Shareholder
+Chairman, Secretary of the
+Term From
+Aug 2018
+Term To
+II. Positions of Existing and Resigned Directors, Supervisors and Senior Management During the Reporting Period
+(I) Positions held at the Shareholder
+Chinese Nuclear Society
+Share incentives granted to Directors and senior management during the reporting period
+under the State Council
+Dec 2016
+Dec 2020
+LI Shaoping
+Chongqing Yangtze Power United Energy Chairman,
+legal Feb 2017
+May 2020
+Co., Ltd
+representative
+LI Shaoping
+Chongqing Yangtze Power United Energy Chairman of the Party Apr 2018
+Aug 2020
+Co., Ltd
+LI Shaoping
+Chen Yanshan
+Three Gorges Electric Energy Co., Ltd.
+Three Gorges Base Development Co., Ltd.
+Committee
+Chairman
+Director
+Dec 2019
+Aug 2018
+Beijing Yangtze River Juyuan Investment Director, GM
+Management Co., Ltd.
+67 / 259
+LI Shaoping
+Vice Chairman of the Nov 2016
+Board of Supervisors
+Jul 2020
+Vice Chairman, Secretary
+of the Party Committee
+Executive Director, legal |Dec 2020
+representative
+Chairman
+Sep 2015
+Jan 2021
+Director, GM, Secretary Dec 2019
+of the Party Committee
+Director, President
+Nov 2016
+Dec 2015
+Dec 2017
+China Three Gorges Power Operation Int' 1 Supervisor
+Co., Limited
+Hunan Taohua River Nuclear Power Co., Ltd Director
+66/259
+LI Shaoping
+LI Shaoping
+2020 Annual Report
+Three Gorges Jinsha River Chuanyun Supervisor
+Hydropower Development Co., Ltd.
+Hubei Energy Group Co., Ltd.
+Aug 2016
+Jun 2020
+2020 Annual Report
+III. Emoluments of Directors, Supervisors and Senior Management
+Applicable
+Decision-making procedures for
+remuneration of directors,
+supervisors and
+senior
+management
+Director
+Elected
+Additional
+ZHANG Xingliao
+GM
+Recruited
+Additional
+XIE Jun
+Vice GM
+Recruited
+Additional
+CHEN Hui
+Vice GM
+Recruited
+Additional
+External Director and Expert of SASAC Expert
+CHEN Guoqing
+LI Qinghua
+Additional
+Elected
+Director
+Basis for determining the
+remuneration of directors,
+supervisors and senior
+management
+Actual payment of remuneration
+to Directors, supervisors and
+senior management
+Total
+remuneration actually
+received by all directors,
+supervisors and
+senior
+management at the end of the
+Feb 2021
+reporting period
+The independent director's remuneration is determined based on the
+standards specified by the shareholders' meeting. The staff's and
+workers' representative supervisor's remuneration is determined
+based on his/her position at the Company and the performance
+appraisal result; and the Company pays no remuneration to any
+supervisor, except the staff's and workers' representative
+supervisor. The officer's remuneration is determined by the board
+of directors according to the Administration Measures on Officer's
+Remuneration.
+IV. Changes in Directors, Supervisors and Senior Management of the Company
+Applicable
+Name
+Position held
+Change
+Reason for Change
+ZHANG Xingliao
+The independent director's remuneration is determined based on the
+standards specified by the shareholders' meeting. The staff's and
+workers' representative supervisor's remuneration is determined
+based on his/her position at the Company and the performance
+appraisal result; and the Company pays no remuneration to any
+supervisor, except the staff's and workers' representative
+supervisor. The officer's remuneration is determined by the board
+of directors according to the Administration Measures on Officer's
+Remuneration, the production and operation performance of the
+Company and his/her personal performance appraisal result during
+the year and his/her term of office.
+Jun 2020
+Ma Zhenbo RMB 1,091,800; Zhang Xinglian RMB 151,200; Chen
+Guoqing RMB 705,700; Xue Fuwen RMB 940,600; Xie Feng RMB
+704,900; Zhan Pingyuan RMB 886,400; Guan Jielin RMB 962,100;
+Xie Jun RMB 911,900; Chen Hui RMB 944,800; Li Pingshi RMB
+940,600; Wang Hong RMB 940,400; Hu Yang RMB 845,400; Li
+Shaoping RMB 892,500; Chen Yanshan RMB 981,300; Yang
+Xingbin RMB 704,200; Zhang Chongjiu RMB150,000; Lv
+Zhenyong RMB150,000; Zhang Biyi RMB 150,000; Wen Bingyou
+RMB 150,000; Yanhua RMB 150,000
+Total remuneration of RMB 13,353,800
+Dec 2015
+Jinzhou Port Co., Ltd.
+Supervisor
+Mar 2017
+XIA Ying
+China Tendering Public Service Platform
+Supervisor
+Feb 2017
+65 / 259
+2020 Annual Report
+TENG Weiheng
+TENG Weiheng
+TENG Weiheng
+TENG Weiheng
+Co., Ltd.
+Yunnan Energy Investment Co., Ltd.
+Yunnan Yunwei Co., Ltd.
+Guodian Jinsha River Xulong Hydropower
+Development Co., Ltd.
+Guodian Jinsha River Benzilan Hydropower
+Development Co., Ltd.
+Director
+Director
+Supervisor
+Apr 2019
+Oct 2019
+XIA Ying
+Sep 2013
+Director
+Aug 2013
+ZHANG Chongjiu
+Independent Directors Committee of the Member of Committee
+Sep 2017
+May 2018
+Jul 2015
+Supervisor
+Feb 2016
+Listed Company Association of CSRC
+YANG Hua
+Nov 2020
+China State Shipbuilding Corporation
+Nov 2019
+YANG Hua
+Angang Group Co., Ltd.
+Director
+Jul 2019
+MO Jinhe
+MO Jinhe
+Director
+Director
+Chairman of the Board of Nov 2020
+Supervisors
+China Southern Power Grid Finance Co., Ltd.
+Dinghe Property Insurance Co., Ltd.
+SDIC Power Holdings Co., Ltd.
+Sep 2019
+Chairman, President
+Director
+Chairman, GM
+Nov 2019
+China Yangtze International (Hongkong) Director
+Co., Ltd.
+China Three Gorges International Power Director
+Operation Co., Ltd.
