diff --git "a/China/17.China Yangtze Power_$100.53 B_Energy/2022/results.txt" "b/China/17.China Yangtze Power_$100.53 B_Energy/2022/results.txt"
new file mode 100644--- /dev/null
+++ "b/China/17.China Yangtze Power_$100.53 B_Energy/2022/results.txt"
@@ -0,0 +1,39801 @@
+non-recurring gain or
+Unit: RMB Yuan
+Q4
+(Oct-Dec)
+14,923,522,489.62
+22,947,297,238.16
+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
+7/259
+(III) Explanation of differences between PRC Accounting Standards and International Accounting
+Standards:
+(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
+Non-applicable
+(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
+Non-applicable
+16.63
+Net profit attributable
+2020 Annual Report
+2020
+Items
+Applicable
+Items and Amounts of Non-recurring Gain or Loss
+X.
+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
+to shareholders of the 2,290,520,337.15
+Net cash flow from
+non-recurring gain or
+6,120,964,875.86
+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
+loss
+Weighted average ROE net of
+points
+16.31
+11.58
+296,482,881,040.89
+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
+295,496,988,645.53
+Net assets attributable 172,118,146,991.60
+As at 31 Dec 2020
+12.54
+36,464,419,570.28
+2020 Annual Report
+operating activities
+Net cash flow from 41,036,864,400.40
+loss
+Stock Code: 600900
+2020 Annual Report
+China Yangtze Power Co., Ltd.
+2020 Annual Report
+1 / 259
+As at 31 Dec 2019
+(II). Key Financial Indicators
+Key Financial Indicators
+Year-on-year
++ 1.94 percentage
+14.77
+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
+Gains and losses on disposal of 36,811,121.25
+non-current assets
+Tax return, reduction or
+exemption without proper
+Other
+2020 Annual Report
+226,231,419.93
+-794,969,953.03
+Period
+Change in the Impact on Profit
+Unit: RMB Yuan
+556,387,179.63
+-172,977,589.15
+-97,663,591.54
+413,219,604.88
+83,201.53
+non-current
+9 / 259
+4,432,380,427.04
+Other equity instrument
+investments
+Ending Balance
+Opening Balance
+Item
+Applicable
+XI. Items Measured at Fair Value
+122,242,748.85
+88,040,202.18
+The impact of income tax
+Total
+-13,414.08
+3,609,195,163.56
+5,812,035,941.91
+4,713,666,463.26
+-279,505,793.86
+6 / 259
+10 / 259
+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
+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%.
+(1) Cascade joint scheduling capability within Yangtze Basin
+III. Analysis of the core competiveness during the report period
+Applicable
+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.
+II. Material Changes in Major Assets of the Company during the Reporting Period
+Applicable
+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.
+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.
+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".
+Description of Principal Business and Operation Modes of the Company and Industry
+Overview for the Reporting Period
+I.
+Section 3 Business Review
+Non-applicable
+XII. Other Information
+106,618,735.65 106,618,735.65
+-967,857,011.24 404,039,844.70
+640,897,029.23
+8,963,758,656.05
+11,012,819,510.05
+Total
+for trading
+768,403,141.10
+Financial liabilities held
+financial assets
+71,189,689.12
+The impact on non-controlling -24,122,775.82
+interests
+Abbre.: CYPC
+non-recurring profit and loss
+15,998,784.43
+Profit and loss of entrusting
+Gains or losses from non- 205,222,701.21
+monetary assets exchange
+of the investee when the
+investment is acquired
+acquired by a company is less
+than the income from the fair
+value of the identifiable net assets
+joint venture and associates
+The investment cost of subsidiary, 50,250,031.87
+in current profit and loss
+non-financial companies included
+Capital occupation fee charged to
+national
+unified standard quota)
+others to invest or manage assets
+the company and are in
+accordance with the
+current profit and loss (except for
+3,267,515.32
+32,271,193.34
+Government grant included in the 6,357,797.00
+6,719,289.22
+26,792.08
+Unit: RMB Yuan
+2018
+2019
+an occasional basis
+formal approval documents or on
+or
+the government grants which are
+closely related to the business of
+Provision for impairment of
+various assets due to force
+debt
+majeure, such as natural disasters
+Profit and loss of
+restructuring
+66,991,950.45
+15,678,172.60
+Other profit and loss items
+-50,219,231.62 -108,221,391.30
+Other non-operating income and -200,395,826.32
+expenses except the above items
+Custody fee income from
+entrusted operation
+The impact of one-off adjustment
+on the current profit and loss
+according to the requirements of
+tax, accounting and other laws
+and regulations
+Profit and loss from changes in
+fair value of investment
+properties measured by fair value
+model
+Profit and loss from external
+entrusted loans
+Reversal of provision
+impairment of receivables tested
+individually
+1,027,147.83
+for
+461,825,906.25 800,015,479.62
+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
+2020 Annual Report
+Profits and losses arising from
+contingencies unrelated to the
+normal operation of the company
+Current net profit and loss of
+subsidiaries from the beginning
+of the period to the date of
+business combination under the
+common control
+10,474,742.13
+8 / 259
+The profit and loss exceeding the
+fair value arising from the
+transaction whose transaction
+price is obviously unfair
+restructuring, such as
+expenses for staff placement and
+integration
+the
+company
+cost of
+The
+conforming to the definition of
+Important Note
+for the Year
+I.
+Fax
+E-mail
+Secretary to the Board
+Representative for Securities Affairs
+YUAN Haiying
+LI Shaoping
+22/F, Tower B, Focus Plaza, 1922/F, Tower B, Focus Plaza, 19
+Financial Street, Xicheng District, Financial Street, Xicheng District,
+Beijing
+010-58688900
+010-58688898
+cypc@cypc.com.cn
+5 / 259
+Beijing
+Tel
+010-58688900
+cypc@cypc.com.cn
+2020 Annual Report
+III. Basic Information
+Registered address of the Company
+Tower B, No. 1, Yuyuantan South Road, Haidian District,
+Beijing
+Postal code for registered address of the 100038
+Company
+Domestic office of the Company
+Tower B, Focus Plaza, 19 Financial Street, Xicheng
+District, Beijing
+Postal code for domestic office of the 100033
+Company
+Website of the Company
+010-58688898
+E-mail
+Contact address
+II. Contacts and Contact Information
+YP Andes
+GDR
+means
+means
+means
+means
+means
+Three Gorges Jinshajiang Chuanyun Hydraulic Power
+Development Co., Ltd.
+Yangtze Power Capital Holding Co., Ltd.
+China Yangtze Power International (Hong Kong) Ltd.
+Three Gorges Power Co., Ltd.
+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.
+Luz del Sur S.A.A
+Name
+means Yangtze Power Andes Investment Co., Ltd.
+Global Depository Receipts
+Section 2 Company Profile and Financial Summary
+I. Corporate Information
+Chinese Name of the Company
+中国长江电力股份有限公司
+Abbreviation of Chinese Name of the KILA
+Company
+English Name of the Company
+China Yangtze Power Co., Ltd.
+Abbreviation of English Name of the CYPC
+Company
+Legal Representative of the Company
+LEI Mingshan
+means
+http://www.cypc.com.cn
+cypc@cypc.com.cn
+IV. Information Disclosure and Place at Which the Report is Available
+The Company's designated press media for China Securities Journal, Shanghai Securities News,
+information disclosure
+Securities Times, and China Three Gorges Project
+News
+VII. Key Accounting Figures and Financial Indicators for Recent Three Years
+(I). Key Accounting Figures
+Unit: RMB Yuan
+Key
+Accounting
+2020
+2019
+Year-on-
+year
+Change (%)
+2018
+Revenue
+57,783,367,039.83
+49,874,086,874.95
+ZHAN Jun and QIU Xin
+21,543,493,635.57
+51,213,965,746.52
+22,610,936,420.39
+Net profit attributable 26,297,890,222.70
+to shareholders of the
+listed company
+Net profit attributable 26,175,647,473.85
+to shareholders of the
+listed company net of
+21,130,274,030.69
+23.88
+2020 Annual Report
+22,054,549,240.76
+15.86
+22.07
+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
+CSRC designated website for Annual Report
+Annual Report available at
+http://www.sse.com.cn, http://www.cypc.com.cn
+Room 2215, Tower B, Focus Plaza, 19 Financial Street,
+Xicheng District, Beijing
+V.
+Stock Profile/GDR Profit
+Stock Profile/GDR Profile
+Share/GDR Class
+A Share
+GDR
+Listed on
+Stock Abbreviation
+Stock Code
+SSE
+长江电力
+600900
+LSE
+China Yangtze Power
+Co., Ltd.
+CYPC
+VI. Other Relevant Information
+Name
+Office address
+Auditor (Domestic)
+Names
+of
+Luz del
+Peru Companies
+Figures
+Three Gorges Power
+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
+2 / 259
+2020 Annual Report
+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.
+VI. Forward-looking Risk Statements
+Applicable
+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.
+VII.Any Funds Occupied by the Controlling Shareholder or its Related Parties for Non-operating
+Purpose?
+None
+VIII. Any Guarantee Provided for Any Third Party in Violation of Required Decision Making
+None
+V. Proposal for Profit Distribution or Proposal for Converting Capital Reserve into Share Capital
+for the Reporting Period as Adopted by the Board
+Procedures?
+No
+X. Material Risk Disclosure
+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".
+3 / 259
+Contents
+2020 Annual Report
+Section 1
+Interpretations
+Section 2
+Company Profile and Financial Summary
+.5
+IX. Whether over 50% of the directors cannot guarantee the truthfulness, accuracy and
+completeness of the Annual Report disclosed by the Company?
+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.
+•
+•
+means
+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:
+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
+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."
+II. Absent Directors
+Position of Absent
+Name of Absent Director Reason for Absence
+Director
+Director
+Other
+Proxy's Name
+business MA Zhenbo
+engagement
+Director
+ZONG Renhuai
+Other
+engagement
+business ZHAO
+Qiang
+Director
+ZHAO Yan
+Other
+engagement
+business ZHOU
+Chuangen
+III. Shine Wing Certified Public Accountants LLP issued a standard Auditor's Report without
+Section 3
+Business Review
+HE Hongxin
+Section 4
+For the purpose of this Report, unless the context otherwise requires, the following terms have the
+following meanings:
+Glossary of Terms
+means
+State-owned Assets Supervision and Administration
+Commission of the State Council
+SASAC
+CSRC
+means
+CTG
+means
+China Securities Regulatory Commission
+China Three Gorges Corporation
+Comanpy, the Company, CYPC
+means
+China Yangtze Power Co., Ltd.
+TG Finance
+TG Capital
+TG Development
+means
+means
+means
+Three Gorges Finance Co., Ltd.
+Three Gorges Capital Holding Co., Ltd.
+Yangtze Three Gorges
+Technology & Economy
+YP International
+10
+YP Capital
+Development Co., Ltd.
+Interpretations
+I.
+Chuanyun
+2020 Annual Report
+.12
+Section 1 Interpretations
+Key Matters.
+.31
+Section 6
+.51
+Operating Results Discussion and Analysis.
+Section 7
+Particulars of Directors, Supervisors, Senior Management and Employees.
+.58
+Section 8
+Corporate Governance.
+Changes in Ordinary Shares and Shareholders.
+Section 9
+4 / 259
+259
+Document Available for Inspection.
+.71
+Section 11
+79
+Section 5
+Information on Corporate Bonds.
+Section 10
+Financial Report.....
+.75
+Cash payments for distribution of
+dividends or profit and interest
+expenses
+17,937,278,417.40
+17,426,803,608.00
+Cash payments relating to other
+financing activities
+Subtotal of cash outflows
+Net cash flows from financing
+activities
+IV EFFECT OF EXCHANGE
+RATE CHANGES ON CASH
+AND CASH EQUIVALENTS
+V、 NET INCREASE IN CASH
+AND CASH EQUIVALENTS
+Add: Cash and cash equivalents
+66,460,857,258.01
+at beginning of year
+CASH AND CASH
+EQUIVALENTS AT END OF
+YEAR
+Chief Accountant: Zhan Pingyuan
+32,351,234.50
+44,053,650.01
+54,204,429,651.90
+2,617,422,613.43
+-10,754,774,638.27
+49,632,396.56
+VI
+Legal Representative: Lei Mingshan
+Head of Accounting Department: Zhang Na
+Proceeds from borrowings
+36,234,800,000.00
+III Cash flows from financing
+activities:
+82,367,600,146.96
+633,486,211.31
+18,126,171.38
+105,645,041,990.10
+106,278,528,201.41
+57,548,602,445.57
+503,748,784.49
+62,619,343,108.07
+63,123,091,892.56
+-23,910,928,054.45 -5,574,489,446.99
+Cash received from investment
+13,305,360,942.13
+43,516,491,323.20
+55,706,082,619.74
+Cash receipts relating to other
+financing activities
+Subtotal of cash inflows
+56,821,852,265.33
+55,706,082,619.74
+Repayments for debts
+48,990,000,000.00
+-217,072,518.26
+General
+reserve
+4,195,981,088.98
+I Balance at the
+end of previous
+22,000,000,000.00
+44,364,313,786.27
+2,352,431,567.60
+24,319,522,433.93
+56,473,906,836.25 505,791,900.93 150,015,966,524,98
+year
+Changes
+Total
+shareholders'
+equity
+in
+Corrections
+of
+prior period errors
+Business
+combination under
+common control
+Others
+Net cash flows from investing
+activities
+II Balance at the
+beginning of the
+accounting policies
+Non-
+controlling
+interests
+Retained
+earnings
+reserve reserve
+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
+Unit: RMB yuan
+Item
+Equity attributable to owners of the parent
+Other equity instruments
+Capital
+Share capital
+preference
+share
+Perpetual
+debt
+Others
+reserve
+Less:
+Treasury
+Shares
+Other
+Special Surplus
+comprehensive
+income
+836,942,303.17
+Sub-total of cash outflows
+FROM
+Cash paid for investments
+79
+7,317,940,980.02
+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
+Add: Cash and cash equivalents at
+beginning of year
+Legal Representative: Lei Mingshan
+Head of Accounting Department:Zhang Na
+COMPANY STATEMENT OF CASH FLOWS
+For the year ended 31 December 2020
+Item
+Notes
+2020
+Unit: RMB yuan
+2019
+FLOWS
+I.CASH
+OPERATING ACTIVITIES
+Cash receipts from the sale of
+goods and the rendering of services
+Chief Accountant: Zhan Pingyuan
+Tax refunds received
+CASH EQUIVALENTS
+1,906,272,811.77
+shareholders of
+22,000,000,000.00
+108,579,541.22
+2,592,739.85
+subsidiaries
+Cash payments relating to other
+78
+financing activities
+7,724,761,705.94
+1,983,455,803.98
+14,648,665,135.50
+Net cash flows from financing
+activities
+123,006,651,415.12 114,996,554,286.81
+-3,007,326,032.09
+-27,873,589,870.07
+IV EFFECT OF EXCHANGE RATE
+CHANGES ON CASH AND CASH
+EQUIVALENTS
+-86,009,125.31
+24,080,600.22
+V、 NET INCREASE IN CASH AND
+79
+Subtotal of cash outflows
+Cash received relating to other
+operating activities
+Sub-total of cash inflows
+21,026,800,526.20
+17,148,080,217.05
+II、 CASH FLOWS FROM
+INVESTING ACTIVITIES:
+Cash received from disposal of
+80,987,493,485.00
+56,365,021,388.44
+investments
+Cash received from investment
+income
+11,834,017,698.59
+1,368,418,342.85
+Cash received from disposal of
+subsidiaries and other business
+units
+11,688,319.11
+12,170,157.00
+95 / 259
+2020 Annual Report
+Cash received from disposal of
+subsidiaries and other business
+units
+Cash received relating to other
+investing activities
+Sub-total of cash inflows
+Purchase of property, plant and
+equipment, intangible assets and
+other non-current assets
+1,171,410,900.13
+11,273,458,974.84
+336,177,375.67
+410,422,370.54
+32,127,048,335.16
+28,830,424,910.03
+173,211,165.88
+151,673,005.61
+32,300,259,501.04
+28,982,097,915.64
+Cash paid for purchase of goods
+3,218,720,948.02
+2,713,810,036.23
+and services
+Cash paid to and on behalf of
+1,466,666,561.48
+1,125,997,660.82
+employee
+Cash paid for taxes
+6,177,649,094.80
+7,658,032,625.87
+Cash paid relating to other
+operating activities
+Sub-total of cash outflows
+Net cash flows from operating
+activities
+Net cash paid for acquisition of a
+subsidiary and other operating units
+Cash paid relating to other
+investing activities
+44,364,313,78627
+earnings
+24,319,522,433.93
+6,742.18
+18,265,832.24
+I. Balance at the end
+of previous year
+Changes
+accounting policies
+Corrections of prior
+period errors
+Business
+561,377,843.66
+combination
+Others
+under
+II、 Balance at the
+beginning of the year
+III
+Increase/(decrease)
+during the period
+(1)
+comprehensive
+income
+common control
+Total
+-543,118,753.60
+481,143,91691
+Non-
+controlling
+interests
+Total shareholders'
+equity
+Share capital
+preference
+share
+Perpetua
+1 debt
+Capital reserve
+Others
+Treasury
+Shares
+comprehensive
+142,684,553,067.03
+1
+reserve
+income
+reserve
+22,000,000,000.00
+in
+44295,503,16639
+3,187,914292.67
+24,319,522,433.93
+48,400,469,257.13
+reserve
+(2) Shareholders'
+contributions and
+reduction
+48,961,847,100.79
+481,150,659.09
+142,702,818,89927
+68,810,619.88
+-292,363,971.47
+7,512,059,735.46
+24,641,241.84
+7,313,147,625.71
+406,775213.14
+24,319,522,433.93
+100 / 259
+25,177,44929
+21,975,446298.00
+-14,960,000,000.00
+-2,592,739.85
+-14,962,592,739,85
+-14,960,000,000.00
+-2,592,739.85
+-14,962,592,739.85
+non-controlling
+21,543,493,635.57
+2,644,795,539.07
+44,295,503,166.39
+22,000,000,000.00
+(i) Shareholders'
+contribution
+ordinary share
+in
+(ii) Other equity
+instruments
+contributions
+3. (iii) Amount of
+share-based
+payments recognized
+in equity
+(iv) Others
+(3).
+distribution
+Profit
+(i) Transfer to surplus
+reserve
+(ii) Transfer to
+general Reserve
+(iii) Distribution to
+shareholders
+Retained
+2,352,431,567.60
+Surplus
+Genera
+instruments
+contributions
+3.
+Amount of
+share-based
+payments
+recognized
+in
+equity
+2. Other equity
+4. Others
+distribution
+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
+(3)
+to share capital
+ordinary share
+Shareholders
+56,473,906,836.25 505,791,900.93 150,015,966,524.98
+year
+III
+Increase/(decrease)
+741,859,230.00
+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
+'contributions in 741,859,230.00
+i )
+comprehensive
+-2,034,622,149.75
+26,297,890222.70 -99,897,336.93 24,163,370,736.02
+income
+97/259
+741,859,230.00
+12,562,562,126.53
+(ii) Shareholders'
+contributions and
+reduction
+1.
+Total
+(iii) Loss made up
+by surplus reserves
+(iv) Changes in the
+12,562,562,126.53
+4,252,610.14
+22,741,859,230.00
+1248,262.14
+56,928,124,174.94
+-965,324.07
+313,556,807.71
+24,319,522,433.93
+99/259
+-45,035.09
+237,902.98
+4252,610.14
+67,815,084,345.02 6,203,459,484.14 178,321,606,475.74
+CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+For the year ended 31 December2020
+2019
+2020 Annual Report
+Unit: RMB yuan
+Equity attributable to owners of the parent
+Other equity instruments
+Less:
+Other
+Item
+2020 Annual Report
+end of the period
+V、 Balance at the
+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
+(vi) Others
+(5). Special reserve
+(i). Additions
+(6) Others
+Special
+18,643,807,212.31
+(ii). Utilisation
+81,704,081,939.00
+Interest income
+Add: Other income
+Investment income/(loss)
+Including: Share of profits or
+loss of associates and joint ventures
+Gain from derecognition of
+financial assets measured at amortized
+cost
+(losses)
+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
+(expressed with positive value)
+Add: Non-operating income
+Interest
+Finance 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
+Research and
+development
+expenses
+Including:
+expenses
+Less: Non-operating expenses
+Less: Income tax expense
+15,593,234,314.78
+3,885,963,636.63
+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
+-518,292,306.81
+192,298,455.67
+(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
+52,629,588.57
+III Profit/(loss) before tax
+27,852,846.92
+10,769.12
+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
+15,618,011,056.43
+2,776,197,071.16
+2,997,856,378.73
+33,182,530.97
+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
+90,347,208.15
+-1,264,312,395.37
+64,755,054.09
+-308,268,913.05
+1,223,984.67
+24,163,370,736.02
+24,263,268,072.95
+-99,897,336.93
+21,975,446,298.00
+251,672,950.90
+21,950,268,848.71
+-618,339,810.10
+(I) Total comprehensive
+income attributable to owners
+of the parent
+19,291,552,358.96
+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
+(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
+(4) Changes in fair value
+of enterprise's own credit risk
+2. Other comprehensive
+income to be reclassified to
+profit or loss
+(1) Other comprehensive
+income that can be reclassified
+to profit or loss in equity
+method
+(2) Changes in fair value
+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
+(II) Total comprehensive
+income attributable to non-
+controlling interests
+25,177,449.29
+VIII Earnings per share:
+(I) Basic earnings per
+2020
+2019
+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
+15,935,883.90
+13,040,013.62
+640,685,662.72
+469,739,955.76
+27,873,504.45
+Note 17
+Unit: RMB yuan
+INCOME STATEMENT OF COMPANY
+For the year ended 31 December 2020
+Selling expenses
+1.1853
+share (yuan /share)
+(II) Diluted earnings per
+1.1853
+share (yuan /share)
+91 / 259
+0.9792
+92/259
+0.9792
+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)
+Legal Representative: Lei Mingshan
+Head of Accounting Department: Zhang Na
+Chief Accountant: Zhan Pingyuan
+Item
+I. Total revenue
+Less: Total cost of sales
+Taxes and surcharges
+2020 Annual Report
+3,356,909.21
+2,747,070.92
+3. Changes in fair value of other
+equity instrument 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
+93,115,101,485.00
+75,892,991,937.43
+Cash paid for investments
+3,627,862,822.44
+non-current assets
+Cash received from disposal of
+subsidiaries and other business units
+Cash received relating to other
+investing activitie
+12,180,759,493.47
+12,971,173,075.60
+Cash paid relating to other operating
+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
+41,036,864,400.40
+36,464,419,570.28
+Net proceeds from disposal of
+property, plant and equipment,
+intangible assets and other long-term
+assets
+Sub-total of cash inflows
+Purchase of property, plant and
+equipment, intangible assets and other
+Cash paid for taxes
+2,716,832,699.30
+24,000,543,409.77
+78
+5,974,723,001.24
+financing activities
+94 / 259
+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
+41,568,789.15
+95,990,337,350.22
+Cash receipts relating to other
+101,333,734,312.21 79,807,613,734.58
+87,122,964,416.74
+Proceeds from borrowings
+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
+129,152,357,916.23 82,524,446,433.88
+-36,037,256,431.23 -6,631,454,496.45
+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
+99,092,695,765.97
+1,681,923,377.15
+2020 Annual Report
+4,970,935,679.15
+150,729,666.52
+-160,770,942.67
+96,749,996.55
+-160,770,942.67
+96,749,996.55
+14,675,827,892.72
+12,497,879,963.04
+Legal Representative:Lei Mingshan
+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
+-521,649,216.02
+CASH FLOWS FROM
+OPERATING ACTIVITIES
+2020 Annual Report
+(II) Diluted earnings per share
+(II) Other comprehensive income
+to be reclassified to profit or loss
+2,610,978,872.63
+4. Changes in fair value of
+enterprise's own credit risk
+1. Other comprehensive income
+that can be reclassified to profit or loss
+in equity method
+2. Changes in fair value of other
+debt investments
+3. Amount of financial assets
+reclassified into other comprehensive
+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
+(I) Basic earnings per share
+(yuan /share)
+(yuan / share)
+Cash receipts from the sale of goods
+income
+Net increase in customer bank
+deposits and due to banks and other
+financial institutions
+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
+Cash paid for purchase of goods and
+services
+paid
+2020 Annual Report
+528,865,293.99
+196,076,781.07
+9,499,436,962.27
+and the rendering of services
+66,228,760,307.34
+56,619,180,876.95
+Cash paid to and on behalf of
+employee
+Sub-total of cash inflows
+78
+Cash received from interest, fees and
+commission
+Net increase in funds borrowed from
+other financial institutions
+Cash received relating to other
+operating activities
+Net cash received from re-insurance
+business
+Net increase in deposits and
+investments from insurers
+Net increase in funds deposit
+Net increase in repurchase business
+funds
+93 / 259
+Cash premiums received on original
+insurance contracts
+Unit: RMB yuan
+Net increase in loans from the central
+bank
+2019
+56,423,104,095.88
+Tax refunds received
+Net income from securities trading
+brokerage business
+65,699,895,013.35
+in ordinary share
+(i) Shareholders' contributions
+and reduction
+(2) Shareholders' contributions
+(1) Total
+income
+the period
+3. Increase/(decrease) during
+(ii) Other equity instruments
+contributions
+2. Balance at the beginning of
+the year
+Others
+comprehensive
+-14,960,000,000.00 -14,960,000,000.00
+2,912,857,187.73
+(3). Profit distribution
+(i) Transfer to surplus reserve
+(ii) Distribution to shareholders
+22,000,000,000.00
+46,853,868,130.51
+22,934,762,401.97
+17,554,693,479,57 112256,181,199.78
+53,096,201.88
+410,090,732.39
+-1,822,602,38929 -2,179,596,919,80
+289,048,452.22
+errors
+12,208,831,510.82 12,497,879,963.04
+103 / 259
+(iii) Amount of share-based
+payments recognized in equity
+(iv) Others
+Changes in accounting policies
+Corrections of prior period
+Treasury
+Shares
+1. Balance at the end of previous
+year
+22,741,859,230.00
+2019
+-14,960,000,000.00 -14,960,000,000.00
+2020 Annual Report
+32,656,734.89
+59,502,183,193.81
+-2,849,992.37
+2,849,992.37
+1,820,853,213.49
+-965,324.07
+22,934,762,401.97 16,128,866,900.78
+31,691,410.82
+123,128,524,940.05
+Other equity instruments
+Less:
+Other
+22,000,000,000.00
+Perpetual
+debt
+Others
+comprehensive
+income
+Special Surplus
+reserve
+reserve
+Total
+shareholders'
+equity
+46,853,868,130,51
+3240207,021.24
+-327,349,833.51
+22,934,762,401.97 17223,756,309.16
+330,937,170.41
+112,252,593,862.88
+3,587,33690
+Item
+Share capital
+preference
+share
+Capital reserve
+(iii) Others
+1. Company profile
+(i) Capital reserves converted to
+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.
+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.
+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.
+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.
+2. Scope of consolidated financial statements
+Applicable
+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
+IV. PREPARATION BASIS OF FINANCIAL STATEMENTS
+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
+of the period
+1.
+Applicable
+III. GENERAL INFORMATION OF THE COMPANY
+2020 Annual Report
+Head of Accounting Department: Zhang Na
+share capital
+(ii) Surplus reserves converted
+to share capital
+(iii) Loss made up by surplus
+reserves
+(iv) Changes in the defined
+benefit plan transferred
+retained earnings
+to
+(v) Other comprehensive
+income transferred to retained
+earnings
+(vi) Others
+(i). Additions
+(i). Additions
+(ii). Utilisation
+(4) Transfer within equity
+(6) Others
+Legal Representative: Lei Mingshan
+22,000,000,000.00
+2020 Annual Report
+53,096,201.88
+46,906,964,332.39
+Chief Accountant: Zhan Pingyuan
+104 / 259
+-699,139,184.61
+699,139,184.61
+-699,139,184.61
+699,139,184,61
+2,502,766,455.34
+229,426,91528
+22,934,762,401.97 15,732,091,09028
+282,523,117.16
+110,076,584,27998
+4. Balance at the end of the
+period
+4. Balance at the end
+Total shareholders'
+equity
+(ii). Utilisation
+44,364,313,78627
+2,352,431,567.60
+24,319,522,433.93
+229,426,91528
+56,473,906,83625
+2056.53240
+505,791,900.93
+300294,067.56
+150,015,966,524,98
+Legal Representative:Lei Mingshan
+COMPANY STATEMENT OF CHANGES IN EQUITY
+For the year ended 31 December 2020
+Unit: RMB yuan
+Chief Accountant:Zhan Pingyuan
+2020
+Head of Accounting Department:Zhang Na
+Item
+Share capital
+Other equity instruments
+preference Perpetual
+share
+debt
+Less:
+Other
+Special
+Capital reserve
+Others
+Treasury
+Shares
+comprehensive
+income
+Surplus reserve
+Retained earnings
+reserve
+1. Balance at the end
+of previous year
+22,000,000,000.00
+46,906,964,332.39
+2,502,766,455.34
+68,810,619.88
+699,139,184.61
+-699,139,184.61
+699,139,184.61
+Statement of compliance with accounting standards for business enterprises
+(iv) Others
+(4) Transfer within
+equity
+(i) Capital reserves
+converted to
+capital
+share
+(ii) Surplus reserves
+converted to share
+capital
+(iii) Loss made up by
+surplus reserves
+(iv) Changes in the
+defined benefit plan
+transferred
+retained earnings
+22,934,762,401.97
+(V)
+to
+Other
+income transferred to
+retained earnings.
+(vi)Others
+(5). Special reserve
+(i). Additions
+(ii). Utilisation
+(6) Others
+4. Balance at the end
+of the period
+22,000,000,000.00
+2020 Annual Report
+-699,139,184.61
+comprehensive
+15,732,091,090.28
+110,076,584279.98
+101 / 259
+(ii)Other
+equity
+instruments
+contributions
+(iii) Amount of share-
+based
+payments
+recognized in equity
+(iv) Others
+(3). Profit distribution
+(i) Transfer to
+surplus reserve
+(ii) Distribution to
+shareholders
+(iii) Others
+(4) Transfer within
+equity
+ordinary share
+(i) Capital reserves
+converted to share
+capital
+(iii) Loss made up by
+surplus reserves
+(iv) Changes in the
+defined benefit plan
+102 / 259
+-14,960,000,000.00 -14,960,000,000.00
+-14,960,000,000.00 -14,960,000,000.00
+-2,849,992.37
+2,849,992.37
+transferred to retained
+earnings
+(v)
+comprehensive
+Other
+income transferred to
+retained earnings
+(vi) Others
+(5). Special reserve
+(i). Additions
+(ii) Surplus reserves
+converted to share
+capital
+(6) Others
+13,304,421,356.53
+12,562,562,126.53
+2020 Annual Report
+income
+Changes
+accounting policies
+in
+Corrections of
+prior period errors
+Other
+2. Balance at the
+beginning of the year
+3. Increase/(decrease)
+during the period
+(1)
+comprehensive
+(2) Shareholders'
+22,000,000,000.00
+46,906,964,332.39
+2,502,766,455.34
+13,304,421,356.53
+22,934,762,401.97 15,732,091,090.28
+741,859,230.00
+12,595,218,861.42
+-681,913,241.85
+396,775,810.50
+13,051,940,660.07
+Total
+-679,063,249.48
+15,354,891,142.20 14,675,827,892.72
+741,859,230.00
+12,562,562,126.53
+contributions
+(i)Shareholders'
+contributions
+in 741,859,230.00
+110,076,584,279.98
+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.
+Retained
+earnings
+Accounting period
+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
+1)
+Classification, recognition and measurement of financial assets
+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.
+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.
+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
+2.
+110 / 259
+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
+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.
+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.
+Impairment of financial assets
+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.
+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.
+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.
+2) Recognition and measurement of transfer of 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.
+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.
+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.
+2020 Annual Report
+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.
+(1) Foreign currency transactions
+3)
+9. Foreign operations and foreign currency translation
+Applicable
+The Company's financial year is the calendar year, from 1st January to 31st December each year.
+3. Operating cycle
+Applicable
+4. Reporting currency
+The Company's functional currency is Renminbi.
+106 / 259
+2020 Annual Report
+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.
+The Company takes a 12-months year as a usual operating cycle.
+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.
+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.
+Cash and cash equivalents
+8.
+Applicable
+7. Joint arrangement and joint operations
+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 joint arrangements are joint ventures.
+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.
+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.
+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.
+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
+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.
+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.
+equipment
+9.70-33.33
+Straight-line basis 3-10
+Transportation
+equipment
+Electronic and Straight-line basis 3-12
+3.03-20.00
+0-3
+Machinery and Straight-line basis 5-32
+1.94-12.50
+0-3
+0-3
+Water retaining Straight-line basis
+and Straight-line basis
+structures
+Plant
+buildings
+1.67-2.50
+--
+40-60
+2020 Annual Report
+Annual
+depreciation
+rate (%)
+118 / 259
+Residuals rate (%)
+Depreciation life
+(year)
+0-3
+Depreciation method
+8-50
+8.08-33.33
+equipment
+Note: Water retaining structures include Gezhouba, Three Gorges Dam, Xiangjiaba and Xiluodu
+Category
+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
+Applicable
+24. Construction in progress
+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
+5.00-50.00
+2-20
+Other
+equipment
+12.50-20.00
+5-8
+Transportation
+1.67-20.00
+5-60
+Machinery and
+buildings
+1.00-5.00
+20-100
+and
+Annual
+depreciation
+rate (%)
+Highest economic useful Estimated residuals
+lives (year)
+rate (%)
+Category
+Plant
+13
+Order
+The estimated useful lives, estimated residual value rate and the depreciation rates of the fixed assets
+of Peru Company are as follows:
+other equupment
+The estimated useful lives, estimated residual value rate and the depreciation rates of the Company
+by categories are as follows:
+27. Oil and gas assets
+(2). Depreciation method
+26. Productive biological assets
+Non-applicable
+Buildings
+Non-applicable
+28. Right-of-use ass
+Non-applicable
+29. Intangible assets
+(1). Valuation, useful life and impairment testing
+Applicable
+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.
+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.
+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.
+The estimated useful lives of intangible assets with finite useful life of the Company are as follows:
+Number
+Category
+Softwares
+Estimated useful lives (year)
+1
+3-4
+2
+Car park use rights
+40-50
+3
+Land use rights
+30-40
+120 / 259
+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.
+Applicable
+2020 Annual Report
+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
+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.
+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'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.
+Applicable
+(1). Derecognition Conditions
+23. Fixed assets
+Land
+Permanent
+1.25
+80 years
+Buildings
+rate (%)
+value rate (%)
+(year)
+Category
+depreciation
+residual Annual
+Estimated
+Estimated useful life
+The estimated useful lives, net residual value rates and annual depreciation rates of investment
+properties of Peru Company are set out below.
+depreciation rate
+(%)
+1.94-12.50
+0-3
+8-50
+Applicable
+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.
+119/259
+fe (year)
+Dam, etc.
+value rate (%)
+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.
+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.
+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.
+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.
+(8)
+Exchangeable bonds
+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
+2020 Annual Report
+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
+2) Derecognition of financial liabilities
+method.
+Other financial liabilities are subsequently measured at amortised cost using the effective interest
+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.
+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
+Category
+12. Accounts receivable
+Group 1: Dividends receivable
+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
+111 / 259
+2020 Annual Report
+comprehensive income at the same time as it recognizes impairment losses or gains in profit or loss for
+the period.
+(4)
+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.
+Group 2: Receivables from Peru Company
+Expected credit loss model and accounting treatments of accounts receivable
+Non-applicable
+c. Other receivables
+Non-applicable
+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.
+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.
+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
+115/259
+2020 Annual Report
+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
+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.
+117 / 259
+2020 Annual Report
+Estimated useful li Estimated
+residual Annual
+13. Financing receivables
+The Company's long-term equity investments are mainly investments in subsidiaries, investments in
+associates and investments in joint ventures.
+Applicable
+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.
+(2). Method of determination of expected credit loss of contract assets and accounting treatment
+methods
+(1). Expected credit loss model and accounting treatments of debt investment
+Non-applicable
+18. Debt investment
+Non-applicable
+17. Assets classified as held for sale
+Non-applicable
+15. Inventories
+19. Other debt investments
+Applicable
+(1). Recognition methods and standards for the contractual
+16. Contract assets
+2020 Annual Report
+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.
+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.
+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.
+(1). Expected credit loss model and accounting treatments of other debt investments
+Non-applicable
+(1). Expected credit loss model and accounting treatments of long-term receivables
+Non-applicable
+14. Other receivables
+Expected credit loss model and accounting treatments of other receivables
+Non-applicable
+20. Long-term receivables
+The Company's inventories mainly comprise raw materials, revolving materials, spare parts, low-
+value consumables and goods on hand.
+21. Long-term equity investments
+459,771,956.64
+459,771,956.64
+11,035,146,722.44
+Debt investment
+1,148,277,903.43
+1,148,277,903.43
+NON-CURRENT ASSETS:
+Total current assets
+Other current assets
+assets
+11,035,146,722.44
+Loans and advances
+Prepayments
+127 / 259
+Other debt investments
+Long-term receivables
+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
+Investment properties
+Fixed assets
+Current portion of non-current
+Assets classified as held for sale
+68,071,011.56
+222,400,775.52
+2,560,000.00
+2,944,436,813.72
+2,560,000.00
+2,944,436,813.72
+14,453,284.98
+14,453,284.98
+Insurance premium receivable
+Banks and Other
+7,323,452,880.02
+7,323,452,880.02
+Cash and Cash equivalents
+Adjustments
+Due from reinsurers
+1 January 2020
+31 December 2019
+Construction in progress
+Reinsurance contract provision
+receivable
+Other receivables
+68,071,011.56
+Financing receivables
+Including: Interest receivable
+Dividends receivable
+50,045,000.00
+50,045,000.00
+Financial assets purchased under
+agreements to resell
+Inventories
+222,400,775.52
+Contract Asset
+Productive biological assets
+Current liabilities:
+Right-of-use asset
+Financial liabilities held for trading 768,403,141.10
+768,403,141.10
+Derivative financial liabilities
+Notes payable
+18,701,549.83
+18,701,549.83
+Accounts payable
+86,819,605.55
+86,819,605.55
+Receipts in advance
+9,164,940.98
+8,788,393.37
+Accounts receivable
+-376,547.61
+Receipts in advance
+8,788,393.37
+8,788,393.37
+Contract liabilities
+Payroll and employee benefits
+97,805,901.99
+97,805,901.99
+payable
+Taxes payable
+1,018,564,145.60
+1,018,564,145.60
+Other payables
+4,082,085,127.73
+institutions
+banks and other financial
+Deposits and balances from
+Borrowing from the central bank
+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
+191,462,744.50
+Development expenditures
+Goodwill
+Long-term prepaid expenses
+1,742,787.89
+1,742,787.89
+Oil and gas assets
+Deferred tax 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
+Short-term borrowings
+21,308,000,000.00
+21,308,000,000.00
+Other non-current assets
+Notes receivable
+(3) A market exists for the product produced by applying the intangible asset or a market exists for
+the intangible asset itself;
+Trading financial assets
+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
+122 / 259
+35. Provisions
+Applicable
+2020 Annual Report
+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.
+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.
+36. Share based payment
+Non-applicable
+37. Preferred shares, perpetual debts and other financial instruments
+Non-applicable
+38. Revenue
+(1). Accounting policies adopted for revenue recognition and measurement
+Applicable
+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.
+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.
+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
+123 / 259
+2020 Annual Report
+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.
+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.
+(i) The customer acquires and consumes the economic benefits arising from the Company's
+performance at the same time as the Company's performance.
+(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.
+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.
+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;
+(ii) The Company has physically transferred the goods to the customer;
+Applicable
+(iii) The Company has transferred to the customer major risks and rewards associated with legitimate
+ownership or ownership of the goods;
+(4). Other long-term employee benefits
+Applicable
+2020 Annual Report
+The estimated useful lives of the softwares and other intangible assets are 5 years.
+(2). Accounting policy for internal research and development expenditure
+Applicable
+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) 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;
+4,082,085,127.73
+(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;
+(5) Expenditure attributable to the development stage of the intangible asset can be measured
+reliably.
+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.
+30. Impairment of long-term assets
+Applicable
+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.
+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.
+31. Long-term deferred and prepaid expenses
+Non-applicable
+32. Contract liabilities
+(1). Recognition of contract liabilities
+Non-applicable
+33. Payroll and employee benefits payable
+(1). Short-term employee benefits payable
+Applicable
+121 / 259
+2020 Annual Report
+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.
+(2). Post-employment benefit
+Applicable
+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.
+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.
+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.
+(3). Termination 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.
+Derivative financial assets
+(iv) The customer has accepted the goods or services.
+Non-applicable
+43. Other significant accounting judgments and estimates
+Non-applicable
+44. Changes in significant accounting policies and estimates
+(1). Changes in significant accounting policies
+Applicable
+126 / 259
+Content of and reasons for
+changes in accounting policies
+The Ministry of Finance revised
+and issued Accounting
+Standard for Business
+Enterprises No. 14 Revenue
+-
+2020 Annual Report
+Approval procedure
+Relevant changes in accounting
+policy was adopted at the 15th
+(Cai Kuai [2017] No. 22) meeting of the Fifth Session of
+(hereinafter referred to as the
+new standard for revenue) in
+July 2017
+the Board of Directors of the
+Company.
+Remarks (materially affected
+financial statement items and
+amounts)
+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
+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.
+Others
+Nil
+(2). Changes in accounting estimates
+Non-applicable
+(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
+CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+Unit: RMB 100 million
+Item
+CURRENT ASSETS:
+Settlements Provision
+Loans to
+Financial Institutions
+(3). Identification and accounting treatment method of lease under the new lease standard
+Non-applicable
+(2). Differences in accounting policies for revenue recognition due to different operating models for
+the same type of business activities
+Non-applicable
+(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.
+39. Contract cost
+Non-applicable
+40. Government grants
+Applicable
+124 / 259
+2020 Annual Report
+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.
+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 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.
+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.
+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.
+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.
+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:
+(1) If the carrying value of the related asset is reduced upon initial recognition, the carrying value of
+the asset is adjusted.
+(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.
+(3) In other cases, it is recognized directly in profit or loss for the current period
+41. Deferred income tax assets / deferred income tax liabilities
+Applicable
+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
+2020 Annual Report
+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.
+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.
+42. Leases
+(1). Accounting treatment of operating lease
+Applicable
+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:
+(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.
+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.
+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
+Including: Interest Payable
+SHAREHOLDERS' EQUITY
+837,531,967.98
+31 December2019
+4,195,981,088.98
+1 January 2020
+Adjustments
+4,195,981,088.98
+2,300,000.00
+1,640,765,860.31
+2,300,000.00
+1,640,765,860.31
+Financing receivables
+Prepayments
+13,370,253.30
+13,370,253.30
+Other receivables
+67,315,820.17
+67,315,820.17
+Including: Interest receivable
+Dividends receivable
+50,045,000.00
+50,045,000.00
+Inventories
+128,785,215.82
+128,785,215.82
+Contract assets
+Assets classified as held for sale
+Current portion of non-current
+assets
+Other current assets
+Accounts receivable
+Total current assets
+Notes receivable
+Cash and Cash equivalents
+Cash and Cash equivalents
+2,352,431,567.60
+Special reserve
+Surplus reserve
+24,319,522,433.93
+24,319,522,433.93
+General reserve
+Retained earnings
+56,473,906,836.25
+56,473,906,836.25
+Equity attributable to owners of the
+149,510,174,624.05
+149,510,174,624.05
+parent
+505,791,900.93
+505,791,900.93
+150,015,966,524.98
+296,482,881,040.89
+150,015,966,524.98
+296,482,881,040.89
+Non-controlling interests
+Total shareholders' equity
+TOTAL LIABILITIES AND
+The explanation of other adjustments:
+Non-applicable
+COMPANY STATEMENT OF FINANCIAL POSITION
+Unit: RMB Yuan
+Item
+CURRENT ASSETS:
+Derivative financial assets
+2,352,431,567.60
+Non-CURRENT ASSETS:
+Other debt investments
+Development expenditures
+Goodwil
+Long-term prepaid expenses
+Deferred tax assets
+98,251,997.77
+98,251,997.77
+Other non-current assets
+34,272,485.05
+34,272,485.05
+Total non-current assets
+Total assets
+183,348,027,435.92
+183,348,027,435.92
+189,712,076,868.23
+49,275,071.09
+49,275,071.09
+Accounts payable
+18,701,549.83
+18,701,549.83
+Notes payable
+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
+89,336,000.23
+Debt investment
+89,336,000.23
+Right-of-use asset
+315,531,193.73
+6,364,049,432.31
+315,531,193.73
+6,364,049,432.31
+129 / 259
+2020 Annual Report
+Long-term receivables
+Long-term equity investments
+78,052,733,566.35
+78,052,733,566.35
+Other equity
+instruments
+3,912,606,164.86
+3,912,606,164.86
+investments
+Other non-current assets
+4,255,519,358.34
+4,255,519,358.34
+Investment properties
+Fixed assets
+27,552,840.37
+27,552,840.37
+95,931,292,255.59
+95,931,292,255.59
+Construction in progress
+946,462,767.36
+946,462,767.36
+Productive biological assets
+Oil and gas assets
+Intangible assets
+Dividend Payable
+Other comprehensive income
+44,364,313,786.27
+Other non-current liabilities
+Total Liabilities
+SHAREHOLDERS' EQUITY:
+Paid-in Capital
+Total non-current liabilities
+58,941,858,981.33
+58,941,858,981.33
+79,635,492,588.25
+79,635,492,588.25
+22,000,000,000.00
+22,000,000,000.00
+130 / 259
+Contract liabilities
+370,387.27
+370,387.27
+Financial assets sold under
+agreements to buy
+Customer deposits and balances
+from banks and other financial
+institutions
+Customer brokerage deposits
+Securities underwriting brokerage
+deposits
+Payroll and employee benefits
+payable
+Taxes payable
+Other payables
+902,756,097.24
+Including: Interest Payable
+902,756,097.24
+Deferred income
+837,531,967.98
+Liabilities classified as held for
+liabilities
+sale
+Current portion of non-current
+Other current liabilities
+2,499,762,842.57
+2,499,762,842.57
+7,998,650,574.74
+7,998,650,574.74
+Total current liabilities
+20,693,633,606.92
+20,693,633,606.92
+Non-Current liabilities:
+Long-term borrowings
+17,600,000,000.00
+17,600,000,000.00
+Bonds payable
+40,439,102,884.09
+40,439,102,884.09
+Including: Preference share
+Perpetual debt
+Lease liabilities
+Long-term Payable
+Long-term payroll and employee
+benefits payable
+Provisions
+Deferred Tax Liabilities
+Less: Treasury Shares
+Dividend Payable
+Payable Reinsurance
+Long-term payroll and employee
+benefits payable
+Provisions
+Deferred income
+Deferred Tax Liabilities
+Other non-current liabilities
+Total non-current liabilities
+Total Liabilities
+2020 Annual Report
+21,232,945,436.94
+21,232,945,436.94
+5,833,758.06
+5,833,758.06
+874,792,997.65
+874,792,997.65
+90,508,364,684.86
+90,508,364,684.86
+146,466,914,515.91 146,466,914,515.91
+SHAREHOLDERS' EQUITY:
+Paid-in Capital
+22,000,000,000.00
+22,000,000,000.00
+Capital Reserves
+Including: Preference share
+Perpetual debt
+Capital reserve
+44,364,313,786.27
+Long-term Payable
+Fees and commission payable
+Lease liabilities
+Including: Preference share
+Liabilities classified as held for
+sale
+Current portion of non-current
+liabilities
+Other current liabilities
+Total current liabilities
+Non-current liabilities:
+Insurance reserves
+Long-term borrowings
+Bonds payable
+120,539,909.11
+120,539,909.11
+2,106,242,913.91
+2,106,242,913.91
+21,042,264,353.26
+21,042,264,353.26
+897,073,966.87
+2,499,762,842.57
+2,499,762,842.57
+7,998,650,574.74
+7,998,656,735.08
+6,160.34
+55,958,549,831.05
+55,958,549,831.05
+24,600,000,000.00
+43,794,792,492.21
+128 / 259
+24,600,000,000.00
+43,794,792,492.21
+Perpetual debt
+897,073,966.87
+Non-applicable
+GENERACIONS
+Proportio
+n(%)
+Amount
+Book balance
+Opening balance
+assessed individually
+provision
+Carrying
+amount
+Bad debt provision
+Proportio
+n(%)
+Amount
+Amount
+Proportion
+Bad debt provision
+Closing balance
+Book balance
+2020 Annual Report
+Bad debt
+(%)
+Category
+Amount
+Carrying amount
+72.79
+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
+Proportio
+n(%)
+100.00
+3,650,048,602.74
+0.03
+1,155,841.99
+100.00
+3,651,204,444.73
+Bad debt provision
+Including:
+2,945,342,993.44
+Unit: RMB Yuan
+Applicable
+(2). Disclosed by bad debt provision methods
+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
+(1). Disclosure by aging
+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
+(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
+Applicable
+Aging
+Within 1 year
+134 / 259
+3,651,204,444.73
+Total
+More than 5 years
+4-5 years
+3-4 years
+More than 3 years
+2-3 years
+5,974.17
+6,124,352.24
+3,645,074,118.32
+Book balance at the end of the reporting period
+Unit: RMB Yuan
+1-2 years
+year
+Within 1
+Including: Item aged within 1 year
+2,657,790,696.57
+2,878,922,946.13
+97.74
+2,878,922,946.13
+balance of
+other
+receivables at
+the end of the
+year (%)
+Aging
+Closing balance
+Entity
+Proportion of
+total
+the
+(5). Top five accounts receivable based on debtors
+Applicable
+Balance of provision
+for bad debt at the end of
+the year
+(4). Accounts receivable written off as at the end of the reporting period
+Non-applicable
+Significant recovery or reversal of bad debt provision for the current period:
+Non-applicable
+1,531,903.86
+906,179.72
+Total
+receivable
+1,155,841.99
+-1,282,241.59
+-1,282,241.59 1,155,841.99
+Within 1
+State Grid Corporation
+1,979,486,679.59
+0.43
+15,847,778.90
+Within 1
+Three Gorges First Wind Farm Pakistan
+(Pvt) Limited
+year
+China branch
+8.02
+292,644,485.26
+Within 1
+State Grid Corporation, Central
+year
+10.34
+377,422,324.55
+Within 1
+China Southern Power Grid Co.,
+Ltd.
+year
+54.21
+1,531,903.86
+Non-applicable
+Accounts 906,179.72
+Closing
+balance
+66,420,047.31
+2,945,342,993.44
+46,731,935.33
+3,650,048,602.74
+1,155,841.99
+128
+46,731,935.33
+3,651,204,444.73
+Total
+portfolio
+226
+receivables
+3
+Peru Company
+945,525,970.84
+1,155,841.99 0.12
+25.93
+Receivables portfolio of 946,681,812.8
+business
+Other
+906,179.72
+136
+65,513,867.59
+Other changes
+Elimination
+or write-off
+or
+Provision
+Recovery
+Opening
+balance
+Category
+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
+2020 Annual Report
+135/259
+2,944,436,813.72
+906,179.72
+reversal
+(3). Endorsed or discounted notes receivable that is not yet matured as at the end of the reporting
+period
+2020 Annual Report
+133259
+3%
+7% 5%
+6%
+3% 6% 9%
+9%
+13% 3%
+Turnover tax amount payable
+Education surcharges
+Transfer income of financial
+products
+Income arising from leasing
+immovable assets
+Revenue from power sales,
+commodity trading income,
+income arising from leasing
+movable assets
+Tax Basis
+maintenance tax
+and
+construction
+City
+Taxable services income, taxable
+labor income
+Local Education surcharges
+Income tax
+House property tax
+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
+70% or 75% of the original value
+of real estate, rental income
+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
+The name of taxation unit
+Total
+Value-added tax
+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
+15,732,091,090.28
+Other comprehensive income
+46,906,964,332.39
+46,906,964,332.39
+Capital reserve
+2020 Annual Report
+Perpetual debt
+Including: Preference share
+Capital Reserves
+Less: Treasury Shares
+15,732,091,090.28
+Total shareholders' equity
+110,076,584,279.98
+Tax Rate
+Tax
+Applicable
+The principal kinds of taxes and related tax rates:
+1. 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.
+Non-applicable
+The explanation of other adjustments:
+SHAREHOLDERS' EQUITY
+189,712,076,868.23
+189,712,076,868.23
+TOTAL LIABILITIES AND
+110,076,584,279.98
+Value-added tax
+year
+The Company and its subsidiary (except the 25
+following companies)
+15
+64,721,396.96
+9,159,811,937.11
+Closing balance
+6,680,457.72
+Total
+Other monetary funds
+Bank balances
+Cash on hand
+9,231,213,791.79
+Item
+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
+meter
+RMB0.1/cubic
+Unit: RMB Yuan
+Opening balance
+4,989,301,496.47
+2,334,151,383.55
+(2). Notes receivable which have been pledged as security at the end of the reporting period
+Non-applicable
+Non-applicable
+Categories of notes receivable
+(1).
+4、 Notes receivable
+Non-applicable
+Derivative financial assets
+3
+Non-applicable
+Financial assets held for trading
+2、
+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
+Xiangjiaba Power
+Station
+Three Gorges Electric Energy Co., Ltd.
+meter
+Power
+production
+3.
+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.
+Applicable
+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%.
+Others
+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.
+29.5
+Peru Company
+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
+Income tax rate (%)
+Applicable
+(1) Property 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%.
+tax
+RMB0.09/cubic
+Power
+Xiluodu
+Water resources
+RMB0.008/kWh
+power
+Actual
+generation
+Water for power
+generation
+Tax rate
+Tax basis
+Classification
+Type of tax
+2020 Annual Report
+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
+for Actual water Station
+consumption
+State Grid Hubei Electric Power
+Value-added tax
+8,160,810.85
+2,773,863.89
+ECL(impaired)
+Total
+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
+Bad debt provision
+--Transfer to stage II
+Stage III
+Stage I
+RMB Yuan
+Unit:
+Applicable
+(9). Details of bad debt provision
+7,149,495.67
+20,799,875.45
+454,541,596.37
+Stage II
+28,341,528.94
+--Transfer to stage III
+139 / 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 interest receivable where there are changes in
+provision for the current period:
+2,714,581.01
+-20,246.07
+2,714,581.01
+--Reverse to stage II
+--Reverse to stage I
+Provision
+-20,246.07
+Other changes
+Write-off
+39,036.81
+2020 Annual Report
+39,036.81
+Elimination
+Reversal
+As at 31 December
+2020
+Total
+Other
+Peru's power industry
+446,362,969.17
+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
+3,114,211.37
+Within 1 year
+Within 1 year
+Aging
+Unit RMB Yuan
+Applicable
+(7). Aging analysis
+Other receivables
+Non-applicable
+Including: Items aged within 1 year
+1,836,606.44
+803,229.70
+4 to 5 years
+Social compensation Fund of 8,992,470.80
+10,786,040.44
+333,391.71
+Book balance as at the beginning
+of the reporting period
+2,530,947.63
+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
+Nature
+Unit: RMB Yuan
+1,862,915.04
+454,541,596.37
+561,664.65
+(8). Details of classification by nature
+Applicable
+Total
+More than 5 years
+Details of bad debt provision
+(10).
+Applicable
+Unit: RMB Yuan
+5,646,470.76
+Within
+Intercourse
+funds
+Lima
+1 year
+9,974.11
+2.19
+1.24
+9,974,110.51
+Intercourse
+funds
+1 year
+2.74
+12,433,461.84
+Within
+Intercourse
+funds
+1 year
+Within
+Intercourse
+funds
+Within
+5,210,999.91
+Within 1
+KALLPA
+Metropolitana
+Regional de
+Programa de Gobiemo
+Yangtze Three Gorges
+Industrial Co., Ltd.
+Administración Tributaria
+Nacional de Aduanas y de
+Development Co., Ltd
+Superintendencia
+Yunchuan Hydropower
+Three Gorges Jinsha River
+342,297.40
+80.43
+1 year
+/
+140 / 259
+365,588,329.75
+1.15
+332,323.29
+Others:
+73.11
+Within
+-20,246.07 2,714,581.01
+39,036.81
+2,773,863.89
+Total
+portfolio
+receivables
+-20,246.07 2,714,581.01
+Significant recovery or reversal of bad debt provision for the current period:
+Non-applicable
+Closing
+balance
+Changes in the current period
+Recovery Elimination
+or reversal or write-off
+39,036.81
+2,773,863.89
+Other
+Provision
+balance
+Category
+Opening
+Other
+changes
+(11). Other receivables written off as at the end of the current period
+Non-applicable
+Top five other receivables based on debtors
+(12).
+Applicable
+Unit:
+Intercourse
+funds
+(%)
+provision
+receivables
+bad debt
+other
+of
+Aging
+Closing
+balance of
+closing balance
+Closing balance
+Nature
+total
+to
+Proportion
+the
+Entity
+RMB Yuan
+332,323,286.73
+Non-applicable
+1 year
+Non-applicable
+5,219,640.75
+EL PACIFICO PERUANO-SUIZA
+Reason for not settled in
+time
+Aging
+Closing balance
+Entity
+Explanations on belated settlement of significant prepayments aged over 1 year:
+1-2 years
+100.00
+100.00
+48,859,512.50
+Total
+years
+4.85
+701,247.54
+0.00
+14,453,284.98
+CIA SEG Y REASEGUROS
+Contract
+completed
+not
+2-4 years
+1,427.16
+not
+Contract
+Hubei Yichang branch of Sinopec
+completed
+2-3 years
+8,877.51
+Fuzhou Tianyu Electric Co., Ltd.
+not
+Contract
+completed
+1-2 years
+604,743.36
+not
+Contract
+Jiangsu Wujin Hydraulic Hoist Co.,
+Ltd
+1,202.76
+Sales Co., Ltd.
+More than 3
+169,656.18
+Unit: RMB Yuan
+Applicable
+(1). Aging analysis of prepaymen
+7. Prepayments
+Non-applicable
+Others:
+136 / 259
+2020 Annual Report
+(7). Carrying amount of continuing involvement after transferring accounts receivable
+Non-applicable
+73.22
+2,673,562,079.15
+Total
+year
+Company
+(6). Details of bad debt provision
+0.22
+(6). Accounts receivable derecognized due to transferred financial asset
+Non-applicable
+Closing balance
+Opening balance
+Aging
+0.02
+9,101.91
+2-3 years
+5.53
+799,384.22
+11.92
+5,824,384.11
+1-2 years
+88.45
+12,782,997.04
+88.06
+43,024,823.72
+Within 1 year
+Proportion (%)
+Amount
+Proportion (%)
+Amount
+1.17
+completed
+6. Financing receivables
+Non-applicable
+5,834,688.78
+(4). Dividends receivable
+Dividends receivable
+Non-applicable
+Other
+Non-applicable
+(3). Details of bad debt provision
+Non-applicable
+Applicable
+(2). Significant overdue interest
+(1). Classification of interest receivable
+Interest receivable
+Others:
+Other receivables
+Total
+Interest receivable
+Dividends receivable
+Item
+Unit: RMB Yuan
+Non-applicable
+Applicable
+Unit: RMB Yuan
+Hubei Qingneng Investment
+Development Group Limited
+2020 Annual Report
+Total
+(5). Significant dividends receivable aged over 1 year
+50,045,000.00
+138/259
+45,473,100.00
+Opening balance
+50,045,000.00
+Item (or investee)
+Closing balance
+45,473,100.00
+18,026,011.56
+451,827,015.36
+50,045,000.00
+45,473,100.00
+Opening balance
+Closing balance
+Total
+497,300,115.36
+Presentation of items
+68,071,011.56
+Non-applicable
+Entity
+2020 Annual Report
+137 / 259
+10.68
+1-2 years
+5,219,640.75
+CIA SEG Y REASEGUROS
+EL PACIFICO PERUANO-SUIZA
+29.30
+Within 1 year
+Pacífico Compañía de Seguros y
+Reaseguros S.A.
+Proportion of the total
+balance of prepayments
+at the end of the year (%)
+Aging
+(2). Top five prepayments based on the payers
+Applicable
+Closing balance
+8. Other receivables
+Entity
+Closing balance
+Aging
+14,314,790.93
+Within 1 year
+23,645,319.90
+Proportion of the total
+balance of prepayments
+at the end of the year (%)
+Total
+0.59
+289,723.27
+Nexsys del Perú S.A.C.
+Co., Ltd.*
+2.56
+48.39
+Others
+1,251,005.67
+Jiangsu Wujin Hydraulic Hoist Co.,
+Ltd
+Jiangsu Huaneng Pipeline Industry
+5.26
+0-2 years
+2,570,159.28
+Within 1 year
+Shenergy
+Co., Ltd.
+Development
+146259
+Base
+-5,699,939.92
+6,878,679.12
+32,136,349.33
+508,225,161.18
+2020 Annual Report
+Three Gorges
+Co.,Ltd.
+Power
+527,782,891.47
+Industry
+3,027,239,470.92
+2,920,970,488.95
+Fuling Energy
+Chongqing
+and Electric
+572,620,161.64
+Co., Ltd
+20,018,230.17
+Company
+-8,872,815.07
+Chongqing
+Limited (Note)
+6,600.00
+-2,090,589.55
+-1,854,775.60
+110,220,947.12
+Youtai Energy 28,891,045.24
+2,866,592,643.49
+1,961,923,053.84
+-697,078.25
+Electric Power 1,051,951,594.37 857,456,424.31
+Shanghai
+Ltd.
+2,154,762,481.96
+100,390,644.91
+233,249,838.22 -157,100.16
+64,346,668.25
+Finance Co., 2,022,060,388.81
+Incorporated
+Group
+49,606,629.95
+3,931,457,085.98
+27,205,162.90
+5,104,838.13
+Three Gorges
+20,280,119.50
+8,709,022.33
+Co., Ltd
+-3,947,695.67
+104,627,516.64
+1,935,840,645.13 851,049,375.14
+Conservancy
+Water
+Three Gorges
+5,071,690.17 25,612,345.59
+Chongqing
+Power Co.,
+224,119,537.52
+224,119,537.52
+Nuclear
+Taohua River
+Hunan
+Ltd
+-638,431.07
+39,994,725.58 9,551,014.00
+4,569,988.77
+41,029,335.77
+Equity
+Xinghong
+Three Gorges
+Liangjiang
+Chongqing
+389,442.27
+2020 Annual Report
+Partnership
+147 / 259
+Fund
+Investment
+Equity
+49,430,880.67
+(Limited)
+-114,858.91
+41,418,778.04
+Fund
+Partnership
+Fund
+180,564,961.10 4,080,925.76
+Investment
+176,629,239.62
+541,523.82
+Investment
+40,087,715.80 136,000,000.00
+Three Gorges
+Changhong
+Qianjiang
+Chongqing
+(Limited)
+Partnership
+Equity
+324,376.10
+Changfu
+Fuling Three
+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.,
+2,992,630,612.57
+4,968,986.28
+Power United 343,461,109.25
+Yangtze
+Chongqing
+Limited
+Group
+617,342,747.85
+344,093,435.53 5,601,312.56
+Gorges
+Holdings Co.,
+SDIC Power
+Chongqing
+Energy Co.,
+Ltd.
+6,025,938,374.74
+199,351,173.88
+248,374.18
+414,804,123.74 138,764.58
+Ltd.
+4,700,095,843.00 1,110,002,443.12
+Sichuan
+Ltd.
+9,408,037,932.48
+8,318,201.18 220,820,559.27
+695,201,483.95 5,631,937.58
+Holding Co., 6,206,400,037.89 2,713,306,831.15
+Chuantou
+3,768,911,523.89
+or
+Guangzhou
+Additional
+Opening
+balance
+Investee
+Investment
+Changes for the current period
+RMB Yuan
+investment
+Unit:
+17 Long-term equity investments
+144 / 259
+Non-applicable
+Others
+(4). Carrying amount of continuing involvement after transferring long-term receivables
+Non-applicable
+Non-applicable
+Applicable
+(3). Long-term receivables derecognized due to transferred financial assets
+income
+losses
+Others
+of
+Closing
+balance
+Closing balance
+Provision
+for
+Declared cash
+dividend
+profit
+Decrease in
+investment
+under equity income
+comprehensive
+Adjustment to
+other
+or
+2020 Annual Report
+I. Joint ventures
+recognised
+Other equity
+changes
+impairment
+Non-applicable
+Non-applicable
+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
+(3). Details of provision for impairment
+Non-applicable
+(2). Significant debt investment as at the end of the reporting period
+Others
+Non-applicable
+1,148,277,903.43
+1,148,277,903
+1,139,169,0
+84.08
+1,139,169,084.08
+Total
+(Limited)
+loans
+.43
+Bad debt provision for the current period and basis for assessing whether there's significant increase in the credit
+risk of financial instruments:
+143 / 259
+15. Other debt investment
+(2). Details of bad debt provision
+(1). Details of long-term receivables
+Non-applicable
+Long-term receivables
+16.
+Non-applicable
+Others:
+2020 Annual Report
+Non-applicable
+Non-applicable
+(3). Details of provision for impairment
+Non-applicable
+(2). Significant other debt investments as at the end of the reporting period
+Non-applicable
+(1). Other debt investments
+Provision for impairment for the current period and basis for assessing whether there's significant increase
+in the credit risk of financial instruments:
+Development
+provision for
+impairment
+Three Gorges
+2,098,517.00
+-9,745,102.88
+239,218,168.89 23,400,000.00
+Subtotal
+2020 Annual Report
+145 / 259
+254,971,583.01
+Ltd
+35,301,768.13
+880,994.38
+-3,455,576.38
+37,876,350.13
+Energy
+Electric
+(Yunnan) Co.,
+Three Gorges
+II. Associates
+Group Co., 7,942,851,468.62
+Limited
+Group
+Development
+2,066,607,492.46
+-2,610,006.94 45,473,100.00
+208,005,653.56
+Hubei Energy
+1,906,684,945.84
+Qingneng
+Hubei
+Ltd.
+8,379,038,086.54
+186215,663.30
+702,146,724.85 -62,136,933.68 -17,607,509.95
+Investment
+method
+Co., Ltd.
+29,565,386.04
+1,541,526.33
+4,254,853.71
+8,400,000.00
+84,587,864.85
+Distributed
+Intelligent
+90,274,537.47
+Yangtze
+(Anhui) Co.,
+67,514,775.30
+4,890,073.99
+72,404,849.29
+Energy
+Electric
+Ltd
+Power
+Energy Co.,
+Three Gorges
+-324,003.71
+1,706,991.12
+15,000,000.00
+13,182,398.63
+Electric
+Yan'an
+Ltd
+Shaanxi
+(Guangdong)
+32,315,116.07
+1,148,410.08
+31,166,705.99
+Energy
+Electric
+Co., Ltd
+Yunnan
+Applicable
+Jinsha River
+9,785,726.43 9,064,627.05
+8,885,552.28 3,926,579.83
+15,641,521.32
+454.95
+17,737,932.85
+320,360,710.64
+Total
+1276.75
+Other
+253,403,543.13
+Spare parts
+performance cost
+2020 Annual Report
+Contract
+biological assets
+Consumable
+Materials in transit
+Work in process
+Finish goods
+141 / 259
+Item
+Opening
+balance
+Closing
+Provision
+er
+S
+Reversal or
+write-back
+256,232,932.34
+1,731.70
+319,248,290.01
+balance
+Raw materials
+66,955,890.76
+2,095,956.58
+900,174.15
+5,138,047.22
+63,013,625.97
+Others
+(3). Explanations on the closing balance of inventories containing the capitalization of borrowing costs
+Non-applicable
+(4). Information on the amortised amount of cost of contract performance for the period
+Non-applicable
+Others:
+RMB Yuan
+142 / 259
+2020 Annual Report
+Item
+Outstanding VAT credit
+Government bonds purchased
+under agreements to resell (Note 1,
+Unit:
+note 2)
+261,516.66
+852,007,760.00
+Prepaid tax
+1,932,668.63
+Recoverable Peru IGV tax
+94,254,716.28
+Closing balance
+Decrease in the current
+period
+13. Other current assets
+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
+Non-applicable
+Nil
+Refer to the disclosure of other receivables if bad debt provision is made based on the general ECL model:
+Non-applicable
+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
+Others:
+Increase in the
+current period
+Unit: RMB Yuan
+Applicable
+Book balance
+Provision
+for decline
+in value of
+inventories
+Provision
+Carrying
+amount
+Book
+balance
+63,013,625.97
+Item
+58,464,628.68
+for decline Carrying
+in value of amount
+inventories
+66,955,890.76
+50,179,401.18
+Raw
+121,478,254.65
+materials
+117,135,291.94
+Work
+Opening balance
+Unit: RMB Yuan
+ders'
+2020 Annual Report
+(13).
+Receivables related to government grants
+Non-applicable
+(14). Other receivables derecognized due to transferred financial assets
+Closing balance
+Non-applicable
+Others:
+Non-applicable
+9、
+Inventories
+(1). Categories
+Applicable
+(15). Carrying amount of continuing involvement after transferring other receivables
+Non-applicable
+Total
+in
+Finished
+256,232,932.34 206,936,158.28 421,127,053.13
+253,403,543.13 167,723,510.00
+parts
+Other
+105,041.70
+Total
+463,169,090.62
+601,308,734.84
+103,310.00
+282,060,444.83
+5,488.57
+542,761,486.16
+1,276.75
+320,360,710.64
+4,211.82
+222,400,775.52
+(2). Provision for decline in value of inventories/ provision for impairment of contract performance
+cost
+1,731.70
+319,248,290.01
+process
+Spare
+constructio
+16,556,347.87
+goods
+Materials
+in transit
+Consumabl
+e
+n contracts
+biological
+Completed
+but
+16,556,347.87
+4,493,652.52
+4,493,652.52
+unsettled
+assets
+|948,456,661.57
+Closing balance
+16,450,697.70
+u
+Zhengzho
+Co., Ltd. *
+Brokerage
+29,907,939.31
+2,223,754.57
+189,894,592.62
+400,936.81
+29,934,352.03
+Insurance
+8,653,816.56
+37,757,357.07
+2020 Annual Report
+Gorges
+2,598,278.66
+Three
+7,245,72 105,656,142.40
+187,927,800.00
+Changxingyo
+Chongqing
+S.ar.l
+2.47
+Luxembourg
+24,274,146.32
+Hydraulic
+-18,593,302.52
+Offshore
+Gorges
+China Three
+y Co., Ltd.
+Machiner
+1,966,792.62
+107,221,021.07
+25,846,117.66
+Ltd.*
+Engineeri
+11,514,309.86
+49,150,715.11
+Industry
+Medical
+nal
+Internatio
+-7,570,734.24
+CCB
+102,516,396.53
+4,897,610,000.00
+Co., Ltd
+Development
+Hydropower
+Midstream
+5,000,126,396.53
+ng Co.,
+28,626,278.70
+148 / 259
+-12,392,304.78
+21,046,121.34
+Garden
+Longteng
+Hubei
+Ltd.*
+24,468,012.03
+-6,745,890.14
+Fund Co.,
+Capital
+Venture
+Energy
+New
+Hubei
+44,503,247.21
+Huadian
+u Energy Co.,
+Ltd*
+Provision
+for
+Carrying amount
+impairment
+impairment
+Preferen
+ce
+Book
+balance
+shares
+1,139,169,084.08
+1,139,169,0
+84.08
+1,148,277,903
+.43
+1,148,277,903.43
+150 / 259
+and
+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.
+Provision
+Book balance
+442,307,961.50
+1,013,297.44
+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.
+for
+14. Debt investment
+Applicable
+Unit: RMB Yuan
+Closing balance
+Opening balance
+Provision
+Item
+(1). Details of debt investment
+97,918.86
+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.
+7245,72 50,424,131,310.62
+2.47
+(Guangzh
+ou)
+Fund
+t
+2020 Annual Report
+Investmen
+125,679,923.01
+Partnershi
+25,944,036.52
+Equity
+Reform
+7,689,491.63
+117,990,431.38
+Mixed
+Green Energy
+149 / 259
+Other descriptions
+р
+(Limited
+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
+Enterprise
+-149,402,204.56
+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
+287,009.98
+sharehol
+18
+-1,888,003.36
+30,063,378.16
+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
+273,217,244.30
+2,450,145,513.67 5,853,357,946.72
+( 1 )
+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
+2.Increase
+in the current
+period
+balance
+107,688,039,231.64
+3,204,940,998.08
+period
+( 1 )
+Disposals,
+-405,613,650.42
+-21,556,652.31
+currency
+5. Foreign
+combinations
+business
+3,271,203,908.56
+46,675,214.79 279,256,877.84
+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
+2020 Annual Report
+-7271,210.90
+(1). Details of other equity instruments investments
+Applicable
+Total
+to
+retained earnings
+Non-trading
+equity
+226,231,419.93
+2,186,609,407.78
+instruments
+Total
+income
+226,231,419.93
+Others:
+Non-applicable
+19. Other non-current financial assets
+Applicable
+Item
+Unit: RMB Yuan
+Classified as financial assets at fair value through profit or loss
+Including: equity instrument investments
+Total
+2,186,609,407.78
+loss
+comprehensive
+Accumulated income
+Details of investments in non-trading equity instrumentsp
+Unit: RMB Yuan
+Closing balance
+3,609,195,163.56
+3,609,195,163.56
+Opening balance
+4,432,380,427.04
+4,432,380,427.04
+(2). Details of investments in non-trading equity instruments
+Applicable
+Unit:
+RMB Yuan
+Reason
+for
+Reason
+for
+Transfer from designation as at
+FVTOCI
+transfer from
+other
+comprehensive
+other
+Item
+Dividends income recognized
+in the current period
+Accumulated
+Item
+income
+41,282,029.67
+translation
+Item
+Unit: RMB Yuan
+Applicable
+Disposal of fixed assets
+Non-applicable
+Others:
+Carrying amount
+19,692,745.69
+Plant and buildings
+Disposal of fixed assets
+Item
+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
+RMB Yuan
+Total
+Others:
+Nil
+Closing balance
+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
+2020 Annual Report
+475,723,543.30
+156/259
+Note: The land is the land ownership right of Peru Company.
+period
+in the current
+3.Decrease
+Provision
+in the current
+period
+2.Increase
+2020 Annual Report
+155/259
+( 1 )
+balance
+for impairment
+Provision
+III.
+balance
+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
+1.Opening
+Other equity instruments investments
+Disposals,
+abandonment
+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
+of
+combinations
+business
+in scope
+4. Change
+and others
+226,290,667,101.97
+retained
+earnings
+Holding for long-
+141,895,865,197.29 89,691,386,575.64 101,283,382,806.28
+202,702,510.64 905,369,243.76
+333,978,706,333.61
+balance
+2.Increase
+in the current
+6,263,912.42
+2,051,925,947.33 3,511,046,661.17
+1.Opening
+67,732,521.52 237,016,550.68 30,341,319.03
+period
+( 1 )
+469,026.53
+24,248,108.76
+15,809,100.24 26,849,242.27
+67,375,477.80
+Additions
+( 2 )
+5,904,326,912.15
+(I)Cost:
+Total
+Land
+Disposal of fixed assets
+Total
+Closing balance
+231,101,152,705.45
+18,710,649.03
+231,119,863,354.48
+153 / 259
+Opening balance
+226,290,667,101.97
+1,298,110.20
+226,291,965,212.17
+Other:
+Non-applicable
+Fixed assets
+(1). Details of fixed assets
+Applicable
+2020 Annual Report
+Unit:
+RMB Yuan
+Item
+Water retaining Plant
+structures
+buildings
+and
+Machinery and equipment Vehicles
+Electronic and
+other
+equipment
+Transfer from
+Fixed assets
+6,263,912.42
+51,923,421.28 210,167,308.41
+of
+1,551,373,720.94 12,344,903,256.31
+106,783,334.84 367,344,816.09 1254249293.14 15,624,654,421.32
+business
+combinations
+154 / 259
+5. Foreign
+currency
+in scope
+translation
+balance
+II.Accumulated
+depreciation
+2020 Annual Report
+-206,766,063.24 -1,843,695,357.76
+-15,959,141.96 -57,986,682.76 -179,719,240.43 -2,304,126,486.15
+141,901,897,534.55 93,084,116,479.99 115,065,752,044.41
+343,866,289.31 1,412,716,733.46 1,104,871,371.74 352,913,220,453.46
+6.Closing
+4. Change
+and others
+abandonment
+30,341,319.03
+5,836,951,434.35
+construction in
+progress
+3.Decrease
+in the current
+231,575.16
+3,803,700.68
+229,885,321.59
+17,392,935.73 39,027,194.31
+290,340,727.47
+period
+( 1 )
+Disposals,
+231,575.16
+3,803,700.68
+229,885,321.59
+17,392,935.73 39,027,194.31
+290,340,727.47
+2,051,456,920.80 3,486,798,552.41
+Item
+Unit: RMB Yuan
+Applicable
+Buildings
+44,432,089.06
+2020 Annual Report
+Land
+Construction
+progress
+in
+Total
+44,432,089.06
+3. Decrease in the current period
+(1) Disposal
+4. Change in scope of business 43,654,237.04
+84,277,742.88
+127,931,979.92
+combinations
+5. Foreign currency translation
+-5,937,590.99
+-11,087,995.66
+-17,025,586.65
+(2) Other transfer-out
+assets\construction in progress
+( 2 ) Transfer from inventories\fixed
+(1) Purchases
+term
+Closing balance
+4,713,666,463.26
+Opening balance
+5,812,035,941.91
+4,713,666,463.26
+4,713,666,463.26
+5,812,035,941.91
+5,812,035,941.91
+151 / 259
+to
+Others:
+Non-applicable
+20、 Investment properties
+Measurement of investment properties
+(1) Investment properties measured at cost
+Item
+Unit: RMB Yuan
+I. Cost
+1.Opening balance
+2.Increase in the current period
+6.Closing balance
+82,148,735.11
+73,189,747.22
+155,338,482.33
+E Provision for impairment
+1.Opening balance
+2.Increase in the current period
+(1) Provision
+3.Decrease in the current period
+(1) Disposal
+(2) Other transfer-out
+4. Change in scope of business
+combinations
+5. Foreign currency translation
+6.Closing balance
+IV. Carrying amount
+1. Carrying amount at the end of the 52,085,356.95
+reporting period
+2.Carrying amount at the beginning of the 27,552,840.37
+reporting period
+(2). Investment property of which certificates of title have not been obtained
+Non-applicable
+Others
+Non-applicable
+21. Fixed assets
+Presentation of items
+27,552,840.37
+Item
+125,275,104.17
+-1,888,003.36
+30,063,378.16
+II.Accumulated depreciation and amortization
+1.Opening balance
+16,879,248.69
+16,879,248.69
+2.Increase in the current period
+1,657,910.01
+1,657,910.01
+1,657,910.01
+1,657,910.01
+(1) Depreciation or amortization
+3.Decrease in the current period
+(1) Disposal
+(2) Other transfer-out
+4. Change in scope of business 13,414,222.82
+combinations
+152 / 259
+13,414,222.82
+2020 Annual Report
+5. Foreign currency translation
+6.Closing balance
+148,139,869.48 452,232,129.28
+73,189,747.22
+1.Opening
+30,264,402,807.38 19,777,731,189.85 57,045,533,235.65
+61,643,360.09
+878,058,372.53
+2,978,656,023.35
+878,058,372.53
+2,978,656,023.35
+Other
+113,494,623.02
+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
+19,347,119.90
+19,347,119.90
+Total
+195,586,533.65
+6,820,572,132.91
+Amount of
+accumulated
+Closing balance
+Transfer to fixed Other
+Opening balance
+Budget
+Constructi
+a
+Increase in the
+22,248,937.01
+st
+Amount
+injected
+as
+Intere
+Unit: RMB Yuan
+Applicable
+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
+Includin
+g:
+capitaliz
+ed
+33,116,587.03
+25,766,816.02
+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
+Book balance
+Opening balance
+Closing balance
+Opening balance
+6,820,572,132.91
+60,067,302.75
+6,880,639,435.66
+Closing balance
+2,978,656,023.35
+14,812,476.85
+2,993,468,500.20
+2020 Annual Report
+(Note)
+Xiangjiaba
+75,903,756.68
+75,903,756.68
+122,424,114.45
+Ancillary buildings of
+Kunming base
+25,766,816.02
+29,519,374.10
+2020 Annual Report
+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
+33,116,587.03
+158 259
+49,230,429.26
+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
+49,230,429.26
+capital
+izatio
+substation of Progreso
+Source of
+six
+generators in
+GCB switches
+to
+Addition of
+Gezhouba
+rendering of
+28,579,833.36
+40,000,000.00
+275,819.57
+37,000,000.00
+hub
+of
+construction
+Illuminated
+Gezhouba
+of
+station
+28,304,013.79
+the power
+25,766,816.02
+the
+financing
+Self-
+Self-
+financing
+Self-
+financing
+Self-
+financing
+financing
+Self-
+Self-
+financing
+3,752,558.08
+95.00
+29,519,374.10
+100.00
+7725
+160 / 259
+n rate
+Bank power
+Gorges Left
+Three
+73.79
+generators of
+station
+78.62
+91.89
+51,715,47626
+25,237,967.59 514,581,052.01
+541,058,560.68
+616,250,000.00
+buildings of
+Ancillary
+construction
+100.00
+5,816,605,608.15 61,323,121.19 4,392,915,232.85
+Xiangjiaba
+proportio
+on
+Item
+☐☐ ☐
+95.00
+159 / 259
+2020 Annual Report
+54,165,000,000.00
+Kunming
+1,485,013,496.49
+Transformati
+49,230,429.26
+1,800,000,000.00
+hydraulic
+in capacity of
+Renovation,
+transformatio
+n and increase
+base
+71,755,303.23 59,342,372.40
+of Gezhouba
+switch station
+90.00
+61,643,360.09
+57.32
+75,903,756.68
+on of 220kV
+393,350,000.00
+122,424,114.45
+43,120,176.41 89,264,591.12
+375,943.06
+6,686,357.20
+111,732,321.02
+current period
+1,667,597.15
+106,099,042.21
+106,099,042.21
+Labor union
+and
+36,764,685.86
+62,927,816.94
+85,569,189.94
+VI. Short-term paid leave
+VII.Short-term profit-sharing
+employee education costs
+IV. Housing funds
+Other
+V.
+medical insurance
+45,159,869.79
+45,159,869.79
+324,254,633.65
+4,069,973.73
+Supplementary
+8,353,954.35
+254,474,062.63
+RMB Yuan
+plan
+4,069,973.73
+2,385,861.51
+64,247,967.88
+66,633,829.39
+Closing balance
+Decrease in the
+current period
+current period
+balance
+Increase in the
+Opening
+Total
+3. Enterprise annuity
+2.Unemployment insurance
+1.Basic pension insurance
+2020 Annual Report
+Item
+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
+Total
+remuneration
+26,139,336.42
+26,139,336.42
+short-term
+VIII.Other
+69,780,571.02
+Maternity insurance
+Opening balance
+1,298,110.47
+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
+2,741,921,980.61 2,643,230,715.43 219231,174.29
+199,624,284.09
+Defined
+212,137,672.80
+2,429,697,423.08
+2,521,295,186.77
+120,539,909.11
+52,091,419.32
+1,716,160,288.27
+161/259
+Self-
+financing
+Self-
+financing
+1,932,913.05
+202,355,239.78
+Item
+Opening
+balance
+Increase in the
+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.
+5,976,133.29
+212,787,186.68
+218,763,319.97
+20,481,980.58
+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
+28,443.47
+1,932,913.05
+Total
+133,443,403.16 345,094.18
+MW
+hydraulic
+471,500,000.00
+30,963,713.88
+30,963,713.88
+6.57
+5.00
+generators of
+Gezhouba
+Self-
+financing
+57,620,100,000.00
+6,624,985,599.26
+170
+247.296,309.97
+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
+5,104,030,201.64
+Applicable
+Transformation of
+Bank power
+Transformati
+on of the
+monitoring
+system
+of
+70,000,000.00
+22,248,937.01
+10,867,650.02
+Three Gorges
+Left
+Bank
+power station
+station
+Transformation of of
+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
+2020 Annual Report
+(1). Categories
+Interest payable
+Non-applicable
+and
+construction
+City
+32,967,873.52
+40,527,856.06
+Individual income tax
+994,450,590.67
+1,740,507,264.91
+Enterprise income tax
+110,122,250.31
+84,477,127.01
+Consumption tax
+48,761,003.59
+565,168,563.12
+Opening balance
+Closing balance
+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
+1,771,618,935.33
+35,919,275.51
+maintenance tax
+House property tax
+Others:
+Total
+Other payables
+Dividends payable
+Interest payable
+Item
+Unit: RMB Yuan
+Applicable
+Presentation of items
+41 Other payables
+2,106,242,913.91
+16,978,581.00
+17,175,057.81
+4,235,444,499.44
+Nil
+Others:
+Total
+159,036,867.30
+27,008,248.59
+23,836,339.53
+169,132,142.26
+176,249,045.04
+154,495,388.93
+173,255,002.86
+Other
+Peru IGV tax
+Education surcharges
+Land use tax
+133,788,497.34
+2020 Annual Report
+Nil
+Non-applicable
+assets
+Provision
+for
+323,118,712.98
+74,776,102.55
+324,035,755.25
+76,529,364.02
+21,976,502,949.47
+assets impairment
+Staff's
+41,440,302.22
+10,360,075.56
+remuneration
+Depreciation of
+551,060,215.03
+50,647,382.21 631,917,685.53 80,929,930.49
+fixed asset
+Transfer fee of
+1,344,397,357.72
+social functions
+Accruals
+tax
+Deferred
+Deductible temporary
+differences
+tax
+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
+Applicable
+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.