+Three Gorges Mechanical and Electrical Director
+Engineering Co., Ltd.
+Chongqing Three Gorges
+(Group) Co., Ltd.
+Hydropower
+Finance Department
+Director
+China Yangtze Power Sales Co., Ltd.
+Ltd.
+Three Gorges Electric Energy Co., Ltd.
+China Yangtze International (Hongkong)
+Co., Limited
+Director
+Director
+Dec 2020
+Sichuan Chemical Holdings (Group) Co., Head of Asset and
+Nov 2019
+Sep 2020
+Three Gorges Electric Energy (Hubei) Co.,
+Jan 2007
+Hubei Energy Group Co., Ltd.
+China Nuclear Power Co., Ltd.
+LI Shaoping
+SHENG Xiang
+Ltd.
+LI Shaoping
+Changjiang Power Capital Holdings Co., Ltd.
+Changdian Andes Investment Co., Ltd.
+Changjiang Power Investment Management
+Co., Ltd.
+ZHAN Pingyuan
+ZHAN Pingyuan
+ZHAN Pingyuan
+ZHAN Pingyuan
+ZHAN Pingyuan
+GUAN Jielin
+GUAN Jielin
+GUAN Jielin
+GUAN Jielin
+LI Shaoping
+XIE Jun
+XIE Jun
+XIE Jun
+XIE Jun
+of
+not
+Number of
+absences
+attend the
+Number
+Number
+attendances by
+attendances
+of
+at
+communication
+attendances
+Number
+of
+meeting in
+person for
+attendance
+of
+Number
+attendances
+at the general
+by proxy
+required
+in person
+Board
+meeting of
+the
+Independent
+director or
+http://www.sse.com.cn
+Director's
+2020 2nd Extraordinary
+http://www.sse.com.cn
+16 Sep 2020
+two
+2020-034
+Announcement
+No.
+17 Sep 2020
+General Meeting
+2020-056
+2020 3rd Extraordinary
+25 Nov 2020
+Announcement No.2020- 26 Nov 2020
+General Meeting
+074
+Particulars of the general meeting
+Non-applicable
+72 / 259
+2020 Annual Report
+III. Duty Performance of Directors
+(I). Directors attendance at the Board meeting and the general meeting
+Attendance at the Board meeting
+Number of
+Attendance
+at the general
+meeting
+Failing to
+name
+means
+Hongxin
+consecutive
+8
+5
+3
+0
+Yes
+0
+ZONG
+No
+8
+5
+3
+0
+No
+Yes
+LI
+No
+5
+5
+3
+0
+No
+0
+General Meeting
+Qinghua
+ZHOU
+No
+Renhuai
+HE
+Xingliao
+0
+the year
+times or not
+LEI
+No
+8
+5
+5
+3
+0
+Yes
+0
+MA
+No
+8
+8
+5
+0
+0
+No
+4
+Zhenbo
+ZHANG
+No
+0
+0
+0
+No
+meeting
+No. 1 Jul 2020
+Building 6, Galaxy SOHO, No.2 Nanzhugan hutong,
+Chaoyangmennei Avenue, Dongcheng District, Beijing
+30 Jun 2020
+Proceeds have been used for purposes specified in the prospectus.
+Applicable
+III. Use of Proceeds of Bond Offering
+China Chengxin Securities Rating Co., Ltd. ceased to engage in securities market credit rating
+business as from 26 February 2020, and its securities market credit rating business was succeeded by
+China Chengxin International Credit Rating Co. Ltd. The change of credit rating agency will not have any
+adverse impact on investors.
+During the reporting period, there was no change in the custodian for corporate bonds issued by the
+Company and the credit rating agency was changed from China Chengxin Securities Rating Co., Ltd. to
+China Chengxin International Credit Rating Co., Ltd.
+Others:
+Applicable
+China Chengxin International Credit Rating Co., Ltd.
+CHEN Xiaodong
+CITIC Securities Building, No 48, Liangmaoqiao Rd,
+Chaoyang District, Beijing
+address
+010-60837028
+Tel
+Name
+Office
+IV. Credit Rating of Bonds
+Credit rating agency
+address
+Custodian of bonds
+Office
+CITIC Securities Co., Ltd.
+Name
+II. Contact person and Contact Details of Custodian and Credit Rating Agency of Corporate
+Bonds
+Other information on corporate bonds
+Non-applicable
+During the reporting period, the Company made timely payment of interest on “16 CYPC 01”, “18
+CYPC 01", "18 CYPC 02", "19 CYPC 01”, “19 CYPC 02” and “19 CYPC 03" for year 4, year 2, year 2,
+year 1, year 1 and year 1 respectively, and made timely payment of interest on and principal of “17 CYPC
+01". During the reporting period, the Company made no interest payment on “20 CYPC 01” and “20
+CYPC 02" as the same was not due.
+Information on principal and interest payment on corporate bonds
+Applicable
+SSE
+principal
+payable upon
+maturity
+(Variety 2)
+Contacts
+2025
+Applicable
+2020 Annual Report
+Quick ratio
+8
+-5.00
+0.20
+0.19
+Current ratio
+43,886,978,391.20 12.24
+49,260,397,415.55
+EBITDA
+Unit: RMB Yuan
+Year-on-year
+Change (%)
+2019
+2020
+The latest rating is expected to be issued by 30 June 2021 and will be disclosed on the website of
+SSE. During the reporting period, the Company engaged China Chengxin International Credit Rating Co.,
+Ltd. to assign a rating on the issuer as well as on "16 CYPC 01", "17 CYPC 01", "18 CYPC 01" "18 CYPC
+02" "19 CYPC 01" "19 CYPC 02" "19 CYPC 03" "20 CYPC 01" and "20 CYPC 02". China Chengxin
+76 / 259
+Main Indicators
+Accounting Figures and Financial Indicators of the Company for the Last Two Years as
+at the End of the Reporting Period
+VIII.
+The 2019 Annual Custodian Report has been disclosed as required and is available on the website
+of SSE. The custodian has no conflict of interest in the performance of its duties.
+Applicable
+VII. Duty Performance by Custodian of Corporate Bonds
+Non-applicable
+VI. Holding of Bondholder Meetings
+There were no changes to the credit enhancement mechanism, debt servicing plan and other related
+circumstances of the Company's bonds during the reporting period.
+Applicable
+Credit Enhancement Mechanism, Repayment Scheme and Other Relevant Information of and
+on Corporate Bonds during the Reporting Period
+V.
+International Credit Rating Co., Ltd. maintained AAA rating on the issuer with a stable outlook and
+assigned AAA rating on "16 CYPC 01", "17 CYPC 01", "18 CYPC 01" "18 CYPC 02" "19 CYPC 01" "19
+CYPC 02" "19 CYPC 03" "20 CYPC 01" and "20 CYPC 02". Rating on the Company remained stable
+without change. The AAA rating indicates that the rated has very strong payment ability and has very low
+default risk, basically immune to adverse economic environment.
+Applicable
+Announcement
+arrears,
+500,000,000
+The Board of Directors is responsible for the general management of the Company and is accountable
+to the general meeting. Board meetings include routine board meetings and extraordinary board meetings.
+A routine board meeting is required to be called twice a year. An extraordinary board meeting may be
+called upon demand.
+The Supervisory Committee conducts independent supervision and inspection of the finance and
+accounting work of the Company and the performance of the duties of the Directors and senior managers.
+The Supervisory Committee is accountable to the general meeting. A routine supervisory committee
+meeting is required to be called semi-annually.
+The senior management is responsible for daily operations of the Company and performs duties in
+accordance with laws and regulations as well as the authorizations of the Board. All senior managers have
+a current term of office of three years.
+The Company operates within a comprehensive governance framework, which aims to add value to
+shareholders through the adoption of international best practice. Certain responsibilities of the Board of
+Directors are delegated to the specialised committees to assist the Board with carrying out its functions
+and to ensure independent oversight of internal control and risk management. The three principal
+specialised committees (the Strategy and Environment Committee, the Audit Committee and the
+Remuneration and Appraisal Committee) play an essential role in supporting the Board of Directors in
+fulfilling its responsibilities and ensuring that the highest standards of corporate governance are
+maintained throughout the Company. All the specialised committees are accountable to, and submit
+working reports to, the Board of Directors, which shall consider the opinions of the specialised committees
+before making any decisions on matters related to the duties of the specialised committees.
+The Strategy and Environment Committee is mainly responsible for studying and giving suggestions
+on the Company's development strategies, major investment decisions, major environmental protection
+issues and construction of rule of law-related work.
+The Audit Committee assists the Board of Directors with, amongst the other matters: (i) making
+proposals on the engagement or change of the Company's external auditors; (ii) supervising the
+Company's internal controls; and (iii) monitoring the Company's internal audit policy and its
+implementation.
+71 / 259
+2020 Annual Report
+The Remuneration and Appraisal Committee assists the Board of Directors with, amongst other: (i)
+studying the appraisal standards for Directors and senior management; and (ii) formulating remuneration
+plans or schemes for Directors and senior management based on the coverage, responsibility and
+significance of their management role with reference to the remuneration of relevant positions in other
+relevant enterprises.
+The Company believes that the increasing diversity of the administrative, management and
+supervisory bodies is one of the key factors that help support its strategic objectives and maintain
+sustainable development. At present, the Company's administrative, management and supervisory bodies
+are diversified in terms of gender, region and professional background.
+I.
+Particulars in Relation to Corporate Governance
+Applicable
+The general meeting is the governing authority of the Company. General meetings include annual
+general meetings and extraordinary general meetings. An annual general meeting is required to be called
+once a year, within six months following the end of the previous fiscal year.
+The Company continues to improve the corporate legal person governance structure, establishes and
+improves the corporate legal person governance structure with the “three boards and one level" (namely,
+shareholders' meetings, board of directors, board of supervisors and operation level) as the key in strict
+accordance with such laws and regulations as the Company Law, the Securities Law, the Code of
+Corporate Governance for Listed Companies and the Stock Listing Rules of Shanghai Stock Exchange,
+carries out work according to their respective authorities and procedures, creates a good corporate
+governance environment and duly protects the shareholders' interests.
+Whether the Company's corporate governance deviated materially from relevant CSRC requirements? If
+any, provide the reason.
+Non-applicable
+II. General Meeting
+Session of meeting
+Convening date
+2019 Annual General
+Meeting
+21 May 2020
+Websites designated for Resolution disclosing
+disclosure of resolutions
+http://www.sse.com.cn
+date
+Announcement No. 22 May 2020
+2020-026
+http://www.sse.com.cn
+2020 1st Extraordinary
+During the reporting period, the Company organized 25 general shareholders' meetings and meetings
+of board of directors and its committees and board of supervisors, considered and passed 138 proposals
+and 100% proposals are passed. The Company provides services to directors and supervisors for them to
+perform duties, establishes the decision-making mechanism of “pre-reporting, daily reporting and material
+matter reporting", organized on-site survey and periodic trainings for directors and supervisors to increase
+their performance level. The Company timely amends and formulates the basic management rules, amends
+the Insiders Registration Rules and the Information Disclosure System to promote the regulated operation
+of the Company. The information disclosure is true, correct, complete, timely and fair and zero error is
+realized. The Company continues to innovate the investor relationship management approach, develop the
+investor communication channel and properly protect the investors' rights and interests.
+3.70
+The Company is principally governed by the general meeting of its shareholders ("general meeting"),
+the Board of Directors, the Supervisory Committee and senior management.
+Section 8 Corporate Governance
+Jan
+8
+8 Jan
+2020
+Interest
+payable
+annually in
+Power Co., Ltd. payable upon
+163097.
+SH
+CYPC
+02
+of China Yangtze
+Power Co., Ltd.
+Bonds (Tranche I)
+20
+2020 Corporate
+Offered
+The Company is required to comply with the Code of Corporate Governance for Listed Companies.
+The Code of Corporate Governance for Listed Companies is available at the CSRC website.
+Publicly
+75 / 259
+principal
+arrears,
+2023
+annually in SSE
+3.37
+1,500,000,000
+Jan
+8
+2020 Annual Report
+value matching, with the improvement of performance ability as the core and supported by the key talents
+projects.