+(5). Impact of impairment testing of goodwill
+Non-applicable
+Others
+Non-applicable
+165 / 259
+2020 Annual Report
+29 Long-term prepaid expenses
+151,947,852.00
+Non-applicable
+(1). Deferred tax assets before offset
+Applicable
+Unit: RMB Yuan
+Closing balance
+Opening balance
+Item
+Deductible
+temporary
+differences
+Deferred
+assets
+30 Deferred tax assets/deferred tax liabilities
+Government
+5,614,119.30
+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
+non-current 99,761,870.00 24,940,467.50
+financial assets
+Changes in fair value of
+Deferred tax
+liabilities
+differences
+352,848,712.87 88,212,178.23
+2,450,790,989.64 612,697,747.41
+3,146,323,277.66 786,580,819.42
+other debt investments
+Appreciation of the
+Fair value change of
+other
+value of assets of Peru 4,483,957,517.33 1,322,767,467.61
+Company
+Company
+Total
+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
+(3). Deferred tax assets or liabilities presented at the net amount after offset
+Non-applicable
+166 / 259
+(4). Unrecognized deferred tax assets
+Applicable
+Unit: RMB Yuan
+2020 Annual Report
+Item
+Other projects of Peru
+Applicable
+differences
+Taxable
+grants
+Staff's
+remuneration of 28,569,765.25
+8,428,080.75
+Peru Company
+Other projects
+73,043,529.01
+of Peru Company
+Total
+2,477,751,551.29
+temporary
+(2). Deferred tax liabilities before offset
+385,247,857.13 2,287,751,326.05 369,173,036.54
+Applicable
+Unit: RMB Yuan
+Closing balance
+Opening balance
+Taxable
+Item
+temporary
+Deferred
+liabilities
+tax
+21,547,841.06
+Closing balance
+(3). Relevant information of asset groups or portfolios of asset groups of which the goodwill forms
+a part
+(2). Provision for impairment of goodwill
+139,590,356.34 7,129,604.02
+18,413,759.48
+1.Opening balance
+II. Accumulated amortization
+-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
+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
+6.Closing balance
+21,490,170.96
+2020 Annual Report
+229,875,942.11
+8,353,132.40
+259,719,245.47
+IV. Carrying amount
+1.Carrying amount at the end of
+101,154,728.04
+the reporting period
+2. Increase in the current period
+3,076,411.48
+29,601,185.99
+1,263,681.40
+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
+129,616,772.15 90,778,546.56 20,292,775,372.89 20,614,325,419.64
+4. Change in scope of business
+combinations
+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) Disposals, abandonment
+and others
+2.Carrying
+amount at the
+beginning of the reporting period
+104,231,139.52
+from
+Closing balance
+Disposa
+business
+Other
+Other
+in goodwill
+1
+combination
+Peru
+Arising
+1,092,758,460.4
+9
+1,092,758,460.4
+Total
+82,408,645.57
+1,010,349,814.92
+82,408,645.57
+1,010,349,814.92
+9
+Note: "Decrease in the year – other” represents the effect of exchange rate changes.
+-
+companies
+Non-applicable
+item resulting balance
+investee
+47,299,300.11
+39,932,304.87
+(3). Provision for impairment of construction in progress for the current period
+191,462,744.50
+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.
+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%.
+164 / 259
+2020 Annual Report
+(2). Land use rights of which certificates of title have not been obtained
+Non-applicable
+or Opening
+Others:
+27 Development expenditures
+Non-applicable
+28 Goodwill
+(1). Cost of goodwill
+Applicable
+Unit: RMB Yuan
+Decrease in the current
+Name of the
+Increase in the current period
+period
+Non-applicable
+Deductible
+temporary 602,077,885.51
+Opening balance
+479,216,399.45
+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
+47,061,908.89
+186,889,656.45
+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
+99,256,000.00 -362,050.53
+-15,492,648.83
+Increase in the
+contribution plan
+benefits
+Total
+Closing balance
+33,980,139.67
+Opening balance
+8,788,393.37
+8,788,393.37
+33,980,139.67
+(2). Significant receipts in advance aged over 1 year
+Non-applicable
+Others
+Non-applicable
+168 / 259
+2020 Annual Report
+38 Contract liabilities
+4. Change in scope of business
+(1). Contract liabilities
+(2). Amount and reasons for significant changes in book value during the reporting period
+Non-applicable
+Others:
+Non-applicable
+39 Payroll and employee benefits payable
+(1). Payroll and employee benefits payable
+Applicable
+Unit: RMB Yuan
+Item
+I. Short-term benefits
+II.Post-employment
+Non-applicable
+and others
+(1) Disposals, abandonment
+3.Decrease in the current period
+materials
+60,067,302.75
+14,812,476.85 60,067,302.75
+14,812,476.85
+Construction
+impairment
+amount
+Carrying
+Provision
+for
+Book balance
+Total
+Carrying
+amount
+Book balance
+Item
+Opening balance
+Closing balance
+Unit: RMB Yuan
+Applicable
+(4). Materials for construction of fixed assets
+Materials for construction of fixed assets
+Non-applicable
+Others
+Provision
+for
+impairment
+Within 1 year
+14,812,476.85
+60,067,302.75
+(2) Internal R&D
+(1) Additions
+2.Increase in the current period
+1.Opening balance
+I. Cost
+Item
+Unit: RMB Yuan
+Applicable
+(1). Intangible assets
+26 Intangible assets
+14,812,476.85 60,067,302.75
+162 / 259
+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
+Decrease in the Closing
+current period balance
+Others:
+Non-applicable
+III. Provision for impairment
+Item
+Applicable
+Explanations on the categories of short-term borrowings:
+Nil
+(2). Short-term loans overdue but not yet repaid
+Non-applicable
+Significant short-term loans overdue but not yet repaid are as follows:
+Non-applicable
+Other
+Non-applicable
+33, Financial liabilities held for trading
+Applicable
+Unit: RMB Yuan
+24,057,628,342.50
+21,308,000,000.00
+21,308,000,000.00
+Item
+Increase in
+the current
+period
+Decrease in the
+current period
+Closing balance
+Held-for-trading
+financial
+768,403,141.10
+127,506,111.87
+640,897,029.23
+liabilities
+Opening balance
+Including:
+22,165,407,342.50
+Total
+differences
+Deductible losses
+Total
+112,372.96
+602,190,258.47
+340,642.14
+479,557,041.59
+(5). Deductible losses for which deferred tax assets are not recognised will be expired in the following
+year
+Non-applicable
+Others:
+Non-applicable
+31 Other non-current assets
+1,892,221,000.00
+Non-applicable
+(1). Categories of short-term borrowings
+Applicable
+Unit: RMB Yuan
+|Item
+Pledged loans
+Closing balance
+Opening balance
+Secured loans
+Guaranteed loans
+Unsecured loans
+32 Short-term borrowings
+Unit: RMB Yuan
+167 / 259
+of
+1-2 years
+2-3 years
+More than 3 years
+Total
+Closing balance
+862,834,503.47
+1,565,560.87
+3,188,816.24
+82,355.58
+867,671,236.16
+Within 1 year
+Opening balance
+72,801,074.57
+731,546.04
+264,592.22
+86,819,605.55
+Note: The accounts payable as at the end of the period mainly represent the payables for purchase of
+electricity.
+(2). Significant accounts payable aged over 1 year
+Non-applicable
+Other
+Non-applicable
+37, Receipts in advance
+(1). Receipts in advance
+13,022,392.72
+2020 Annual Report
+Item
+Applicable
+768,403,141.10
+21,877,609,000.00
+Options
+exchangeable bonds (note)
+Financial
+liabilities
+designated as at FVTPL
+Total
+768,403,141.10
+Others:
+Unit: RMB Yuan
+1.Opening balance
+127,506,111.87 640,897,029.23
+Note: Please see “7. 46. Bonds Payable Note 4 and Note 5”for details.
+34 Derivative financial liabilities
+Non-applicable
+35. Notes payable
+(1). Notes payable
+Non-applicable
+36, Accounts payable
+(1). Accounts payable
+Applicable
+127,506,111.87 640,897,029.23
+Issued in the
+current
+period
+Dividends payable
+2020 Annual Report
+3,654,794.52
+1,997,400,000.00
+46 days 2,000,000,000.00
+2020-7-9
+100.00
+Financing Bonds
+2,600,000.00 2,000,000,000.00
+Short-term
+2,498,964,099.26
+173 / 259
+2020 (Note 3)
+(Tranche II) in
+3,900,000.00 3,000,000,000.00
+23,013,698.63
+2020 Annual Report
+(Tranche III) in
+2020 (Note 4)
+Short-term
+2,500,000,000.00
+1 year 2,500,000,000.00
+(Tranche II) in
+2020-8-24
+100.00
+Financing Bonds
+Short-term
+2020 (Note 5)
+(Tranche IV) in
+19,417,808.22 3,900,000.01 3,000,000,000.00
+2,996,099,999.99
+135 days 3,000,000,000.00
+2020-7-13
+100.00
+Financing Bonds
+2,996,100,000.00
+160 days 3,000,000,000.00
+2020-7-6
+100.00
+2020-1-8
+100.00
+Financing Bonds
+Short-term
+2019
+(Tranche V) in
+1,500,000,000.00
+14,754,098.36 766,509.43
+1,499,233,490.57
+1,500,000,000.00
+1 year
+2019-12-30
+100.00
+Financing Bonds
+Short-term
+245 days 1,000,000,000.00
+26,038,356.17 1,139,726.04
+999,165,356.40
+834,643.60
+Financing Bonds
+Short-term
+2020 (Note 2)
+27,328,767.10 2,030,137.00
+2,496,933,962.26
+2,500,000,000.00
+1 year
+(Tranche I) in
+2020-5-14
+100.00
+Financing Bonds
+Short-term
+2020 (Note 1)
+(Tranche I) in
+1,000,000,000.00
+16,400,273.22
+2020 (Note 6)
+Short-term
+Financing Bonds
+Less: Bonds payable due within -15,324,325,034.79
+42,938,865,726.66
+Opening balance
+Closing balance
+52,851,382,109.82
+Other bonds payable
+Item
+Unit: RMB Yuan
+Applicable
+(1). Bonds payable
+46 Bonds payable
+Other explanations, including interest rate range:
+Non-applicable
+Nil
+Explanations on categories of long-term borrowings:
+24,600,000,000.00
+24,600,000,000.00
+14,447,141,791.44
+one year
+14,447,141,791.44
+Add: Exchangeable bonds
+3,355,689,608.12
+Opening
+balance
+of Issue amount
+Maturit
+y
+bond
+value
+Issue
+date
+al
+Bond name
+Nomin
+Unit: RMB Yuan
+(2). Changes in bonds payable: (excluding other financial instruments, such as preference shares and perpetual bonds classified as financial liabilities)
+Applicable
+2020 Annual Report
+176 / 259
+43,794,792,492.21
+37,527,057,075.03
+Total
+-2,499,762,842.57
+2019
+Opening balance
+2020 Annual Report
+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
+Others:
+7,500,526,902.22
+17,984,932,809.22 272,939,952.47 16,943,518.26 18,500,000,000.00
+26,000,000,000.00 7,998,650,574.74
+Total
+2020(Note 7)
+(Tranche V) in
+2,500,423,076.92
+4,219,178.08 423,076.92
+2,500,000,000.00
+130 days 2,500,000,000.00
+2020-12-8
+100.00
+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.
+Closing balance
+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.
+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.
+Total
+Unsecured loans
+Guaranteed loans
+Secured loans
+Pledged loans
+Item
+Unit: RMB Yuan
+Applicable
+(1). Categories of long-term borrowings
+45 Long-term borrowings
+175 / 259
+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.
+2020 Annual Report
+174 / 259
+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.
+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.
+Interest of long-term borrowings with
+interest payable by installments and
+principal payable on maturity
+89,686,065.57 -245,081.97 3,000,000,000.00
+3,000,000,000.00
+Not yet due
+44,766,310.33
+SinoHydro Bureau 8 Co., Ltd.*
+Not yet due
+47,067,650.70
+SinoHydro Bureau 14 Co., Ltd.*
+SinoHydro Bureau 4 Co., Ltd.*
+Limited
+China Gezhouba Group Stock Company 104,382,559.02
+transferred
+Reasons for not being repaid or
+Closing balance
+Item
+Unit: RMB Yuan
+Not yet due
+14,900,307.61
+Not yet due
+SinoHydro Bureau 7 Co., Ltd.*
+Opening balance
+Closing balance
+2020 Annual Report
+Item
+171 / 259
+Unit: RMB Yuan
+43. Current portion of non-current liabilities
+Applicable
+Non-applicable
+42 Liabilities classified as held for sale
+Non-applicable
+Others:
+225,390,733.49
+Total
+Not yet due
+14,273,905.83
+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
+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
+Significant interest overdue but not yet paid:
+Long-term
+Non-applicable
+Non-applicable
+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
+RMB Yuan
+Item
+Unit:
+Applicable
+(1). Other payables presented by nature
+Other payables
+Non-applicable
+(2). Categories
+Others:
+borrowings due 8,600,000,000.00
+within one year
+Bonds payable due within one 15,324,325,034.79
+17,538,934.44
+Closing balance
+Repaid in the
+current period
+of premium
+and discount
+Amortization
+per nominal
+value
+the
+Interest accrued
+Issued in
+current period
+2,499,464,699.93
+2,500,000,000.00
+1 year
+2019-3-20
+100.00
+Opening balance
+535,300.07
+Issue amount
+2,500,000,000.00
+Short-term
+1 year
+(Tranche III) in
+2019-12-5
+100.00
+Financing Bonds
+Short-term
+2019
+1,059,207.16 2,500,000,000.00
+30,887,978.16
+2,498,940,792.84
+1 year 2,500,000,000.00
+(Tranche II) in
+2019-5-16
+100.00
+Financing Bonds
+2019
+3,000,245,081.97
+Maturity
+of bond
+Nominal
+value
+2,499,762,842.57
+23,924,325,034.79
+2,499,762,842.57
+Unit: RMB Yuan
+Applicable
+Other current liabilities
+44. Other current liabilities
+Nil
+Others:
+Total
+year
+Lease liabilities due within one
+one year
+Long-term payables due within
+year
+Item
+Issue date
+Short-term bonds payable
+Output VAT tax to be 6,358.36
+2020 Annual Report
+(Tranche I) in
+Financing Bonds
+Short-term
+Bond name
+RMB Yuan
+Unit:
+Applicable
+Changes in short-term bonds payable:
+7,998,656,735.08
+Opening balance
+7,998,650,574.74
+6,160.34
+172 / 259
+7,500,533,260.58
+Total
+transferred
+Closing balance
+7,500,526,902.22
+2,501,139,726.04
+PEN 164,100,000.00
+n
+138,950,000. 2014/6/5
+SUR 3P1EM S-A-
+THIRD
+PEN
+B.CLUZ DEL
+0
+152,244,597.79
+-24,963,380.21
+8,123,886.04
+177,207,978.00
+PEN 84,570,000.00
+8 years
+84,570,000.0 2014/2/12
+SUR 2P 10EM S
+U-SECOND
+PEN
+B.CLUZ DEL
+0
+SECOND
+150,411,612.00
+-24,470,472.00
+10 years
+7,611,321.13
+PEN 138,950,000.00
+12,052,342.66
+15 years
+143,150,000. 2014/9/22
+SUR 3P3EM S-A-
+THIRD
+PEN
+B.CLUZ DEL
+0
+146,132,851.19
+-23,961,243.81
+9212,541.87
+170,094,095.00
+PEN 81,175,000.00
+11 years
+81,175,000.0 2015/9/3
+SUR 3P2EM S-A-
+THIRD
+PEN
+B.C.LUZ DEL
+00
+250,140,556.49
+41,015,273.51
+291,155,830.00
+PEN 143,150,000.00
+174,882,084.00
+8 years
+10 years
+27,210,000.0 2011/10/26
+SUR 2P 2EMS-U
+PEN
+DEL
+B.CLUZ
+million
+1,461,014,530.42
+39,566,854.66
+1,421,447,675.76
+EUR200
+million
+5 years
+2016/11/9
+00
+(Note 5)
+EUR2
+CYPIBV12 N2111
+jon
+(Note4)
+PEN 27210,000.00
+PEN 83,460,000.00
+57,015,834.00
+-8,197,108.56
+83,460,000.0 2013/12/20
+SUR 2P9EMS-U-
+PEN
+B.CLUZ DEL
+0
+SECOND
+139,661,060.62
+-22,900,071.38
+5282,727.44
+162,561,132.00
+PEN 77,580,000.00
+10 years
+77,580,000.0 2012/10/29
+SUR 2P 6EMS-U
+PEN
+B.C.LUZ DEL
+0
+SECOND
+48,818,725.44
+2,503,534.30
+1,810,927,714.33
+299,956,510.00
+42,255,029.88
+SUR 4P1EM S-A-
+FOURTH
+PEN
+B.C.LUZ DEL
+0
+THIRD
+149,058,208.55
+-24,440,911.45
+173,499,120.00 6,175,147.09
+PEN 82,800,000.00
+7 years
+82,800,000.0 2019/4/3
+SUR 3P8EM S-A-
+PEN
+B.C.LUZ DEL
+00
+THIRD
+301,266,730.19
+49,398,459.81
+15,194,026.57
+168,500,000. 2019/10/17
+00
+350,665,190.00
+15 years
+Total
+180 / 259
+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.
+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.
+2020 Annual Report
+179 / 259
+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
+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 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 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).
+3,233,401,263.00 1,846,552,009.09
+37,527,057,075.03
+15,974,125,034.79
+303,337,126.58
+-515,917,305.76
+49,737,773.42
+11,405,531.36
+353,074,900.00
+6,988,905,66037
+43,794,792,492.21
+PEN 168,500,000.00
+12,764,775.45
+PEN 167,350,000.00
+167,350,000. 2018/10/30
+162,450,000. 2017/2/7
+SUR 3P5EM S-A-
+PEN
+B.C.LUZ DEL
+2020 Annual Report
+178 / 259
+00
+THIRD
+295,416,08723
+48,439,052.77
+343,855,140.00 13,834,741.93
+Addition in
+business
+combinatio
+9 years
+164,100,000. 2016/7/14
+SUR 3P4EM S-A-
+PEN
+B.C.LUZ DEL
+00
+257,701,480.12
+6 years
+10 years
+PEN 162,450,000.00
+13,432,258.14
+SUR 3P7EM S-A-
+PEN
+B.C.LUZ DEL
+00
+THIRD
+291,275,581.44
+47,760,138.56
+12,460,379.37
+339,035,720.00
+PEN 161,800,000.00
+10 years
+161,800,000. 2017/12/14
+SUR 3P6EM S-A-
+PEN
+B.CLUZ DEL
+00
+THIRD
+292,445,724.38
+47,952,005.62
+340,397,730.00
+Amortizatio
+-123,314,218.03
+US 300 million
+19 CYPC
+MIN001
+1,996,830,312.61
+1,202,628.66
+78,000,000.01
+1,995,627,683.95
+2,000,000,000.00
+5 years
+2018/12/3
+100.00
+18 CYPC
+MTN002
+3,999,279,464.49
+2,405,257.43
+124,799,999.99
+3,996,874,207.06
+4,000,000,000.00
+5 years
+2016/8/1
+100.00
+100.00
+2019/3/13
+3,000,000,000.00
+3,000,000,000.00
+10 years
+2016/10/17
+100.00
+16 Yangtze 01
+MIN002
+1,996,017,783.58
+1,201,970.46
+67,999,999.98
+1,994,815,813.12
+2,000,000,000.00
+5 years
+2019/8/7
+19 Yangtze 100.00
+MIN001
+2,994,750,813.27
+1,802,955.66
+109,725,409.83
+2,992,947,857.61
+5 years
+2,998,505,399.97
+16 CYPC
+2,999,888,998.34
+30 years
+2003/8/1
+100.00
+03 Three Gorges
+Bond
+4,995,423,45799
+2,671,47433
+238,000,000.00
+4,992,751,983.66
+20 years 5,000,000,000.00
+2002/9/21
+100.00
+02 Three Gorges
+Closing
+balance
+Repaid in
+the current
+period
+premium
+and discount
+value
+n
+of
+3,000,000,000.00
+MIN001
+2,985,458,357.41
+1,072,81621
+3,125,123.15
+91,199,999.99
+2,996,763,875.19
+3,000,000,000.00
+5 years
+2016/1/13
+100.00
+16 CYPC
+MIN001
+2,989,847,468.01
+135,000,000.00 2,164,139.10
+2,987,683,328.91
+3,000,000,000.00
+10years
+2015/9/14
+100.00
+15 CYPC
+Bond
+2,986,531,173.62
+145,800,000.00
+1,934241,932.36
+100,499,999.99
+2,998,745,925.70
+2020/3/12
+100.00
+2020 Annual Report
+prevention
+20 Yangtze (for
+COVID-19
+177 / 259
+1)
+499,775,930.22
+58,949.09
+18,146,174,84
+499,716,981.13
+500,000,000.00
+5 years
+2020/1/8
+100.00
+20 Yangtze 02 (Note
+1)
+1,499,445,742.65
+294,799.26
+3 years
+49,583,196.73
+2,500,000,000.00
+58,797,945.22
+5 years
+2016/11/9
+US 300 mill
+CYPIBVII N2111
+2,498,185,222.87
+1,072,015.32
+54,881,506.85
+2,497,113,207.55
+2,500,000,000.00
+5 years
+MIN002 (Note3)
+2020/4/13
+100.00
+20 Yangtze
+MIN001 (Note 2)
+control)
+and
+2,494,917,67899
+1,993,150.69
+2,492,924,528.30
+240,525.73
+1,499,150,94339
+3 years
+104,749,999.99 667,883.21
+90,014,562.29 2,105,071.34
+103,499,999.99 601,094.89
+2,998,820,864.88
+3,000,000,000.00
+3 years
+2019/2/19
+100.00
+19 Yangtze 01
+3,001,941,623.30
+3,000,000,000.00
+3 years
+2018/9/27
+100.00
+18 Yangtze 02
+2,499,069,411.92
+2,500,000,000.00
+3 years
+2018/7/26
+100.00
+18 Yangtze 01
+2,499,737295.13
+1,500,000,000.00
+3,004,046,694.64
+19 Yangtze 02
+2020/1/8
+100.00
+20 Yangtze 01 (Note
+1,999297,121.64
+400,729.97
+69,800,000.03
+1,998,896,391.67
+2,000,000,000.00
+3 years
+2,999,421,959.77
+2019/12/6
+19 Yangtze 03
+1,999,186,479,53
+240,394.09
+76,000,000.01
+1,998,946,085.44
+2,000,000,000.00
+5 years
+2019/9/4
+100.00
+100.00
+Interest
+accrued per
+nominal
+2020 Annual Report
+(3). Explanation on the conditions and time for conversion of convertible bonds
+Non-applicable
+3,340,233.74
+method
+under equity
+be 84,829,424.53 -151,969,944.28
+profit or loss
+transferred to
+may
+Translation
+income that
+Including:
+Other
+to
+profit or loss
+reclassified
+income to be 138,488,814.68 -1,724,371,921.50
+comprehensive
+differences of
+financial
+statements
+-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
+comprehensive
+Other
+II.
+1,548,432,094.58
+instruments
+other equity
+investments in 2,169,518,975.60 -794,969,953.03
+fair value of
+Changes in
+under equity
+profit or loss
+transferred to
+2,567,739.72
+be 44,423,777.32
+cannot
+income that
+comprehensive
+Other
+plan
+Changes
+308,089,581.85
+in
+Company's own
+credit risk
+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
+Closing balance
+tax
+interests after
+minority
+Attributable to
+Attributable to the Company
+after tax
+fair value of the
+4,252,610.14 -2,038,874,759.89
+173,883,072.01
+313,556,807.71
+14,960,000,000.00
+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
+14,960,000,000.00
+Before adjustment: retained earnings of the prior 56,473,906,836.25
+period
+(Note)
+Other
+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
+Conversion of ordinary shares' dividends into
+share capital
+defined benefit
+Current period
+Unit: RMB Yuan
+the Closing balance
+in
+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
+185/259
+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
+308,268,913.05
+Statutory surplus 13,856,359,416.39
+Item
+13,856,359,416.39
+Discretionary
+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
+|24,319,522,433.93
+1,140,860.78
+Total
+Others
+|10,462,022,156.76
+10,462,022,156.76
+development fund
+Enterprise
+Reserve fund
+surplus reserve
+reserve
+of changes in
+Remeasurement
+Including:
+Non-applicable
+Deferred income
+51 Deferred income
+Non-applicable
+50 Provisions
+Non-applicable
+49 Long-term payroll and employee benefits payable
+2020 Annual Report
+181 / 259
+Non-applicable
+(2). Special payables presented by nature
+Special payables
+Nil
+Others:
+21,232,945,436.94
+Items related to government grants:
+20,080,756,020.71
+Non-applicable
+Non-applicable
+22,000,000,000.00 741,859230.00
+Number
+of
+reserve
+Closing balance
+Capitalization
+of capital Others Subtotal
+donation
+shares Share
+New
+issued
+Opening balance
+Changes in the current period (+, -)
+Unit: RMB Yuan
+Applicable
+53 Paid-in capital
+Non-applicable
+52 Other non-current liabilities
+Others:
+741,859,230.00 22,741,859,230.00
+Total
+Shareholders' loans by co-investors of 5,647,810,583.77
+Unit: RMB Yuan
+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
+Item
+Yangtze Andes Holding Co., Limited
+Long-term payables
+Opening balance
+21,232,945,436.94
+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
+Total
+Special payables
+Closing balance
+20,080,756,020.71
+61 Operating revenue and costs of sales
+shares
+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
+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.
+56,928,124,174.94
+545,555,699.66
+Item
+12,563,810,388.67
+Opening balance
+before
+profit or loss
+to
+be
+reclassified
+cannot
+2,213,942,752.92 -792,402,213.31
+that
+income
+comprehensive
+Other
+I.
+tax expenses
+Less: Other
+Less: Income
+comprehensive
+income in the
+prior periods
+that
+is
+transferred to
+profit or loss
+for the current
+period
+Amount incurred
+income tax in the current
+period
+Others:
+1,248,262.14
+Total
+Opening balance
+Item
+Decrease
+2020 Annual Report
+Unit: RMB Yuan
+55 Capital reserve
+Applicable
+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
+(1). Basic information of other financial instruments (such as outstanding preference shares and perpetual
+bonds) at the end of the reporting period
+Increase
+current period
+44,364,313,786.27
+in the
+the
+2)
+544,307,437.52
+reserves(Note
+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
+in
+(1). Operating revenue and costs of sales
+method
+RMB Yuan
+-151,653,289.18
+-71,556,891.30
+5,200,957,545.39
+prior period
+Amount incurred in the
+-100,213,191.69
+5,166,955,172.60
+current period
+the
+in
+Amount incurred
+41,066,919.32
+2,533,112.19
+39,568,009.51
+3,476,192.71
+36,243,084.10
+15,342,316.83
+70,821,140.35
+4,985,909,832.08
+365,006.76
+Shore power projects
+withholding tax
+3,539,937.07
+Refunds of handling fees of
+1,372,999.01
+VAT super-credit
+current period
+Amount incurred in the prior
+the
+in
+Amount incurred
+Item
+Unit: RMB Yuan
+5,210,950,725.28
+45,306,987.09
+period
+4,503,489.19
+3,515,685.06
+66 Financial expenses
+Nil
+Others:
+Total
+Other
+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
+Applicable
+5,309,530.23
+Unit: RMB Yuan
+Interest expense
+Less: Interest income
+2,052,699.51
+16,635,301.60
+1,716,980.61
+25,549,620.90
+prior period
+current period
+Amount incurred in the
+the
+Amount incurred in
+Applicable
+67 Other income
+Nil
+Others:
+Other expense
+Total
+Add: exchange losses
+Item
+Nil
+305,316.22
+395,354.28
+Nil
+Others:
+Total
+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
+Unit:
+70. Gains from changes in fair value
+Applicable
+69 Net exposure hedging gains
+Non-applicable
+Nil
+Others:
+14,483,332.83
+3,074,753,621.99
+11,747,051.78
+4,052,756,076.57
+Total
+Other
+Amount incurred in the current
+period
+488,772,947.29
+Amount incurred in the prior
+period
+242,408,192.63
+2,467.92
+Amount incurred in the prior
+period
+in the
+190 / 259
+Amount
+current period
+-1,531,903.86
+39,036.81
+incurred
+Loss on bad debts of notes receivable
+Bad debt provision of other receivables
+Impairment on debt investments
+Impairment on other debt investments
+Unit: RMB Yuan
+Item
+Applicable
+71 Credit impairment losses
+Applicable
+-172,887,058.21
+-269,355,233.67
+106,618,735.65
+-279,505,793.86
+1,559,670.43
+Investment income from disposal of other non- 117,288,383.09
+current financial assets
+Investment income from other non-current 233,407,099.89
+financial assets
+Amount incurred in the
+current period
+Item
+Unit: RMB Yuan
+Applicable
+68 Investment income
+Nil
+Others:
+2,606,789.45
+9,448.52
+3,391.82
+5,886,834.66
+Total
+Exemption from VAT
+337,000.00
+605,500.00
+Policy supporting fund
+Income from long-term equity investments under 3,182,977,402.41
+96,312,190.64
+equity method
+Amount incurred in the
+prior period
+investments
+Investment income from disposal of other debt
+114,463,500.45
+61,109,567.16
+283,487,259.19
+Investment income from disposal of debt investments
+Investment income from disposal of investments in
+other equity instruments
+Interest income from holding other debt investments
+Investment income from disposal of held-for-trading
+financial assets
+Interest income from holding debt investments
+Dividend income from holding investments in other 226,231,419.93
+equity instruments
+FVTPL
+Investment income from holding financial assets at
+Investment income on disposal of long-term equity 219,995,152.31
+investments
+2020 Annual Report
+2,077,234,391.59
+189 / 259
+Others:
+-26,947,041.04
+5,272,716.20
+66,609,906.02
+327,624,063.65
+Water resources tax
+23,463,766.45
+Stamp duty
+76,976,325.35
+59,897,056.19
+House property tax
+109,646,033.52
+115,211,267.29
+Local education surcharge
+189,554,871.64
+198,000,927.33
+Education surcharges
+maintenance tax
+385,293,181.68
+22,231,151.61
+construction and 402,110,929.38
+321,695,182.65
+Land use tax
+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:
+Total
+Other
+Tax of Peru Company
+187 / 259
+1,168,814,152.25
+City
+Amount incurred in the current
+period
+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
+Principal
+Amount incurred in the prior period
+Revenue
+Cost
+Amount incurred in the current period
+Revenue
+Cost
+Item
+Unit:
+813,629,745.43
+57,783,367,039.83
+Amount incurred in the prior
+period
+21,149,454,266.44
+5,442,953.03
+18,697,294,123.93
+Item
+Unit: RMB Yuan
+Applicable
+62 Taxes and surcharges
+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).
+80,720,647.08
+49,874,086,874.95
+Amount incurred in the current
+57,225,317,818.15
+Item
+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
+Property insurance fees
+of 37,449,581.09
+12,479,088.69
+Property management 46,776,098.96
+1,292,798,651.45
+Amount incurred in the prior
+64,036,543.05
+8,496,729.57
+Total
+Lease expenses
+3,837,253.24
+12,665,312.42
+Office expense
+institutions
+43,753,717.95
+of intermediary 76,901,911.54
+Fees
+fees
+39,742,436.81
+8,993,685.74
+Amortisation
+Other expenses
+of fixed 112,387,077.72
+Labor service fees
+4,990,991.18
+5,778,950.65
+Sales service fee
+2,770,775.26
+1,650,511.95
+Other fees
+Travelling expenses
+period
+17,039,755.28
+83,810,039.22
+and
+Payroll
+assets
+payable
+Total
+employee benefits
+11,892,838.80
+Depreciation
+benefits payable
+12,284,977.80
+Payroll and employee 464,232,151.32
+period
+Amount incurred in the prior
+Amount incurred in the current period
+Item
+period
+Applicable
+2,990,614.97
+Unit: RMB Yuan
+27,792,136.69
+Others:
+115,417,318.42
+Nil
+64 General and administrative expenses
+(III) Analysis of Assets and Liabilities
+Applicable
+1.
+Assets and liabilities
+in
+Non-applicable
+Number of R&D staff
+in
+total
+Unit: RMB Yuan
+Percentage
+Year-on-year
+Item
+As at 31 Dec 2020
+Percentage
+total
+(II) Explanation of material changes in profit caused by non-principal business
+2020 Annual Report
+assets as at
+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.
+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.
+Applicable
+5. Cash flow
+Unit: RMB'0,000 Yuan
+(2). Explanation
+investment (%)
+of capitalised R&D
+Percentage
+(%)
+Number of R&D staff in total headcount 6.35
+253
+operating revenue (%)
+Non-applicable
+630.56
+assets as at
+106.29
+125,275,104.17
+0.04
+27,552,840.37
+0.01
+354.67
+0.16
+Construction in progress
+0.90
+6,880,639,435.66
+2.32
+1.00
+-56.49
+Intangible assets
+2,993,468,500.20
+As at 31 Dec 2019
+459,771,956.64
+948,456,661.57
+change (%)
+31
+Dec
+31
+Dec
+2020 (%)
+0.29
+2019 (%)
+Other current assets
+Investment property
+497,300,115.36
+0.15
+68,071,011.56
+0.02
+Other payables
+Percentage of total R&D investment in
+Materials,
+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 (%)
+20,614,325,419.64
+Year-on-year
+Change (%)
+Domestic
+Depreciation,
+hydropower
+charges, etc.
+fiscal
+61.77
+18,614,298,076.73 71.71
+-4.50
+sector
+charges, etc.
+Other
+17,776,111,875.66
+57,699.32
+Other
+human cost, 2,938,930,720.73
+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
+etc.
+2020 Annual Report
+in
+Percentage
+total
+cost (%)
+61.77
+sectors
+Percentage
+in
+total
+Year-on-year
+cost (%)
+Change (%)
+18,614,298,076.73
+Prior period
+6.23
+20,940,799 7.84
+0.06
+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)
+22,582,869
+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
+2020
+percentage
+in total cost
+2019
+Year-
+-4.50
+Total
+22,693,022 7.82
+22,582,8
+69
+7.84 528.82
+496.59
+71.71
+6.49
+61.77
+186.14
+71.71
+-4.50
+20 / 259
+cost (%)
+177.76
+20,923,931 7.85
+20,923,931 7.85
+186.14
+177.76
+Prior
+period
+percentage
+in total
+on-year
+change
+year
+61.77
+(%)
+(%)
+Depreciatio
+7.84 528.82
+496.59 6.49
+n,
+fiscal
+charges, etc.
+cost (%)
+191,462,744.50
+22,567,075
+22,567,075
+22,693,022 21,046,277 7.82
+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
+Taxes payable
+10,666.76
+Goodwill
+1,010,349,814.92
+0.31
+Accounts payable
+867,671,236.16
+1.28
+0.26
+0.03
+899.40
+Receipts in advance
+Contracts liabilities
+Payroll and employee
+benefits payable
+86,819,605.55
+2,106,242,913.91 0.71
+101.09
+2,499,762,842.57 0.84
+24,600,000,000.00 8.30
+874,792,997.65 0.30
+2020 Annual Report
+On-grid electricity ('0,000 kWh)
+Electricity sold ('0,000 kWh)
+On-grid tariff Sales tariff
+(RMB/MWh) (RMB/MWh)
+2019
+Electricity generated ('0,000 kWh)
+Year-on-year change (%)
+2019
+Year-on-year change (%)
+2020
+2019
+Year-on-year change (%)
+22,693,022
+2020
+21,046,277 7.82
+Analysis of operations of the electricity sector
+1. Power tariffs for the reporting period
+Applicable
+Applicable
+857.06
+-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.
+19/259
+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.
+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
+statements.
+2. Significant assets restricted at end of reporting period
+Non-applicable
+18 / 259
+2020 Annual Report
+(IV) Industry operating information analysis
+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.
+total
+sectors
+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
+Three Gorges
+Item
+Operating cost
+-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
+Financial expense
+R&D 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
+Operating revenue
+Xiangjiaba
+Xiluodu
+186 185 191
+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.
+2020 Annual Report
+in
+Section 4 Operating Results Discussion and Analysis
+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.
+2019
+331 330 337
+Actual
+970 969
+1,118
+2020 Annual Report
+634 615 608
+13 / 259
+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.
+5,210,950,725.28
+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.
+"
+(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
+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".
+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.
+-4.32
+Planned
+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
+6.49
+-4.50
+Percentage
+Net cash flow from operating | 41,036,864,400.40
+Percentage
+total
+in
+Current period
+Cost item
+By sector
+Unit: RMB Yuan
+By sector situation
+Gross
+(3). Cost analysis
+percentage
+points
+3,689.57
+3,139.66
+32.33
+2,938,930,720.73
+4,342,971,947.08
+sectors
+points
+-9.82
+percentage
+(2). Analysis of production volume and sales volume
+Non-applicable
+Year-on-
+66.39
+percentage
+points
+(%)
+operating
+margin
+Operating cost
+By sector Operating revenue
+of change
+change
+Gross
+Year-on-year
+revenue (%)
+Unit: RMB Yuan
+(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
+Principal business by product
+36,464,419,570.28 12.54
+Net cash flow from investing -36,037,256,431.23
+activities
+Principal business by sector
+operating
+(%)
+Year-on-year
+of
+cost
+3,139.66
+3,689.57
+32.33
+2,938,930,720.73
+4,342,971,947.08
+sectors
+Other
+oints
+sector
++3.87 per
+centage p
+-9.82
+gross
+margin
+change of
+Year-on-
+year
+-4.50
+6.49
+66.39
+17,776,111,875.66
+hydropower 52,882,345,871.07
+Domestic
+reporting period
+Reasons for such restriction
+Carrying amount at the end of the
+Cash and Cash equivalents
+Inventories
+Notes receivable
+Item
+7,000,000.00
+Fixed assets
+Performance bonds
+Total
+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
+3,066,980,309.99
+Exchangeable Bond
+Others:
+Nil
+Unit: RMB Yuan
+19,692,745.69
+Applicable
+9,224,213,791.79
+Non-applicable
+II. Cash equivalents
+/
+Including: Investments in debt securities
+due within three months
+Closing balance
+Opening balance
+7,317,940,980.02
+6,680,457.72
+9,159,811,937.11
+57,721,396.96
+III. Closing balance of cash and cash 9,224,213,791.79
+81 Assets with restricted ownership or right-of-use
+equivalents
+equivalents of the Company
+subsidiaries within the Group
+Others:
+Non-applicable
+and
+80 Notes to items in the statement of changes in owners' equity
+4,989,301,496.47
+2,328,639,483.55
+7,317,940,980.02
+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:
+Including: Restricted cash and cash
+82 Foreign currency monetary items
+Other receivables
+Applicable
+1.8002
+8,826,158.76
+174,433,913.51
+Accounts receivable
+977,863,578.59
+Including: USD
+3,125,198.58
+6.5249
+20,391,608.21
+PKR
+531,914,975.18
+96,896,963.40
+0.0404
+PEN
+519,932,566.03
+1.8002
+935,982,605.38
+101,435,540.78
+Including: USD
+1,587,913.35
+6.5249
+10,360,975.82
+Placements with banks
+21,489,365.00
+(1). Foreign currency monetary items
+PEN
+218,469,276.31
+Unit: Yuan
+Item
+Closing balances of Exchange rates for Closing balance of
+foreign currencies
+translation
+RMB
+197259
+Cash and Cash equivalents
+2020 Annual Report
+3,922,333,109.55
+Including: USD
+0.0404
+507,018,359.51
+EUR
+12,830,134.48
+8.0250
+3,308,244,093.97
+102,961,829.20
+HKD
+389,575,943.57
+0.8416
+327,867,114.11
+PKR
+6.5249
+Deposits with other banks
+Amortization of right-of-use assets
+Amortization of intangible assets
+Other monetary funds
+-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
+intangible assets and other long-term -22,038,670.15
+assets (gains are indicated by "—")
+5,085,012,116.94
+-4,052,756,076.57
+-3,074,753,621.99
+-13,901,101.22
+-27,850,006.10
+Increase in deferred tax liabilities
+(decrease is indicated by "—")
+-74,914,030.68
+-25,331,122.73
+Decrease in inventories (increase is
+37,719,301.45
+-17,652,717.34
+5,281,953,849.47
+indicated by "")
+Losses on disposal of fixed assets,
+195/259
+1.Reconciliation of net profit to cash
+flow from operating
+Net profit
+26,506,261,798.82
+21,567,447,100.19
+Add: Provision for impairment losses of
+assets
+Credit impairment loss
+Depreciation of fixed assets, depletion
+productive biological assets
+2020 Annual Report
+of oil and gas assets, depreciation of 11,603,423,305.42
+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
+536,864.54
+536,864.54
+1,492,867.05
+PKR
+Decrease in receivables from operating
+-190,232,556.87
+-300,121,582.59
+Applicable
+Unit: RMB Yuan
+Amount
+Cash or cash equivalents paid in the current period for business 24,857,381,434.57
+combinations occurred in the current period
+Less: Cash and cash equivalents held by subsidiaries at the date of 856,838,024.80
+acquisition
+Add: Cash or cash equivalents paid in the current period for business
+combinations occurred in prior periods
+Net cash paid to acquire subsidiaries
+24,000,543,409.77
+Others:
+(2). Net cash paid to acquire subsidiaries in the current period
+Nil
+2020 Annual Report
+(3). Net cash received for disposal of subsidiaries in the current period
+Non-applicable
+(4). Composition of cash and cash equivalents
+Applicable
+Unit: RMB Yuan
+Item
+I. Cash
+Including: Cash on hand
+Bank deposits
+196 / 259
+1,983,455,803.98
+equivalents
+1,906,272,811.77
+activities (increase is indicated by "—")
+Increase in payables from operating
+activities (decrease is indicated by "—")
+Others
+Net cash flow from operating activities
+2. Significant investing and financing
+activities that do not involve cash
+receipts and payments
+Conversion of debt into capital
+Convertible bonds due within one year
+Fixed assets acquired under finance
+leases
+3. Net changes in cash and cash
+1,981,722,119.42
+942,008,657.53
+-50,250,031.87
+41,036,864,400.40
+36,464,419,570.28
+equivalents:
+Closing balance of cash
+9,224,213,791.79
+7,317,940,980.02
+Less: Opening balance of cash
+7,317,940,980.02
+5,334,485,176.04
+Add: Closing balance
+of cash
+equivalents
+Less: Opening balance of cash
+equivalents
+Net increase in cash and cash
+Deposits with the central bank
+1,007,122.00
+PEN
+40,687.73
+USD
+Int'l Co., Limited
+Grupo de Contratistas Internacionales_
+S.A.C.