+The talent training work of the Company closely revolves around the development strategy and
+annual key tasks of the Company, combined with the COVID-19 prevention and control situation
+throughout the year, and flexibly adopts multiple measures such as online training, cloud learning, sub-
+regional training, and overseas training., organizes and implements key talent training projects, and
+promotes the precise empowerment of all kinds of talents. The Company optimizes and improves the
+expert management system, selects and hires new corporate experts, conducts in-depth job technical skills
+training and job skills qualification evaluation, encourages employees to study professional skills based
+on their positions, and cultivates and inherits the craftsman spirit and culture within the Company,
+organizes and implements training programs such as rotation exercises for management positions in the
+department, operation management practice training, corporate mergers and acquisitions and restructuring
+training, overseas project management and team building, carries out English and Spanish training, and
+enhances reserve and training of operation management talents, especially including market-oriented and
+internationalized talents, and strives to gather the employees that are compatible with the world's leaders
+in the hydropower industry.
+2020 Annual Report
+7
+SSE
+0
+payable upon
+maturity
+Interest
+2018
+Bonds (Tranche II)
+Power Co., Ltd.
+Publicly Offered
+Corporate 18
+of China Yangtze 02
+payable
+CYPC
+143825. 27 Sep 27 Sep
+principal
+annually
+2,350,200,000 3.15
+arrears,
+SH
+2018
+2021
+principal
+payable upon
+maturity
+Interest
+Publicly Offered
+2019 Corporate 19
+of China Yangtze 01
+Power Co., Ltd.
+in
+payable
+SSE
+2,500,000,000 4.19
+136762.
+SH
+17 Oct 17 Oct
+2016
+2026
+3,000,000,000
+3.35
+arrears,
+SSE
+of China Yangtze
+01
+principal
+Power Co., Ltd.
+payable upon
+maturity
+arrears,
+Interest
+2018 Corporate
+Bonds (Tranche I) CYPC
+of China Yangtze 01
+Power Co., Ltd.
+Offered
+18
+payable
+annually
+in
+143188.
+SH
+26 Jul 26 Jul
+2018
+2021
+Publicly
+CYPC
+annually
+Bonds (Tranche I) CYPC
+payable
+2019
+Corporate 19
+annually
+in
+Bonds (Tranche III) CYPC
+163052.
+SH
+6
+2019
+Dec 6 Dec
+2022
+2,000,000,000 3.49
+arrears,
+Publicly Offered
+SSE
+Power Co., Ltd.
+principal
+payable upon
+maturity
+Publicly Offered
+2020 Corporate
+Bonds (Tranche I)
+of China Yangtze
+Interest
+20
+payable
+CYPC
+01
+163096.
+SH
+8 Jan
+2020
+0.18
+of China Yangtze 03
+in
+Interest
+SSE
+155177.
+SH
+19 Feb 19 Feb
+2019
+2022
+3,000,000,000 3.45
+arrears,
+SSE
+principal
+payable upon
+maturity
+Interest
+payable
+CYPC
+155674.
+SH
+maturity
+4
+2019
+4 Sep
+2,000,000,000 3.80
+arrears,
+2024
+Publicly Offered
+2019 Corporate 19
+of China Yangtze 02
+Bonds (Tranche II)
+Power Co., Ltd.
+annually in
+principal
+payable upon
+Sep
+Bonds (Tranche I)
+in
+annually
+8
+15
+No
+Zhenyong
+ZHANG
+Yes
+8
+8
+0
+0
+No
+0
+80
+Biyi
+Yes
+8
+8
+5
+0
+0
+No
+0
+Bingyou
+YAN Hua
+Yes
+8
+WEN
+8
+Yes
+Chongjiu
+No
+0
+Chuangen
+ZHAO
+No
+8
+2
+0
+No
+Yan
+ZHAO
+No
+LV
+8
+1
+No
+0
+Qiang
+ZHANG
+Yes
+8
+8
+5
+0
+0
+No
+7
+5
+0
+0
+IX. Particulars of Internal Control Audit Report
+Applicable
+Grant Thornton LLP (±¾F($*¥Œ¦)) was engaged to evaluate the Company's
+internal control over its financial reporting for 2020 for its effectiveness, and issued the Auditor's Report
+on Internal Control for 2020, the full texts of which was disclosed on the website of the Shanghai Stock
+Exchange at http://www.sse.com.cn on 30 April 2021.
+Whether to disclose the auditor's report on internal control: Yes
+Type of auditor's opinion on internal control: standard report without qualified opinion
+74 / 259
+Bond name
+2020 Annual Report
+Section 9 Information on Corporate Bonds
+Applicable
+I. Basic Information on Corporate Bonds
+Abbrevi
+ation
+Explanation of material defects with internal control during the reporting period
+Non-applicable
+Code
+Maturity
+date
+Outstanding
+balance
+Interes
+t rate
+(%)
+Unit: RMB Yuan
+Repayment
+terms
+Traded
+on
+Interest
+Publicly Offered
+2016 Corporate 16
+payable
+Issued
+date
+At the twenty-third meeting of the Fifth Session of the Board of Directors of the Company, the "2020
+Annual Report on Internal Control Report" was considered and approved, and the full report was disclosed
+on the website of the Shanghai Stock Exchange at http://www.sse.com.cn on 30 April 2021.
+Whether the Self-assessment Report on Internal Control Is Disclosed
+Applicable
+No
+0
+Explanation of failure to attend the Board meeting for two consecutive times
+Applicable
+In 2020, due to the impact of the COVID-19 pandemic, some directors failed to attend the Board
+meetings in person for two consecutive times, but participated in Board decisions by proxy.
+Number of Board meetings held during the year
+8
+Including: number of onsite meetings
+3
+Number of meetings through communication 5
+means
+Number of meetings both onsite and through 0
+communication means
+(II). Independent Directors' objections to relevant matters
+Non-applicable
+73 / 259
+2020 Annual Report
+(III). Other information
+Non-applicable
+IV. Disclosure of Important opinions and recommendations and details on objections (if any) from
+the special committees under the Board during the reporting period
+Non-applicable
+V. Explanation of Risks Identified by the Board of Supervisors
+Non-applicable
+VI. Explanation of Circumstances Where the Company Cannot Maintain the Ability to Operate
+Independently and Maintain Independence from Its Controlling Shareholder in Terms of
+Business, Personnel, Assets, Organizational Structure and Finance
+Non-applicable
+In case of competition with its controlling shareholder, the Company should have countermeasures, work
+progress and subsequent work plan.
+Non-applicable
+VII. Establishment and Execution of Assessment Mechanism and Incentive Mechanism for Senior
+Management during the Reporting Period
+Applicable
+The Company adopts a tenure system and contractual management for senior management personnel.
+The annual remuneration is determined by the Board of Directors in accordance with the "Regulations
+Governing the Remuneration of Senior Management" and is based on the operating performance of the
+Company as well as the results of their individual performance appraisals.
+VIII.
+1
+0.19
+Mingshan
+Asset-liability ratio (%)
+2020 Annual Report
+79 / 259
+Accuracy in operating cost
+The key audit matters are matters that we consider to be the most important for the audit of the current
+financial statements based on professional judgment. The response to these matters is based on the overall
+audit of the financial statements and the formation of audit opinions. We do not express a separate opinion
+on these matters.
+3. Key Audit Matters
+We conducted our audit in accordance with the China Certified Public Accountants Auditing
+Standards. Our responsibilities under those standards are further described in the Auditor's
+Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the
+Company have fulfilled our other ethical responsibilities in accordance with China Code of Ethics for
+Certified Public Accountants. We believe that the audit evidence we have obtained is sufficient and
+appropriate to provide a basis for our opinion.
+Basis for Opinion
+2.
+In our opinion, the accompanying financial statements, in all material respects, have been prepared
+in accordance with the requirements of Accounting Standards for Business Enterprises and give a fair
+view of the consolidated financial position of the Company and the financial position of the parent as at
+31 December 2020, and the consolidated operating results and cash flows of the Company and the
+operating results and cash flows of the parent for the year then ended.
+We have audited the accompanying financial statements of China Yangtze Power Co., Ltd.
+(hereinafter referred to as "CYPC" or "the Company") which comprise the consolidated balance sheet
+and the parent's balance sheet as at 31 December 2020, the consolidated income statement and the parent's
+income statement, the consolidated statement of cash flows and the parent's statement of cash flows, the
+consolidated statement of changes in shareholders' equity and the parent's statement of changes in
+shareholders' equity for year 2020, and notes to the financial statements.
+1. Auditor's Opinion
+To All Shareholders of China Yangtze Power Co., Ltd.,
+2020 Annual Report
+XYZH/2021BJAA30771
+Applicable
+Auditor's Report
+Financial Report
+Key audit matters
+The Company's operating costs are mainly
+depreciation of fixed assets used in production
+and fiscal charges, and such amounts have a
+material impact on the financial statements;
+For the above reasons, we have identified the
+accuracy of operating costs as a key audit matter.
+Audit response
+Main audit procedures we performed:
+-5.26
+80 / 259
+-Assess the adequacy of the disclosure of the
+acquisition in the financial statements.
+-Evaluate the reasonableness of the Company's
+division of asset groups and review the calculation
+of goodwill and the accounting for business
+combination;
+-review the reasonableness of the methods,
+assumptions and important parameters used to
+assess the fair value of the identifiable assets and
+liabilities of the Peru company at the acquisition
+date;
+-evaluate the reasonableness of the valuation
+methods, period and important parameters of the
+intangible assets;
+Obtain and review the transaction agreement for
+the acquisition of the Peru Companies, the payment
+of the acquisition price and, in this regard, review
+the Company's judgment as to the acquisition date;
+-evaluate the objectivity, independence and
+professional competence of the third-party valuer
+engaged by the Company;
+-
+I.
+Main audit procedures we performed:
+The equity acquisition transaction involves the
+determination of the acquisition date, the
+million.
+As at 31 December 2020, this significant asset
+acquisition resulted in goodwill of approximately
+RMB1,010 million and separately identified
+concessions of approximately RMB20,227
+As described in Note III and Note VII. 26 to
+consolidated financial statements of the
+Company, on 24 April 2020, the Company
+acquired 100% equity in Sempra Americas
+Bermuda Ltd. (now renamed Andes Bermuda
+Ltd., "AB Company") and 100% equity in
+Peruvian Opportunity Company S.A.C. ("POC")
+(collectively, "Peru Companies") for a
+consideration of RMB25,422 million, and
+engaged a qualified third party valuer to assess
+Peru Companies' identifiable assets and liabilities
+at the acquisition date. And the concession for
+electricity distribution and sales s was separately
+identified as an intangible asset.
+Significant asset acquisition and recognition of identifiable intangible assets arising therefrom
+Key audit matters
+-Analyze operating costs for the year for its
+reasonableness using analytical review methods in
+conjunction with audit on accounts including fixed
+assets and construction in progress;
+- Observe and supervise counting of significant
+fixed assets used for production onsite;
+-Apply methods such as re-calculation to check
+amounts of fixed asset depreciation and fiscal
+charges included in operating costs for their
+accuracy;
+-
+Audit response
+Section 10
+As described in Note VI. 40 to consolidated
+financial statements of the Company, the
+Company incurred operating costs totaling
+RMB21,149 million in 2020, representing
+65.17% of total profit, which had a material
+impact on the financial statements;
+Non-applicable
+9.53
+EBITDA to interest ratio
+to interest ratio
+12.36
+8.98
+10.09
+18.95
+6.12
+8.44
+7.28
+-7.19
+3.34
+3.10
+Debt to EBITDA ratio
+-6.69
+49.40
+78/259
+46.10
+Interest coverage ratio
+12.91
+Net cash from operating activities
+X. Credit Line Granted by Banks during the Reporting Period
+During the reporting period, the Company strictly observed relevant agreements in the Prospectus for
+bonds of the Company and protected the interests of bond investors.
+Loan repayment rate (%)
+Applicable
+XI. Performance of Agreements or Undertakings in the Prospectus for Bonds During the Reporting
+Period
+During the reporting period, the Company received bank facility of RMB 191.7 billion. The balance
+of bank facility was RMB 161.723 billion at the end of the year. The Company repaid RMB 78.548 billion
+of loans during the reporting period.
+Applicable
+2020 Annual Report
+77 / 259
+XII. Material Events of the Company and the Impact on Operating Results and Solvency of the
+Company
+During 2020, the Company repaid principal of “19 CYPC CP001”, “19 CYPC CP002", "19 CYPC
+CP003", "19 CYPC SCP005”, “20 CYPC SCP001", "20 CYPC SCP002", "20 CYPC SCP003" and "20
+CYPC SCP004" on maturity and made due payment of interest on “02 Three Gorges Bond”, “03 Three
+Gorges Bond", "15 CYPC MTN001", "16 CYPC MTN001", "16 CYPC MTN002”, “18 CYPC MTN001",
+"19 CYPC MTN001” and “19 CYPC MTN002". Payment of principal of and interest on the above bonds
+and debt financing instruments amounted to about RMB 19.823 billion.