+Lima, Peru
+PEN
+Los Andes Servicios Corporativos Lima, Peru
+S.A.C.
+PEN
+Lima, Peru
+PEN
+Tecsur S.A.
+Hong Kong
+Luz del Sur S.A.A.
+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
+Lima, Peru
+The business is mainly measured and
+settled by such currency
+China Three Gorges Power Operation_
+USD
+Long-term Payable
+Including:SSD
+5,647,810,583.77
+865,578,105.99
+6.5249
+5,647,810,583.77
+Others:
+Nil
+(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.
+Applicable
+198 / 259
+(Hongkong) Co., Limited
+2020 Annual Report
+currency
+Recording
+Company
+place
+of
+business
+China
+Yangtze
+International
+Hong Kong
+Principal
+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
+operating
+148,100.00
+income
+Incentive for Micro- and Small-
+sized Enterprises to Become Sizable 50,000.00
+Enterprises in the Service Industry
+Subsidies for job stabilization
+6,159,697.00
+Non-
+operating
+income
+148,100.00
+Offset of
+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
+50,000.00
+2020 Epidemic Subsidy
+Non-
+income
+83, Hedges
+Non-applicable
+84,
+Government grants
+(1). Basic information of government grants
+Applicable
+Unit: RMB Yuan
+Category
+Amount
+Presenting
+items
+Amount included in
+profit or loss
+Policy supporting fund
+605,500.00
+Other income
+605,500.00
+Shore power project
+365,006.76
+Other income
+365,006.76
+Shore
+power project
+Deferred
+145,368.00
+2,578,680,004.58
+0.0404
+1.8002
+Including: PEN
+PEN
+741,130,064.71
+1.8002
+1,334,182,342.50
+Accounts payable
+808,369,254.70
+Including: USD
+9,465,089.01
+6.5249
+61,758,759.28
+3,523,446,000.00
+PKR
+92,472,942.33
+0.0404
+3,735,906.87
+412,662,253.39
+1.8002
+742,874,588.55
+Interest payable
+149,506,053.68
+Including: USD
+14,785,588.39
+PEN
+6.5249
+6.5249
+Including: USD
+PEN
+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
+540,000,000.00
+PEN
+1.8002
+95,466,227.09
+Debt investment
+1,139,169,084.08
+Including:: EUR
+141,952,533.84
+8.0250
+1,139,169,084.08
+Short-term borrowings
+4,857,628,342.50
+53,030,900.50
+96,474,485.69
+PEN
+29,458,709.03
+3,471,172,582.19
+liabilities
+Including: USD
+277,541,067.96
+6.5249
+1,810,927,714.33
+EUR
+182,057,885.41
+8.0250
+1,461,014,530.42
+Current portion of non-current
+Prior period
+1.8002
+199,230,337.44
+Long-term borrowings
+447,141,791.44
+Including: PEN
+248,384,508.08
+1.8002
+447,141,791.44
+Bonds payable
+2,578,680,004.58
+110,671,224.00
+165,671,580.66
+5,964,694.42
+1.8002
+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
+108,913.74
+0.8416
+91,661.80
+PKR
+147,640,950.99
+0.0404
+PEN
+92,029,541.53
+1,432,440,842.45
+Current period
+17,737,932.85
+Please refer to “note VII. 57 Other comprehensive income" for details.
+period
+current period
+Amount incurred in the prior
+incurred in the
+Amount
+Interest income
+Intercourse funds
+423,419,233.38
+Item
+receivables
+Contract asset impairment losses
+2020 Annual Report
+Total
+Others:
+Nil
+-1,492,867.05
+Bad debt provision of long-term
+95,675,832.87
+71,556,891.30
+27,910,673.21
+General and administrative expenses
+Intercourse funds
+Item
+Unit: RMB Yuan
+Applicable
+(2). Cash paid relating to other operating activities
+Nil
+Description of cash received relating to other operating activities:
+528,865,293.99
+4,567,357.66
+Total
+Other
+145,368.00
+520,143.26
+100,213,191.69
+Deferred income
+Non-operating income
+3,342,701.66
+Selling expenses
+72 Assets impairment losses
+Unit: RMB Yuan
+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
+Applicable
+Gains from disposal of non-
+22,038,670.15
+26,792.08
+non-current
+assets not 22,038,670.15
+26,792.08
+classified as held-for-sale
+Including: Gains from disposal
+Including: Gains on disposal of
+73. Gains from disposal of assets
+Nil
+Others:
+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
+VI. Impairment on materials for construction of
+fixed assets
+VII. Impairment on construction in progress
+VIII. Impairment on productive biological assets
+IX. Impairment on oil and gas assets
+X.Impairment on intangible assets
+XI.Impairment on goodwill
+XII. Others
+-35,595,283.18
+Total
+Applicable
+Bank charges
+Donations
+Non-operating expenses
+Amount incurred in the current
+period
+Item
+RMB Yuan
+Unit:
+Applicable
+(6). Cash payments relating to other financing activities
+Description of cash receipts relating to other financing activities:
+Nil
+Amount incurred in the prior
+5,974,723,001.24
+Total
+Limited
+Amount incurred in the prior
+period
+Amount incurred in the current
+period
+Shareholders' loans by co-investors
+Item
+Unit: RMB Yuan
+5,974,723,001.24
+period
+Issue costs of short-term commercial
+paper and bonds
+Supplementary information
+14,648,665,135.50
+5,793,272.02
+14,604,539,810.95
+6,011,219.18
+32,320,833.35
+Unit: RMB Yuan
+79, Supplementary information to the cash flow statement
+(1). Supplementary information to the cash flow statement
+Applicable
+Description of cash payments relating to other financing activities:
+Nil
+7,672,887,725.27
+11,322,290.06
+7,724,761,705.94
+19,522,746.17
+21,028,944.44
+Total
+Other
+instalments
+Payments of purchase and
+construction of fixed assets by
+Loans guarantee and surcharges
+Applicable
+(5). Cash receipts relating to other financing activities
+Description of cash received relating to other investing activities:
+Nil
+190,217,371.81
+26,759,569.79
+249,618,773.62
+438,271,483.27
+109,607,199.32
+228,445,486.97
+period
+current period
+Amount incurred in the prior
+the
+in
+incurred
+Amount
+196,076,781.07
+933,383.69
+Total
+Research and development expenses
+Restricted cash and bank balances
+963,225.21
+22,038,670.15
+5,351.74
+5,000,000.00
+Total
+2020 Annual Report
+194 / 259
+Amount incurred in the prior
+period
+Amount incurred in the current
+period
+190,217,371.81
+Loss of control of Gaoke Company
+Item
+Unit: RMB Yuan
+(4). Other cash payments relating to investing activities
+Applicable
+(3). Cash received relating to other investing activities
+Non-applicable
+Note on other cash payments relating to operating activities:
+Nil
+156,374,313.04
+3,116,035.50
+767,365.08
+530,729,174.77
+323,785.10
+262,207.40
+10,659,495.71
+900,720,578.57
+600,461.59
+200,675,000.00
+26,792.08
+of Yangtze Andes Holding Co.,
+Total
+Current tax expenses
+Item
+Amount incurred in the current
+Unit: RMB Yuan
+Applicable
+(1). Income tax expense
+76, Income tax expense
+period
+Nil
+13,393.68
+200,915,969.61
+334,933,992.54
+13,393.68
+491,280,818.61
+Total
+Other expense
+area
+281,985,666.60
+Others:
+Amount incurred in the prior
+period
+6,038,094,127.20
+Deferred tax expenses
+Amount incurred in the current period
+32,455,540,794.12
+Effect of deductible temporary differences or deductible
+losses unrecognized in the current period
+Effect of using deductible losses for which deferred tax
+assets were previously not recognised
+Effect of non-deductible costs, expenses and losses
+Effect of non-taxable income
+Effect of different tax rates applicable to subsidiaries
+Effect of adjustment to income tax of prior periods
+rate
+Income tax expenses calculated at statutory/applicable tax
+Total profit
+-53,181,128.83
+5,059,564,654.60
+5,112,745,783.43
+Item
+Unit: RMB Yuan
+(2). Reconciliation of income tax expenses to the accounting profit
+Applicable
+5,949,278,995.30
+Total
+-88,815,131.90
+expense of reservoir 288,114,849.00
+Maintenance
+acipenser sinensis
+2,250,000.00
+disposal of fixed 222,224.19
+222,224.19
+non-recurring profit or
+loss in the current period
+included in
+Amount
+227.80
+prior period
+222,224.19
+current period
+Amount incurred in the Amount incurred in the
+2020 Annual Report
+Including: Losses on
+current assets
+disposal of non-
+Total losses on
+Item
+of fixed assets
+227.80
+8,113,885,198.53
+assets
+intangible assets
+2,250,000.00
+Research funds of
+5,351.74
+323,785.10
+5,351.74
+Penalty
+parties
+200,675,000.00
+50,374,313.04
+200,675,000.00
+Donations to third
+assets
+non-monetary
+of
+Losses on exchange
+restructuring
+Losses on debt
+Losses on disposal of
+-1,281,000,954.74
+-4,918,645.31
+-952,647,179.64
+222,224.19
+10,483.96
+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
+Gains on exchange of
+198,100.00
+50,770,175.16
+50,968,275.16
+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
+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.
+restructuring
+on debt
+Gains
+22,038,670.15
+37,801,614.32
+26,792.08
+Others:
+Nil
+74 Non-operating income
+Non-operating income
+Applicable
+Unit: RMB Yuan
+191/259
+2020 Annual Report
+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
+Amount
+included in
+non-recurring profit or
+loss in the current period
+Asset-related/income-
+related
+Item
+Income-related
+Income-related
+198,100.00
+28,740,000.00
+192 / 259
+Unit: RMB Yuan
+Applicable
+(1). Cash received relating to other operating activities
+78. Items of the cash flow statement
+36,148,478.18
+5,949,278,995.30
+Applicable
+77. Other comprehensive income
+Non-applicable
+Others:
+Income tax expenses
+193 / 259
+27,790,000.00
+Other
+Income-related
+Income-related
+2020 Annual Report
+RMB Yuan
+Innovation of Industrial
+950,000.00
+Enterprises in Yibin
+Incentive for Micro- and
+to Become Sizable 50,000.00
+Cultivation
+Enterprises in the Service
+Industry
+Small-sized Enterprises
+2020 Epidemic Subsidy 148,100.00
+Unit:
+Applicable
+75, Non-operating expenses
+and
+Others:
+Total
+Non-applicable
+operations
+1,468,532.48
+-293,581,432.47
+Total
+207,123,789.66
+292,463,956.81
+income
+-192,806.58
+-1,128,284,368.14
+comprehensive 409,028,063.50 20,445,519.78
+comprehensive
+Other
+797,745,799.73
+32,557,429.82
+Net profit from
+2,987,713,781.77
+8,731,06225095
+2,009,119,204.86
+961,455,803.84
+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
+2,759225,614.69
+2,350,197,551.19 1,112,724,654,54
+384,179277.01
+3,095,718,323.91
+70,106,680.16
+445,828,114,56
+1,092,279,134.76
+discontinuing
+445,828,11456
+current year
+1,168,579,593.50
+carrying value of 254,971,583.01
+Total
+Net profit
+239,218,168.89
+Joint ventures
+Opening balance/ prior period
+Closing balance/current period
+Unit: RMB Yuan
+Summary financial information of nonsignificant joint ventures and associates
+Applicable
+(4).
+2020 Annual Report
+209 / 259
+Nil
+1,967,433,955.77 3,209,805,560.79 2,092,002,450.42
+Others
+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
+received from
+Dividends
+income
+2989,182,31425
+8,437,480,818.48
+2,806,865,004.59
+associates in the
+expense
+investment in
+794,460,838.02
+4,700,095,843.00
+3,768,911,523.89 2912492,366.43 6,206,400,037.89
+6,025,938,374.74 7,942,851,468.62
+2.992,630,612.57
+5,000,126,396.53
+3,931,457,085.98
+equity 8,379,038,086.54
+of
+Carrying value
+☐ rest of moral ✓ ✓
+--Unrealized
+2020 Annual Report
+208 / 259
+1,645,379,479.58
+1,881,432978.74
+1,645,379,479.58
+1,881,432978.74
+-53,414,565.52
+347239,457.65
+346,794,253.51
+1,991,669,825.55 134,583,303.40
+1,991,669,825.55 134,682276.40
+49,031,420.78
+3,128,744,73797
+3,128,744,73797
+346,836,451.15
+346,391,247.01
+119,909,672.06
+--Goodwill
+119,810,699.06
+investment
+Adjustments
+ratio
+associates
+254,896,934.15
+Fair value of
+investment of 7225,167,736.04 3,547,553,242.16
+tax
+Income
+expenses
+288,846266.67
+4,779,200,990.74
+611,668,588.69
+656,461,43693
+1,272,825,763.04 355,693,399.74 663,386,409.36
+866,576,16031
+563,855,649.61
+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
+Operating
+public offer
+associates with
+equity
+Items calculated according to shareholding ratio
+Other descriptions:
+-9,745,102.88
+AB
+obtained
+effective
+2.58
+Company
+24 April 2020
+254.22
+100.00
+Acquired
+by cash
+24 April 2020
+control of the
+acquiree
+by
+POC
+Company
+completing
+delivery
+assets 41.30
+6.33
+Note:
+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.
+201 / 259
+2020 Annual Report
+(2). Cost of business combination and goodwill
+Applicable
+Unit: RMB Yuan
+Consideration of business combination
+Cash and Cash equivalents
+--Fair value of non-cash assets
+--Fair value of debt issued or assumed
+--Fair value of equity securities issued
+company
+--Fair value of contingent consideration
+The
+purchase to
+the end of
+Carrying value on the acquisition date
+12,879,755,241.33
+by shareholding
+VIII. Changes of the scope of consolidation
+1、
+Business combination involving entities not under common control
+Applicable
+(1). ies not under common control in the current period
+Applicable
+Unit: RMB'00,000,000 Yuan
+2020 Annual Report
+Net profit of
+Income of the
+the acquiree
+Consideration
+Date of equity of
+Acquiree
+acquisition
+equity
+acquisition
+Equity
+acquisition
+ratio
+Method of
+equity
+acquisition
+Basis
+for
+Acquisition date
+determination
+acquisition date
+of
+acquiree from the
+date of purchase to
+the end of the
+period
+from
+the
+date
+of
+the period
+--Net profit
+--Fair value of equity held before the acquisition date
+on the acquisition date
+Peru Company
+25,421,863,445.87
+(8).
+Non-applicable
+(7). Unconfirmed commitments related to joint ventures
+Non-applicable
+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
+10,501,107.25
+10,501,107.25
+1,500,793,734.05
+18,346,074.51
+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
+Applicable
+--Others
+Contingent liabilities related to investment in joint ventures or associates
+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.
+Total consideration of business combination
+25,421,863,445.87
+Less: fair value share of identifiable net assets
+obtained
+24,329,104,985.38
+Goodwill combination cost less than the fair value
+share of identifiable net assets obtained
+1,092,758,460.49
+The description of determination method of the fair value of the combination cost, the contingent consideration
+and its changes
+Nil
+The main reasons for the formation of large amount of goodwill
+Nil
+Others:
+Nil
+(3). Identifiable assets and liabilities of the acquiree on the acquisition date
+Applicable
+Unit: RMB Yuan
+ASSETS:
+LIABILITIES:
+NET ASSETS
+Less:
+controlling
+interests
+Net
+acquired
+Peru Company
+Fair value on the acquisition date
+37,296,653,581.66
+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.
+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.
+3,054,716,363.42
+7,196,181,999.98
+3,421,672,06624
+Corporativos
+Peru
+Peru
+Servicios
+Lima,
+Andes Lima,
+Transportation
+services
+Los
+204 / 259
+consolidation
+100.00
+Business
+maintenance
+Peru
+2020 Annual Report
+Emergency
+100.00
+S.A.C.
+Lima,
+Inversiones en
+projects
+consolidation
+90.21
+of
+Business
+consolidation
+consultation
+Peru
+Business
+Development and
+Lima,
+Lima,
+Tecsur S.A.
+Peru
+Grupo
+Contratistas
+Lima, Lima,
+Internacionales Peru
+de
+operation
+management of
+power generation
+Production and
+Investment
+51.00
+and
+investment
+development of
+technology
+Hubei
+supply
+Hubei
+Power Sales Co., Shanghai Shanghai
+China Yangtze
+Power (Hubei) Yichang, Yichang,
+Ltd.
+Co., Ltd
+Sale of electricity,
+Yangtze Andes
+of 100.00
+Investment
+electricity and heat
+and
+service
+Kong
+Investment
+70.03
+consultancy
+Hong
+Hong
+Kong
+Co.,
+dispatch and sale,
+energy, electricity
+Limited
+Holding
+in
+Investment
+Lima,
+Servicios
+Shareholding
+Business
+of
+distribution
+83.64
+Business
+and
+transmission
+consolidation
+Peru
+Generation,
+Lima,
+Luz del Sur Lima,
+S.A.A.
+consolidation
+industry
+Peru
+Peru
+electricity
+Inmobiliaria Luz Lima,
+del Sur S.A.
+Lima,
+Peru
+S.A.C.
+100.00
+Power generation
+Business
+Lima,
+Inland Energy Lima,
+consolidation
+asset management
+Peru
+Peru
+100.00
+Business
+and
+Investment
+Peru
+Three Gorges
+100.00
+Electronic
+Peru
+Peru
+Services
+Business
+Shareholding
+Lima,
+platform
+Lima,
+Electricos S.R.L.
+consolidation
+platform
+100.00
+Peru
+Peru
+Peruvian
+100.00
+consolidation
+Company S.R.L.
+Lima,
+Blue River Corp Lima,
+S.A.C.
+S.R.L.
+consolidation
+Company II
+100.00
+Business
+platform
+Peru
+Peru
+Services
+Shareholding
+Lima,
+Lima,
+Peruvian
+Business
+Investment
+70.00
+Electricity
+dispatch and sale
+Three Gorges Yangtze Power Big Data 3
+Technology (Yichang) Co., Ltd
+4
+Technology Co., Ltd
+loss of control
+Gorges High-tech Information 2
+Three
+loss of control
+3
+3
+newly-added
+2
+China Yangtze Power Sales Co., Ltd.
+Yangtze Andes Holding Co., Limited
+2
+1
+newly-added
+5
+Three Gorges Powwe (Henan) Co., Ltd
+3
+Business nature
+Acquisition
+of
+Place
+registration
+place of
+Subsidiary
+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
+6 Other
+deregistered
+Reason of change
+business
+Level
+Number
+(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:
+value
+4,912,366,241.35
+non- 4,750,930,520.88
+29,080,035,506.26
+8,216,618,075.40
+771,207,000.00
+5,683,573,241.35
+2,965,906,93195 4,324,967,059.15
+assets 24,329,104,985.38
+Any transaction that realizes business combination step by step through multiple transactions and obtains
+control right in the reporting period
+Non-applicable
+202 / 259
+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
+Non-applicable
+3 Reverse acquisition
+Non-applicable
+Business combination involving entities under common control
+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
+Company
+Peru
+Directly Indirectly method
+Yichang,
+vehible
+Investment
+100.00
+purpose
+Virgin
+Special
+Co., Ltd
+Power (BVI) 1 Virgin
+China Yangtze British
+stations
+Co., Limited
+overseas power
+Operation Int'l
+Investment
+British
+Islands
+Islands
+China Yangtze | British
+Power (BVI) 2 Virgin Virgin
+Co., Ltd
+Co., Ltd.
+Wuhan,
+Hubei
+Wuhan,
+Hubei
+Electric Energy
+Three Gorges
+Business
+consolidation
+100.00
+Development of
+hydropower
+Islands
+Islands
+Chengdu, Chengdu,
+Sichuan Sichuan
+Three Gorges
+Electric Energy
+Co., Ltd.
+Investment
+100.00
+Special purpose
+vehible
+British
+80.00
+Yangtze Power
+of
+Kong
+85.00
+Equity investment
+Beijing
+Beijing
+Juyuan
+Changjiang
+Investment
+Beijing
+Investment
+100.00
+Equity investment
+Yichang,
+Hubei
+Hubei
+Capital Holdings
+Limited
+Investment
+Management
+Co., Ltd
+Gorges Power Kong
+Operation and
+Hong
+China Three Hong
+Limited
+investment
+(Hongkong) Co.,
+Investment
+100.00
+Overseas
+Kong
+Kong
+International
+Hong
+China Yangtze Hong
+management
+consolidation
+S.A.C.
+Lima,
+Guangzhou
+Hubei
+Sichuan
+Three
+Yunnan
+Guangzhou
+Three
+Hubei
+2020 Annual Report
+Closing balance/ current period
+Unit: RMB Yuan
+Applicable
+(3). Main financial information of significant associates
+207 / 259
+Opening balance/ prior period
+SDIC Power Sichuan
+Energy
+Development
+Group Co.,
+Energy
+Co., Ltd.
+Holdings
+r Co.,Ltd.
+Incorporated
+Ltd.
+Capital
+HydroPowe
+Group Co., Group
+Gorges
+Developme
+Energy
+Chuantou
+Gorges
+Jinsha River
+Non-applicable
+nt Group
+(2). Main financial information of important joint ventures
+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.
+Kunming Kunming
+Midstream
+Jinsha River
+Investment,
+Huadian
+Yunnan
+construction and
+operation
+Ltd.
+energy
+Energy Co.,
+14.01
+Investment in clean
+Chuantou
+Chengdu Chengdu
+Equity
+method
+Equity
+23.00
+method
+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.
+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
+Description of circumstances where the percentage of shareholding in a joint venture or an associate
+differs from the percentage of voting rights:
+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
+management
+Co., Ltd
+Development
+Hydropower
+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.
+Sichuan
+Capital
+Ltd.
+9,798,666,960.81
+150327333373.52
+4213,777,861.07
+116,107,469281.60
+13,827,731,550.45 9,514,338,21921
+21,855,786,077.44 17,849,105,034.15
+3,386,988,41031
+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
+34,011,667,621.63
+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
+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
+3,093,421,535.02
+527,710,564.05
+interests
+Equity
+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
+attributable to
+liabilities
+Holding Co., Chuantou
+Ltd.
+25,309,166,470.49
+26216,304,76091
+1,856,842,682.11
+Current
+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
+24,933,681,33932
+5298,991,359.11
+Co., Ltd.
+d
+Co.,Ltd.
+Energy Co.,
+Ltd.
+Holdings
+Incorporate
+Current assets
+5,442,710,103.46
+Including: cash
+and
+60,166,839,800.44 43,400,669,145.60
+Total assets
+assets
+54,867,848,441.33 33,850,343,861.74
+Non-current
+Andes Power Lima,
+S.A.C.
+708,195,762.59
+8,447,826,01991
+104,018,962.34
+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
+10,993,798,083.18 8,386,615,92596
+method
+equivalents
+Ltd.
+Nil
+Explanation of the difference between the shareholding proportion in the subsidiary and the voting right
+proportion:
+Company S.A.C.
+consolidation
+100.00
+platform
+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:
+Business
+Lima,
+Peru
+Peru
+Opportunity
+Lima,
+Peruvian
+consolidation
+Shareholding
+Nil
+The control basis for the important structured entities included in the consolidation scope:
+Nil
+Non-applicable
+financial statements
+(5). Financial support or other support provided to structured entities included in the consolidated
+(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
+(2). Important non-wholly owned subsidiaries
+Nil
+Others:
+Nil
+The basis for determining whether the company is an agent or a principal:
+platform
+Others:
+Ltd.
+Bermuda
+Peru
+International
+Business
+Shareholding
+Lima,
+Energy Business Lima,
+Peru
+consolidation
+Peru
+Peru
+100.00
+Business
+Electronic
+production
+industry
+platform
+100.00
+consolidation
+Bermuda
+Business
+Shareholding
+Andes Bermuda
+consolidation
+platform
+Peru
+Peru
+S.R.L.
+100.00
+Business
+Lima,
+Lima,
+Ontario-Quinta
+S.R.L.
+100.00
+Non-applicable
+Shareholding
+Non-applicable
+Three Gorges
+energy
+Ltd.
+Province
+Equity
+method
+of
+Industrial
+management
+Group Co.,
+3.26
+25.35
+Hubei
+development and
+Hubei
+Province
+Capital
+investment, equity
+Equity
+1.27
+2、 The owner's equity share of the subsidiary changes and still controls the transactions of the
+subsidiary
+13.93
+Holding Co.,
+Equity
+Electrical power
+Beijing
+SDIC Power Beijing
+management
+Co., Ltd.
+method
+investment, asset
+Holdings
+Beijing
+Beijing
+Energy
+Wuhan,
+10.00
+Hubei
+Guangzhou
+registration
+of business
+/associates
+Business nature
+of
+Joint ventures
+Accounting
+treatment for
+Shareholding ratio
+Unit: RMB Yuan
+Applicable
+(1). Material joint ventures or associates
+Investment,
+3. Equity in joint ventures or associates
+Applicable
+Development
+Group
+Main place Place
+Directly Indirectly ventures
+/associates
+commerce
+and
+industry
+joint
+public
+method
+1.98
+urban 17.98
+utilities,
+Incorporation Guangzhou Guangzhou logistics,
+Equity
+energy industry,
+Investment
+management
+and
+of
+EUR
+PKR
+PEN
+Total
+Financial liabilities held
+398,232,264.23
+242,664,765.00
+640,897,029.23
+for trading
+19,108,755.32
+HKD
+91,661.80
+5,964,694.42
+165,671,580.66
+199,230,337.44
+190,836,692.20
+Current portion of non-
+1,810,927,714.33
+1,461,014,530.42
+3,471,172,582.19
+current liabilities
+Other payables
+USD
+Accounts payable
+2020 Annual Report
+1,139,169,084.08
+Subtotal
+Long-term borrowings
+Foreign
+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
+15,567,590.63
+Bonds payable
+financial assets
+825,438,170.71
+215 / 259
+4,223,137,690.77
+15,567,590.63
+1,089.05
+1,089.05
+825,438,170.71
+Item
+Opening balancee
+non-current
+USD
+equity
+instruments
+investments
+Long-term
+equity
+investments
+Debt investment
+Subtotal
+105,656,142.40
+Foreign
+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
+17,854,519,232.52
+697,646,273.05
+24,057,628,342.50
+More than 5 years
+Total
+24,057,628,342.50
+borrowings
+Accounts payable
+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) Sensitivity analysis:
+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
+2020 Annual Report
+(2) Interest rate risk
+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.
+216 / 259
+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
+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.
+3,355,689,608.12
+held for trading
+640,897,029.23
+Other payables
+Bonds payable
+1,934,241,932.36
+Subtotal
+HKD
+4,432,380,427.04
+2020 Annual Report
+EUR
+4,124,173,616.79
+PKR
+107,221,021.07
+1,148,277,903.43
+4,432,380,427.04
+107,221,021.07
+1,148,277,903.43
+10,752,023,892.70
+768,403,141.10
+80,867.57
+80,867.57
+1,421,447,675.76
+Total
+Fair
+304,651,628.82
+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
+Brother company of the Group
+Brother company of the Group
+Chinese Sturgeon Research Institute
+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
+Brother company of the Group
+Others
+Nil
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+2020 Annual Report
+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
+Three Gorges New Energy Panzhou Power Generation Co., Ltd
+Brother company of the Group
+Brother company of the Group
+5 Related party transaction
+Purchase of goods / accept of services
+Entrusted
+China Three Gorges Corporation
+controlling party
+period
+prior
+the
+(1). Related party transactions of purchase and sales of goods, render and accept services
+in
+Related
+transaction
+Amount
+incurred
+Controlling shareholder and ultimate
+Related party
+Unit: RMB' 0000Yuan
+Applicable
+party Amount incurred in
+the current period
+3,273.73
+Brother company of the Group
+Brother company of the Group
+Brother company of the Group
+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
+Jiujiang Three Gorges Comprehensive Water Environment
+Management Co., Ltd
+224 / 259
+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
+China Three Gorges Sounth Asia Investment Ltd
+Shanghai Donghua Engineering Consulting Co., Ltd
+Sui County Aikang Energy Investment Co., Ltd
+2020 Annual Report
+Chongqing Wulong Daliangzi Wind Power Co., Ltd
+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.
+Shanghai Jikai Engineering Inspection Technology Co., Ltd
+Three Gorges New Energy Offshore Wind Power Operation & Brother company of the Group
+Maintenance Jiangsu Co., Ltd
+Leshan Damo Hydropower 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
+Brother company of the Group
+Yangtze Three Gorges Ecological Garden Co., Ltd
+2,313.64
+management
+Joint ventures/associates
+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
+and
+equipment
+facilities
+management fee
+16,225.35
+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
+of 13,798.53
+maintenance
+13,502.47
+Energy Receipt of service
+Management (Hubei) Co., Ltd
+Three Gorges Electric
+2020 Annual Report
+225/259
+614.99
+183.77
+540.16
+Three Gorges Finance Co., Ltd.
+entrusted management
+Ltd.
+2,486.61
+4,316.91
+Three Gorges Base Development Co., Property management,
+Handling fee for
+letters of guarantee
+3,700.45
+Chongqing Three Gorges Water Conservancy and Electric Power Receipt of service
+Co.,Ltd
+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
+Enterprises under control of the same
+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
+Yangtze Three Gorges Equipment & Receipt of service,
+Materials 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
+parent
+2020 Annual Report
+Three Gorges Jinsha Jiangyunchuan Hydroelectric Development Holding subsidiary of parent
+Co., Ltd
+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
+Three Gorges Mechanical & Electrical Engineering Technology Co., Holding subsidiary of parent
+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
+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
+Fuqing Haixia Power Generation Co., Ltd
+China Three Gorges Construction Management Co., Ltd
+Wholly-owned subsidiary of
+parent
+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
+Hubei Qingneng Investment Development Group Limited
+Three Gorges Electric Energy (Yunnan) Co., Ltd
+Associate
+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
+Yangtze Three Gorges Industrial Co., Ltd.
+Three Gorges Electric Energy Management (Hubei) Co., Ltd
+Three Gorges Electric Energy (Anhui) Co., Ltd
+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
+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
+Joint venture
+Brother company of the Group
+Brother company of the Group
+Wholly-owned subsidiary of
+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
+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
+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
+Huludao Quanfang New Energy Wind Power Co., Ltd
+Brother company of the Group
+Dao County Three Gorges Kaihang Water Services Co., Ltd
+Brother company of the Group
+Hainan Yixin New Energy Technology Co., Ltd
+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
+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
+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
+Shenmu Yuanhang New Energy Development Co., Ltd
+Sheqi Guohe Wind Power Co., Ltd
+Brother company of the Group
+Brother company of the Group
+2020 Annual Report
+223 / 259
+Shandong Jianeng Solar Energy Technology Co., Ltd
+Brother company of the Group
+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
+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
+Qiyueshan Wind Power Co., Ltd under Hubei Energy Group
+Brother company of the Group
+Haixia Power Generation Co., Ltd
+Chongqing Liangping Three Gorges Comprehensive Water & Brother company of the Group
+Environment Management Co., Ltd
+Brother company of the Group
+Hainan Zhuma Optical New Energy Co., Ltd
+Three Gorges New Energy (Zuoyun) Power Generation Co., Ltd
+Three Gorges New Energy Angli (Lingwu) Power Generation Co.,
+Ltd
+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
+Chongqing Wushan Three Gorges Comprehensive Water &
+Environment Management 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
+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
+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
+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
+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 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
+Three Gorges New Energy Jiuquan Co., Ltd
+2020 Annual Report
+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
+receivable
+1.88
+Ningde Dagang Hydropower Station
+Development Co., Ltd
+receivable
+Accounts
+3.75
+receivable
+0.00
+0.00
+Xiangshui Yangtze Wind Power Co.,
+Accounts
+Ltd
+Ltd
+0.00
+Accounts
+Yunnan
+Longling
+Lazhai
+3.92
+0.00
+receivable
+Hydropower Development Co., Ltd
+Weixi Longdu Power Generation
+0.41
+0.00
+receivable
+Accounts
+7.00
+Co., Ltd
+Accounts
+China Three Gorges (Europe) Co.,
+receivable
+receivable
+Accounts
+receivable
+Weixi Longdu Power Generation
+receivable
+Three Gorges Jinsha River Yunchuan
+Hydropower Development Co., Ltd
+Huili Zhaoguang New Energy Co.,
+Ltd
+434.22
+0.05
+2.77
+0.00
+Accounts
+China Three Gorges Construction
+Management Co., Ltd
+21.47
+0.00
+Accounts
+China Three Gorges Renewables
+16.76
+0.03
+receivable
+(Group) Co., Ltd.
+Accounts
+Zhejiang Changlong
+Mountain
+229.77
+0.02
+receivable
+Pumped Storage Co., Ltd
+Accounts
+Cixi Yangtze Wind Power Co., Ltd
+1.88
+0.00
+Accounts
+0.47
+Accounts
+receivable
+receivable
+Wind Power Co., Ltd
+Accounts
+receivable
+Yunnan Mile Shidong Mountain
+Power Generation Co., Ltd
+6.32
+0.00
+238/259
+2020 Annual Report
+Accounts
+receivable
+Accounts
+receivable
+2.68
+0.00
+1.88
+0.00
+Power Generation Co., Ltd
+Qingdao Runlai Wind Power Co., Ltd
+1.88
+0.00
+receivable
+Accounts
+Enshi Banqiao Wind Power Co., Ltd
+0.72
+0.00
+receivable
+Accounts
+Three Gorges New Energy Shanshan
+0.46
+0.00
+0.00
+0.03
+0.00
+7.51
+Accounts
+Co., Ltd
+Accounts
+receivable
+Accounts
+receivable
+Accounts
+receivable
+Accounts
+receivable
+Accounts
+receivable
+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
+1.60
+0.00
+8.13
+0.00
+1.18
+0.00
+1.88
+0.00
+5. 31
+0.05
+Accounts
+Three Gorges New Energy Yunnan
+4.73
+0.00
+receivable
+Yao' an Power Generation Co., Ltd
+Accounts
+Three Gorges New Energy Golmud
+3.75
+0.00
+receivable
+Power Generation Co., Ltd
+Three Gorges New Energy Jinchang
+1.00
+9.40
+receivable
+Accounts
+Yangtze Three Gorges Ecological
+2.60
+1.88
+receivable
+Other
+Garden Co., Ltd
+Yichang Three Gorges Duoneng
+2.00
+0.35
+2.00
+0.20
+receivables
+Asset Management Co., Ltd
+Accounts
+receivable
+Yangtze Three Gorges Technology &
+Economy Development Co., Ltd.
+1.33
+121.09
+0.40
+Other
+receivables
+China Three Gorges Publication and
+Media Co., Ltd
+1.02
+0.47
+Accounts
+receivable
+Yangtze Three Gorges Hydropower 0.73
+Engineering Co., Ltd
+0.07
+0.73
+0.00
+Accounts
+Accounts
+Services (Yichang) Co., Ltd
+0.00
+607.28
+receivable
+Pakistan (Pvt) Limited
+Accounts
+Yangtze Three Gorges Industrial Co.,
+32.74
+38.32
+receivable
+Ltd.
+Other
+Yangtze Three Gorges Hydropower
+30.00
+5.19
+38.09
+2.96
+receivables
+Engineering Co., Ltd
+Accounts
+Yangtze Three Gorges Tourism
+26.49
+20.23
+0.00
+receivable
+Development Co., Ltd
+Accounts
+Yangtze Three Gorges
+Water
+receivable
+10.24
+receivable
+Yangtze Three Gorges Equipment &
+4.37
+0.00
+237 / 259
+2020 Annual Report
+Accounts
+receivable
+Fujian Energy Investment Co., Ltd
+under China Three Gorges
+Corporation
+1.08
+0.00
+Fujian Three Gorges Offshore Wind-
+Accounts
+receivable
+Accounts
+receivable
+power Industrial Park Operation Co.,
+9.15
+0.01
+Ltd
+Qiyueshan Wind Power Co., Ltd
+0.35
+0.00
+under Hubei Energy Group
+Accounts
+Macheng Zhongguang Shenghui
+0.39
+0.00
+receivable
+New Energy Co., Ltd
+Accounts
+Fuzhou Haixia Power Generation
+1.15
+0.00
+receivable
+Co., Ltd
+Accounts
+Research Institute Co., Ltd.
+receivable
+0.01
+120.06
+receivable
+Materials Co., Ltd
+Accounts
+Three Gorges New Energy Lichuan
+0.20
+0.00
+receivable
+Wind Power Co., Ltd
+Accounts
+receivable
+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
+2.24
+0.00
+2.30
+Zhangpu Haixia Power Generation
+Co., Ltd
+0.00
+0.00
+Accounts
+receivable
+Butuo Zhongtian New Energy
+Development Co., Ltd
+0.36
+0.00
+Accounts
+Butuo Junsheng New Energy Co.,
+0.19
+0.00
+receivable
+Ltd
+Accounts
+Shanghai Investigation, Design &
+1.11
+Power Generation Co., Ltd
+Technology Co., Ltd
+receivable
+Accounts
+receivable
+China Three Gorges Sounth Asia
+Investment Ltd
+94.79
+0.01
+Accounts
+Three Gorges New Energy Pingshan
+0.47
+0.00
+receivable
+Power Generation Co., Ltd
+Accounts
+Three Gorges New Energy Pu' an
+1.37
+0.00
+receivable
+Power Generation Co., Ltd
+Accounts
+Chongqing Wulong Daliangzi Wind
+0.50
+0.00
+receivable
+Power Co., Ltd
+Accounts
+receivable
+Three Gorges New Energy (Zuoyun)
+Power Generation Co., Ltd
+0.47
+0.00
+Accounts
+receivable
+Shuangliao
+0.00
+Leshan Damo Hydropower Co., Ltd
+Three Gorges New Energy Yiyuan
+Power Generation Co., Ltd
+1.88
+0.00
+Lingwu
+Baitugang
+Angli
+Accounts
+receivable
+Photovoltaic Power Generation Co.,
+1.88
+0.00
+Ltd
+Accounts
+Three Gorges New Energy Kangbao
+0.47
+0.00
+receivable
+Power Generation Co., Ltd
+Accounts
+Three Gorges New Energy Shidian
+1.57
+0.00
+receivable
+Power Generation Co., Ltd
+Accounts
+receivable
+Three Gorges New Energy Huaping
+0.98
+0.00
+Power Generation Co., Ltd
+Accounts
+11.48
+Qingda Photovoltaic
+8.14
+0.00
+0.00
+receivable
+Geneartion Co., Ltd
+Three Gorges New
+Energy
+Accounts
+receivable
+Accounts
+Yangjiang Power Generation Co.,
+4.84
+0.00
+Ltd
+Jinfeng New Energy Gonghe Power
+1.88
+0.00
+receivable
+Generation Co., Ltd
+Accounts
+Guyuan Hengyi New Energy Co, Ltd
+0.47
+0.00
+receivable
+Accounts
+Xiyang Sineng New Energy Co., Ltd
+0.47
+0.00
+receivable
+Accounts
+receivable
+Yongdeng Hongyang New Energy
+Power Generation Co., Ltd
+1.88
+1.88
+Suzhou Fuyang Photovoltaic Power
+Accounts
+Ltd
+receivable
+Power Generation Co., Ltd
+Accounts
+Three Gorges New Energy Delingha
+1.88
+0.00
+receivable
+Power Generation Co., Ltd
+Accounts
+Kaiyuan Hongyu Sunshine New
+1.00
+0.00
+receivable
+Energy Power Generation Co., Ltd
+receivable
+Accounts
+24.36
+0.01
+receivable
+Co., Ltd
+Accounts
+Golmud Yangguang Qiheng New
+1.88
+0.00
+receivable
+Energy Co., Ltd
+Accounts
+receivable
+Chaohu Jiaoyang New Energy Co.,
+1.88
+0.00
+Fuqing Haixia Power Generation
+Accounts
+Co., Ltd
+receivable
+Accounts
+receivable
+Accounts
+Tongcheng Power Generation Co.,
+1.88
+0.00
+Ltd
+receivable
+Three Gorges New Energy Yuanmou
+Power Generation Co., Ltd
+0.65
+0.00
+Accounts
+Three Gorges New Energy Binchuan
+0.98
+0.00
+receivable
+Power Generation Co., Ltd
+Accounts
+Three Gorges New Energy Wujiaqu
+4.78
+0.00
+receivable
+Power Generation Co., Ltd
+Accounts
+Bin County Dageling Wind Power
+8.14
+0.00
+receivable
+Co., Ltd
+Accounts
+Jiuquan Sanyang New Energy Power
+Three Gorges New Energy
+0.00
+1.18
+Three Gorges New Energy Yiwu
+Power Generation Co., Ltd
+Three Gorges New Energy Pishan
+Power Generation Co., Ltd
+0.95
+0.00
+Accounts
+receivable
+Accounts
+receivable
+Accounts
+Three Gorges New Energy Angli
+(Lingwu) Power Generation Co., Ltd
+1.88
+0.00
+Wulan Jinfeng New-energy
+Photovoltaic Power Generation Co.,
+1.88
+0.00
+Ltd
+Hainan Yixin New Energy
+1.88
+0.00
+0.94
+receivable
+Accounts
+Hainan Haijin Kstar New Energy
+1.88
+0.00
+receivable
+Co., Ltd
+Accounts
+Three Gorges New Energy Quyang
+0.94
+0.00
+receivable
+Power Generation Co., Ltd
+Accounts
+receivable
+Technology Co., Ltd
+Accounts
+0.00
+Generation Co., Ltd
+140.16
+Accounts
+Three Gorges New Energy Mengyin
+1.88
+0.00
+receivable
+Power Generation Co., Ltd
+Accounts
+Three Gorges New Energy Laiyuan
+0.47
+0.00
+receivable
+Power Generation Co., Ltd
+239 / 259
+2020 Annual Report
+Accounts
+receivable
+Accounts
+receivable
+Accounts
+receivable
+Three Gorges New Energy Taiyang
+Mountain Power Generation Co., Ltd
+Three Gorges New Energy Bole
+Power Generation Co., Ltd
+3.75
+0.00
+1.18
+0.00
+Three Gorges New Energy Guyuan
+0.47
+0.00
+Power Generation Co., Ltd
+Accounts
+Hainan Zhuma Optical New Energy
+1.88
+0.00
+receivable
+0.00
+1.88
+Shandong Jianeng Solar Energy
+Accounts
+Jiuquan Zhaoyang New Energy
+0.94
+0.00
+receivable
+Power Generation Co., Ltd
+Accounts
+receivable Power Generation Co., Ltd
+Accounts Three Gorges New Energy Pingquan
+receivable Power Generation Co., Ltd
+Accounts
+Three Gorges New Energy Xintai
+1.88
+0.00
+0.47
+0.00
+Sheqi Guohe Wind Power Co., Ltd
+1.88
+receivable
+0.00
+Accounts
+Three Gorges New Energy Jiuquan
+1.88
+0.00
+receivable
+Co., Ltd
+Accounts
+Zhangjiachuan
+Tianyuan Wind
+1.88
+0.00
+receivable
+Power Co., Ltd
+Accounts
+receivable
+Three Gorges Third Wind Farm
+Receivables and payables of related parties
+502.17
+Yangtze Three Gorges Industrial | Building
+Co., Ltd.
+463.47
+461.17
+Yangtze Three Gorges Tourism Building
+Development Co., Ltd
+288.04
+384.05
+Yangtze Three Gorges Industrial Building
+Co., Ltd.
+832.80
+371.81
+The company as the lessee:
+Applicable
+Unit: RMB
+0000 Yuan
+Types of leased
+Lessor
+Lease expenses in
+assets
+the current period
+Lease expenses in the
+prior period
+China Three Gorges Corporation
+Land
+7,394.94
+7,394.94
+Yangtze Three Gorges Industrial Co.,
+Ltd.
+Building
+174.83
+114.86
+Yichang Three Gorges Duoneng Asset Building
+26.61
+Corporation
+115.51
+1,516.90
+current period
+1,513.10
+4.43
+Three Gorges Asset Management Co., Ltd
+Technology service
+4.92
+Three Gorges New Energy Panzhou Power
+Generation Co., Ltd
+Technology service
+3.70
+Total
+62, 612.58
+12,402.10
+Description of related party transactions of purchase and sales of goods, render and accept services
+Non-applicable
+(2). Related entrusted management / contracting and entrusted management / outsourcing
+Entrusted management / contracting of the company:
+Non-applicable
+232 / 259
+2020 Annual Report
+Description of related trusteeship / contract
+Non-applicable
+Entrusted management / outsourcing of the company
+Non-applicable
+Description of related management / outsourcing
+Non-applicable
+(3).
+Related lease
+The company as the lessor:
+Applicable
+Unit: RMB 0000 Yuan
+Types of leased
+Lessee
+assets
+China Three Gorges International Building
+Lease income in the
+Lease income in the
+prior period
+Management Co., Ltd
+Yichang Three Gorges Duoneng Asset Building
+12.48
+2033
+20 September 01
+2020 Annual Report
+Information on related party guarantee
+Applicable
+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.
+(5).
+Applicable
+Funds borrowing from related parties
+Unit: RMB 0000 Yuan
+,
+Related party
+Amount
+Starting date
+Expiry date
+Description
+Borrowing
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+700,000.00
+2017.01.16
+2022.01.16
+1,443,294.54
+860,000.00
+700,000.00
+2013.05.01 2028.05.01
+2017.07.14 2021.07.14
+2019.07.17 2022.07.17
+620,000.00
+2020.03.18
+2021.03.18
+100,000.00
+2020.7.16
+August NO
+date
+expiry
+233 / 259
+Management Co., Ltd
+Description of related lease
+Non-applicable
+(4). Related party guarantee
+The company as the guarantor
+Whether the guarantee has
+been fulfilled
+Applicable
+Unit: RMB
+0000 Yuan
+Guarantee
+Guaranteed company
+amount
+Guarantee start Guarantee
+date
+Technology service
+Hunan Taohua River Nuclear 25,146.80
+November
+2019
+expiry date
+November
+2025
+NO
+The company as the guarantee
+Applicable
+,
+Unit: RMB 0000 Yuan
+Guarantor
+China Three Gorges
+Corporation (Note)
+Whether the guarantee has
+been fulfilled
+Guarantee start Guarantee
+date
+Guarantee
+amount
+800,000.00
+2002
+Power Co., Ltd
+2021.7.16
+Hainan Jiepu Green Energy Co., Ltd
+12.81
+4.43
+Three Gorges New Energy Jiuquan Co., Ltd | Technology service
+Zhangjiachuan Tianyuan Wind Power Co., Technology service
+4.43
+4.43
+Ltd
+Shandong
+Jianeng Solar Energy Technology service
+4.43
+Technology Co., Ltd
+Three Gorges New Energy Mengyin Power Technology service
+Generation Co., Ltd
+4.43
+Three Gorges New Energy Laiyuan Power Technology service
+Generation Co., Ltd
+4.43
+Three Gorges New Energy Taiyang Technology service
+Mountain Power Generation Co., Ltd
+8.86
+Three Gorges New Energy Bole Power Technology service
+Generation Co., Ltd
+2.77
+Three Gorges New Energy Guyuan Power Technology service
+Generation Co., Ltd
+4.43
+Hainan Zhuma Optical New Energy Co., Technology service
+Ltd
+4.43
+Three Gorges New Energy Yiyuan Power Technology service
+Generation Co., Ltd
+4.43
+Lingwu Baitugang Angli Photovoltaic Technology service
+Power Generation Co., Ltd
+4.43
+Three Gorges New Energy Kangbao Power Technology service
+Generation Co., Ltd
+4.43
+Three Gorges New Energy Shidian Power Technology service
+Generation Co., Ltd
+3.70
+Three Gorges New Energy Huaping Power Technology service
+Generation Co., Ltd
+Technology service
+2.31
+Sheqi Guohe Wind Power Co., Ltd
+Three Gorges New Energy Pingquan Power Technology service
+Generation Co., Ltd
+2020 Annual Report
+Three Gorges New Energy Angli (Lingwu) Technology service
+Power Generation Co., Ltd
+Wulan Jinfeng New-energy Photovoltaic Technology service
+Power Generation Co., Ltd
+4.43
+4.43
+Hainan Yixin New Energy Technology Co., Technology service
+Ltd
+4.43
+Hainan Haijin Kstar New Energy Co., Ltd
+Three Gorges New Energy Quyang Power
+Generation Co., Ltd
+Technology service
+4.43
+Technology service
+8.86
+Three Gorges New Energy Yiwu Power Technology service
+Generation Co., Ltd
+2.77
+Three Gorges New Energy Tongcheng Technology service
+Power Generation Co., Ltd
+4.43
+Three Gorges New Energy Yuanmou Power Technology service
+Generation Co., Ltd
+1.54
+Three Gorges New Energy Binchuan Power Technology service
+Generation Co., Ltd
+2.31
+Bin County Dageling Wind Power Co., Ltd
+Jiuquan Sanyang New Energy Power
+Generation Co., Ltd
+Technology service
+19.19
+Technology service
+2.21
+Jiuquan Zhaoyang New Energy Power Technology service
+Generation Co., Ltd
+2.21
+Three Gorges New Energy Xintai Power Technology service
+Generation Co., Ltd
+4.43
+4.43
+Three Gorges New Energy Pingshan Power Technology service
+Generation Co., Ltd
+4.43
+231 / 259
+Leling Zhongtian New Energy Co., Ltd
+Technology service
+4.43
+Shenmu Yuanhang New Energy
+Technology service
+4.43
+Development Co., Ltd
+China Three Gorges Sounth Asia Technology service
+Investment Ltd
+123.10
+Enshi Banqiao Wind Power Co., Ltd
+Sales of
+goods,
+12.80
+technology service
+Leshan Damo Hydropower Co., Ltd
+Three Gorges New Energy Offshore Wind
+Power Operation & Maintenance Jiangsu
+Co., Ltd
+Shanghai Jikai Engineering Inspection Technology service
+Technology Co., Ltd
+Sales of goods,
+10.40
+technology service
+Sales of goods
+33.31
+2.17
+Three Gorges New Energy Longling Power Technology service
+Generation Co., Ltd
+2.20
+Shanghai Donghua Engineering Consulting | Technology service
+Co., Ltd
+5.21
+Sui County Aikang Energy Investment Co., Sales of
+Ltd
+goods,
+Generation Co., Ltd
+4.43
+Delingha Xiayang New Energy Power Technology service
+Generation Co., Ltd
+2020 Annual Report
+Three Gorges New Energy Pu' an Power Technology service
+Generation Co., Ltd
+Three Gorges New Energy (Zuoyun) Power Technology service
+Generation Co., Ltd
+Shuangliao Qingda Photovoltaic Power Technology service
+Generation Co., Ltd
+3.24
+4.43
+19.19
+Three Gorges New Energy Delingha Power Technology service
+Generation Co., Ltd
+4.43
+Kaiyuan Hongyu Sunshine New Energy Technology service
+Power Generation Co., Ltd
+2.36
+Golmud Yangguang Qiheng New Energy Technology service
+Co., Ltd
+4.43
+Suzhou Fuyang
+technology service
+Photovoltaic
+4.43
+Geneartion Co., Ltd
+Jinfeng New Energy Gonghe Power Technology service
+4.43
+Generation Co., Ltd
+Guyuan Hengyi New Energy Co, Ltd
+Technology service
+4.43
+Xiyang Sineng New Energy Co., Ltd
+Technology service
+4.43
+Yongdeng Hongyang New Energy Power
+Technology service
+4.43
+Power Technology service
+Three Gorges Finance Co., Ltd.
+250,000.00
+2020.2.26
+Related party
+Controlling shareholder and ultimate
+Closing balance
+Carrying
+Bad
+value
+debts
+Opening balance
+Carrying
+value
+Bad debts
+controlling party
+Accounts
+China Three Gorges Corporation
+223.24
+1,075.24 0.09
+receivable
+Other
+China Three Gorges Corporation
+1.62
+0.07
+receivables
+Joint ventures or associates
+Dividends
+receivable
+Hubei Qingneng Investment
+Development Group Limited
+4,547.31
+5,004.50
+Other
+Yangtze Intelligent Distributed
+40.70
+0.20
+0.95
+Item
+0.09
+Unit:RMB 0000 Yuan
+Applicable
+Gorges
+Guarantee
+481.32
+600.82
+Agreed price
+(4) Payment of research fund to related parties
+Unit:RMB
+0000 Yuan
+Pricing
+Туре
+of
+Name of other related parties
+transactions
+Amount in
+current period
+the
+Amount in the
+prior period
+policy and
+decision
+process
+Chinese Sturgeon Research
+Research fund
+Institute under China Three 225.00
+Gorges Corporation
+225.00
+Agreed price
+6、
+(5) Apportionment of public costs of the Three Gorges Project
+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.
+0.00
+(1). Receivables
+,
+receivables
+Energy Co., Ltd
+Other
+16.18
+0.02
+Power Co., Ltd
+Enterprises under control of the same
+controlling shareholder
+Other
+receivables
+Accounts
+receivable
+Three Gorges Jinsha River Yunchuan
+Hydropower Development Co., Ltd
+Three Gorges First Wind Farm
+Pakistan (Pvt) Limited
+33,232.33
+33.23
+2.25
+0.23
+1,584.78
+447.31
+Other
+receivables
+Accounts
+Yangtze Three Gorges Industrial Co.,
+Ltd.
+997.41
+1.00
+405.27
+0.41
+receivable
+Pakistan Branch of Yangtze Three
+Gorges Technology & Economy 495.69
+Development Co., Ltd.
+Accounts
+receivable
+Three Gorges Second Wind Farm
+Pakistan (Pvt) Limited
+140.16
+Chongqing Liangjiang Changxing
+Other
+receivables
+Management (Hubei) Co., Ltd
+receivables
+receivables
+Three Gorges Electric Energy
+(Guangdong) Co., Ltd
+39.46
+1.85
+29.23
+0.03
+Other
+Three Gorges Electric Energy 28.84
+0.03
+receivables
+(Anhui) Co., Ltd
+Other
+Three Gorges Electric Energy
+18.32
+Three
+0.02
+(Yunnan) Co., Ltd
+Accounts
+receivable
+Three Gorges Base Development
+Co., Ltd.
+0.43
+0.51
+Accounts
+receivable
+Three Gorges High-tech Information
+Technology Co., Ltd
+0.02
+236/259
+2020 Annual Report
+Other
+Three Gorges Electric Energy 0.16
+receivables
+China
+Corporation
+process
+prior period
+234 / 259
+728.77
+Unit: RMB 0000 Yuan
+2020 Annual Report
+Pricing
+Amount in
+Amount in the
+policy and
+Related party
+交易内容
+the prior
+current period
+decision
+period
+process
+Three Gorges Finance Co., Ltd.
+Interest income
+5,226.26
+3,641.98
+Note 1
+Three Gorges International
+Interest income
+0.02
+0.02
+Tendering Co., Ltd.
+Three Gorges Finance (HK)
+Interest income
+1,841.84
+949.55
+(1) Receipt of interests from related parties
+Applicable
+(8). Other related party transactions
+Remuneration of key management 959.63
+personnel
+2021.2.26
+Three Gorges Finance Co., Ltd.
+600,000.00
+2020.7.15
+2021.7.15
+Three Gorges Finance Co., Ltd.
+100,000.00
+2020.12.24 2021.7.15
+Three Gorges Finance Co., Ltd.
+200,000.00
+2020.9.14
+2021.3.17
+Three Gorges Finance Co., Ltd.
+50,000.00
+Note 2
+2020.9.23
+Three Gorges Finance (HK) Limited
+163,122.50
+2020.11.13
+2021.6.30
+(6).
+Asset transfer and debt restructuring between related parties
+Non-applicable
+(7). Remuneration of key management personnel
+Applicable
+Unit: RMB'0,000 Yuan
+Item
+Amount incurred in the current
+period
+Amount incurred in the
+prior period
+2021.7.15
+Accounts
+Limited
+Yangtze
+Environment (HK) Investment
+Limited
+37,925.38
+30,933.12
+Note 1
+wings
+Yangtze Three Gorges
+Hydropower Engineering Co.,
+Interests on short-t
+4.54
+14.31
+Note 1
+Ltd
+erm borrowings
+Three Gorges Finance (HK) Interests on borro
+Limited
+wings
+1,470.65
+674.09
+Agreed price
+Note: calculated at bank deposit rate published by the head office of the People's Bank of China for
+the same period.
+(3) Payment of guarantee fee to related parties
+235 / 259
+Unit:RMB
+0000 Yuan
+2020 Annual Report
+Pricing policy
+Amount in the
+Amount in the
+Name of other related parties
+Transaction
+and decision
+current period
+Three Gorges Finance Co., Ltd.
+Interests on borro
+Agreed price
+118,606.36
+Ecology
+and
+return of shares h
+5,250.86
+Agreed price
+eld on behalf
+Note 1: Calculated at bank deposit rate published by the head office of the People's Bank of China
+for the same period.
+Note 2: Calculated at the demand deposit rates of Bank of China (Hong Kong) Limited for various
+currencies.
+(2) Payment of interests to related parties
+Unit: RMB
+0000 Yuan
+Amount
+in
+Amount in the
+Fixed annualized
+Name of other related parties
+the
+period
+current
+Pricing policy
+and decision
+prior period
+process
+China
+Corporation
+China
+Corporation
+Three
+Gorges Interests on borro
+wings
+148,448.93
+165,834.39
+Note 1
+Three
+Gorges Long-term Payable
+Interest
+86,351.18
+Transaction
+240 / 259
+Three Gorges New Energy Yunnan
+Shizong Power Generation Co., Ltd
+Three Gorges New Energy Wuzhong
+0.00
+Short-term
+borrowings
+Three Gorges Finance (HK) Limited
+163,122.50
+Other payables
+Yangtze Three Gorges
+Hydropower
+2,474.41
+6,758.59
+Engineering Co., Ltd
+China Three Gorges
+Construction
+Other payables
+2,000.00
+Management Co., Ltd
+Three Gorges Mechanical & Electrical
+Other payables
+1,280.00
+controlling shareholder
+1,496.71
+Enterprises under control of the same
+67.78
+Three Gorges Finance Co., Ltd.
+551.48
+Other payables
+Other payables
+Three Gorges Base Development Co., Ltd.
+Chongqing Fuling Energy Industry Group
+Limited
+41.03
+600.00
+1,556.70
+4.45
+4.46
+Other payables
+Three Gorges Electric Energy Management
+(Hubei) Co., Ltd
+3.14
+Other payables
+Three Gorges High-tech Information
+Technology Co., Ltd
+74.77
+Accounts payable
+Three Gorges High-tech Information
+Technology Co., Ltd
+Engineering Technology Co., Ltd
+Yangtze Three Gorges Technology &
+Other payables
+Other payables
+Shanghai Investigation, Design & Research
+35.48
+42.51
+Institute Co., Ltd.
+Yangtze Three Gorges (Chengdu) E-
+Accounts payable
+31.49
+commerce Co., Ltd
+Yangtze Three
+Gorges Tourism
+Other payables
+20.00
+20.00
+Development Co., Ltd
+Yangtze Three Gorges Equipment &
+Other payables
+73.69
+Yangtze Three Gorges Equipment &
+Materials Co., Ltd
+Accounts payable
+88.76
+811.95
+523.25
+Economy Development Co., Ltd.
+Other payables
+Yangtze Three Gorges Industrial Co., Ltd.
+436.87
+25,260.84
+Interest payable
+Other payables
+Three Gorges Finance (HK) Limited
+China Three Gorges International
+Other payables
+200.00
+200.00
+Corporation
+Other payables
+Yangtze Three Gorges Ecological Garden
+Co., Ltd
+104.31
+367.84
+1,115.53
+1,415.56
+Three Gorges Finance Co., Ltd.
+International
+17.00
+0.02
+receivables
+Tendering Co., Ltd.
+Prepayments
+Three Gorges
+International
+58.92
+Tendering Co., Ltd.
+Total
+41,595.32
+41.94
+9,811.36 4.68
+(2).
+Applicable
+,
+Payables Items
+Three Gorges
+Other
+Wind Power Co., Ltd
+receivable
+receivable
+Co., Ltd.
+Accounts
+Wuhu Three Gorges Phase I Water
+Environment
+Comprehensive
+9.73
+0.00
+receivable
+RMB 0000 Yuan
+Treatment Co., Ltd.
+receivable
+Three Gorges New Energy Panzhou
+Power Generation Co., Ltd
+1.57
+0.00
+Accounts
+Three Gorges New Energy Siziwang
+15.29
+0.00
+Accounts
+17.90
+Item
+Controlling shareholder and ultimate
+860,000.00
+liabilities
+Short-term
+China Three Gorges Corporation
+720,000.00
+1,100,000.00
+borrowings
+Other payables
+Interest payable
+China Three Gorges Corporation
+China Three Gorges Corporation
+Joint ventures or associates
+49,012.84
+5,964.82
+36,911.58
+7,708.51
+Short-term
+borrowings
+Three Gorges Finance Co., Ltd.
+1,200,000.00
+980,000.00
+Interest payable
+non-current
+Current portion of China Three Gorges Corporation
+borrowings
+1,400,000.00 2,460,000.00
+controlling party
+Long-term Payable
+China Three Gorges Corporation
+241 / 259
+Book
+balance
+at the end of the
+reporting
+period
+Related party
+Book
+at
+balance
+the
+beginning of
+the reporting
+period
+1,443,294.54
+2,123,294.54
+2020 Annual Report
+Long-term
+China Three Gorges Corporation
+as
+0.02
+1,538.07
+Other payables
+3. Sales return
+Non-applicable
+4、
+Notes to other subsequent events after the balance sheet date
+Applicable
+Issuance of bonds
+XVI.
+On 6 January 2021, the Company issued RMB2.5 bn of 365-day 2.89% SCP (Tranche I).
+On 11 March 2021, the Company issued RMB2.0 bn of 365-day 3.08% SCP (Tranche II).
+On 7 April 2021, the Company issued RMB 2.5 bn of 3-year 3.53% SCP (Tranche I)
+Other significant matters
+1、 Correction of prior accounting errors
+(1). Retrospective adjustment
+Non-applicable
+(2).
+Prospective adopt
+Non-applicable
+2、
+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.
+Debt restructuring
+Declared profit distribution or dividend
+244 / 259
+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. Contingencies
+(1). Material contingency existing at the balance sheet date
+√适用 不适用
+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".
+As at 31 December 2020, the Company had no guarantees for debts of unrelated parties.
+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.
+(2). Explanation should be provided if the Company has no significant contingencies that are
+required to be disclosed.
+Non-applicable
+3. Others
+Non-applicable
+XV. Post balance sheet date events
+1. Important non-adjusting events
+Non-applicable
+2. Profit distribution
+Applicable
+Unit: RMB Yuan
+Proposed profit distribution or dividend
+15,919,301,461.00
+2020 Annual Report
+Non-applicable
+3. Exchange of assets
+(1).
+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
+(4). Others
+Non-applicable
+7、
+Other important transactions and matters that have an impact on investors' decisions
+Non-applicable
+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
+(3).
+Non-applicable
+Financial information of the reporting segment
+(2).
+Applicable
+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、
+(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.
+Pension plan
+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
+Applicable
+(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.
+Yangtze Three Gorges Industrial Co., Ltd.
+Yangtze Three Gorges Technology &
+Economy Development Co., Ltd.
+Yangtze Three Gorges Hydropower
+Engineering Co., Ltd
+1,301.82
+12.80
+297.74
+China Three Gorges
+International
+Prepayments
+878.84
+Corporation
+Short-term
+Yangtze Three Gorges Hydropower
+800.00
+borrowings
+Engineering Co., Ltd
+Interest payable
+Yangtze Three Gorges Hydropower
+1.06
+Accounts payable
+Accounts payable
+Accounts payable
+2.58
+China Three Gorges Media Co., Ltd
+16.70
+16.70
+Three Gorges Yangtze Power Big Data
+Other payables
+5.00
+Technology (Yichang) Co., Ltd
+Three Gorges Third Wind Farm Pakistan
+Engineering Co., Ltd
+Accounts payable
+(Pvt) Limited
+242 / 259
+2020 Annual Report
+Accounts payable
+Three Gorges First Wind Farm Pakistan
+(Pvt) Limited
+2.75
+Accounts payable
+Three Gorges Second Wind Farm Pakistan
+(Pvt) Limited
+3.06
+Materials Co., Ltd
+Total
+6,750,429.01
+2. Equity settled share-based payment
+Non-applicable
+3. Cash settled share-based payment
+Non-applicable
+4、
+Modification and termination of share-based payment
+Non-applicable
+5 Others
+Non-applicable
+XIV. Commitments and contingencies
+1. Significant commitments
+Applicable
+Significant commitments, nature and amount on the balance sheet date
+Significant commitments to external parties existing at the balance sheet date and their nature and amounts
+243 / 259
+2020 Annual Report
+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.
+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.
+Non-applicable
+1、 General situation of share-based payment
+Share based payment
+XIII.
+7、
+Commitment of related parties
+Non-applicable
+8.
+Others
+Applicable
+Bank balances
+Related party
+5,851,436.94
+Item
+Total
+Closing balance
+489,108.20
+489,108.20
+Unit: RMB 0000 Yuan
+Opening balance
+268,201.35
+268,201.35
+Three Gorges Finance Co., Ltd. Deposit
+171.28
+Yangtze Ecology and Environment
+Accounts
+186,454,672.92
+11.09
+Company Limited
+year
+State Grid Hubei Electric Power Co.,
+Ltd
+Within
+1
+8,160,810.85
+0.49
+year
+Three Gorges Electric Energy Co.,
+Within 1
+2,080,392.81
+0.12
+Ltd.
+year
+Total
+Within
+1,681,081,347.55
+China Southern Power Grid
+Corporation of China
+total closing Closing
+balance
+Entity
+Closing balance Aging
+accounts
+receivable
+(%)
+State Grid Corporation of
+1,191,740,985.71
+China
+Within
+year
+1
+70.88
+Central China branch of State Grid
+Within
+292,644,485.26
+17.40
+year
+99.98
+of
+balance of
+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
+Others:
+Non-applicable
+Interest receivable
+(1). Classification of interest receivable
+Non-applicable
+(2). Significant overdue interest
+Non-applicable
+(3). Details of bad debt provision
+Non-applicable
+Others:
+Non-applicable
+Dividends receivable
+Other receivables
+Dividends receivable
+Opening balance
+Closing balance
+bad debt
+provision
+(6).
+Accounts receivable derecognized due to transferred financial assets
+Non-applicable
+(7).
+Carrying amount of continuing involvement after transferring accounts receivable
+Non-applicable
+Proportion of
+248 / 259
+Non-applicable
+2 Other receivables
+List of items
+Applicable
+Unit: RMB Yuan
+Item
+Interest receivable
+2020 Annual Report
+Others:
+Top five accounts receivable based on debtors
+Applicable
+(5).
+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
+2020 Annual Report
+Including:
+individually
+assessed
+2-3 years
+More than 3 years
+3-4 years
+4-5 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
+100.00
+(2).
+Disclosed by bad debt provision methods
+Unit: RMB Yuan
+Closing balance
+Book balance
+Category
+Amount
+Bad debt
+provision
+Applicable
+(4). Dividends receivable
+1,640,765,860.31
+groups
+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:
+Non-applicable
+Refer to the disclosure of other receivables if bad debt provision is made based on the general ECL model:
+Non-applicable
+(3).
+Details of bad debt provision
+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
+/
+1,640,765,860.31
+1,681,426,962.93
+1,681,426,962.93
+Including:
+Receivables
+portfolio of
+large-scale
+1,679,077,351.06 99.86
+1,679,077,351.06
+1,636,258,291.59 99.73
+1,636,258,291.59
+assessed by
+hydropower
+Other
+receivables 2,349,611.87
+0.14
+2,349,611.87
+4,507,568.72
+0.27
+4,507,568.72
+portfolio
+Total
+business
+Applicable
+Unit: RMB Yuan
+Item (or investee)
+0.00
+receivable
+Accounts
+Shenmu Yuanhang New Energy
+1.88
+receivable
+Development Co., Ltd
+Accounts
+receivable
+Zhong County Jidian New Energy
+Co., Ltd
+0.40
+0.00
+Accounts
+receivable
+Three Gorges New Energy Offshore
+Wind Power Operation
+Maintenance Jiangsu Co., Ltd
+&
+37.64
+1.88
+Hainan Jiepu Green Energy Co., Ltd
+Ltd
+0.00
+2020
+350,732.57
+766,112.22
+Explanations on significant changes in the book balance of other receivables where there are changes in
+provision for the current period:
+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
+250/259
+0.00
+2020 Annual Report
+Delingha Xiayang New Energy
+1.88
+0.00
+receivable
+Power Generation Co., Ltd
+Accounts
+receivable
+Accounts
+Leling Zhongtian New Energy Co.,
+1.88
+Accounts
+As at 31 December 766,112.22
+Accounts
+1.88
+receivable
+Inspection Technology Co., Ltd
+Accounts
+Sui County Aikang Energy
+0.72
+0.00
+receivable
+Investment Co., Ltd
+Jiujiang
+Three
+Gorges
+Accounts
+Comprehensive Water Environment
+22.12
+0.00
+receivable
+Management Co., Ltd
+0.00
+2.30
+Shanghai Jikai Engineering
+Accounts
+0.00
+receivable
+Accounts
+Zhucheng Tianrong Wind Power Co.,
+1.88
+0.00
+receivable
+Accounts
+Ltd
+Linqu Tianrong Wind Power Co., Ltd
+Three Gorges New Energy Longling
+0.00
+receivable
+Accounts
+receivable
+Power Generation Co., Ltd
+Shanghai Donghua Engineering
+Consulting Co., Ltd
+5.52
+0.00
+0.93
+Within 1 year
+Other changes
+Elimination
+Within 1 year
+1-2 years
+2-3 years
+More than 3 years
+3-4 years
+4-5 years
+More than 5 years
+Total
+2020 Annual Report
+336,803,220.28
+133,000.00
+400,000.00
+206,300.00
+337,542,520.28
+(2). Details of classification by nature
+Applicable
+Unit: RMB Yuan
+Nature
+Including: Items aged within 1 year
+Within 1 year
+249 / 259
+Book balance at the end of the reporting period
+Hubei Qingneng
+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
+Deposit and Margin
+(5). Significant dividends receivable aged over 1 year
+(6). Details of bad debt provision
+Non-applicable
+Others:
+Non-applicable
+Other receivables
+(1). Aging analysis
+Applicable
+Unit: RMB Yuan
+Aging
+Non-applicable
+Write-off
+Intercourse funds
+Total
+Total
+(impaired)
+As at 1 January 2020
+415,379.65
+415,379.65
+Changes due
+to
+financial instruments
+recognised as at 1
+January 2020
+--Transfer to stage II
+--Transfer to stage III
+---Reverse to stage II
+--Reverse to stage I
+Provision
+350,732.57
+Reversal
+ECL Lifetime ECL
+Lifetime
+(not impaired)
+12-month ECL
+Bad debt provision
+Book balance at the end of the
+reporting period
+739,300.00
+336,663,086.49
+140,133.79
+337,542,520.28
+Book balance as at the beginning
+of the reporting period
+Other
+739,300.00
+1,341,604.70
+17,686,199.82
+(3). Details of bad debt provision
+Applicable
+Unit: RMB Yuan
+Stage I
+Stage II
+Stage III
+15,605,295.12
+1-2 years
+350,732.57
+2,060,816,851.18
+(7). Receivables related to government grants
+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
+3. Long-term equity investments
+Applicable
+Unit: RMB Yuan
+2020 Annual Report
+Closing balance
+Item
+Investment
+subsidiaries
+Opening balance
+Provision for
+impairment
+in 56,819,596,483.34
+Carrying amount
+56,819,596,483.34
+766,105.76
+100.00
+337,536,055.68
+Total
+Within 1
+year
+0.49
+1,646.14
+Yichang
+Labor
+Deposit and
+Security
+Margin
+739,300.00
+Investment in joint 46,182,014,702.55
+2-6 years
+429,309.00
+Supervision Branch
+Shanghai Clearing
+Other
+140,133.79
+House
+Within 1
+year
+0.04
+140.13
+0.22
+Co., Ltd.
+46,182,014,702.55
+associates
+the
+Closing balance
+impairment
+current
+period
+in
+the
+Closing
+balance
+provisions
+for
+of
+current
+period
+impairment
+Yangtze Power Capital Holdings Limited
+China Yangtze International (Hongkong) Co.,
+Limited
+Three Gorges Jinshajiang Chuanyun Hydraulic 36,866,982,193.05
+2,600,000,000.00
+965,367,563.77
+15,667,246,726.52
+2,600,000,000.00
+16,632,614,290.29
+36,866,982,193.05
+Power Development Co., Ltd.
+Three Gorges Electric Energy Co., Ltd.
+the in
+in
+Increase
+current period
+Opening balance
+Total
+and
+103,001,611,185.89
+(1). Investment in subsidiaries
+Applicable
+(5). Unit: RMB Yuan
+Opening balance
+Book balance
+41,132,349,756.82
+36,920,383,809.53
+ventures
+103,001,611,185.89
+Provision
+impairment
+for
+Carrying amount
+41,132,349,756.82
+36,920,383,809.53
+78,052,733,566.35
+Decrease
+Provision
+for
+Investee
+78,052,733,566.35
+China Yangtze Power Sales Co., Ltd.
+1,646,135.76
+Industrial
+88,048,303.34
+1,071,866.86
+30,348,011.16
+3,625,716.55
+42,660,000.00 15,892,295.69
+Information Technology 28,378,738.18
+Three Gorges High-tech
+Development Co.,Ltd
+Hydropower
+5,000,126,396.53
+110,220,947.12
+(4). Details of bad debt provision
+Applicable
+Unit: RMB Yuan
+2020 Annual Report
+Changes in the current period
+Category
+Opening
+balance
+Provision
+Co.,Ltd
+Subtotal
+36,920,383,809.53
+7,611,899,324.56 359,985,731.22
+3,072,615,088.68
+Amount incurred in the current period
+Revenue
+Cost
+Item
+2020 Annual Report
+Unit: RMB Yuan
+(1). Operating revenue and costs of sales
+Applicable
+4. Operating revenue and costs of sales
+255 / 259
+Others:
+Nil
+46,182,014,702.55
+Recovery
+or reversal
+37,830,748.61 943,314,504.15
+3,072,615,088.68
+7,611,899,324.56 359,985,731.22
+36,920,383,809.53
+Total
+2020 Annual Report
+254/259
+46,182,014,702.55
+37,830,748.61 943,314,504.15
+-157,414,033.46
+-157,414,033.46
+Intercourse
+funds
+Elimination
+or write-off
+changes
+Proportion
+the total closing
+balance of other
+receivables (%)
+Intercourse
+funds
+331,263,137.73
+Within 1
+year
+98.14
+331,263.14
+Development Co.,
+Ltd
+China Three Gorges
+Power Operation
+Int'l Co., Limited
+Intercourse
+funds
+3,747,348.40
+Within 1
+year
+1.11
+3,747.35
+Yangtze
+Three
+Gorges
+Aging
+Closing balance
+Nature
+to Closing
+balance of
+bad debt
+provision
+Other
+415,379.65
+receivables
+portfolio
+Total
+415,379.65
+350,732.57
+Significant recovery or reversal of bad debt provision for the current period:
+Non-applicable
+(5). Other receivables written off as at the end of the current period
+Non-applicable
+Other
+(6). Top five other receivables based on debtors
+Unit: RMB Yuan
+Entity
+Three Gorges Jinsha
+River Yunchuan
+Hydropower
+Closing
+balance
+766,112.22
+766,112.22
+Applicable
+Amount incurred in the prior period
+Total
+41,132,349,756.82
+Chongqing
+Partnership (Limited)
+41,418,778.04
+389,442.27
+41,029,335.77
+Equity Investment Fund
+Three Gorges Xinghong
+Liangjiang
+Chongqing
+Co., Ltd.
+6,025,938,374.74
+199,351,173.88
+248,374.18
+138,764.58
+414,804,123.74
+1,110,002,443.12
+4,700,095,843.00
+Sichuan Chuantou Energy
+Ltd
+Qianjiang
+Changhong Three Gorges
+40,087,715.80
+136,000,000.00
+6,878,679.12
+391,985,208.14
+Development Co.,Ltd.
+253 / 259
+2020 Annual Report
+Shenergy Company
+102,516,396.53
+4,897,610,000.00
+Midstream
+8,689,700,595.93
+River
+1,544,511.06
+238,297.75
+148,452.27
+1,157,761.04
+中核浦核电有限公司
+Partnership (Limited)
+Equity Investment Fund
+176,629,239.62
+541,523.82
+Yunnan Huadian Jinsha
+-5,699,93992
+7,683,665.06 219,152,51927
+686,098,680.81
+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
+Limited
+3,027239,47092
+6,600.00
+-2,090,589.55
+-1,854,775.60
+343,461,10925
+344,093,435.53
+5,601,312.56
+4,968,98628
+6,148,143,30491
+SDIC Power Holding Co.,
+Partnership (Limited)
+Fund
+Investment
+49,430,880.67
+-114,858.91
+9,551,014.00
+39,994,725.58
+6,110,61324
+Gorges Changfu Equity
+Holdings Co., Ltd.
+2,992,630,612.57
+135,353,223.35
+15,079,865.69
+-109,831,035.73
+310,242,639.53
+2,912,492,366.43
+Three Gorges Capital
+United Energy Co.,Ltd
+Chongqing Fuling Three
+700,000,000.00
+32,136,349.33
+Three Gorges Base
+for he
+pai
+rm
+ent
+rs
+12
+n Ot Closing balance
+Closing
+balance of
+provisions
+for
+impairmen
+t
+I.Joint ventures
+Subtotal
+II. Associates
+Hubei Energy Group Co.,
+6,845,909,686.64
+622,139,792.90
+-55,056,667.91
+-15,601,201.58
+im
+cash
+of
+dividends or
+profits
+changes in
+equity
+700,000,000.00
+20,000,000.00
+15,687,246,726.52
+20,000,000.00
+56,819,596,483.34
+252 / 259
+(2). Investment in joint ventures and associates
+Applicable
+Unit: RMB Yuan
+Increase/decrease in the current period
+164,982,859.30
+2020 Annual Report
+ovi
+sio
+Investor
+Opening
+balance
+Increase in Decrease in
+investment investment
+Investment profit
+and loss recognized
+under equity method
+Other
+comprehens
+ive income
+adjustment
+Declaration
+Other
+Pr
+372,427,477.85
+7232,408,750.75
+Hubei
+64,346,668.25
+8,709,02233
+5,071,690.17
+25,612,345.59
+1,961,923,053.84
+Co., Ltd
+Hunan Taohua River
+224,119,537.52
+224,119,537.52
+Nuclear Power Co.,Ltd
+Chongqing Three Gorges
+Water Conservancy and 1,570,169,50731
+474,442,103.00
+75,275,388.80
+-2,810,587.68
+491,193.52
+15,966,340.20
+2,100,618,877.71
+Electric Power Co.,Ltd
+857,456,424.31
+1,051,951,594.37
+Shanghai Electric Power
+Ltd
+Qingneng
+Investment Development 1,906,684,945.84
+208,005,653.56
+-2,610,006.94
+45,473,100.00
+2,066,607,492.46
+Group Limited
+Guangzhou Development
+3,173,098,564.35
+Ltd
+162,653,206.45
+4,598,44637 24,505,162.90
+3,319,521,158.73
+Group Incorporated
+Three Gorges Finance Co.,
+2,022,060,388.81
+233,249,838.22
+-157,100.16
+100,390,644.91
+2,154,762,481.96
+3,676,104.46
+Revenue
+2,920,970,488.95
+Principal operating
+1、 Details of current non-recurring profit and loss
+Applicable
+Unit: RMB Yuan
+Item
+Gains and losses on disposal of non-current
+assets
+Tax return and reduction with or without
+formal approval documents
+Government grant included in the current profit
+and loss (except for the government grant
+Amount
+XVIII. Supplementary information
+Description
+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
+is less than the income from the fair value of 50,250,031.87
+the identifiable net assets of the investee when
+the investment is acquired
+Gains or losses from non-monetary assets
+exchange
+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
+36,811,121.25
+Non-applicable
+2,709,620,090.44
+10,185,846.74
+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
+256 / 259
+67,542,211.45
+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
+6
+Others
+407,395,571.14
+1,248,231.13
+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
+205,222,701.21
+Cost
+1.1853
+Net profit attributable to ordinary shareholders of
+the company
+16.71
+Net profit attributable to ordinary shareholders of
+the company after deducting non-recurring profit 16.63
+and loss
+1.1798
+1.1798
+Differences of accounting data under domestic and foreign accounting standards
+3
+Non-applicable
+4. Others
+Non-applicable
+258 259
+2020 Annual Report
+Section 11 Document Available for Inspection
+Document Available for Financial statements signed and sealed by the chairman of the Company, chief
+Inspection
+financial officer and head of accounting department.
+Document Available for Original Audit Report with Accounting Firms' Seals and Certified Public
+Inspection
+Accountants' Signatures and Seals.
+Document Available for
+Inspection
+Chairman: Lei Mingshan
+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.
+Submission date approved by the Board of Directors: 29 April 2021
+Revision Information
+Non-applicable
+259 / 259
+per
+143,704,035.28
+earnings
+share
+Diluted
+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
+88,040,202.18
+-24,122,775.82
+122,242,748.85
+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
+2、
+Return on net assets and earnings per share
+Applicable
+Profit in the reporting period
+Earnings per share
+Weighted
+average return Basic earnings
+on net assets (%) per share
+3,072,615,088.68
+1.1853
+10,104,596.71
+(3). Description of performance obligations
+Non-applicable
+(4). Allocation to the outstanding performance obligations
+Non-applicable
+Others:
+Nil
+5、
+Investment income
+Applicable
+Unit: RMB Yuan
+Item
+Income from long-term
+investments under cost method
+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
+Non-applicable
+Investment income from disposal of debt
+investments
+(2). Income generated from contracts
+28,417,422,202.84 8,509,136,185.45 25,485,490,294.18 | 9,179,257,872.79
+28,904,856,391.56 | 8,931,263,633.65 | 25,543,879,408.36 | 9,180,512,555.71
+activities
+Others
+487,434,188.72
+Amount incurred in the
+current period
+58,389,114.18
+1,254,682.92
+Total
+422,127,448.20
+management service in the
+2. Analysis of major invested companies
+2020 Annual Report
+25 / 259
+energy
+management service and
+contracting
+technology promotion,
+transfer,
+technology
+technology
+technology consulting,
+Installation of GCB
+comprehensive energy
+exchange,
+Switches at Outlet of
+2020 Annual Report
+Xiangjiaba Project
+5,816,605,608.15
+61,323,121.19
+4,392,915,232.85
+1,485,013,496.49
+Transformation,
+Renovation
+and
+Capacity Increase of
+Hydroelectric
+49,230,429.26
+71,755,303.23 59,342,372.40
+61,643,360.09
+Generating Units of
+Gezhouba
+Hydropower Station
+Transformation
+of
+220kV Switching
+122,424,114.45
+43,120,176.41 89,264,591.12
+assets
+2020
+Closing balance
+Other decreases
+3.
+Installed capacity analysis
+Applicable
+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).
+4.
+Power generation efficiency analysis
+Applicable
+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
+at similar level with last 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;
+field of electric power
+science and technology.
+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;
+5.
+Capital expenditures
+Applicable
+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.
+Significant constructions in progress are as follows.
+Unit: RMB Yuan
+Increases
+in Transfer to fixed
+Project name
+Opening balance
+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.
+375,943.06
+Unit: RMB'0,000 Yuan
+Name
+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.
+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.
+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".
+2020 Annual Report
+27/259
+Applicable
+(II) Corporate development strategy
+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.
+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.
+2. The green and low-carbon strategy provides a favorable policy environment for the development
+of the Company
+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.
+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
+Applicable
+(I) Industry landscape and trend
+III. Discussion and Analysis of Future Development of the Company
+(VIII) Particulars of structured entities controlled by the Company
+Non-applicable
+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.
+operation of railway, traffic system automation and intelligent control products, optical
+fiber optic cable and other high-tech industries.
+2020 Annual Report
+Ltd
+Development Co.,
+(III) Operational Plan
+Applicable
+Hydropower
+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.
+30 / 259
+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
+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.
+4. Risk in investment management and control
+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.
+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.
+3. Risk in the electricity market
+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.
+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.
+2. Production safety risk
+flood prevention, power generation, shipping and water replenishment as a whole and fully exert the
+comprehensive benefits of cascade hubs.
+2020 Annual Report
+29/259
+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
+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.
+1. Risk of water coming from the Yangtze River
+Applicable
+(IV) Potential Risks
+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.
+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.
+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
+779,739.00
+23.00
+Midstream
+Chongqing Three
+Co., Ltd.