+IX. Information on Payment of Principal of and Interest on Other Bonds and Debt Instruments of
+the Company
+0.00
+100
+100
+Interest payment rate (%)
+0.00
+100
+100
+Applicable
+7,500,533,260.58
+Total current liabilities
+78,466,607,623.54
+Dividend Payable
+Non-current liabilities
+44
+85 / 259
+7,998,650,574.74
+55,958,549,831.05
+Other current liabilities
+Fees and commission
+23,924,325,034.79
+current liabilities
+Current portion of non- 43
+for sale
+Liabilities classified as held
+Payable Reinsurance
+payable
+2020 Annual Report
+2,499,762,842.57
+Insurance reserves
+Deferred income
+45
+36,473,316.08
+Deferred Tax Liabilities
+Provisions
+employee benefits payable
+Long-term payroll and
+21,232,945,436.94
+20,080,756,020.71
+48
+Long-term Payable
+Lease liabilities
+Perpetual debt
+share
+Including: Preference
+43,794,792,492.21
+24,600,000,000.00
+37,527,057,075.03
+46
+Bonds payable
+14,447,141,791.44
+Long-term borrowings
+payable
+640,897,029.23
+1,091,987,201.14
+9,164,940.98
+33,980,139.67
+37
+Receipts in advance
+18,701,549.83
+86,819,605.55
+867,671,236.16
+36
+Accounts payable
+Contract liabilities
+26,658,209.68
+liabilities
+financial
+Derivative
+trading
+768,403,141.10
+Other non-current liabilities
+Financial liabilities held for 33
+institutions
+Notes payable
+48,910.52
+Financial assets sold
+under agreements to buy
+Customer deposits and
+balances
+Interest
+Including:
+2,106,242,913.91
+21,042,264,353.26
+120,539,909.11
+4,235,444,499.44
+16,960,189,786.68
+41
+Other payables
+40
+Taxes payable
+219,231,174.29
+benefits payable
+employee 39
+Payroll and
+brokerage deposits
+Securities underwriting
+brokerage
+deposits
+Customer
+from banks and other
+financial institutions
+897,073,966.87
+Total
+29,219,094.32
+non-current
+53
+146,466,914,515.91
+90,508,364,684.86
+74,038,882,459.75
+152,505,490,083.29
+5,833,758.06
+874,792,997.65
+16,245,669.92
+7,276,220.13
+1,960,405,682.52
+30
+Paid-in Capital
+22,741,859,230.00
+22,038,670.15
+III Operating profit
+32,895,853,337.57
+Add:
+Non-operating 74
+50,968,275.16
+income
+Less:
+Non-operating
+disposal of assets
+22,000,000,000.00
+Capital Reserves
+Including: Preference
+Retained earnings
+General reserve
+24,319,522,433.93
+24,319,522,433.93
+59
+Surplus reserve
+Special reserve
+income
+2,352,431,567.60
+313,556,807.71
+comprehensive 57
+Other
+Less: Treasury Shares
+44,364,313,786.27
+56,928,124,174.94
+55
+Capital reserve
+Perpetual debt
+share
+75
+liabilities
+491,280,818.61
+26,792.08
+26,297,890,222.70
+21,543,493,635.57
+to owners of the parent
+2. Net profit attributable
+to non-controlling interests
+VI、
+income, net of tax
+Other comprehensive
+(I) Other comprehensive
+income, net of tax, attributable
+to owners of the parent
+1. Net profit attributable
+208,371,576.12
+-2,342,891,062.80
+407,999,197.81
+-2,034,622,149.75
+406,775,213.14
+90 / 259
+EQUITY:
+SHAREHOLDERS'
+Total Liabilities
+23,953,464.62
+(2) Categorized by ownership
+from
+discontinuing operations
+26,932,726,653.01
+banks and other financial
+334,933,992.54
+expenses
+IV Profit/(loss) before tax
+32,455,540,794.12
+26,627,011,754.79
+Less: Income tax expense 76
+5,949,278,995.30
+5,059,564,654.60
+V、 Net profit /(loss)
+26,506,261,798.82
+21,567,447,100.19
+(1) Categorized by operation continuity
+1. Net profit from
+26,506,261,798.82
+21,567,447,100.19
+continuing operations
+2. Net profit
+-35,595,283.18
+Deposits and balances from
+21
+Borrowing from the central
+17,673,000.00
+Notes receivable
+financial
+assets
+Derivative
+trading
+Financial assets held for
+financial institutions
+Accounts receivable
+Loans to banks and other
+9,231,213,791.79
+Cash 1
+7
+31 December 2019
+31 December 2020
+2020 Annual Report
+determination of the transaction consideration and
+fair value at the acquisition date, the calculation
+and apportionment of goodwill, the analysis of
+control and the accounting for a business
+combination under common control, which are
+significant in amount and involve management's
+estimates and judgments.
+For these reasons, we have identified significant
+asset acquisitions and the recognition of
+identifiable intangible assets arising therefrom as
+key audit matters.
+Settlements Provision
+5
+3,650,048,602.74
+Financing receivables
+receivable
+Interest
+Including:
+68,071,011.56
+497,300,115.36
+8
+Other receivables
+provision receivable
+Reinsurance contract
+14,453,284.98
+2,560,000.00
+2,944,436,813.72
+7,323,452,880.02
+Due from reinsurers
+receivable
+premium
+Insurance
+48,859,512.50
+7
+Prepayments
+4. Other Information
+Management of CYPC (“management”) is responsible for the other information which comprises the
+information included in the Company's annual report for the year ended 31 December 2020 other than the
+financial statements and our auditor's report thereon.
+Our opinion on the financial statements does not cover the other information and we do not express
+any form of assurance conclusion thereon.
+In connection with our audit of the financial statements, our responsibility is to read the other
+information and, in doing so, consider whether the other information is materially inconsistent with the
+financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
+Shine Wing Certified Public Accountants LLP
+China Certified Public Accountant: ZHAN Jun
+(Engagement Partner)
+China Certified Public Accountant: QIU Xin
+Beijing
+PRC
+29 April 2021
+83 / 259
+II.
+Financial Statements
+2020 Annual Report
+CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+Prepared by: China Yangtze Power Co., Ltd.