+10.00
+Gorges
+Holdings
+Three
+Capital
+Incorporated
+Development Group 19.96
+Guangzhou
+Finance Co., Ltd.
+500,000.00
+19.35
+Gorges
+Three
+Co., Ltd.
+650,744.95
+28.62
+Hubei Energy Group
+(%)
+Business Scope
+Registered
+capital
+ing
+Conservancy and 16.55
+Gorges
+Water
+Electric Power Co.,
+River
+Jinsha
+Yunnan Huadian
+26 / 259
+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.
+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
+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.
+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).
+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.
+Energy investment, development and management; other business operations within the
+scope permitted by national policies.
+Sharehold
+440,214.05
+Sichuan Chuantou
+Energy Co., Ltd.
+Holding Co., Ltd.²
+678,602.33
+15.19
+Power
+SDIC
+191,214.29
+714,285.71
+272,619.66
+Ltd.
+14.01
+75,903,756.68
+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.
+541,058,560.68
+Hydropower Station
+Electricity market-oriented transaction
+6.
+Applicable
+2020 (100 million kWh)
+2019 (100 million kWh)
+Year-on-year
+change
+290
+10.59%
+Total market-oriented 320.7
+transaction
+electric
+quantity
+Total on-grid power
+Proportion
+59,710.79
+2,256.7
+Station of Gezhouba
+Hydropower Station
+Auxiliary Housing of
+Kunming Base
+2,092.4
+7.85%
+14.2%
+13.9%
++0.3 percentage
+points
+Operation of electric power sales business
+Gezhouba
+7.
+30,963,713.88
+Generating Units in
+Generators in
+25,766,816.02
+3,752,558.08
+29,519,374.10
+Three Gorges Left-
+bank
+Hydropower
+Station
+Reconstruction of 12
+Governors in Three
+19,347,119.90
+19,347,119.90
+Gorges Left-bank
+Hydropower Station
+Reconstruction
+of
+Monitoring System for
+Three Gorges Left- 22,248,937.01
+10,867,650.02
+33,116,587.03
+bank
+Hydropower
+Station
+Transformation of
+170MW Hydroelectric
+30,963,713.88
+Six
+Applicable
+2020 Annual Report
+(%)
+Business Scope
+Net profit
+Net assets
+Total assets
+Registered
+capital
+lding
+Name
+Shareho
+Unit: RMB'0,000 Yuan
+1. Subsidiaries
+Analysis of significant subsidiaries and associates
+(VII)
+Applicable
+For details on the above transactions, refer to Announcements 2020-050, 2020-056 and 2020-078 on
+SSE website (http://www.sse.com.cn/).
+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.
+Gezhouba Dam
+Applicable
+(VI) Disposal of significant assets and equity investments
+2020 Annual Report
+23/259
+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.
+Applicable
+(3) Financial assets measured at fair value
+Non-applicable
+(2) Significant non-equity investments
+Investment in advanced
+22 / 259
+technologies;
+Yangtze Power
+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.
+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.
+(V) Investment Analysis
+1. Overall analysis of equity investments
+Applicable
+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.
+(1) Significant equity investments
+Applicable
+2,081,477.91
+USD154 million 4,133,716.27
+100
+operation and management
+International
+Yangtze
+China
+management and consulting.
+Development, investment,
+management; investment
+asset
+investments;
+equity
+securities
+investment;
+3,062.81
+317,773.34
+319,683.29
+300,000.00
+Capital Holdings 100
+Limited
+investment;
+industrial
+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/).
+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.
+Limited
+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
+Power Sales Co., 100
+service;
+Yangtze
+70
+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
+China
+comprehensive utilization
+service of distributed new
+energy; comprehensive
+275,819.57
+Lighting Project of 28,304,013.79
+and
+Rendering
+assets
+Closing balance
+Other decreases
+Transfer to fixed
+in
+Increases
+2020
+Opening balance
+Project name
+2020 Annual Report
+technology development,
+21/259
+51,715,476.26
+25,237,967.59 514,581,052.01
+28,579,833.36
+service,
+technology
+0.08
+energy service integrating
+power supply, gas supply,
+water supply and heat
+supply.
+Power supply business.
+General project: energy-
+saving
+management
+services, sales agency,
+of overseas power and
+energy projects.
+information consulting
+(excluding
+licensing
+information
+consulting
+services),
+100,000.00
+2,000.09
+2,000.08
+services
+(Hongkong) Co.,
+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.
+2020 Annual Report
+Non-applicable
+Change in auditor during the audited period
+Non-applicable
+-
+(I) Reason giving rise to suspension in listing
+Non-applicable
+(II) Proposed countermeasures
+Non-applicable
+VIII.
+Circumstance in Which the Company Faces De-listing and Reasons
+Non-applicable
+IX. Bankruptcy Reorganization Related Issues
+Non-applicable
+X. Material Litigation and Arbitration
+The Company has no any material litigation or arbitration during the year
+39 / 259
+2020 Annual Report
+XI. Punishments upon the Listed Company and its Directors, Supervisors, Senior Management,
+Controlling Shareholder, Beneficial Owner, Acquirer and Rectifications
+Explanation of appointment and removal of the auditor
+Non-applicable
+Grant Thornton LLP (致同会计师事 | 499,825
+务所(特殊普通合伙))
+Compensation
+of
+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.
+(II) Analysis of reasons for correction to significant accounting errors and its impact
+Non-applicable
+38 259
+2020 Annual Report
+(III) Communication with the former auditor
+Non-applicable
+(IV) Other information
+Non-applicable
+VI. Appointment and Removal of Auditor
+Current
+Unit: RMB Yuan
+Name of domestic auditor
+Compensation of domestic auditor
+Years of service of domestic auditor
+Shine Wing Certified Public Accountants LLP
+3,150,000
+5
+Name
+Internal control auditor
+35/259
+XII. Credibility of the Company and its Controlling Shareholder and Effective Controller during
+the Reporting Period
+XIII.
+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
+From 26
+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.
+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..
+Corporation
+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
+(III) Realization of guaranteed performance and its impact on goodwill impairment test
+Non-applicable
+Non-applicable
+III. Misappropriation of Funds during the Reporting Period and Developments in Recovery
+IV. Explanation of Non-standard Auditor's Opinions
+(I)
+Share Incentive Plan, Employee Stock Option Plan or Other Employee Incentive Measures
+and Their Impact
+Incentives disclosed in provisional announcements and with no subsequent development or
+change in implementation
+Non-applicable
+(II)
+Incentives not disclosed in provisional announcements or with subsequent development
+Particulars of equity incentives
+Non-applicable
+Other information
+Non-applicable
+Particulars of employee stock option plan
+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
+(I) Analysis of reasons and impact of changes in accounting policies and accounting estimates of
+the Company
+V. Analysis of Reasons of Changes in Accounting Policies and Accounting Estimates or Correction
+to Significant Accounting Errors and Their Impact
+Non-applicable
+Non-applicable
+VII. Potential Risk of Suspension in Listing
+Yes
+Other incentive measures
+6.8
+0
+2019
+0
+7.0
+0
+0
+2020
+statement
+consolidated
+the
+year of profit
+distribution
+company on
+of the listed
+(%)
+2018
+0
+6.8
+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
+(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.
+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
+0
+the consolidated
+statement for the
+commitment
+shares(share)
+shares
+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
+Unit: RMB Yuan
+profit Percentage
+(I) Formulation, execution and adjustments to cash dividend policy
+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
+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.
+2020 Annual Report
+Proposal for Profit Distribution to Ordinary Shareholders or for Converting Capital Reserve
+into Share Capital
+Year
+of of
+profit
+2020 Annual Report
+31/259
+to ordinary
+attributable
+in net profit
+listed company on
+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
+10
+of Commitment
+made by
+Content of Commitment
+Whether
+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
+From Nov
+2015, long
+2020 Annual Report
+No
+Yes
+Yes
+From Nov
+2015, long
+term
+effective
+2026
+2017
+Yes
+term
+effective
+From Nov
+No
+Non-applicable
+XIV.
+Material connected transactions
+(I) Connected transaction in ordinary course of operations
+1.
+Events disclosed in provisional announcements and without subsequent development or change
+in implementation
+Non-applicable
+2. Events disclosed in provisional announcements but with subsequent development or change in
+implementation
+Non-applicable
+3. Events not disclosed in provisional announcements
+Non-applicable
+40 / 259
+Yes
+No
+2015, long
+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.
+related to
+Undertakings
+timely
+performance
+commitment
+strictly in a
+for
+limit
+of
+term
+is performed
+there is time
+and
+Date
+Whether
+commitment
+material
+Non-applicable
+asset
+Asset
+injection
+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
+restructuring
+shareholders
+term
+effective
+ent
+2020 Annual Report
+46 / 259
+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.
+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 .
+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.
+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.
+Applicable
+1. Targeted poverty alleviation plan
+Applicable
+(I) Poverty alleviation efforts of the listed company
+Particulars on Efforts Regarding Positive Performance of Social Responsibility
+XVII.
+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.
+2.
+Overview of targeted poverty alleviation efforts for the year
+Applicable
+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.
+3.
+Achievements in targeted poverty alleviation
+Applicable
+Unit: RMB 0,000 Yuan
+Indicators
+I. Overview
+Including, 1. Funds
+Quantity and details
+21,267.5
+2. Number of registered poverty-stricken 800
+people receiving help lifted out from poverty
+II Investment by item
+1. Poverty alleviation through industrial development
+Including,
+2020 Annual Report
+45 / 259
+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
+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.
+Non-applicable
+(2) Details of single assets under discretionary management
+Non-applicable
+Other information
+Non-applicable
+(3) Provision for impairment of assets under discretionary management
+Non-applicable
+2. Particulars of entrusted loans
+(1) Overview of entrusted loans
+Non-applicable
+Other information
+Non-applicable
+(2) Details of single entrusted loans
+Non-applicable
+Other information
+Non-applicable
+44 / 259
+(3) Entrusted loan impairment provision
+Non-applicable
+Explanations of other material matters
+Applicable
+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.
+1.1 Type of poverty alleviation program through
+industrial development
+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.
+Applicable
+(IV) Other material contracts
+Non-applicable
+2020 Annual Report
+Other information
+3.
+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.
+1.2 Number of poverty alleviation programs 10
+through industrial development (program)
+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
+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
+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.
+(II) Corporate social responsibility
+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.
+Explanation of environmental protection information of companies not on the watch list of key
+pollutant discharging units
+Applicable
+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.
+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 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.
+(1) Producing clean electricity highly effectively and helping realization of the goal of "peak carbon
+dioxide emissions and carbon neutrality”
+ee
+50 / 259
+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
+(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.
+Applicable
+"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.
+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
+"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.
+Other information
+4. Subsequent targeted poverty alleviation plan
+people receiving help lifted out from poverty
+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
+2020 Annual Report
+Including, 2.1 Funds invested in vocational 363
+skill training
+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
+students
+245
+3.2 Number of subsidized poverty-stricken 500
+3.3 Funds invested in improving educational 1,729
+resources in poverty-stricken areas
+4. Poverty alleviation in health domains
+Including, 4.1 Funds invested in medical and health 7,380
+resources in poverty-stricken areas
+5. Poverty alleviation through ecological protection
+6.3 Number of registered poverty-stricken 250
+5,700.5
+17
+6.2 Investment amount
+6.1 Including: Number of
+programs
+III. Awards Received (content, rank)
+6. Other
+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
+500
+(1) Overview of assets under discretionary management
+Non-applicable
+Funds invested in supporting poverty-stricken
+students
+(III) Particulars of cash under discretionary management
+XV. Material Contracts and Their Performance
+Non-applicable
+(V) Other information
+For details, refer to Note “Related parties and connected transactions" to 2020 financial statements.
+(IV) Amounts due to or from related parties
+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
+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.
+SSE
+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
+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)
+2. Events disclosed in provisional announcements but with subsequent development or change in
+implementation
+Non-applicable
+3. Events not disclosed in provisional announcements
+(I) Custody, contracting and lease
+Non-applicable
+In case of any guaranteed performance, whether the performance is achieved for the reporting
+period shall be disclosed.
+Non-applicable
+41 / 259
+2020 Annual Report
+(III) Material connected transactions in joint external investments
+1.
+4.
+details, please see
+Announcement No. 2020-052 on
+website
+1. Custody
+2.
+d
+1. Assets under discretionary management
+Commence ng
+ment date date
+amount
+guarantor the
+(agreem
+guarantee
+Guaranteed
+to
+or
+The
+e
+The
+Overd
+Endi
+guarant
+Guarant
+Contracting
+42 / 259
+2020 Annual Report
+3.
+Lease
+Non-applicable
+Non-applicable
+(II) Guarantees
+Guarantees provided for external parties (except those for subsidiaries)
+Unit: RMB Yuan
+Relatio
+Date of
+n of the
+guarante
+Applicable
+For
+Non-applicable
+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.)
+Rural
+Constructi
+Infrastruct
+on
+Co.,
+ure
+Ltd.
+Constructi
+on
+Co.,
+Ltd.
+Cumulative amount of guarantees provided during the reporting period
+(excluding those for subsidiaries)
+Total balance of guarantees at end of the reporting period (A) (excluding those 251,468,000.00
+for subsidiaries)
+Guarantees provided by the Company and its subsidiaries to subsidiaries
+Total balance of guarantees provided for subsidiaries at end of the reporting 1,892,221,000.00
+period (B)
+Total amount of guarantees provided by the Company (including those provided for subsidiaries)
+Total amount of guarantees (A+B)
+251,468,000.00
+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.
+Details available at
+Description of guarantees
+Description of possible joint and several liability for unexpired
+guarantees
+Total of the above three types of guarantees (C+D+E)
+cal
+Total amount of guarantees in excess of 50% of net assets (E)
+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
+2020 Annual Report
+Urban and
+Cumulative amount of guarantees provided for subsidiaries during the reporting 22,445,656,000.00
+period
+202
+listed
+amoun
+guarante guarant |Compa
+ue
+Related Relatio
+Overd
+t
+Type of ee
+guarant perform ue or
+ed or not
+(II) Connected transactions in asset or equity acquisition or disposal
+1. Events disclosed in provisional announcements and without subsequent development or change
+in implementation
+Metallurgi
+Applicable
+Overview
+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.
+2020 Annual Report
+signing
+Counter party n to the
+251,468,00
+not
+2019
+Ninth
+Nov 2019 Nov
+Nov
+County
+Mian
+Hanzhong
+0.00
+ny
+date)
+compa
+not
+ed or not ee or ny
+0
+0
+50
+M
+Director
+HE
+Dec 2018
+M
+0
+GM
+Xingliao
+Director/
+0
+Nov 2020/
+109.18
+49
+Oct 2020
+15.125
+M
+YES
+Chuangen
+ZHANG
+0
+ZHAO
+May 2016
+55
+Director
+ZHOU
+Renhuai
+0
+0
+May 2016
+55
+M
+Director
+ZONG
+Hongxin
+YES
+Chairman
+Change
+number of
+shares held
+during the
+0
+the Company party of the
+Unit: Share
+Received
+compensation
+related
+from
+received from
+Pretax
+emoluments
+year
+Reason for
+change
+in
+Number of Number of
+shares held at shares
+beginning of held at end
+the year
+of the year
+End date
+of term
+date
+Start
+of term
+Gender Age
+Position
+Applicable
+Director
+Name
+for
+Zhenbo
+the Company or
+not
+0
+Jul 2018
+57
+M
+Vice
+MA
+Mingshan
+0
+0
+Dec 2018
+59
+M
+Chairman
+LEI
+YES
+RMB❜0,000)
+period (in
+reporting
+F
+May 2017
+May 2016
+56
+M
+Supervisor
+MO Jinhe
+Director
+15
+0
+May 2015
+0
+66
+Independent M
+YAN Hua
+Director
+Bingyou
+15
+0
+Nov 2017
+0
+0
+XIA Ying
+M
+(I) Particulars of changes in shareholding and emoluments of existing and resigned directors, supervisors and senior management during the reporting
+period
+Supervisor
+TENG
+Xiang
+0
+0
+Dec 2018
+56
+M
+Supervisor
+SHENG
+0
+0
+51
+F
+Supervisor
+0
+Mar 2017
+66
+Independent M
+0
+May 2015
+68
+Independent
+Director
+Chongjiu
+ZHANG
+Qiang
+YES
+0
+Jul 2018
+55
+M
+Director
+ZHAO
+Yan
+0
+0
+15
+51
+5 Mr. ZHANG Xingliao started receving remuneration from the Company as from 1 Nov 2020.
+2020 Annual Report
+WEN
+Director
+Biyi
+15
+0
+Mar 2017
+67
+Independent M
+ZHANG
+Zhenyong Director
+15
+0
+0
+Oct 2015
+73
+Independent M
+LV
+58 / 259
+I. Particulars of Changes in Shareholding and Emoluments
+0
+2020 Annual Report
+Unknown
+1.85
+420,000,000
+0
+Jili
+Ltd.
+Insurance Co.,
+Other
+Sunshine Life
+Other
+Unknown
+2.89
+657,980,472
+Securities
+China
+2020 Annual Report
+Finance Corp
+endowment
+insurance
+products
+Class
+Number of unrestricted shares Class and number of shares
+China Three Gorges Corporation
+Shareholder name
+Shareholding of top 10 unrestricted shareholders
+held
+person
+legal
+Unknown
+owned
+State-
+Corporation
+1.15
+261,594,750
+0
+Nuclear
+China National
+54 / 259
+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.
+Association4
+Other
+Pledged
+3.64
+-51,336,444 828,740,060
+Investment
+owned
+Yunnan Energy
+State-
+Co., Ltd.
+person
+Management
+legal
+None
+0
+3.87
+880,000,000
+Construction
+owned
+44,485,067
+12,734,105,445
+legal
+person
+Unknown
+3.26
+741,859,230
+741,859,230
+National
+Citibank,
+person
+Group Co., Ltd.
+legal
+Unknown
+38
+3.45
+-95,600,100 784,399,900
+Investment
+owned
+Sichuan Energy
+State-
+Group Co., Ltd.
+RMB ordinary shares
+Hong Kong Securities Clearing Company Ltd.
+Ping An Life Insurance Co., Ltd. - conventional
+- ordinary insurance products
+China Three Gorges Construction Management
+Co., Ltd.
+1,241,098,586
+State-owned
+Name
+Legal person
+Applicable
+1
+(II) Effective controller
+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%.
+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.
+18 September 1993
+Equity in other domestic or
+overseas listed companies
+during the reporting period
+Incorporated on
+Principal business
+representative
+Principal or legal LEI Mingshan
+China Three Gorges Corporation
+Name
+Legal person
+Applicable
+1
+(I) Controlling shareholder
+Assets Supervision and Administration
+Commission of the State Council
+IV. Particulars of Controlling Shareholder and Effective Controller
+2
+Applicable
+57 / 259
+Non-applicable
+VI. Description on restrictions on reducing shareholding
+Non-applicable
+Other Corporate Shareholders with 10% or more Shareholding
+V.
+China Yangtze Power Co., Ltd.
+directly holds 55.99% in
+China Three Gorges Corporation
+直接持股55.99%
+100%
+State-owned Assets Supervision and Administration Commission of
+the State Council 100%
+2020 Annual Report
+中国长江
+中国长江
+国务院国有
+56 / 259
+Chart of property rights and shareholding structure between the Company and its controlling
+shareholder
+Section 7 Particulars of Directors, Supervisors, Senior Management and Employees
+2020 Annual Report
+Non-applicable
+Citibank, National Association
+784,399,900
+RMB ordinary shares
+784,399,900
+Sichuan Energy Investment Group Co., Ltd.
+828,740,060
+RMB ordinary shares
+828,740,060
+Yunnan Energy Investment Group Co., Ltd.
+880,000,000
+RMB ordinary shares
+880,000,000
+988,076,143
+RMB ordinary shares
+988,076,143
+Number of shares
+12,734,105,445
+1,241,098,586
+RMB ordinary shares
+741,859,230
+55/259
+RMB ordinary shares
+China Securities Finance Corp
+(III) Strategic investors or general legal persons who become top 10 shareholders due to rights
+issue
+Number of shares held by top ten restricted shareholders and restriction conditions
+Non-applicable
+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.
+relationship or acting in
+concert in respect of the
+above shareholders
+261,594,750
+RMB ordinary shares
+261,594,750
+China National Nuclear Corporation
+Explanation of related
+endowment insurance products
+420,000,000
+RMB ordinary shares
+420,000,000
+Jili
+Sunshine Life Insurance Co., Ltd.
+657,980,472
+RMB ordinary shares
+657,980,472
+741,859,230
+Aug 2019
+0
+0
+988,076,143
+4.34
+Unknown
+60 / 259
+7 Mr. XIE Feng ceased receving remuneration from the Company as from 1 Sep 2020.
+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.
+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.
+MA Zhenbo
+Mingshan
+Main work experience
+Name
+LEI
+YES
+1,335.38
+Gorges
+30,000
+Total
+Hong
+94.04
+0
+Jul 2020 0
+2017-09
+59
+M
+Vice GM
+WANG
+2020
+Pingshi
+94.06
+30,000
+0
+Three
+products
+shares
+State-
+China Three
+owned
+Gorges
+-8,123,847
+12,734,105,445
+55.99
+0
+Pledged
+1,886,176,153
+legal
+Corporation
+China
+person
+Securities
+-34,949,727 1,241,098,586
+5.46
+Unknown
+Other
+Clearing
+Company Ltd.
+Ping An Life
+Insurance Co.,
+Ltd.
+conventional
+ordinary
+insurance
+Hong Kong
+0
+Oct
+Oct 2015
+0
+April 0
+2021
+Qinghua
+May 2020
+51
+F
+Director
+LI
+0
+Apr
+2020
+Ning
+May 2016
+50
+YANG
+M
+HUANG
+2021
+Wenhao
+0
+0
+Feb
+May 2016
+57
+M
+Director
+HONG
+2020 Annual Report
+59/259
+Director
+Chairman of M
+55
+Dec 2018
+58
+M
+Vice GM
+LI
+2020
+Fuwen
+94.06
+0
+0
+Dec
+May 2015
+56
+M
+Vice GM
+XUE
+2020
+70.497
+0
+Aug
+Apr 2020
+49
+M
+XIE Feng Vice GM
+Supervisors
+2 YES
+2021
+the Board of
+Xingshi
+Mar
+shares
+shares held
+shareholder
+(%)
+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
+741,859,230 741,859,230 22,741,859,230 100.00
+741,859,230 741,859,230 22,741,859,230 100.00
+51 / 259
+2020 Annual Report
+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.
+foreign 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.
+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
+Offer price
+3.
+Domestic-listed
+2.
+1. RMB ordinary shares 22,000,000,000 100.00
+Other
+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.
+Table of changes in ordinary shares
+Unit: Shares
+Before change
+Number
+shares
+of Percentage
+(%)
+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
+Unit: Share Currency: RMB Yuan
+Quantity
+Mr. Chen Guoqing ceased receving remuneration from the Company as from 1 Aug 2020.
+and derivative Date of offer (or interest Offer quantity
+securities
+Listing date
+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
+(I) Total number of shareholders
+Total Number of ordinary shareholders at end of reporting 158,930
+period
+Total Number of ordinary shareholders at end of the last 192,816
+month immediately preceding the disclosure date of the
+3 A GDR repreents 10 A shares in the Company.
+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
+Applicable
+Unit: Share
+Changes in
+Number of
+Number of Pledged or frozen shares
+Percentage
+Nature of
+name
+reporting
+(full name)
+period
+shares held at
+end of the year
+restricted
+Status of Number
+of
+Shareholder
+(II) Changes in total number of ordinary shares and shareholder structure of the Company and
+changes in assets and liabilities structure of the Company
+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.
+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.
+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
+8 Jan 2025
+52 / 259
+2020 Annual Report
+bonds billion
+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
+rate)
+0
+State-
+45
+CHEN
+91.19
+0
+0
+Oct 2020
+51
+M
+Vice GM
+Jielin
+96.21
+0
+0
+Oct 2015
+56
+M
+Vice GM
+Vice GM
+M
+0
+6
+Carquine Dementia Af 55 in 2018 Cuma 10,040 SAJAMO 91579
+Shaoping
+Secretary
+89.25
+0
+0
+Aug 2016
+57
+M
+Board
+LI
+Hui
+94.48
+0
+Oct 2020
+GUAN
+XIE Jun
+Counsel
+0
+0
+Aug 2019
+47
+Employee M
+Oct 2019
+Supervisor
+84.54
+0
+Aug 2019
+53
+F
+Employee
+HU Yang
+Weiheng
+98.13
+Yanshan
+CHEN
+CFO/General M
+Pingyuan
+88.64
+0
+Apr 2019/
+48
+ZHAN
+Supervisor
+Supervisor
+70.42
+0
+0
+Dec 2018
+59
+Employee M
+YANG
+Xingbin
+Director
+Supervisor
+Three Gorges Finance Co., Ltd.
+Three Gorges Finance Co., Ltd.
+HE Hongxin
+Ltd.
+Nov 2020
+SHENG Xiang
+ZHAN Pingyuan
+LI Shaoping
+Dec 2020
+ZHANG Xingliao
+64 / 259
+(II) Position held at other companies
+Applicable
+2020 Annual Report
+Position holder's name
+Other company's name
+ZHANG Xingliao
+SHENG Xiang
+Aug 2018
+XIA Ying
+TENG Weiheng
+Jul 2019
+Mar 2017
+Jun 2018
+HE Hongxin
+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
+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
+Jan 2019
+Mar 2020
+Mar 2020
+Jun 2015
+Dec 2014
+Jun 2015
+Mar 2014
+Dec 2020
+Dec 2020
+Capital
+Nov 2008
+HE Hongxin
+Accounting in the Industrial and Information
+ZONG Renhuai
+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
+Sep 2016
+Expert Committee of the Alliance for the Vice Chairman
+Promotion and Application of Management
+May 2017
+May 2020
+Dec 2019
+CNPC
+and Communication Sector
+ZHAO Qiang
+ZHANG Chongjiu
+Chinese Nuclear Society
+External Director and Expert of SASAC Expert
+May 2017
+HE Hongxin
+Member of Committee
+Investment Decision-Making Committee
+under Beijing Huading New Power Equity
+Investment Fund
+ZONG Renhuai
+China Three Gorges
+Corporation
+Position at other company
+From
+To
+International Director
+Dec 2015
+Director
+Chairman, Secretary of Mar 2021
+the Party Committee
+Jan 2017
+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.
+Bank of Beijing
+China Power New Energy Co., Ltd.
+Yangtze Three Gorges Investment
+Management Co., Ltd
+Feb 2021
+Guangdong Power Grid Co., Ltd.
+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.
+Ping An Asset Management Co., Ltd.
+Ping An Pension Insurance Co., Ltd.
+Sunshine Insurance Group Co., Ltd.
+Sunshine Asset Management Co., Ltd.
+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
+GUAN Jielin
+YAN Hua
+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.
+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.
+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.
+XIE Jun
+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.
+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
+counsel and consultant of the State Grid Corporation of China.
+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.
+CHEN Hui
+LI Shaoping
+Other information
+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.
+HE Hongxin
+2020 Annual Report
+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
+Sichuan Energy Investment Group Co., Vice GM
+Ltd.
+Party Group
+Assistant to GM
+China National Nuclear Corporation
+Guangdong Power Grid Co., Ltd.
+MA Zhenbo
+HE Hongxin
+63259
+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.
+under the State Council
+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.
+Share incentives granted to Directors and senior management during the reporting period
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+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
+Director
+ZHANG Chongjiu
+May 2018
+Jul 2015
+Aug 2016
+Three Gorges Jinsha River Chuanyun Supervisor
+Hydropower Development Co., Ltd.
+Hubei Energy Group Co., Ltd.
+2020 Annual Report
+LI Shaoping
+LI Shaoping
+66/259
+Hunan Taohua River Nuclear Power Co., Ltd Director
+China Three Gorges Power Operation Int' 1 Supervisor
+Co., Limited
+Dec 2017
+Dec 2015
+Nov 2016
+Director, GM, Secretary Dec 2019
+of the Party Committee
+Director, President
+Jan 2021
+Sep 2015
+representative
+Chairman
+Vice Chairman, Secretary
+of the Party Committee
+Executive Director, legal |Dec 2020
+Jul 2020
+Feb 2021
+Jun 2020
+Sep 2017
+Dec 2015
+Dec 2020
+Sep 2020
+Nov 2019
+Director
+Director
+China Yangtze International (Hongkong)
+Co., Limited
+Three Gorges Electric Energy Co., Ltd.
+Vice Chairman of the Nov 2016
+Board of Supervisors
+Ltd.
+Jun 2020
+Beijing Yangtze River Juyuan Investment Director, GM
+Management Co., Ltd.
+supervisors and
+received by all directors,
+Angang Group Co., Ltd.
+Total
+Actual payment of remuneration
+to Directors, supervisors and
+senior management
+Basis for determining the
+remuneration of directors,
+supervisors and senior
+management
+Decision-making procedures for
+remuneration of directors,
+supervisors and
+senior
+management
+III. Emoluments of Directors, Supervisors and Senior Management
+Applicable
+2020 Annual Report
+67 / 259
+Aug 2018
+Dec 2019
+Committee
+Chairman
+Director
+Three Gorges Electric Energy Co., Ltd.
+Three Gorges Base Development Co., Ltd.
+LI Shaoping
+Chen Yanshan
+Co., Ltd
+Aug 2020
+Chongqing Yangtze Power United Energy Chairman of the Party Apr 2018
+LI Shaoping
+representative
+Co., Ltd
+May 2020
+legal Feb 2017
+Chongqing Yangtze Power United Energy Chairman,
+LI Shaoping
+Dec 2020
+Dec 2016
+LI Shaoping
+senior
+Three Gorges Electric Energy (Hubei) Co.,
+Hydropower
+Chairman of the Board of Nov 2020
+Supervisors
+Nov 2020
+Apr 2019
+Oct 2019
+Director
+Director
+Supervisor
+Guodian Jinsha River Benzilan Hydropower
+Development Co., Ltd.
+Guodian Jinsha River Xulong Hydropower
+Development Co., Ltd.
+Yunnan Energy Investment Co., Ltd.
+Yunnan Yunwei Co., Ltd.
+Co., Ltd.
+TENG Weiheng
+TENG Weiheng
+TENG Weiheng
+TENG Weiheng
+2020 Annual Report
+65 / 259
+Feb 2017
+Supervisor
+China Tendering Public Service Platform
+XIA Ying
+Mar 2017
+Supervisor
+Jinzhou Port Co., Ltd.
+XIA Ying
+Sep 2013
+Director
+Aug 2013
+Director
+China Southern Power Grid Finance Co., Ltd.
+Dinghe Property Insurance Co., Ltd.
+MO Jinhe
+MO Jinhe
+Sichuan Chemical Holdings (Group) Co., Head of Asset and
+China Yangtze Power Sales Co., Ltd.
+SDIC Power Holdings Co., Ltd.
+SHENG Xiang
+Chongqing Three Gorges
+(Group) Co., Ltd.
+Hubei Energy Group Co., Ltd.
+China Nuclear Power Co., Ltd.
+Three Gorges Mechanical and Electrical Director
+Engineering Co., Ltd.
+China Three Gorges International Power Director
+Operation Co., Ltd.
+China Yangtze International (Hongkong) Director
+Co., Ltd.
+Apr 2020
+Nov 2019
+Chairman, President
+Director
+Chairman, GM
+Sep 2019
+Finance Department
+Director
+Jan 2007
+LI Shaoping
+LI Shaoping
+LI Shaoping
+XIE Jun
+XIE Jun
+XIE Jun
+XIE Jun
+GUAN Jielin
+GUAN Jielin
+GUAN Jielin
+GUAN Jielin
+ZHAN Pingyuan
+ZHAN Pingyuan
+ZHAN Pingyuan
+ZHAN Pingyuan
+ZHAN Pingyuan
+Ltd.
+Changjiang Power Capital Holdings Co., Ltd.
+Changdian Andes Investment Co., Ltd.
+Changjiang Power Investment Management
+Co., Ltd.
+Independent Directors Committee of the Member of Committee
+management at the end of the
+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.
+Administrative staff
+516
+89
+555
+54
+Number of employees
+2,771
+3,985
+1,436
+234
+3,751
+Financial staff
+Technical staff
+Sales staff
+Production staff
+By profession
+Profession cetagory
+Number of resigned and retired employees born
+expenses by the parent company and major subsidiaries
+Total number of existing employees
+Number of existing employees of the parent company
+Number of existing employees of significant
+subsidiaries
+(I) Employees
+VI. Particulars of Employees of the Parent Company and Significant Subsidiaries
+2020 Annual Report
+69 / 259
+V. Details on Punishments Imposed by Securities Regulatory Authorities during Last Three Years
+Non-applicable
+Resigned
+Resigned
+Vice GM
+WANG Hong
+Total
+Resigned
+By level of education
+3,985
+Supervisor
+Feb 2016
+Listed Company Association of CSRC
+YANG Hua
+China State Shipbuilding Corporation
+Director
+Nov 2019
+YANG Hua
+70/259
+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
+Applicable
+(III) Training plan
+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.
+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.
+Applicable
+(II) Remuneration policy
+383
+3,985
+Technical secondary school and below
+Total
+387
+College
+2,253
+Undergraduate
+947
+Master
+15
+PhD
+Number of employees (person)
+Level of education cetagory
+reporting period
+Resigned
+LI Pingshi
+Recruited
+Vice GM
+CHEN Hui
+Additional
+Recruited
+Vice GM
+XIE Jun
+Additional
+Recruited
+GM
+ZHANG Xingliao
+Additional
+Elected
+Director
+LI Qinghua
+Additional
+Elected
+Director
+ZHANG Xingliao
+Reason for Change
+Change
+Position held
+Name
+Applicable
+IV. Changes in Directors, Supervisors and Senior Management of the Company
+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
+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.
+Additional
+Vice GM
+CHEN Guoqing
+Resigned
+Resigned
+Resigned
+Vice GM
+XUE Fuwen
+Resigned
+Resigned
+Vice GM
+XIE Feng
+2020 Annual Report
+68 / 259
+Supervisors
+Resigned
+Director/GM
+Chairman of Board of Resigned
+Resigned
+Resigned
+Director
+LI Qinghua
+Resigned
+Resigned
+Director
+HUANG Ning
+Resigned
+Resigned
+Director
+HONG Wenhao
+Resigned
+YANG Xingshi
+remuneration actually
+General Meeting
+2020-056
+value matching, with the improvement of performance ability as the core and supported by the key talents
+projects.
+3.37
+1,500,000,000
+Jan
+8
+8 Jan
+2020
+163096.
+SH
+CYPC
+01
+payable
+20
+Interest
+Publicly Offered
+2020 Corporate
+Bonds (Tranche I)
+of China Yangtze
+maturity
+payable upon
+annually in SSE
+principal
+of China Yangtze 03
+SSE
+arrears,
+2,000,000,000 3.49
+Dec 6 Dec
+2022
+2019
+6
+163052.
+SH
+Bonds (Tranche III) CYPC
+in
+annually
+Corporate 19
+2019
+Power Co., Ltd.
+2023
+arrears,
+principal
+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)
+2025
+arrears,
+3.70
+500,000,000
+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
+Publicly
+2020 Annual Report
+payable
+address
+Publicly Offered
+maturity
+Publicly Offered
+Interest
+maturity
+payable upon
+principal
+2021
+2018
+SH
+SSE
+arrears,
+2,350,200,000 3.15
+in
+annually
+2019 Corporate 19
+143825. 27 Sep 27 Sep
+payable
+of China Yangtze 02
+Corporate 18
+Publicly Offered
+Power Co., Ltd.
+Bonds (Tranche II)
+2018
+Interest
+maturity
+payable upon
+principal
+SSE
+arrears,
+CYPC
+of China Yangtze 01
+Power Co., Ltd.
+payable
+annually
+SSE
+payable upon
+principal
+annually in
+Power Co., Ltd.
+Bonds (Tranche II)
+of China Yangtze 02
+2019 Corporate 19
+Publicly Offered
+2024
+arrears,
+2,000,000,000 3.80
+4 Sep
+Sep
+4
+2019
+155674.
+SH
+CYPC
+payable
+Interest
+maturity
+payable upon
+principal
+SSE
+arrears,
+3,000,000,000 3.45
+19 Feb 19 Feb
+2019
+2022
+155177.
+SH
+Bonds (Tranche I) CYPC
+in
+Interest
+2,500,000,000 4.19
+Contacts
+Tel
+Name
+Office
+XYZH/2021BJAA30771
+Applicable
+Auditor's Report
+Financial Report
+I.
+Section 10
+78/259
+Non-applicable
+XII. Material Events of the Company and the Impact on Operating Results and Solvency of the
+Company
+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.
+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.
+2020 Annual Report
+Applicable
+2020 Annual Report
+77 / 259
+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.
+Applicable
+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
+Loan repayment rate (%)
+X. Credit Line Granted by Banks during the Reporting Period
+To All Shareholders of China Yangtze Power Co., Ltd.,
+1. Auditor's Opinion
+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.
+-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;
+-
+Main audit procedures we performed:
+Audit response
+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;
+-
+Main audit procedures we performed:
+Audit response
+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.
+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;
+Key audit matters
+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.
+12.91
+Credit rating agency
+8.44
+EBITDA to interest ratio
+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.
+2020 Annual Report
+Applicable
+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
+IV. Credit Rating of Bonds
+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
+Building 6, Galaxy SOHO, No.2 Nanzhugan hutong,
+Chaoyangmennei Avenue, Dongcheng District, Beijing
+China Chengxin International Credit Rating Co., Ltd.
+CHEN Xiaodong
+CITIC Securities Building, No 48, Liangmaoqiao Rd,
+Chaoyang District, Beijing
+address
+010-60837028
+Applicable
+Main Indicators
+2020
+2019
+to interest ratio
+12.36
+8.98
+10.09
+Net cash from operating activities
+18.95
+6.12
+7.28
+Interest coverage ratio
+-7.19
+3.34
+3.10
+Debt to EBITDA ratio
+-6.69
+49.40
+46.10
+Asset-liability ratio (%)
+-5.26
+0.19
+0.18
+Quick ratio
+-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 (%)
+9.53
+26 Jul 26 Jul
+2018
+2021
+SH
+143188.
+8
+No
+ZONG
+Hongxin
+0
+Yes
+0
+3
+5
+8
+No
+HE
+Xingliao
+5
+0
+0
+0
+0
+No
+ZHANG
+Zhenbo
+4
+No
+0
+0
+5
+8
+8
+No
+3
+0
+Yes
+8
+No
+ZHAO
+Yan
+No
+0
+2
+8
+No
+ZHAO
+Chuangen
+0
+No
+0
+1
+7
+8
+No
+ZHOU
+Qinghua
+0
+No
+0
+3
+5
+5
+No
+LI
+Renhuai
+No
+7
+MA
+0
+attendances
+of
+Number
+Number
+attend the
+required
+Independent
+director or
+name
+Director's
+Failing to
+meeting
+at the general
+Attendance
+Number of
+Number of
+(I). Directors attendance at the Board meeting and the general meeting
+III. Duty Performance of Directors
+2020 Annual Report
+72 / 259
+Non-applicable
+Particulars of the general meeting
+074
+General Meeting
+Announcement No.2020- 26 Nov 2020
+http://www.sse.com.cn
+25 Nov 2020
+2020 3rd Extraordinary
+2020 Annual Report
+Attendance at the Board meeting
+not
+of
+attendances by
+Yes
+0
+3
+5
+5
+8
+No
+LEI
+times or not
+the year
+consecutive
+meeting
+means
+two
+absences
+by proxy
+in person
+meeting of
+Board
+Number
+attendances
+at the general
+of
+communication
+attendance
+person for
+meeting in
+Number
+of
+attendances
+the
+at
+Mingshan
+1
+No
+0
+terms
+Repayment
+Unit: RMB Yuan
+Interes
+t rate
+(%)
+Outstanding
+balance
+Maturity
+date
+Issued
+date
+Code
+Abbrevi
+ation
+I. Basic Information on Corporate Bonds
+Applicable
+Section 9 Information on Corporate Bonds
+2020 Annual Report
+Traded
+Bond name
+Type of auditor's opinion on internal control: standard report without qualified opinion
+Whether to disclose the auditor's report on internal control: Yes
+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.
+Applicable
+IX. Particulars of Internal Control Audit Report
+Explanation of material defects with internal control during the reporting period
+Non-applicable
+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
+VIII.
+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.
+Applicable
+VII. Establishment and Execution of Assessment Mechanism and Incentive Mechanism for Senior
+Management during the Reporting Period
+74 / 259
+on
+Interest
+Publicly Offered
+in
+annually
+payable
+18
+Offered
+Power Co., Ltd.
+of China Yangtze 01
+Bonds (Tranche I) CYPC
+2018 Corporate
+Publicly
+Interest
+maturity
+payable upon
+Power Co., Ltd.
+principal
+01
+of China Yangtze
+SSE
+arrears,
+3.35
+3,000,000,000
+17 Oct 17 Oct
+2016
+2026
+136762.
+SH
+CYPC
+Bonds (Tranche I)
+in
+annually
+payable
+2016 Corporate 16
+Non-applicable
+In case of competition with its controlling shareholder, the Company should have countermeasures, work
+progress and subsequent work plan.
+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
+8
+Yes
+WEN
+Biyi
+0
+No
+0
+0
+8
+8
+Yes
+ZHANG
+Zhenyong
+No
+15
+8
+80
+Yes
+LV
+Chongjiu
+No
+0
+0
+5
+8
+8
+Yes
+ZHANG
+Qiang
+8
+-Assess the adequacy of the disclosure of the
+acquisition in the financial statements.
+5
+0
+V. Explanation of Risks Identified by the Board of Supervisors
+Non-applicable
+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
+(III). Other information
+2020 Annual Report
+73 / 259
+(II). Independent Directors' objections to relevant matters
+Non-applicable
+Number of meetings both onsite and through 0
+communication means
+means
+Number of meetings through communication 5
+3
+Including: number of onsite meetings
+8
+Number of Board meetings held during the year
+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.
+Explanation of failure to attend the Board meeting for two consecutive times
+Applicable
+0
+No
+0
+0
+5
+8
+8
+Yes
+YAN Hua
+Bingyou
+0
+No
+0
+80 / 259
+75 / 259
+No.
+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
+2020 1st Extraordinary
+Session of meeting
+30 Jun 2020
+No. 1 Jul 2020
+General Meeting
+2020-034
+http://www.sse.com.cn
+2020 2nd Extraordinary
+16 Sep 2020
+Announcement
+17 Sep 2020
+Announcement
+II. General Meeting
+http://www.sse.com.cn
+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.
+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.
+Whether the Company's corporate governance deviated materially from relevant CSRC requirements? If
+any, provide the reason.