+31 December 2020
+Item
+CURRENT ASSETS:
+Cash
+and
+equivalents
+From the matters communicated with those charged with governance, we determine those matters
+that were of most significance in the audit of the financial statements of the current period and are therefore
+the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes
+public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
+should not be communicated in our report because the adverse consequences of doing so would reasonably
+be expected to outweigh the public interest benefits of such communication.
+Dividends
+We also provide a statement to those charged with governance on compliance with the ethical
+requirements associated with independence and communicate with those charged with governance all
+relationships and other matters that may reasonably be considered to affect our independence, and related
+precautions (if applicable).
+(6) Obtain sufficient and appropriate audit evidence about the financial information of entities or
+operations in CYPC to express our opinion on the financial statements. We are responsible for
+directing, supervising and performing audit at group level and are solely liable for our opinion.
+If, based on the work we have performed, we conclude that there is a material misstatement of this
+other information, we are required to report that fact. We have nothing to report in this regard.
+5.
+Responsibilities of Management and Those Charged with Governance for the Financial
+Statements
+Management is responsible for the preparation of the financial statements that give a fair view in
+accordance with requirements of Accounting Standards for Business Enterprises, and for such internal
+control as management determines is necessary to enable the preparation of financial statements that are
+free from material misstatement, whether due to fraud or error.
+In preparing the financial statements, management is responsible for assessing the Company's ability
+to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
+going concern basis of accounting unless management either intends to liquidate the Company or to cease
+operations, or has no realistic alternative but to do so.
+81259
+2020 Annual Report
+Those charged with governance are responsible for supervising the Company's financial reporting
+process.
+6. Auditor's Responsibilities for the Audit of the Financial Statements
+Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
+are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
+includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit
+conducted in accordance with the China Certified Public Accountants Auditing Standards will always
+detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
+considered material if, individually or in the aggregate, they could reasonably be expected to influence the
+economic decisions of users taken on the basis of these financial statements.
+As part of an audit, in accordance with accordance with the Auditing Standards, we exercise
+professional judgment and maintain professional skepticism throughout the audit. We also:
+(1) Identify and assess the risks of material misstatement of the financial statements, whether due to
+fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
+evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
+a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
+involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
+control.
+(2) Obtain an understanding of internal control relevant to the audit in order to design audit
+procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
+on the effectiveness of internal control.
+(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
+estimates and related disclosures made by management.
+(4) Conclude on the appropriateness of management's use of the going concern basis of accounting
+and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
+conditions that may cast significant doubt on the Company's ability to continue as a going concern.
+If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's
+report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
+modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
+auditor's report. However, future events or conditions may cause the Company to cease to continue
+as a going concern.
+(5) Evaluate the overall presentation, structure and content of the financial statements, and whether
+the financial statements represent the underlying transactions and events in a manner that achieves
+82 / 259
+2020 Annual Report
+fair presentation.
+We communicate with those charged with governance regarding, among other matters, the planned
+scope and timing of the audit and significant audit findings, including any significant deficiencies in
+internal control that we identify during our audit.
+bank
+45,473,100.00
+receivable
+expenditures
+Development
+191,462,744.50
+20,614,325,419.64
+26
+Intangible assets
+6,880,639,435.66
+226,291,965,212.17
+Goodwill
+Right-of-use asset
+Productive biological assets
+progress
+2,993,468,500.20
+in 22
+Construction
+231,119,863,354.48
+60
+Fixed assets
+Oil and gas assets
+28
+1,010,349,814.92
+Long-term prepaid expenses
+21,308,000,000.00
+24,057,628,342.50
+32
+296,482,881,040.89
+285,447,734,318.45
+34,272,485.05
+Short-term borrowings
+Current liabilities
+330,827,096,559.03
+316,151,484,430.24
+Total assets
+Total non-current assets
+15,586,434.83
+Other non-current assets
+1,742,787.89
+369,173,036.54
+385,247,857.13
+30
+Deferred tax assets
+1,205,923.35
+2020 Annual Report
+84 / 259
+27,552,840.37
+5,812,035,941.91
+NON-CURRENT
+459,771,956.64
+11,035,146,722.44
+948,456,661.57
+14,675,612,128.79
+Total current assets
+13
+Other current assets
+current assets
+Current portion of non-
+Assets held for sale
+Contract assets
+222,400,775.52
+282,060,444.83
+9
+Inventories
+agreements to resell
+under
+purchased
+assets
+Financial
+ASSETS:
+50,045,000.00
+Loans and advances
+14
+125,275,104.17
+Investment properties 20
+4,713,666,463.26
+non-current 19
+Other
+financial assets
+instruments investments
+4,432,380,427.04
+3,609,195,163.56
+equity 18
+Other
+investments