+Non-applicable
+Section 8 Corporate Governance
+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.
+The Company is principally governed by the general meeting of its shareholders ("general meeting"),
+the Board of Directors, the Supervisory Committee and senior management.
+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 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 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 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 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.
+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.
+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.
+I.
+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.
+Particulars in Relation to Corporate Governance
+Applicable
+2020 Annual Report
+71 / 259
+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.
+Interest
+Fees and commission
+Dividend Payable
+36,473,316.08
+payable
+897,073,966.87
+1,091,987,201.14
+Including:
+benefits payable
+120,539,909.11
+4,235,444,499.44
+16,960,189,786.68
+41
+Other payables
+40
+Taxes payable
+219,231,174.29
+payable
+2,106,242,913.91
+21,042,264,353.26
+Payable Reinsurance
+Current portion of
+for sale
+employee 39
+14,447,141,791.44
+45
+Long-term borrowings
+Insurance reserves
+2020 Annual Report
+85 / 259
+Non-current liabilities
+Liabilities classified as held
+7,998,650,574.74
+55,958,549,831.05
+Total current liabilities
+7,500,533,260.58
+44
+Other current liabilities
+2,499,762,842.57
+23,924,325,034.79
+current liabilities
+Current portion of non- 43
+78,466,607,623.54
+Payroll and
+financial
+Securities underwriting
+768,403,141.10
+640,897,029.23
+Financial liabilities held for 33
+institutions
+banks and other financial
+Deposits and balances from
+bank
+Borrowing from the central
+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
+trading
+Derivative
+Bonds payable
+liabilities
+brokerage
+deposits
+Customer
+from banks and other
+financial institutions
+under agreements to buy
+Customer deposits and
+balances
+Financial assets sold
+48,910.52
+Contract liabilities
+brokerage deposits
+9,164,940.98
+37
+Receipts in advance
+18,701,549.83
+86,819,605.55
+867,671,236.16
+36
+Accounts payable
+26,658,209.68
+Notes payable
+33,980,139.67
+46
+Total Liabilities
+24,600,000,000.00
+Non-controlling
+owners of the parent
+149,510,174,624.05
+172,118,146,991.60
+Equity attributable to
+56,473,906,836.25
+67,815,084,345.02
+60
+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
+interests
+313,556,807.71
+Total shareholders' equity
+AND
+EQUITY
+CURRENT ASSETS:
+17
+31 December 2020
+Item
+Note
+Prepared by: China Yangtze Power Co., Ltd.
+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
+TOTAL LIABILITIES
+SHAREHOLDERS'
+comprehensive 57
+Other
+Less: Treasury Shares
+liabilities
+Total
+Other non-current liabilities
+Deferred Tax Liabilities
+Deferred income
+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
+non-current
+316,151,484,430.24
+SHAREHOLDERS'
+EQUITY:
+44,364,313,786.27
+56,928,124,174.94
+55
+Capital reserve
+Perpetual debt
+share
+Including: Preference
+Capital Reserves
+37,527,057,075.03
+22,000,000,000.00
+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
+Total assets
+Oil and gas assets
+15,586,434.83
+Financial assets held for
+financial institutions
+Loans to banks and other
+Settlements Provision
+as held for sale
+Cash 1
+7
+31 December 2019
+31 December 2020
+Note
+Unit: RMB Yuan
+equivalents
+and
+Cash
+CURRENT ASSETS:
+Item
+31 December 2020
+trading
+Prepared by: China Yangtze Power Co., Ltd.
+Derivative
+financial
+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
+Financing receivables
+3,650,048,602.74
+5
+Accounts receivable
+17,673,000.00
+Notes receivable
+assets
+CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+2020 Annual Report
+Financial Statements
+6. Auditor's Responsibilities for the Audit of the Financial Statements
+process.
+Those charged with governance are responsible for supervising the Company's financial reporting
+2020 Annual Report
+81259
+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.
+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.
+Responsibilities of Management and Those Charged with Governance for the Financial
+Statements
+5.
+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.
+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.
+Our opinion on the financial statements does not cover the other information and we do not express
+any form of assurance conclusion thereon.
+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.
+4. Other Information
+For these reasons, we have identified significant
+asset acquisitions and the recognition of
+identifiable intangible assets arising therefrom as
+key audit matters.
+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.
+2020 Annual Report
+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.
+II.
+83 / 259
+29 April 2021
+PRC
+Beijing
+China Certified Public Accountant: QIU Xin
+(Engagement Partner)
+China Certified Public Accountant: ZHAN Jun
+provision receivable
+Shine Wing Certified Public Accountants LLP
+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).
+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.
+(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.
+fair presentation.
+2020 Annual Report
+(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
+(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.
+(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
+estimates and related disclosures made by management.
+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.
+Other receivables
+8
+497,300,115.36
+2,993,468,500.20
+in 22
+Construction
+231,119,863,354.48
+21
+Fixed assets
+2020 Annual Report
+84 / 259
+27,552,840.37
+5,812,035,941.91
+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
+progress
+Productive biological assets
+Cash and Cash
+Right-of-use asset
+Other non-current assets
+1,742,787.89
+369,173,036.54
+385,247,857.13
+30
+Deferred tax assets
+1,205,923.35
+Long-term prepaid expenses
+1,010,349,814.92
+3,609,195,163.56
+28
+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
+Total non-current assets
+equity 18
+investments
+222,400,775.52
+282,060,444.83
+9
+Inventories
+agreements to resell
+under
+purchased
+assets
+Financial
+receivable
+50,045,000.00
+45,473,100.00
+Dividends
+receivable
+Interest
+Including:
+68,071,011.56
+Contract assets
+Assets held for sale
+Current portion of non-
+current assets
+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
+Other
+14
+Loans and advances
+ASSETS:
+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
+Debt investment
+3,978,908,570.72
+9,231,213,791.79
+Financial assets held
+Net provision of
+insurance reserve
+Policyholder
+dividends
+Reinsurance expenses
+Taxes and surcharges
+62
+Selling expenses
+63
+insurance claims
+1,192,929,347.63
+115,417,318.42
+1,168,814,152.25
+27,792,136.69
+General
+administrative expenses
+Research
+development expenses
+2020 Annual Report
+and
+64
+1,292,798,651.45
+89 / 259
+and
+Net payments for
+expenses
+CONSOLIDATED INCOME STATEMENT
+For the year ended 31 December 2020
+Note
+7
+2020
+57,783,367,039.83
+61
+57,783,367,039.83
+Unit: RMB yuan
+2019
+49,874,086,874.95
+Surrenders
+49,874,086,874.95
+II、 Total cost of sales
+28,776,077,425.53
+25,959,547,802.90
+Including: Cost of sales
+61
+21,149,454,266.44
+18,697,294,123.93
+Interest expenses
+Fees and commission
+commission revenue
+and
+65
+66
+Including: Share of
+profits or loss of associates
+and joint ventures
+Gain
+from
+derecognition of financial
+assets measured at amortized
+cost
+losses
+Exchange gains or
+2,077,234,391.59
+Net exposure hedging gains/
+(losses)
+70
+-172,887,058.21
+-26,947,041.04
+Credit impairment 71
+-1,492,867.05
+3,342,701.66
+losses
+Assets impairment 72
+-17,737,932.85
+Gain/ (loss) on the
+changes in fair value
+39,568,009.51
+3,182,977,402.41
+3,074,753,621.99
+4,985,909,832.08
+813,629,745.43
+41,066,919.32
+5,210,950,725.28
+Finance expenses
+Including: Interest expenses
+(expressed
+with positive value)
+5,166,955,172.60
+income/(loss)
+5,200,957,545.39
+100,213,191.69
+income
+Add: Other income
+67
+5,886,834.66
+71,556,891.30
+2,606,789.45
+Investment
+68
+4,052,756,076.57
+Interest
+losses
+Net
+Interest income
+Perpetual
+debt
+Lease liabilities
+Long-term Payable
+Long-term
+payroll
+and employee benefits
+payable
+Provisions
+Preference share
+Deferred income
+Tax
+Liabilities
+Other non-current
+liabilities
+Total non-current
+liabilities
+715,444,884.34
+88/259
+902,756,097.24
+Deferred
+2020 Annual Report
+40,439,102,884.09
+Including:
+equivalents
+20,453,152,452.60
+2,499,762,842.57
+Other
+current
+7,500,526,902.22
+7,998,650,574.74
+liabilities
+Total
+34,948,377,070.45
+current
+20,693,633,606.92
+liabilities
+Non-current
+liabilities:
+Long-term
+borrowings
+Bonds payable
+7,000,000,000.00
+17,600,000,000.00
+43,279,089,441.55
+Net earned premiums
+Total
+58,941,858,981.33
+Surplus reserve
+Retained earnings
+22,934,762,401.97
+22,934,762,401.97
+Total
+shareholders' equity
+16,128,866,900.78
+15,732,091,090.28
+TOTAL
+2,502,766,455.34
+LIABILITIES AND
+110,076,584,279.98
+SHAREHOLDERS'
+EQUITY
+Legal Representative:Lei Mingshan
+Chief Accountant:Zhan Pingyuan
+Head of Accounting Department: Zhang Na
+Item
+I、 Total revenue
+Including: Operating revenue
+123,128,524,940.05
+42,663,821,954.79
+1,820,853,213.49
+comprehensive income
+Liabilities
+SHAREHOLDERS'
+85,942,911,396.34
+79,635,492,588.25
+EQUITY:
+Paid-in Capital
+Capital Reserves
+22,741,859,230.00
+22,000,000,000.00
+Special reserve
+Including:
+Perpetual
+debt
+Capital reserve
+Less:
+Treasury
+59,502,183,193.81
+46,906,964,332.39
+Shares
+Other
+Preference share
+Gain/ (loss) from
+fee
+22,038,670.15
+91,912,217,948.12
+Fixed assets
+properties
+26,460,352.37
+Investment
+financial assets
+3,535,850,527.86
+Other non-current
+investments
+in
+3,912,606,164.86
+instruments
+equity
+Other
+investments
+78,052,733,566.35
+103,001,611,185.89
+Long-term equity 3
+receivables
+Long-term
+3,217,073,876.83
+debt
+464,366,936.37
+27,552,840.37
+15,586,434.83
+Other non-current
+73,320,614.32
+Deferred tax assets
+expenses
+Long-term prepaid
+Goodwill
+expenditures
+Development
+4,255,519,358.34
+89,336,000.23
+Intangible assets
+Right-of-use asset
+Oil and gas assets
+biological assets
+Productive
+progress
+Construction
+946,462,767.36
+95,931,292,255.59
+195,210,484.09
+assets
+Other
+NON-CURRENT
+2
+Other receivables
+13,370,253.30
+21,721,249.03
+Prepayments
+receivables
+2,300,000.00
+1,640,765,860.31
+1,681,426,962.93
+16,800,000.00
+382,249,508.06
+2020 Annual Report
+Accounts receivable 1
+Notes receivable
+assets
+Derivative financial
+4,195,981,088.98
+31 December 2019
+Unit: RMB Yuan
+86 / 259
+73
+Financing
+Debt investment
+67,315,820.17
+Including: Interest
+ASSETS:
+assets
+Total
+315,531,193.73
+6,364,049,432.31
+6,629,737,975.71
+current
+400,005,769.04
+Other current assets
+non-current assets
+non-current liabilities
+Current portion of
+Contract assets
+128,785,215.82
+148,625,915.93
+50,045,000.00
+45,473,100.00
+Inventories
+receivable
+Dividends
+receivable
+Assets held for sale
+Total non-current
+investments
+202,441,698,360.68
+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
+discontinuing operations
+V、 Net profit /(loss)
+from
+1. Net profit attributable
+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
+(2) Categorized by ownership
+208,371,576.12
+5,059,564,654.60
+Less: Income tax expense 76
+disposal of assets
+III Operating profit
+32,895,853,337.57
+Add:
+Non-operating 74
+50,968,275.16
+income
+Less:
+Non-operating
+5,949,278,995.30
+75
+-35,595,283.18
+26,792.08
+26,932,726,653.01
+29,219,094.32
+334,933,992.54
+expenses
+IV Profit/(loss) before tax
+32,455,540,794.12
+26,627,011,754.79
+491,280,818.61
+23,953,464.62
+for trading
+407,999,197.81
+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
+10,850,000,000.00
+-2,342,891,062.80
+held for trading
+18,701,549.83
+49,275,071.09
+8,788,393.37
+Financial liabilities
+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
+Short-term
+borrowings
+Contract liabilities
+Derivative financial
+and
+Payroll
+-2,034,622,149.75
+406,775,213.14
+90 / 259
+Liabilities classified
+Payable
+payable
+837,531,967.98
+902,865,871.52
+Including: Interest
+Dividend
+1,627,706,272.34
+4,082,085,127.73
+82,124,919.31
+97,805,901.99
+payable
+employee benefits
+2,689,038,478.78
+1,018,564,145.60
+Other payables
+Taxes payable
+Refer(s)
+to
+Development
+Yunchuan
+Refer(s)
+Company
+to
+CYPC Capital
+to
+to
+International
+Three Gorges Jinsha River Yunchuan Hydropower Development Co.,
+Ltd.
+CYPC Capital Holding Co., Ltd.
+Refer(s) China Yangtze Power International (Hong Kong) Co., Ltd.
+to
+Three Gorges Refer(s) Three Gorges Power Co., Ltd.
+Power
+LDS Company
+CYPC
+Gorges
+China Electricity Council
+Refer(s)
+Refer(s)
+Refer(s)
+to
+CTG
+Refer(s)
+China Three Gorges Corporation
+to
+Companies, the Refer(s)
+Company and
+China Yangtze Power Co., Ltd.
+to
+CYPC
+Three
+Gorges Finance
+Refer(s) Three Gorges Finance Co., Ltd.
+to
+Three
+Gorges Refer(s)
+Three Gorges Capital Holdings Co., Ltd.
+Capital
+to
+Three
+Yangtze Three Gorges Technology & Economy Development Co., Ltd.
+Luz del Sur S.A.A, a Peruvian company of power distribution and sales
+CYPC
+Yangtze Andes
+5
+Full name
+Contact address
+Tel.
+Fax
+E-mail
+2022 Annual Report
+Yuan Haiying
+Xue Ning
+22th Floor, Focus Place B, 19 Financial 22th Floor, Focus Place B, 19 Financial
+|Street, Xicheng District, Beijing |Street, Xicheng District, Beijing
+010-58688900
+Securities representative
+010-58688900
+cypc@cypc.com.cn
+010-58688898
+cypc@cypc.com.cn
+III. A Brief Introduction to Basic Information
+Company registered address
+Historical changes in the
+Company's registered address
+Company business address
+Zip code of Company
+business address
+Company website
+Tower B, No. 1 Yuyuantan South Road, Haidian District, Beijing
+Primarily registered address on November 4, 2002: No. 25, Guangqumen
+Inner Avenue, Chongwen District, Beijing; Changed registered address on
+February 3, 2004: Tower B, Focus Place, No. 19, Financial Street,
+Xicheng District, Beijing; Changed registered address on August 11,
+2010: Tower B, No. 1 Yuyuantan South Road, Haidian District, Beijing;
+Tower B, Focus Place, No. 19, Financial Street, Xicheng District, Beijing;
+|Tower B, No 1 Yuyuantan South Road, Haidian District, Beijing
+100033
+CEC
+010-58688898
+to
+Board secretary
+China Yangtze Power Co., Ltd.
+CYPC
+Refer(s)
+Yangtze Andes Holding Co., Limited
+to
+SCEI
+Refer(s)
+Sichuan Energy Industry Investment Group Co., Ltd.
+to
+YEIG
+Refer(s)
+Lei Mingshan
+Yunnan Provincial Energy Investment Group Co., Ltd.
+GDR
+I.
+Refer(s) Global Depository Receipts
+Section II
+to
+Company Profile and Major Financial Indexes
+Company Information
+Chinese name of the Company
+Abbreviation of Chinese name
+Name of the Company
+Abbreviation of company name
+Legal Representative of the Company
+II. Contact and Contact Information
+China Yangtze Power Co., Ltd.
+to
+IV.
+China Yangtze Power Co., Ltd.
+2022 Annual Report
+China Securities Regulatory Commission
+(4) After the completion of this profit distribution, the undistributed profits will be retained for
+distribution in future years. There will be no capital reserve fund conversion to increase share capital in
+2022.
+VI. Forward-looking Risk Statement
+√ Applicable □ Inapplicable
+Such forward-looking statements as the future plan and development strategy involved in this
+report would not constitute any real commitment. Investors were hoped to pay attention to investment
+risks, please.
+2
+2022 Annual Report
+VII. Did it exist that the controlled shareholders and their related parties occupy funds
+non-operationally?
+No
+b. For the net profit attributable to the owners of the parent company from the merged entity
+realized from January 1, 2022 to January 31, 2022, RMB 1,216,756,140.84 will be retained for
+distribution in future years.
+VIII. Did it exist that the security was given externally in violation of the stipulated
+No
+IX. Did it exist that more than half of the directors are unable to guarantee the authenticity,
+accuracy, and completeness of the Annual Report disclosed by the Company?
+No
+X. Major Risk Warning
+The Company had already elaborated on possible risks in this report. Please refer to the related
+contents in "VI. Discussion and Analysis on the Company Future Development" of Section III
+Discussion and Analysis of the Management.
+XI. Miscellenaous
+□ Applicable √ Inapplicable
+3
+decision-making process?
+2022 Annual Report
+a. For the net profit attributable to the owners of the parent company from the merged entity
+realized from February 1, 2022 to December 31, 2022, RMB 20,092,277,840.10 will be distributed to
+shareholders who have the right to receive dividends in proportion to their respective shareholdings.
+That is, the cash dividend of RMB 8.533 (including tax) per 10 shares will be distributed to the old
+shareholders who held 22,741,859,230 shares before the asset acquisition and the 804,436,061 shares
+issued to 19 specific objects through the issuance of shares to raise supporting funds. China Three
+Gorges Corporation, Yunnan Energy Investment Group Co., Ltd., and Sichuan Energy Investment
+Group Co., Ltd. shall not enjoy the aforementioned cash dividend.
+(2) No arbitrary public reserve funds will be provided this year.
+https://www.cypc.com.cn
+2022 Annual Report
+2022 Annual Report
+I.
+II.
+Important Notes
+The Board of Directors and Board of Supervisors, as well as directors, supervisors, and senior
+executives of the Company guarantee that the present annual report is true, accurate, and
+complete in contents without the existence of false records, misleading statements, or
+major omissions, and undertake the individual and joint legal responsibilities therefore.
+For the purposes of the United Kingdom's Financial Conduct Authority's Transparency Rule
+4.1.12(3), each Director of the Company (whose names and functions are listed on pages
+[39] to [41]), to the best of his or her knowledge, confirms that: 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 the management
+report (being this annual report, excluding the financial statements referred to above and
+the independent auditor's report thereon) 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."
+III. Da Hua Certified Public Accountants (Special General Partnership) has provided the
+Company with a standard and unqualified auditor's report.
+(3) Distribute dividends to shareholders:
+IV. Lei Mingshan, the Company responsible person, Zhan Pingyuan, the person in charge of
+accounting work, and Zhang Na, the leading member of the accounting body (accountant in
+charge) guarantee the truth, accuracy, and integrity of financial report in the annual report.
+In 2022, the net profit attributable to the owners of the parent company from the merged entity was
+RMB 21,309,033,980.94. The company plans to distribute the profits according to the following
+principles:
+1. Distribution was made in accordance with the statutory order prescribed in the Company Law, the
+Company's Articles of Association, and the Company's Accounting Policies and Accounting Estimates.
+1
+2022 Annual Report
+2. According to the "Report on the Issuance of Shares and Payment of Cash to to Purchase Assets and
+Raise Subscription Funds and the Related Party Transaction by China Yangtze Power Co., Ltd.":
+(1) The profits generated by Three Gorges Jinsha River Yunchuan Hydropower Development Co.,
+Ltd. during the transition period (from February 1, 2022 to December 31, 2022) shall be enjoyed by
+China Three Gorges Corporation, Yangtze Three Gorges Investment Management Co., Ltd., Yunnan
+Energy Investment Group Co., Ltd., and Sichuan Energy Investment Group Co., Ltd. in proportion to
+their respective equity holdings of Three Gorges Jinsha River Yunchuan Hydropower Development Co.,
+Ltd.
+(2) The undistributed profits accumulated before the issuance of shares to raise supporting funds
+shall be jointly enjoyed by the old and new shareholders of the listed company according to their
+respective shareholding ratios. However, China Three Gorges Corporation, Yunnan Energy Investment
+Group Co., Ltd., and Sichuan Energy Investment Group Co., Ltd. shall not enjoy the profits available for
+distribution to shareholders that the company realized during the transition period.
+3. The specific profit distribution plan for 2022 is as follows:
+(1) As the statutory accumulated public reserve funds of the company have reached 50% of the
+registered capital, no more provision will be made this year.
+V. Profit Distribution Plan or Capital Reserves Share Capitalization Plan for the reporting
+period, adopted by the Board of Directors via resolution. China Yangtze Power Co., Ltd.
+Contents
+Section I
+Definitions.
+Section X
+Financial Report...
+125
+List of Documents
+Available for Inspection
+Financial statements signed and sealed by the Chairman of the Company, CFO,
+and person in charge of the accounting institution.
+The original copy of the auditor's report sealed by the accounting firm and
+sealed and signed by certified public accountants.
+Originals of all documents and announcements which have been publicly
+disclosed in the newspapers specified by CSRC during the current reporting
+period.
+4
+2022 Annual Report
+98
+Section I Definitions
+Definitions
+In the Report, unless otherwise indicated in meanings, the following words and expressions had
+implications as follows:
+Paraphrasing of everyday expressions
+SASAC
+Refer(s)
+to
+State-owned Assets Supervision and Administration Commission of the
+State Council
+CSRC
+Refer(s)
+I.
+Relevant Information of Corporate Bonds.
+Section IX
+96
+5
+Section II
+Company Profile and Major Financial Indexes.
+5
+Section III
+Discussion and Analysis by Management ......
+.10
+Section IV
+Corporate governance.
+.35
+Section V
+Environmental and Social Responsibility.
+63
+Section VI
+Important Matters
+69
+Section VII
+Changes in Shares and Shareholders.
+.90
+Section VIII
+Preferred Shares
+to
+cypc@cypc.com.cn
+-18.89 1.1853
+Media name and website on which the
+Company discloses its annual report
+□ Applicable Inapplicable
+IX.
+2022 Principal Financial Data in Quarters
+Operating revenues
+Unit:
+yuan Currency: RMB
+Q4
+Q2
+Q3
+(April-June) (July-September)
+15,880,975,297.65
+7,652,560,901.19 2,364,901,203.78
+(October-
+Explanation on differences between foreign and domestic accounting standards:
+December)
+Q1
+(January-
+March)
+9,738,207,780.31 15,650,276,643.84
+8,154,140,252.42
+Net profit attributable to 3,137,431,623.55
+shareholders of the
+Listed Company
+Net profit attributable to
+3,096,583,943.01
+8,182,050,763.29 7,736,202,643.25 2,377,507,186.03
+shareholders of the listed
+company
+10,791,022,836.05
+net
+(III)
+(II) Discrepancy between the net profits and the net assets belonging to shareholders of the Listed
+Company in the Financial Reports disclosed simultaneously according to foreign accounting
+standards and China Accounting Standards
+Basic earnings per share
+net of
+non-recurring profit and loss 0.9407 1.0615
+(RMB/share)
+Weighted average ROE (%)
+11.73 14.92
+13.71
+Weighted mean ROE (%) net of 11.77
+non-recurring profits and losses
+□ Applicable √ Inapplicable
+-11.39 1.1798
+16.71
+16.63
+Description on major accounting data and financial indexes in past three years at the end of reporting
+period
+☐ Applicable √ Inapplicable
+VIII.
+Discrepancy of Accounting Data under the Accounting Standards at Home and Abroad
+(I) Discrepancy between the net profits and the net assets attributable to shareholders of the
+Listed Company in the Financial Reports disclosed simultaneously according to the
+International Accounting Standard and China Accounting Standard
+□ Applicable √ Inapplicable
+7
+2022 Annual Report
+Decreased by 3.19%
+Decreased by 1.94%
+of
+non-recurring profits or
+losses
+50,250,031.87
+205,222,701.21
+8
+2022 Annual Report
+and loss
+Profits and losses on the assets by
+entrusting others to invest or manage
+Each provision for the impairment of
+assets withdrawn due to force majeure
+factor, say, suffering from a natural
+disaster
+Debt restructuring profits and losses
+Enterprise restructuring charges, such
+as the staffing expenditures and
+integrating expenses
+Profit and loss of the part exceeding
+the fair value arising from the
+transaction with the bargain price
+losing fairness
+Net current profit and loss of the
+subsidiary acquired in business
+combination involving entities under
+common control from the beginning
+of the period to the combination date
+Profits and losses arising from
+contingencies irrelevant to the
+Company's normal business operation
+In addition to the effective hedging
+business related to the normal
+business of the Company, profit and
+loss from changes in fair value arising
+from holding of financial assets held
+for trading, derivative financial assets,
+financial liabilities held for trading,
+derivative financial liabilities, and
+investment gains from disposal of
+financial assets held for trading,
+derivative financial assets, financial
+liabilities held for trading, derivative
+financial liabilities and other debts.
+Reversal of depreciation reserves of
+receivables and contractual assets
+under independent impairment
+6,357,797.00
+assessment
+Profits and losses arising from
+changes in the fair value of investment
+real estates by using the fair value
+model for subsequent measurement
+Influence made by the one-off
+adjustment of the current profit and
+loss according to requirements of tax
+revenue and accounting laws and
+regulations on the current profit and
+loss
+Trustee fee income achieved from the
+entrusted management
+Other non-operating revenue and
+expenses than the above items
+-384,901,812.61 1,914,762,891.93 -55,598,675.12
+Information Disclosure and Place for Preparation
+-210,401,632.70 -200,395,826.32
+9
+Profits and losses acquired from
+externally entrusted loans
+1,599,400.00
+5,055,279.91
+Non-monetary assets exchange profit
+Net cash flows from 3,935,599,773.13
+operating activities
+8,053,164,364.97 11,981,396,866.12
+6,942,571,225.90
+Explanation of discrepancy between quarterly data and previously disclosed accounting period data
+□ Applicable √ Inapplicable
+X.
+Items of Non-recurring Profits and Losses and the Relevant Amounts
+√ Applicable Inapplicable
+Non-recurring profits or losses items
+Amount in 2022
+Amount in 2021
+Unit: yuan Currency: RMB
+Amount in 2020
+663,080,606.55
+564,829,216.07
+36,811,121.25
+disposal
+Profit and loss of non-current assets
+Unauthorized approval or without
+official approval document or
+occasional tax returns and concessions
+Government subsidies included in the
+current profit and loss, except those
+closely related to the Company normal
+operations, conforming to the State
+policies and regulations and enjoyed
+persistently in line with certain
+standard ratings or ration
+Payment for the use of state funds
+included in the current profit and loss
+and collected from non-financial
+business
+Income arising from the fair value of
+net identifiable assets of the investee
+the enterprise should enjoy when the
+cost of investment it acquired from the
+subsidiaries, associates and joint
+ventures was less than the investment
+it obtained
+(RMB/share)
+0.9370 1.1553
+-354,730,302.69
+-18.89 1.1853
+the
+as
+signatories
+Da Hua Certified Public Accountants (Special
+General Partnership)
+9/F, Building 7, No. 16, Xisihuan Zhonglu,
+Haidian District, Beijing
+Hao Lijiang and Shen Yanbo
+VII. Principal Accounting Data and Financial Index in the Recent Three Years
+(I) Principal Accounting Data
+6
+of
+Unit: yuan Currency: RMB
+Principal accounting
+Increase &
+decrease in this
+2022
+2021
+data
+period over the
+2020
+same period of
+last
+2022 Annual Report
+Operating revenues
+Names
+accountants
+Certified Public Accountants
+(domestic) engaged by the
+Company
+Diluted earnings per share
+V.
+Stock Profile/Depository Receipts
+Type of stock/depository
+receipts
+China Securities Journal (www.cs.com.cn), Shanghai
+Securities News (www.cnstock.com), Securities Times
+(www.stcn.com)
+http://www.sse.com.cn
+Room 2215, Focus Place B, 19 Financial Street, Xicheng
+District, Beijing
+Stock Profile
+Stock exchange on
+which the shares are
+listed
+Office address
+Stock abbreviation
+GDR
+Shanghai Stock
+Exchange
+London Stock
+Exchange
+CYPC
+600900
+China Yangtze Power
+Co., Ltd.
+CYPC
+A-shares
+VI. Other Related Information
+Name
+Security code
+52,060,482,557.85 55,646,253,991.83
+Stock exchange website where the
+Company discloses its annual report
+Place for preparing the annual report
+57,783,367,039.83
+Increase &
+decrease at the
+End of 2022
+End of 2021
+end of this
+period over the
+end of the same
+period of last
+year (%)
+End of 2020
+185,488,250,616.82 181,063,819,486.27
+2.44 172,118,146,991.60
+Listed Company
+-13.49 41,036,864,400.40
+Total assets
+-0.39
+330,827,096,559.03
+(II) Principal Financial Indexes
+Principal financial indexes
+2022 2021
+Increase & decrease in this period
+over the same period of last year
+(%)
+2020
+Basic earnings per share (RMB/share)
+year (%)
+-6.44
+327,268,285,047.33 328,563,281,639.20
+35,732,461,733.26
+0.9370 1.1553
+shareholders of the
+Net
+profit
+attributable
+to
+21,309,033,980.94 26,272,998,503.24
+-18.89 26,297,890,222.70
+30,912,732,230.12
+Listed Company
+Net
+profit
+shareholders of the
+to
+attributable
+assets
+attributable
+Net
+to
+Company net of
+non-recurring profit
+or loss
+-11.39 26,175,647,473.85
+21,392,344,535.58 24,141,419,619.03
+shareholders of the
+Net cash flows from
+operating activities
+bond
+of
+of
+termin
+ation
+arrange Tradin
+ment
+g
+by mechan
+Trading
+place
+ce
+Inter Debt
+est servi
+rate
+balance
+cy
+ation
+ity
+Code
+of
+Bond
+Issue Value
+Abbrevi
+Matur
+Name
+date7 date
+date
+4.86 annu
+investo isms listing
+Risk
+Inter-bank
+inter
+e
+3/
+3/
+3/
+al
+120303.SH
+(%) mode
+Corpor bond
+Nationwid
+3,000,0
+203
+200
+200
+03 CTG 038006.IB;
+2003
+any)
+rs (if
+N/A
+ate
+□ Applicable √ Inapplicable
+Unit:
+☐ Applicable √ Inapplicable
+Other Information about Controlling Shareholders and Actual Controllers
+(III)
+6 Actual controllers control the Company by trust or other asset management methods
+☐ Applicable √Inapplicable
+China Yangtze Power Co., Ltd
+52.16% Directly held
+China Three Gorges Corporation
+52.16% Directly held
+Commission Stated-owned Assets Supervision and Administration of the State Council
+V.
+√ Applicable Inapplicable
+5
+□ Applicable √ Inapplicable
+Description of the changes in the Company's control rights during the reporting period
+4
+□ Applicable √ Inapplicable
+Special statement for the condition that the Company has no actual controller
+3
+□ Applicable √ Inapplicable
+8/1
+Block diagram of property right and control relationship between the Company and the
+actual controllers
+yuan Currency: RMB
+Adequa
+The company's controlling shareholder or the first majority shareholder and its concert
+parties pledged a total of 80% or more of their shareholdings in the company
+VI. Other corporate shareholders holding more than 10% of shares
+1. Basic Information of Corporate Bonds
+√ Applicable Inapplicable
+(I) Corporate bonds
+√ Applicable Inapplicable
+Enterprises
+I. Enterprise Bonds, Corporate Bonds and Debt Financing Instrument of Non-financial
+Relevant Information of Corporate Bonds
+Section IX
+DHSZ[20231000407 Auditor's Report
+□ Applicable √ Inapplicable
+97
+2022 Annual Report
+96
+□ Applicable √ Inapplicable
+Section VIII Preferred Shares
+The specific implementation of share repurchases during the reporting period
+□ Applicable √ Inapplicable
+VIII.
+□ Applicable √ Inapplicable
+Explanation on the restriction in reduction of shares
+VII.
+97
+8/1
+Names of the
+0,000
+Hao Lijiang, Shen
+Yanbo
+Dongcheng
+Inner St,
+Chaoyang men
+Galaxy SOHO,
+Building 5,
+Beijing
+Haidian District,
+CITIC Securities
+Tower, No.48
+Liangmaqiao
+Road, Chaoyang
+District, Beijing
+9/F, Building 7,
+No. 16, Xisihuan
+Zhonglu,
+Ltd.
+Credit Rating Co.,
+International
+China Chengxin
+Partnership)
+Da Hua Certified
+Public
+Accountants
+(Special General
+CITIC Securities
+Company Limited
+010-60838276
+Wang Yanjun
+Lin Luxiang,
+Hao Lijiang, Shen 010-58350011
+Yanbo
+4.
+District, Beijing
+Use of raised funds at the end of the reporting period
+Natural person
+99
+with the
+funds (if any)
+account
+actual use of
+raised funds
+Compliance of
+of irregular
+Rectification
+Tel.
+Unit: yuan Currency: RMB
+Operation
+of the
+special
+Unused
+amount
+funds
+Amount used
+Total raised
+Name of
+bond
+010-66428877
+Li Junyan
+√ Applicable □ Inapplicable
+use of raised
+8/1
+Contact person
+Office address
+ment
+repay
+ipal
+Exchange
+princ
+ation
+Corpor
+Project
+Gorges
+with Stock
+ent Shanghai
+Three
+China
+market/
+paym
+of
+bond
+est
+Bonds
+at
+matu
+rity
+The Company's countermeasures against the risk of termination of bond listing
+Name of the
+intermediary
+Intermediaries providing services for bond issuance and duration business
+3.
+□ Applicable √Inapplicable
+2. Trigger and implementation of issuer's or investor's choice clause, investor's
+protection clause
+Description of the payment of interest and cash
+The interest-bearing period of the bonds is from August 1, 2003 to July 31,
+2033. During the reporting period, the Company has paid interest to investors
+for the period from August 1, 2021 to July 31, 2022 in accordance with the
+agreement in the Prospectus on August 1, 2022 (if the interest payment date
+falls on a holiday, it will be postponed to the first business day thereafter).
+Name of bond
+2003 Corporate Bonds
+of China Three Gorges
+Project Corporation
+√ Applicable Inapplicable
+Payment of interest and cash of bonds during the reporting period
+accountants as
+signatories
+DHSZ[20231000407 Auditor's Report
+transact
+Public No
+98
+The issuance date is the starting date of the public offering period.
+7
+□ Applicable √ Inapplicable
+Overdue outstanding bonds
+□ Applicable Inapplicable
+ฟ
+ions
+2
+Unknow
+1 Legal person
+√ Applicable Inapplicable
+Name
+(IV) Other Major Contracts
+□ Applicable √ Inapplicable
+3. Other information
+□ Applicable √ Inapplicable
+(3) Provision for impairment of entrusted loans
+□ Applicable √ Inapplicable
+(2) Entrusted loans
+□ Applicable √ Inapplicable
+(1) Overall entrusted loan
+Entrusted loans
+2.
+□ Applicable √Inapplicable
+(3) Impairment provision of entrusted financial management
+□ Applicable √Inapplicable
+(2) Entrusted financial management
+□ Applicable Inapplicable
+(1) Overall entrusted financial management
+Entrusted financial management
+1.
+(III) About the Entrusting Others with the Management of Cash Assets
+2022 Annual Report
+□ Applicable √ Inapplicable
+XIV. Description of other significant matters that have a significant impact on investors' value
+judgments and investment decisions
+□ Applicable √ Inapplicable
+Section VII Changes in Shares and Shareholders
+Unit: Share Currency: RMB
+√ Applicable □ Inapplicable
+(I) Conditions on Issuance of Securities as of the Reporting Period
+II. Conditions on Securities Issuance and Listing
+□ Applicable Inapplicable
+About Changes in Restricted Shares
+(II)
+□ Applicable √ Inapplicable
+Other contents disclosed according to the requirements of the Company or the securities
+regulatory authorities
+2022 Annual Report
+Gorges
+90
+3. Effect of changes in shares on financial indicators such as earnings per share and net assets
+per share for the recent year and the recent period (if any)
+□ Applicable √ Inapplicable
+2. About Changes in Shares
+During the reporting period, both the total amount of shares and capital stock structure of the Company
+have not changed.
+Changes in Shares
+1.
+Changes in Shares
+(I)
+Changes in Capital Stock
+I.
+□ Applicable Inapplicable
+26
+Pledge
+Corporatio
+insurance
+Miscellenao
+988,076,143
+4.34
+n
+us
+products
+China
+Three
+Gorges
+1-General
+Constructi
+880,000,000
+3.87
+0
+N/A
+Engineerin
+State-owned
+legal person
+g
+Corporatio
+n
+Sichuan
+on
+Types of stock and its
+-Traditiona
+Company
+5
+The decrease in the shareholding of China Three Gorges Group Limited was mainly due to the transfer of 2% of shares
+from China Three Gorges Group to its wholly-owned subsidiary, Yangtze River Three Gorges Group Industrial
+Development (Beijing) Company Limited, during the reporting period, and the exchangeable bonds issued in 2019 entered
+into the exchange period from 13 April 2020, with the exchange of shares taking place by an investor.
+6
+The number of shares held at the end of the period is calculated by combining the three accounts "CYPC", "Three
+Gorges Group - CITIC Securities - 18 Three Gorges EB Guarantee and Trust Property Account" and "Three Gorges
+Group - CITIC Securities - G Three Gorges EB2 Guarantee and Trust Property Account".
+92
+2022 Annual Report
+n
+Hong
+Kong
+Securities
+of China,
+Ltd.
+Unknow
+-5,761,422 1,635,673,311
+7.19
+Clearing
+n
+us
+Company
+Limited
+Ping An
+Life
+Insurance
+Miscellenao
+Energy
+Offer
+price
+Issuing
+date³
+frozen status
+of
+Number Pledged, marked or
+Unit: share
+Shareholding structure of the top ten shareholders
+(II) Shareholding of the Top 10 Shareholders and Top 10 Outstanding Shareholders (or Holders
+of Unrestricted Shares) at the End of the Reporting Period
+258,486
+232,121
+Total number (Nr.) of common shareholders at the end of
+the previous month before disclosure of the annual report
+Total number of ordinary Shareholders at the end of the
+Reporting Period (Nr )
+(I) Total Number of Shareholders
+III. Conditions on Shareholders and Actual Controllers
+□ Applicable √ Inapplicable
+Conditions on Existing Internal Staff Shares
+(III)
+□ Applicable √ Inapplicable
+(II) Changes in Number of Shares and Shareholding of the Company's Shares and the Changes in
+Structure of its Balance Sheet
+□ Applicable √ Inapplicable
+Explanation on the issuance of securities as of the reporting period (please specify separately for bonds
+with different interest rates during the duration):
+Note (SFN)
+Short-term Financing
+holding
+Name of
+shareholde
+r
+Increase/decrea
+-629,866,3725
+2,259,958,69
+11,882,135,80
+Three
+State-owned
+4 legal person
+China
+Industry
+n
+conditio
+Qty.
+1,500,000,000 2022/11/24 1,500,000,000 2023/09/01
+Nature of
+shareholder
+with
+trading
+limited
+Proportio
+n(%)
+the end of the
+period
+period
+(full name)
+reporting
+shares held at
+se during
+shares
+Number of
+Status of
+shares
+2022/11/22 2.50
+Co., Ltd. 2022 2nd
+China Yangtze Power
+2.88 500,000,000 2022/01/25 500,000,000 2025/01/17
+2022/01/17
+2.90 2,500,000,000 2022/01/07 2,500,000,000 2025/1/03
+2022/01/04
+Co., Ltd. 2022 1st
+China Yangtze Power
+financing instrument)
+sustainable-linked) for
+Professional Investors
+China Yangtze Power
+Co., Ltd. 2022 1st
+Commercial Paper (CP,
+ultra-short-term
+China Yangtze Power
+Co., Ltd. 2022 Green
+Corporate Bond (1st
+tranche, series one) for
+Professional Investors
+China Yangtze Power
+Co., Ltd. 2022 Green
+Corporate Bond (1st
+tranche, series two) for
+Professional Investors
+China Yangtze Power
+Co., Ltd. 2022 2nd
+Medium Term Notes
+(MTN, series one)
+China Yangtze Power
+Co., Ltd. 2022 2nd
+Medium Term Notes
+(MTN, series two)
+China Yangtze Power
+Co., Ltd. 2022 Green
+Corporate Bond (2nd
+tranche,
+Medium Term Notes
+(MTN)
+2022/01/17
+Co., Ltd. 2022 1st
+Approved
+number listed
+for trading
+date
+Listing
+Issuing
+number
+China Yangtze Power
+Bonds (including enterprise bonds, corporate bonds and debt financing instruments of non-financial corporate)
+transaction4
+date of
+interest
+rate)
+(or
+Termination
+derivative securities
+2022/03/08
+2022/05/19
+Note (SFN)
+Short-term Financing
+1,500,000,000 2022/11/17 1,500,000,000 2023/11/15
+2022/11/14 2.50
+Co., Ltd. 2022 1st
+2022 Annual Report
+China Yangtze Power
+Notes (MTN)
+Green Medium Term
+91
+2022/03/08
+The transaction termination date is filled in according to the bond delisting date, which is the business day before the
+bond cashing date.
+The issue date is filled in according to the first day of bond issuance.
+3
+2.80 1,000,000,000 2022/08/30 1,000,000,000 2027/08/28
+2022/8/25
+1.95 3,000,000,000 2022/07/15 3,000,000,000 2022/11/24
+2022/07/13
+2.78 1,500,000,000 2022/05/30 1,500,000,000 2025/05/19
+3.44 1,000,000,000 2022/03/11 1,000,000,000 2027/03/09
+3.09 2,000,000,000 2022/03/11 2,000,000,000 2025/03/07
+3.19 2,000,000,000 2022/01/25 2,000,000,000 2027/01/15
+4
+52.25
+0
+Corporatio
+Shareholdings of top ten shareholders without trading limited condition
+State-owned
+legal person
+n
+1.15
+261,594,750
+Unknow
+Unknow
+41,078,700 876,596,500
+3.85
+0
+Investment
+n
+State-owned
+legal person
+Group Co.,
+Ltd.