+40,258,231,503.89
+50,424,131,310.62
+equity 17
+Long-term
+Long-term receivables
+Other debt investments
+1,148,277,903.43
+1,139,169,084.08
+Debt investment
+67,815,084,345.02
+16,800,000.00
+Equity attributable to
+16,128,866,900.78
+shareholders' equity
+Total
+22,934,762,401.97
+22,934,762,401.97
+Retained earnings
+Surplus reserve
+2,502,766,455.34
+15,732,091,090.28
+1,820,853,213.49
+comprehensive income
+Other
+Shares
+46,906,964,332.39
+59,502,183,193.81
+Treasury
+Less:
+Capital reserve
+Special reserve
+TOTAL
+LIABILITIES AND
+123,128,524,940.05
+61
+57,783,367,039.83
+2020
+Note
+7
+CONSOLIDATED INCOME STATEMENT
+For the year ended 31 December 2020
+and
+fee
+Net
+Net earned premiums
+Interest income
+Including: Operating revenue
+I、 Total revenue
+Item
+Head of Accounting Department: Zhang Na
+Chief Accountant:Zhan Pingyuan
+Legal Representative:Lei Mingshan
+EQUITY
+SHAREHOLDERS'
+110,076,584,279.98
+debt
+57,783,367,039.83
+Perpetual
+Including:
+Deferred income
+Provisions
+payable
+and employee benefits
+payroll
+Long-term
+Long-term Payable
+Lease liabilities
+Deferred
+debt
+Preference share
+40,439,102,884.09
+34,948,377,070.45
+Including:
+17,600,000,000.00
+7,000,000,000.00
+Bonds payable
+borrowings
+Perpetual
+Tax
+Liabilities
+Other non-current
+22,000,000,000.00
+22,741,859,230.00
+Capital Reserves
+Paid-in Capital
+EQUITY:
+79,635,492,588.25
+85,942,911,396.34
+SHAREHOLDERS'
+Liabilities
+58,941,858,981.33
+42,663,821,954.79
+Total
+2020 Annual Report
+902,756,097.24
+88/259
+715,444,884.34
+liabilities
+Total non-current
+liabilities
+Preference share
+Unit: RMB yuan
+2019
+49,874,086,874.95
+Including: Share of
+2,077,234,391.59
+3,182,977,402.41
+income/(loss)
+3,074,753,621.99
+4,052,756,076.57
+68
+Investment
+profits or loss of associates
+71,556,891.30
+2,606,789.45
+67
+Add: Other income
+income
+100,213,191.69
+Interest
+5,200,957,545.39
+5,166,955,172.60
+with positive value)
+5,886,834.66
+and joint ventures
+Gain
+from
+Note
+73
+Gain/ (loss) from
+losses
+-17,737,932.85
+Assets impairment 72
+losses
+3,342,701.66
+-1,492,867.05
+Credit impairment 71
+-26,947,041.04
+-172,887,058.21
+70
+Gain/ (loss) on the
+changes in fair value
+Net exposure hedging gains/
+(losses)
+Exchange gains or
+losses
+cost
+derecognition of financial
+assets measured at amortized
+(expressed
+Including: Interest expenses
+Finance expenses
+5,210,950,725.28
+dividends
+Policyholder
+insurance reserve
+Net provision of
+insurance claims
+Net payments for
+Surrenders
+expenses
+Fees and commission
+Interest expenses
+18,697,294,123.93
+21,149,454,266.44
+61
+Including: Cost of sales
+25,959,547,802.90
+28,776,077,425.53
+II、 Total cost of sales
+commission revenue
+49,874,086,874.95
+Reinsurance expenses
+Long-term
+Taxes and surcharges
+Selling expenses
+41,066,919.32
+813,629,745.43
+4,985,909,832.08
+66
+39,568,009.51
+65
+and
+1,292,798,651.45
+64
+and
+2020 Annual Report
+development expenses
+Research
+administrative expenses
+General
+1,168,814,152.25
+27,792,136.69
+89 / 259
+1,192,929,347.63
+115,417,318.42
+63
+62
+liabilities:
+Non-current
+liabilities
+Other current assets
+non-current assets
+Current portion of
+Assets held for sale
+Contract assets
+128,785,215.82
+148,625,915.93
+50,045,000.00
+400,005,769.04
+45,473,100.00
+receivable
+Dividends
+receivable
+Including: Interest
+67,315,820.17
+382,249,508.06
+2
+Other receivables
+Inventories
+current
+6,629,737,975.71
+315,531,193.73
+6,364,049,432.31
+3,912,606,164.86
+3,217,073,876.83
+instruments
+equity
+Other
+investments
+78,052,733,566.35
+103,001,611,185.89
+Long-term equity 3
+receivables
+Long-term
+investments
+debt
+Other
+Debt investment
+NON-CURRENT
+ASSETS:
+assets
+Total
+13,370,253.30
+21,721,249.03
+Prepayments
+receivables
+31 December 2020
+COMPANY STATEMENT OF FINANCIAL POSITION
+296,482,881,040.89
+330,827,096,559.03
+150,015,966,524.98
+178,321,606,475.74
+505,791,900.93
+6,203,459,484.14
+Chief Accountant: Zhan Pingyuan
+Head of Accounting Department: Zhang Na
+Legal Representative:Lei Mingshan
+AND
+EQUITY
+TOTAL LIABILITIES
+SHAREHOLDERS'
+Total shareholders' equity
+interests
+Non-controlling
+owners of the parent
+149,510,174,624.05
+172,118,146,991.60
+Prepared by: China Yangtze Power Co., Ltd.
+investments
+Note
+31 December 2020
+2,300,000.00
+1,640,765,860.31
+1,681,426,962.93
+2020 Annual Report
+Financing
+Accounts receivable 1
+Notes receivable
+assets
+Derivative financial
+4,195,981,088.98
+31 December 2019
+Unit: RMB Yuan
+86 / 259
+for trading
+Financial assets held
+equivalents
+3,978,908,570.72
+Cash and Cash
+CURRENT ASSETS:
+17
+Item
+56,473,906,836.25
+Other non-current
+financial assets
+Other payables
+1,018,564,145.60
+2,689,038,478.78
+Taxes payable
+payable
+97,805,901.99
+82,124,919.31
+employee benefits
+1,627,706,272.34
+and
+Contract liabilities
+18,701,549.83
+49,275,071.09
+8,788,393.37
+25,618,826.08
+42,133,196.84
+8,788,393.38
+Receipts in advance
+Accounts payable
+Notes payable
+liabilities
+4,920,000,000.00
+Payroll
+4,082,085,127.73
+Including: Interest
+902,865,871.52
+20,693,633,606.92
+43,279,089,441.55
+current
+Total
+liabilities
+7,998,650,574.74
+7,500,526,902.22
+current
+Other
+2,499,762,842.57
+20,453,152,452.60
+non-current liabilities
+Current portion of
+as held for sale
+Liabilities classified
+Payable
+Dividend
+payable
+837,531,967.98
+10,850,000,000.00
+Derivative financial
+held for trading
+Financial liabilities
+195,210,484.09
+Intangible assets
+Right-of-use asset
+Oil and gas assets
+biological assets
+Productive
+progress
+Construction
+946,462,767.36
+95,931,292,255.59
+27,552,840.37
+4,255,519,358.34
+464,366,936.37
+in
+91,912,217,948.12
+Fixed assets
+properties
+26,460,352.37
+Investment
+89,336,000.23
+3,535,850,527.86
+Development
+Goodwill
+Short-term
+borrowings
+Current liabilities:
+2020 Annual Report
+87 / 259
+189,712,076,868.23
+183,348,027,435.92
+98,251,997.77
+34,272,485.05
+209,071,436,336.39
+Total assets
+assets
+202,441,698,360.68
+Total non-current
+assets
+15,586,434.83
+Other non-current
+73,320,614.32
+Deferred tax assets
+expenses
+Long-term prepaid
+expenditures
+Unit: RMB Yuan