+Yunnan
+Provincial
+Energy
+-36,206,300 686,613,158
+Name of shareholder
+3.02
+Number of tradable shares
+without trading limited
+Categories
+880,000,000
+988,076,143
+shares
+RMB common
+shares
+988,076,143
+1,635,673,311
+1,635,673,311
+shares
+RMB common
+11,882,135,802
+11,882,135,802
+RMB common
+China Three Gorges Construction
+Engineering Corporation
+China, Ltd. -Traditional -General
+State-owned Assets Supervision and Administration Commission
+of the State Council
+Ping An Life Insurance Company of
+Hong Kong Securities Clearing
+Company Limited
+China Three Gorges Corporation
+insurance products
+condition
+Qty.
+Share type and number
+0
+Pledge
+304,086,421
+State-owned
+legal person
+Developme
+nt
+Sunshin
+Life
+Insurance
+Co., Ltd. -
+Jili
+endowmen
+t insurance
+Unknow
+Miscellenao
+420,000,000
+1.85
+n
+us
+93
+products
+China
+National
+Nuclear
+n Industrial
+n
+2.00
+454,837,184 454,837,184
+Investment
+State-owned
+legal person
+Group Co.,
+Ltd
+China
+Securities
+Finance
+Unknow
+Miscellenao
+RMB common
+shares
+657,980,472
+0
+n
+us
+2022 Annual Report
+n Limited
+China
+Three
+Gorges
+Unknow
+Corporatio
+2.89
+880,000,000
+Sichuan Energy Industry Investment
+RMB common
+Equty Status of other
+domestic and foreign
+listed companies of
+share controlling or
+participation in the
+reporting period
+Main businesses
+Date of establishment
+representative
+Head of unit or legal
+Name
+√ Applicable □ Inapplicable
+Legal person
+1
+(I) Controlling Shareholders
+IV. Controlling Shareholders and Actual Controllers
+2022 Annual Report
+94
+□ Applicable √ Inapplicable
+Strategic investor or general legal entity becoming top ten shareholders due to rights
+issue
+(III)
+☐ Applicable √ Inapplicable
+Shares held by the top ten shareholders with trading conditions and the detailed information about the
+trading conditions
+China Three Gorges Corporation
+Lei Mingshan
+September 18, 1993
+Project investment; Equity investment; Hydropower generation; Wind power
+generation; Solar power generation; Ecological protection services; Water
+pollution control; Sewage treatment and its recycling; Water resources
+management; Water conservancy related consulting services; Research and
+development of emerging energy and resource recycling technologies;
+Development, consultation, exchange, transfer, promotion and service of
+new energy and environmental protection technology; Urban drainage
+facilities management services; Municipal facilities management services;
+Environmental consulting services; Engineering management
+services; Engineering supervision services; Internet of Things application
+services; Import & export of goods and technology and their agency;
+Domestic tourism business.
+2022 Annual Report
+95
+95
+(II) Actual Controllers
+China Yangtze Power Co., Ltd
+52.16% Directly held
+China Three Gorges Corporation
+√ Applicable Inapplicable
+Block diagram of property right and control relationship between the Company and the
+actual controllers
+wholly-owned subsidiary of the Company's controlling shareholder, China Three
+Gorges Corporation. Besides, the related relationship and action in concert
+between other shareholders is unknown to the Company.
+5
+Description of the changes in the Company's control rights during the reporting period
+4
+□ Applicable Inapplicable
+Special statement for the condition that the Company has no actual controller
+ฟ
+3
+□ Applicable √ Inapplicable
+Natural person
+2
+China Nuclear Power Holding Co., Ltd. holds 50 million shares, accounting
+for 0.27%. Hubei Energy Group Co., Ltd. holds 1,021.10 million shares,
+accounting for 15.54%. Bank of Beijing Co., Ltd. holds 398.23 million
+shares, accounting for 1.88%. Cinda Financial Leasing Co., Ltd. holds
+687.02 million shares, accounting for 5.43%. China Three Gorges
+Corporation holds 1,400 million shares, accounting for 48.92%. Shanghai
+Electric Power Co., Ltd. holds 107.21 million shares, accounting for 3.81%.
+State Power Investment Corporation holds 260.94 million shares, accounting
+for 4.85%.
+□ Applicable √ Inapplicable
+Corporatio
+China Three Gorges Construction Engineering (Group) Co., Ltd. is a
+between or concerted actions
+of the aforementioned
+454,837,184
+RMB common
+China Three Gorges Corporation
+shares
+Limited
+657,980,472
+657,980,472
+RMB common
+China Securities Finance Corporatio n
+shares
+Group Co., Ltd
+686,613,158
+686,613,158
+RMB common
+Yunnan Provincial Energy Investment
+shares
+Group Co., Ltd.
+876,596,500
+876,596,500
+454,837,184
+Industrial Development
+shares
+Sunshin Life Insurance Co., Ltd. - Jili
+Explanations of relationships
+from voting rights of the
+above-mentioned
+shareholders
+voting rights, entrusted
+N/A
+voting rights and abstention
+Description of the proxy
+top ten shareholders
+N/A
+special account among the
+shareholders
+Description of repurchase
+261,594,750
+261,594,750
+China National Nuclear Corporation
+RMB common
+shares
+endowment insurance products
+420,000,000
+420,000,000
+RMB common
+shares
+n
+N/A
+2016 Corporate
+Bonds of China
+accordance
+Co., Ltd. (third
+with the
+Issue)
+Prospectus
+2020 Corporate
+Operate
+Bonds of China
+normally
+Yangtze Power
+in
+1,500,000,000 1,500,000,000
+0
+N/A
+Yes
+Co., Ltd. (first
+accordance
+Issue) (variety
+with the
+I)
+3,000,000,000 3,000,000,000
+2020 Corporate
+Operate
+Bonds of China
+normally
+Yangtze Power
+in
+Yes
+500,000,000 500,000,000
+N/A
+2,000,000,000 2,000,000,000
+Yes
+accordance
+Co., Ltd. (First
+Issue)
+with the
+Prospectus
+2019 Corporate 2,000,000,000 2,000,000,000
+0 Operate
+N/A
+Yes
+108
+DHSZ[20231000407 Auditor's Report
+Bonds of China
+Yangtze Power
+Co., Ltd.
+(Secound
+normally
+in
+accordance
+with the
+Prospectus
+Issue)
+Operate
+2019 Corporate
+normally
+Bonds of China
+in
+Yangtze Power
+0
+0
+N/A
+Yes
+0
+N/A
+Yes
+accordance
+bonds in 2021
+with the
+(Second Issue)
+Prospectus
+(for
+professional
+109
+Yangtze Power
+normally
+2019 Corporate
+Bonds of China
+Operate
+Prospectus
+Issue)
+with the
+Co., Ltd. (First
+accordance
+Yes
+N/A
+0
+3,000,000,000 3,000,000,000
+Yangtze Power
+in
+normally
+2,000,000,000 2,000,000,000
+corporate
+in
+issued
+Co., Ltd. (first
+accordance
+Issue) (variety
+II)
+with the
+Prospectus
+China Yangtze
+Power Co.,
+Ltd. publicly
+Operate
+issued Green
+normally
+corporate
+in
+0
+1,500,000,000 1,500,000,000
+N/A
+Yes
+bonds in 2021
+accordance
+(First Issue)
+(for
+with the
+Prospectus
+professional
+investors)
+China Yangtze
+Power Co.,
+Ltd. publicly
+Operate
+normally
+0
+Prospectus
+155674 2019/0 2019/0 2024/0
+princi
+irrevocable for 03
+which were
+guarantee liabilities
+No
+Guarante joint and several
+responsible for the
+Corporation was
+China Three Gorges
+CTG bond
+authority
+bond
+equity of
+d by the
+occurred
+approve
+change
+change
+change
+investors
+7.
+About other situations of corporate bonds
+□ Applicable Inapplicable
+Risk of
+termina
+Trading
+mechan
+isms
+yuan Currency: RMB
+Adequa
+cy
+arrange
+ment by
+place
+ce
+rate
+ng
+est servi
+Value Maturit Bond
+date
+y date
+balance
+Issue
+date8
+Code
+Abbrevi
+ation
+Name
+of bond
+Tradi
+Inter Debt
+Unit:
+1. Basic information of corporate bonds
+√ Applicable Inapplicable
+(II) Corporate Bonds
+situation
+tion of
+has been
+Reason for
+Project
+Gorges
+Yes
+N/A
+0 N/A
+3,000,000,000 3,000,000,000
+China Three
+Bonds of
+Corporation
+Corporate
+fundraising
+agreement of
+and other
+use, use plan
+committed
+for raised
+funds (if
+any)
+DHSZ[20231000407 Auditor's Report
+2003
+instructions.
+The progress and operational benefits of using raised funds for construction projects
+√ Applicable Inapplicable
+The funds raised by the 03 Three Gorges Bond were all used for the construction of the
+Three Gorges Water Conservancy Hub Project. The Three Gorges Project completed all
+procedures for overall completion and acceptance in 2020, and the construction task of the Three
+Gorges Project was fully completed. The engineering quality met the regulations and design
+requirements and was overall excellent, and the operation has been maintained in good condition,
+with comprehensive benefits such as flood control, power generation, navigation, and water
+resources utilization fully exerted. Among them, the Three Gorges Power Station achieved full
+unit production and power generation in 2012, with a total installed capacity of 22.5 million
+kilowatts, making it the largest hydroelectric power station in the world. It is also a backbone
+power supply point for the West-East power transmission and the north-south power interchange
+in China, providing high-quality clean energy for the economic development of ten provinces
+and cities in central, eastern, and southern China. The Three Gorges Power Station includes 26
+units of the dam-type power station, with a single unit capacity of 700,000 kilowatts; 2 units of
+the power source power station, with a single unit capacity of 50,000 kilowatts; and 6 units of the
+right-bank underground power station, with a single unit capacity of 700,000 kilowatts. The
+average annual power generation of the Three Gorges Power Station from 2018 to 2022 was
+98.547 billion kilowatt-hours, and the power generation in 2020 reached 111.802 billion
+kilowatt-hours, breaking the world record for annual power generation of a single hydropower
+station. In 2022, the annual power generation of the Three Gorges Power Station was 78.79
+billion kilowatt-hours. Overall, the fundraising project of the above-mentioned bond was in good
+condition.
+Description of changing the use of the above-mentioned bond during the reporting period
+□ Applicable Inapplicable
+After
+the
+change on the
+Impact of the
+Whether
+the
+change
+Current
+Whether
+√ Applicable Inapplicable
+Implementation and change of guarantee, debt repayment plan and other debt paying
+guarantee measures during the reporting period and their impact
+DHSZ[20231000407 Auditor's Report
+6.
+□ Applicable √ Inapplicable
+Other descriptions
+□ Applicable Inapplicable
+Adjustment of credit rating results
+5.
+□ Applicable √ Inapplicable
+100
+Other descriptions
+Implementation
+listing
+(%)
+mode
+year
+Bonds
+a
+ate
+once
+Corpor
+paid
+st
+of
+Intere
+2019
+at a
+due
+when
+Issue)
+(First
+d
+Ltd.
+time
+Shang
+with
+China
+0,000
+9/04
+9/04
+9/03
+.SH
+transact No
+ted
+Stock
+3.80
+CYPC
+bond 02
+e Power
+Yangtz
+the
+2,000,00
+Operate
+Public
+Accredi
+hai
+19
+repai
+Co.,
+nge
+pal
+with
+of
+Shang
+year
+Bonds
+a
+once
+ate
+sof
+paid
+st
+Intere
+DHSZ[20231000407 Auditor's Report
+Corpor
+2016
+101
+The issuance date is the starting date of issuance under the current bond network.
+8
+investor
+16
+Excha
+hai
+Public
+e Power
+ions
+investor
+Excha
+bond 01
+princi
+0,000
+transact No
+ted
+Stock
+3.35
+the
+3,000,00
+2026/
+2016/
+10/14 10/17 10/17
+136762 2016/
+.SH
+Yangtz
+CYPC
+China
+Accredi
+instructions.
+in
+of
+when
+d
+repai
+nge
+pal
+ions
+investor
+Excha
+princi
+0,000
+transact No
+onal
+Stock
+3.05
+the
+2,000,00
+Public
+due
+Professi
+at a
+Intere
+185240 2022/0 2022/0 2025/0
+G22
+te
+Public
+Professi
+hai
+with
+corpora
+Shang
+year
+Green
+a
+y issued
+publicl
+once
+paid
+st
+time
+500,000,
+hai
+Shang
+1/09
+1/09
+1/08
+.SH
+bonds
+CYPC
+188971 2021/1 2021/1 2024/1
+te
+21
+corpora
+y issued
+publicl
+Ltd.
+Co.,
+e Power
+Yangtz
+China
+bond 1
+with
+in 2021
+d Issue)
+year
+a
+once
+paid
+st
+Intere
+DHSZ[20231000407 Auditor's Report
+Ltd.
+Co.,
+e Power
+Yangtz
+China
+s)
+investor
+onal
+professi
+(for
+(Secon
+103
+the
+Stock onal
+a
+Excha
+once
+DHSZ[20231000407 Auditor's Report
+Ltd.
+Co.,
+104
+ions
+investor
+fundraising
+transact
+onal
+hai
+Stock
+paid
+e Power
+st
+3.19
+nge
+2,000,00
+0,000
+year
+publicl
+at a
+due
+when
+P
+repai
+pal
+princi
+the
+professi
+(variety
+II) (for
+d Issue)
+(Secon
+in 2022
+bonds
+te
+Green
+corpora
+y issued
+with
+2.88
+1/18
+1/17
+d
+Issue)
+repai
+(First
+nge
+pal
+in 2022
+Excha investor ions
+princi
+000
+1/18
+1/18
+1/17
+.SH
+CYPC 1
+bonds
+transact No
+(variety
+/18
+when
+due
+CYPC 2 .SH
+Yangtz
+202201 2027/0
+2022/0
+185241
+G22
+Public
+Professi
+Shang
+Intere
+China
+s)
+investor
+time
+onal
+at a
+professi
+I) (for
+time
+time
+investor
+Corpor
+2020
+I)
+(variety
+Issue)
+(first
+Ltd.
+Co.,
+DHSZ[20231000407 Auditor's Report
+102
+e Power
+Yangtz
+China
+bond 01
+1/08
+1/08
+1/07
+princi
+.SH
+pal
+d
+bond 02
+CYPC
+20
+20
+e Power
+Yangtz
+China
+of
+Bonds
+ate
+paid
+st
+Intere
+time
+at a
+due
+when
+repai
+Co.,
+of
+163096 2020/0 2020/0 2023/0 1,500,00
+time
+at a
+ate
+2020
+Corpor
+Issue)
+due
+nd
+when
+(Secou
+d
+Ltd.
+repai
+nge
+Co.,
+pal
+ions
+investor
+Intere
+CYPC
+st
+paid
+20
+20
+Bonds
+the
+with
+nge
+year
+ions
+Excha investor
+a
+0,000
+transact No
+Public
+Accredi
+Stock ted
+3.37
+once
+hai
+Shang
+at a
+Ltd.
+Issue)
+the
+1,500,00
+2026/0
+6/18
+2021/0
+6/18
+188243 2021/0
+6/17
+CYPC 1 .SH
+te
+corpora G21
+Public
+Professi
+hai
+with
+Green
+Shang
+year
+a
+publicl
+y issued
+3.73
+once
+Stock onal
+0,000
+onal
+professi
+due
+(for
+when
+Issue)
+d
+(First
+repai
+in 2021
+nge
+pal
+bonds
+ions
+investor
+Excha
+princi
+transact No
+(first
+paid
+Intere
+1/08
+1/07
+.SH
+163097 2020/0 2020/0
+Accredi Public
+hai
+with
+Shang
+year
+a
+once
+Co.,
+Ltd.
+e Power
+Yangtz
+China
+II)
+(variety
+2025/0
+1/08
+st
+500,000,
+3.70
+time
+at a
+due
+when
+d
+repai
+nge
+pal
+ions
+investor
+Excha
+princi
+000
+No
+transact
+ted
+Stock
+the
+onal
+No
+s)
+Building 5,
+DHSZ[20231000407 Auditor's Report
+n District, Beijing
+Zhonglu, Haidia
+Partnership)
+(Special General
+Accountants
+010-58350011
+Hao Lijiang, Shen
+Yanbo
+Wang Huakun
+010-52682888
+Wang Rui
+China Chengxin
+010-66229276
+Hao Lijiang, Shen
+Yanbo
+No. 19 Financial
+Street, Xicheng
+District, Beijing
+9/F, Building 7,
+No. 16, Xisihuan
+Da Hua Certified
+Public
+Beijing DeHeng
+Law Offices
+12/F, Block B,
+Fukai Building,
+7F, No. 110 Xidan
+North Street,
+Xicheng District,
+Beijing
+BOC International
+(China) Co., Ltd.
+Xicheng District,
+Beijing
+010-56800252
+Cui Yidan
+Wang Yanjun
+010-60838276
+107
+Lin Luxiang,
+Galaxy SOHO,
+Chaoyang men
+Unused
+Total raised
+funds
+Name of bond
+plan and
+use, use
+committed
+raised funds
+with the
+of actual
+use of
+Compliance
+funds (if
+use of raised
+of irregular
+International
+Rectification
+Operation
+Unit: yuan Currency: RMB
+√ Applicable Inapplicable
+Use of raised funds at the end of the reporting period
+4.
+District, Beijing
+Dongcheng
+Ltd.
+Li Junyan
+Inner St,
+Credit Rating Co.,
+010-66428877
+of the
+special
+Financial Street
+Center, No. 9,
+Financial Street,
+Road, Chaoyang
+District, Beijing
+16/F, North
+Building,
+Tower, No.48
+Liangmaqiao
+when
+due
+at a
+time
+The Company's countermeasures against the risk of termination of bond listing
+□ Applicable √ Inapplicable
+105
+DHSZ[20231000407 Auditor's Report
+Overdue outstanding bonds
+☐ Applicable √ Inapplicable
+Payment of interest and cash of bonds during the reporting period
+√ Applicable Inapplicable
+Name of bond
+d
+2016 Corporate Bonds
+China Yangtze Power
+Co., Ltd. publicly issues
+the 2019 corporate
+bonds ((First Issue)
+China Yangtze Power
+Co., Ltd. publicly issued
+corporate bonds in 2019
+(Second Issue)
+China Yangtze Power
+Co., Ltd. publicly issued
+corporate bonds in 2019
+(Third Issue)
+China Yangtze Power
+Co., Ltd. publicly issued
+2020 corporate bonds
+(First Issue) (Variety I)
+China Yangtze Power
+Co., Ltd. publicly issued
+2020 corporate bonds
+(First Issue) (Variety II)
+China Yangtze Power
+Co., Ltd. publicly issued
+Green corporate bonds
+in 2021 (First Issue) (for
+professional investors)
+China Yangtze Power
+Description of the payment of interest and cash
+The interest-bearing period of the bonds is from October 17, 2016 to October
+16, 2026. During the reporting period, the Company has paid interest to
+investors for the period from October 17, 2021 to October 16, 2022 in
+accordance with the agreement in the Prospectus on October 17, 20221 (if
+the interest payment date falls on a holiday, it will be postponed to the first
+business day thereafter).
+The interest-bearing period of the bonds is from February 19, 2019 to
+February 18, 2022. During the reporting period, the Company has paid
+interest to investors on February 21, 2022 for the period from February 19,
+2021 to February 18, 2022 in accordance with the agreement in the
+Prospectus.
+The interest-bearing period of the bonds is from September 4, 2019 to
+September 3, 2024. During the reporting period, the Company has paid
+interest to investors for the period from September 4, 2021 to September 3,
+2022 in accordance with the agreement in the Prospectus on September 5,
+2022 (if the interest payment date falls on a holiday, it will be postponed to
+the first business day thereafter)
+The interest-bearing period of the bonds is from December 6, 2019 to
+December 5, 2022. During the reporting period, the Company has paid
+interest to investors on December 6, 2022 for the period from December 6,
+2021 to December 5, 2022 in accordance with the agreement in the
+Prospectus.
+The interest-bearing period of the bonds is from January 8, 2020 to January
+7, 2023. During the reporting period, the Company has paid interest to
+investors on January 10, 2022 for the period from January 8, 2021 to January
+7, 2022 in accordance with the agreement in the Prospectus
+of China Yangtze Power
+Co., Ltd. (First Issue)
+repai
+nge
+pal
+District, Beijing
+CITIC Securities
+Street, Dongcheng
+Ping An Securities
+Company Limited
+CITIC Securities
+Company Limited
+010-86451464
+Lei Yiming
+No. 2, Chaonei
+Hengkai Center,
+China Securities
+Co., Ltd.
+2/F, Building B,
+Tel.
+Contact person
+Names of the
+accountants as
+signatories
+Office address
+Name of the
+intermediary
+3. Intermediaries providing services for bond issuance and duration business
+□ Applicable √ Inapplicable
+2. Trigger and implementation of issuer's or investor's choice clause, investor's
+protection clause
+investor
+November 8, 2024. During the reporting period, the Company has paid
+interest to investors on November 9, 2022 for the period from November 9,
+2021 to November 8, 2022 in accordance with the agreement in the
+Prospectus.
+professional investors)
+Co., Ltd. publicly issued
+corporate bonds in 2021
+(Second Issue) (for
+DHSZ[20231000407 Auditor's Report
+106
+The interest-bearing period of the bonds from November 9, 2021 to
+investor
+ions
+Amount used
+The interest-bearing period of the bonds from January 8, 2020 to January 7,
+2025. During the reporting period, the Company has paid interest to investors
+on January 10, 2022 for the period from January 8, 2021 to January 7, 2022
+in accordance with the agreement in the Prospectus.
+account
+for raised
+onal
+investor
+s)
+Intere
+st
+paid
+once
+a
+year
+Shang
+with
+hai
+Professi Public
+1,500,00
+the
+2.78
+Stock
+onal
+transact No
+0,000
+princi
+professi
+Excha
+(for
+ability-1
+Yangtz
+e Power
+Co.,
+Ltd.
+publicl
+y issued
+Green
+corpora
+te
+bonds
+G22
+185778 2022/0 2022/0 2025/0
+in 2022
+CYPC 3
+.SH
+5/19
+5/20
+5/20
+(Secon
+d Issue)
+(sustain
+inked)
+amount
+The interest-bearing period of the bonds from June 18, 2021 to June 17,
+2026. During the reporting period, the Company has paid interest to investors
+on June 20, 2022 for the period from June 18, 2021 to June 17, 2022 in
+accordance with the agreement in the Prospectus.
+funds (if
+any)
+any)
+other
+agreement
+achievement of its sustainable
+188243.SH
+Corporate 15
+business development in
+N/A
+1
+the company's green
+Bonds
+G21 CYPC
+industry sector
+The disclosure of sustainable linked items related to G22 CYPC3 is as follows:
+Project or programme progress
+acy
+arrang Tradin
+capital to support
+company in the green
+industry sector.
+Supplemental working
+and benefits
+development of the
+Bonds
+N/A
+support the business
+Corporate
+185240.SH G22CYPC 1
+working capital to
+Green
+debts and replenish
+repay the company's
+Green
+Results of the assessment of
+the sustainability performance
+targets for the reporting period
+of this Sustainability Linked
+Bond
+The company's business in the field of green industry is carried out
+normally and in an orderly manner
+Matur
+Risk
+Currency: RMB
+Adequ
+Unit: yuan
+Basic information of debt financing instrument for non-financial enterprises
+bond structure
+Name of
+bond
+√ Applicable Inapplicable
+performance target has exceeded this target.
+DHSZ[20231000407 Auditor's Report
+113
+During the reporting period, the company actively promoted the full
+commissioning of the Baihetan Hydropower Station and successfully
+achieved the goal of commissioning all remaining 10 million kW units for
+power generation within the year. The company's newly added renewable
+energy management capacity during the reporting period was 10 million
+kW. The performance result of the company's sustainable development
+performance target increased from 61.795 million kW at the end of 2021 to
+71.795 million kW at the end of 2022. The sustainable development
+performance target of the bonds for this period is for the renewable energy
+management capacity to not be less than 71 million kW by the end of 2023,
+and the assessment result of the company's sustainable development
+The sustainable development performance target of the bonds for the
+current period as of the end of 2022 was 71,795,000 kW, an increase of
+16.18% compared to the end of the previous year. All of the newly added
+renewable energy management capacity in 2022 came from the Baihetan
+Hydropower Station project. The Baihetan Hydropower Station has
+achieved positive sustainable development benefits in improving the energy
+supply structure, alleviating regional power supply pressure, releasing flood
+control pressure in the Yangtze River Basin, ensuring the safety of people's
+lives and property, controlling the sedimentation in the Jinsha River,
+improving downstream water quality, and improving navigation conditions.
+The bonds for this period had a mechanism for triggering interest rate
+adjustments based on the performance results, but the performance results
+did not trigger an adjustment in the bond interest rate during the reporting
+period.
+development goals and the
+impact
+(III) Debt Financing Instrument for Non-financial Enterprises in the Inter-bank Bond
+Market
+Measures taken by the
+company during the reporting
+period to address the
+Abbreviation Code
+Bond
+As at the end of the reporting period, the Company had an installed
+renewable energy management capacity of 71,795,000 kilowatts
+Baseline data change
+No adjustment to the baseline data for the sustainability performance targets
+during the reporting period
+Other key information that will
+N/A
+112
+Issue Value
+date
+DHSZ[20231000407 Auditor's Report
+issuer's sustainability
+performance (if any)
+Sustainable development
+benefits realised
+The impact of linked target
+performance results on the
+Inte Debt
+rest servic
+help investors monitor the
+1.
+Operate
+normally
+China Yangtze
+G22 CYPC
+185778.SH
+Bond
+15
+business development in business in
+sustainable
+3
+for
+(Sustainable
+the field of
+linkage
+Link)
+industry sector
+green
+related
+industry is
+the company's green
+matters
+company's
+Corporate
+Bond
+Specific areas of use of
+programme
+Other
+Bond Code
+special
+Abbreviation
+capital to support
+balances proceeds
+progress and
+benefits
+matters
+Refer to the
+Green
+Supplemental working
+The
+table below
+bonds
+Bond
+To repay the company's
+debts and replenish
+Types of
+Bond
+Bond
+Specific areas of use of
+programme
+Other
+Bond Code
+Project or
+special
+balances proceeds
+bonds
+progress and
+benefits
+matters
+industry sector.
+Το
+of
+Abbreviation
+carried out
+DHSZ[20231000407 Auditor's Report
+manner
+normally
+Green
+G22 CYPC
+working capital to
+and in an
+185241.SH
+Corporate
+111
+20
+N/A
+2
+Bonds
+support the business
+development of the
+company in the green
+orderly
+20
+investors)
+Types of
+Special Bond Type: Green Corporate Bond
+Ltd. publicly
+Operate
+issued Green
+normally
+corporate
+in
+2,000,000,000 2,000,000,000
+Power Co.,
+0
+Yes
+bonds in 2022
+accordance
+(Second Issue)
+(variety II) (for
+with the
+Prospectus
+professional
+N/A
+investors)
+China Yangtze
+professional
+Power Co.,
+Ltd. publicly
+DHSZ[20231000407 Auditor's Report
+issued Green
+corporate
+in
+500,000,000 500,000,000
+investors)
+0
+Yes
+bonds in 2022
+accordance
+(First Issue)
+with the
+(variety I) (for
+Prospectus
+N/A
+Project or
+Yangtze Power
+publicly issued
+Other descriptions
+□ Applicable Inapplicable
+110
+DHSZ[20231000407 Auditor's Report
+5.
+Adjustment of credit rating results
+□ Applicable √ Inapplicable
+Description of changing the use of the above-mentioned bond during the reporting period
+□ Applicable Inapplicable
+Other descriptions
+6. Implementation and change of guarantee, debt repayment plan and other debt paying
+guarantee measures during the reporting period and their impact
+□ Applicable √ Inapplicable
+7. About other situations of corporate bonds
+√ Applicable Inapplicable
+1. Other matters to be disclosed in respect of specific varieties of bonds
+Unit: RMB billion Currency: RMB
+□ Applicable Inapplicable
+Co., Ltd.
+□ Applicable √ Inapplicable
+investors)
+Green
+Operate
+normally
+corporate
+in
+bonds in 2022
+1,500,000,000 1,500,000,000
+0
+The progress and operational benefits of using raised funds for construction projects
+N/A
+accordance
+(Second Issue)
+with the
+(sustainability-1
+Prospectus
+inked) (for
+professional
+Yes
+termin
+bond
+ement
+China
+22 CYPC
+102280 2022/ 2022/ 2025/
+MTN002A 471.IB 03/08 03/10 03/10
+2,000,0
+the
+nationa
+3.09
+bank
+transac
+Issue) of
+NH
+00,000
+princi
+bond
+tions
+Yangtze
+pal
+inter-b
+mark
+No
+Power Co.,
+Public
+the
+market
+116
+DHSZ[20231000407 Auditor's Report
+Intere
+Institut
+2022
+Medium-ter
+m Notes
+inter-
+st paid
+once a
+investo
+Natio
+year
+rs in
+nal
+(Second
+with
+ional
+repaid
+ank
+et
+inter-
+Public
+22 CYPC
+102280 2022/ 2022/ 2027/
+1,000,0
+the
+nationa
+3.44
+the
+bank
+TO
+China
+MTN002B
+472.IB 03/08 03/10 03/10
+00,000
+princi
+1
+bond
+transac No
+with
+(Second
+Issue) of
+nal
+Ltd.(variality
+when
+bond
+I)
+due at
+market
+a time
+Intere
+Institut
+2022
+Medium-ter
+m Notes
+st paid
+ional
+once a
+investo
+Natio
+year
+rs in
+ank
+bond
+tions
+a time
+when
+00,000
+princi
+1
+bond
+tions
+Power Co.,
+pal
+inter-b
+No
+mark
+(sustainabilit
+y-linked)
+repaid
+ank
+et
+when
+bond
+due at
+market
+Ltd.
+a time
+NN
+MTN002
+investo
+Natio
+year
+rs in
+nal
+with
+the
+inter-
+945.IB 05/06 05/10 05/10
+China
+102100 2021/ 2021/ 2024/
+1,000,0
+the
+nationa
+3.40
+bank
+Public
+transac
+Yangtze
+21 CYPC
+Intere
+Institut
+st paid
+Public
+transac
+No
+01/04 01/06 01/06
+00,000
+princi
+1
+N.
+Yangtze
+bank
+bond
+pal
+ཙ
+inter-b
+Power Co.,
+mark
+repaid
+Ltd.
+et
+tions
+2.90
+nationa
+the
+ional
+once a
+investo
+2022medium
+Natio
+year
+rs in
+-term notes
+nal
+with
+(First Issue)
+ge
+the
+inter-
+22 CYPC
+of China
+MTN001
+102280 2022/ 2022/ 2025/
+019.IB
+2,500,0
+due at
+Yangtze
+pal
+inter-b
+year
+bank
+rs in
+(Second
+Issue) of
+China
+with
+bond
+notes
+the
+mark
+nationa
+princi
+et
+1
+Yangtze
+Power Co.,
+Ltd.
+pal
+the
+inter-b
+tions
+inter-
+a time
+2022
+22 CYPC
+short-term
+CP002
+042280 2022/ 2022/ 2023/
+510.IB
+09/04
+1,500,0
+2.50
+investo
+Intere Natio Institut
+11/22 11/23
+00,000
+st paid
+nal
+ional
+transac
+financing
+once a
+Public No
+repaid
+ank
+when
+2020 Medium-term
+Notes (First Issue) of
+China Yangtz Power
+Co., Ltd. (epidemic
+prevention and control
+bond)
+2020 Medium-term
+Notes (Second Issue) of
+China Yangtze Power
+Co., Ltd.
+2021 short-term notes
+(First Issue) of China
+Yangtze Power Co.,
+Ltd.
+2021 short-term notes
+(Second Issue) of China
+Yangtze Power Co.,
+Ltd.
+2021 medium-term
+notes (First Issue) of
+China Yangtze Power
+Co., Ltd.
+2021 medium-term
+notes (Second Issue) of
+China Yangtze Power
+Co., Ltd.
+(sustainability-linked)
+The interest-bearing period of the bonds is from August 9, 2019 to August 8,
+2024. During the reporting period, the Company has paid interest to investors
+on August 9, 2022 for the period from August 9, 2021 to August 8, 2022 in
+accordance with the agreement in the Prospectus.
+Notes (Second Issue) of
+China Yangtze Power
+Co., Ltd.
+The interest-bearing period of the bonds is from March 16, 2020 to March
+15, 2023. During the reporting period, the Company has paid interest to
+investors on March 16, 2022 for the period from March 16, 2021 to March
+15, 2022 in accordance with the agreement in the Prospectus.
+The interest-bearing period of the bonds is from January 8, 2021 to January
+7, 2022. During the reporting period, the Company has paid interest to
+investors on January 10, 2022 (if the interest payment date falls on a holiday,
+it will be postponed to the first business day thereafter) for the period from
+January 8, 2021 to January 7, 2022 in accordance with the agreement in the
+Prospectus.
+The interest-bearing period of the bonds is from March 15, 2021 to March
+14, 2022. During the reporting period, the Company has paid interest to
+investors on March 15, 2022 for the period from March 15, 2021 to March
+14, 2022 in accordance with the agreement in the Prospectus.
+The interest-bearing period of the bonds is from April 9, 2021 to April 8,
+2024. During the reporting period, the Company has paid interest to investors
+on April 11, 2022 (if the interest payment date falls on a holiday, it will be
+postponed to the first business day thereafter) for the period from April 9,
+2021 to April 8, 2022 in accordance with the agreement in the Prospectus.
+The interest-bearing period of the bonds is from May 10, 2021 to May 9,
+2024. During the reporting period, the Company has paid the interest and
+principal of the bonds to the investors on May 10, 2022 for the period from
+May 10, 2021 to May 9, 2022 in accordance with the agreement in the
+Prospectus
+2. Trigger and implementation of issuer's or investor's choice clause, investor's
+protection clause
+√ Applicable □ Inapplicable
+On March 15, 2019, the company completed the issuance of its 2019 first tranche
+medium-term notes, with the code "19 Yangtze Power MTN001". The actual issuance size of the
+bond was CNY 3 billion, with a coupon rate of 3.65% and a maturity of 5 years (3+2 structure),
+119
+Tradi
+The interest-bearing period of the bonds is from April 15, 2020 to April 14,
+2025. During the reporting period, the Company has paid interest to investors
+on April 15, 2022 for the period from April 15, 2021 to April 14, 2022 in
+accordance with the agreement in the Prospectus.
+2019 Medium-term
+DHSZ[20231000407 Auditor's Report
+118
+bond
+due at
+market
+a time
+The Company's countermeasures against the risk of termination of bond listing
+□ Applicable √Inapplicable
+Overdue outstanding bonds
+□ Applicable Inapplicable
+Payment of interest and cash of bonds during the reporting period
+√ Applicable Inapplicable
+Name of bond
+2015 Medium-term
+Notes (First Issue) of
+China Yangtze Power
+Co., Ltd.
+2018 Medium-term
+Notes (First Issue) of
+China Yangtze Power
+Co., Ltd.
+2019 Medium-term
+Notes (First Issue) of
+China Yangtze Power
+Co., Ltd.
+Description of the payment of interest and cash
+The interest-bearing period of the bonds is from September 14, 2015 to
+September 13, 2025. During the reporting period, the Company has paid
+interest to investors on September 14, 2022. for the period from September
+14, 2021 to September 13, 2022 in accordance with the agreement in the
+Prospectus.
+The interest-bearing period of the bonds is from December 5, 2018 to
+December 4, 2023. During the reporting period, the Company has paid the
+interest for the period from December 5, 2021 to December 4, 2022 and the
+bond principals of the investors' resale on December 5, 2022 in accordance
+with the agreement in the Prospectus.
+The interest-bearing period of the bonds is from March 15, 2019 to March
+14, 2024. During the reporting period, the Company has paid interest to
+investors on March 15, 2022 for the period from March 15, 2021 to March
+14, 2022 in accordance with the agreement in the Prospectus
+market
+due at
+bond
+when
+(First
+Issue) of
+inter-
+Public
+22 CYPC
+GN001
+132280 2022/ 2022/ 2027/
+079.IB 08/25 08/29 08/29
+1,000,0
+the
+the
+nationa
+bank
+transac No
+N.
+00,000
+princi
+1
+China
+bond
+2.80
+with
+nal
+rs in
+Power Co.,
+Ltd.(variality
+repaid
+when
+ank
+et
+II)
+due at
+a time
+market
+Intere
+Institut
+st paid
+ional
+2022 green
+medium-ter
+m notes
+once a
+investo
+Natio
+year
+tions
+once a
+pal
+mark
+rs in
+Issue) of
+with
+bond the
+China
+the
+mark nationa
+117
+bank
+DHSZ[20231000407 Auditor's Report
+Power Co.,
+Ltd.
+princi
+et
+1
+pal
+repaid
+inter-b
+ank
+Yangtze
+year
+notes (First
+transac
+tions
+repaid
+inter-b
+ank
+Power Co.,
+et
+when
+Ltd.
+due at
+a time
+bond
+market
+2022
+short-term
+22 CYPC
+CP001
+042280 2022/ 2022/ 2023/
+496.IB 11/14 11/16 11/16
+1,500,0 2.50
+00,000
+financing
+once a
+Intere Natio Institut
+st paid nal ional
+inter- investo
+Public
+NN
+No
+Yangtze
+ional
+mark
+Issue) of
+Medium-ter
+once a
+investo
+Natio
+year
+rs in
+nal
+m Notes
+2019
+with
+inter-
+Public
+(First Issue)
+19 CYPC
+of China
+MTN001
+101900 2019/ 2019/
+332.IB
+2024/
+the
+2,155,0
+ional
+Institut
+bank
+transac
+12/03 12/05 12/05 00,000
+princi
+1
+N.
+No
+Yeah interchions
+st paid
+Ltd.
+due at
+a time
+et
+bond
+market
+114
+DHSZ[20231000407 Auditor's Report
+Intere
+when
+the
+nationa
+2.85
+a time
+Intere
+Institut
+st paid
+ional
+2019
+Medium-ter
+m Notes
+market
+once a
+Natio
+year
+rs in
+nal
+with
+the
+(Second
+inter-
+investo
+due at
+bond
+when
+bank
+transac
+NH
+No
+03/13 03/15
+03/15
+00,000
+princi
+bond
+tions
+Yangtze
+pal
+inter-b
+mark
+Power Co.,
+repaid
+ank
+et
+Ltd.
+nationa
+Public
+the
+MTN001
+Medium-ter
+once a
+Natio
+investo
+year
+nal
+rs in
+m Notes
+2015
+with
+the
+(First Issue)
+15 CYPC
+of China
+MTN001
+101554 2015/ 2015/ 2025/
+062.IB
+3,000,0
+the
+inter-
+4.50
+ional
+Institut
+g
+st paid
+ation
+ity
+ng
+date
+balance
+rate
+st paid
+e
+of
+date
+place
+(%) mode
+investo nisms listing
+rs (if
+any)
+Intere
+by mecha
+bank
+nationa
+Public
+transac
+Intere
+Institut
+st paid
+ional
+2018
+Medium-ter
+once a
+investo
+a time
+Natio
+rs in
+nal
+m Notes
+with
+the
+inter-
+Public
+(First Issue) 18 CYPC
+of China
+year
+market
+due at
+bond
+09/10 9/14
+9/14
+00,000
+N.
+No
+princi
+bond
+1
+tions
+Yangtze
+pal
+mark
+inter-b
+Power Co.,
+repaid
+et
+ank
+Ltd.
+when
+101801 2018/ 2018/ 2023/ 1,990,0
+418.IB
+19 CYPC
+3.10
+MTN002
+pal
+repaid
+when
+princi et
+1
+inter-b
+ank
+bond
+due at
+Yangtze
+Power Co.,
+Ltd.
+market
+Intere
+Institut
+st paid
+ional
+once a
+investo
+2021 medium
+year
+a time
+DHSZ[20231000407 Auditor's Report
+115
+mark nationa
+102000 2020/ 2020/ 2025/
+2,500,0
+once a
+inter-
+investo
+3.07
+681.IB 04/13 04/15 04/15
+00,000
+year
+bank
+rs in
+transac
+tions
+No
+N.
+with
+bond
+the
+China
+the
+rs in
+20 CYPC
+MTN002
+-term notes
+with
+inter-b
+Power Co.,
+mark
+repaid
+ank
+Ltd.
+et
+when
+pal
+bond
+market
+a time
+Intere
+Institut
+2021 medium
+Issue) of
+-term notes
+(Second
+due at
+tions
+bond
+Yangtze
+the
+(First Issue)
+inter-
+Public
+21 CYPC
+of China
+MTN001
+102100 2021/ 2021/
+630.IB 04/07 04/09
+2024/
+2,500,0
+the
+nationa
+3.53
+bank
+transac No
+04/09
+00,000
+princi
+1
+nal
+m Notes
+(Second
+Issue) of
+Natio
+2024/
+08/07 08/09 08/09
+Ltd.
+due at
+a time
+market
+2020
+Medium-ter
+m Notes
+(First Issue)
+et
+Intere
+st paid
+ional
+once a
+investo
+Natio
+year
+rs in
+nal
+Institut
+ank
+repaid
+when
+Power Co.,
+101901 2019/ 2019/
+055.IB
+Public
+1,960,0
+00,000
+ge
+the
+nationa
+2.72
+bank
+transac No
+TO
+princi
+1
+China
+bond
+tions
+pal
+inter-b
+Yangtze
+mark
+of China
+with
+bond
+st paid nal
+mark
+(epidemic
+repaid
+ank
+et
+prevention
+bond
+and control
+inter-b
+due at
+bond)
+a time
+2020
+Intere Natio
+Institut
+Medium-ter
+the
+ional
+market
+pal
+when
+tions
+20 CYPC
+inter-
+Ltd.
+Public
+Yangtz
+Power Co.,
+(EPCB)
+MTN001
+03/12 03/16 03/16
+2,500,0
+00,000
+the
+102000 2020/ 2020/ 2023/
+353.IB
+2.95
+nationa
+1
+princi
+transac No
+bond
+bank
+N
+DHSZ[20231000407 Auditor's Report
+(if any)
+any)
+funds (if
+use, use
+plan and
+121
+other
+2015 Medium-term
+agreement
+of
+fundraising
+N/A
+Notes (First Issue) of 3,000,000,00
+China Yangtze
+3,000,000,00
+0
+0
+0
+the
+committed
+N/A
+instructions
+funds with
+Use of raised funds at the end of the reporting period
+use of
+Yes
+√ Applicable Inapplicable
+Yang Siyi
+010-66428877
+Unit: yuan Currency: RMB
+Complianc
+Operatio
+n of the
+Unuse
+Total raised
+Name of bond
+Amount used
+special
+account
+funds
+amoun
+for raised
+t
+Rectificatio
+n of
+irregular
+use of
+raised funds
+e of actual
+raised
+Power Co., Ltd.
+(Second
+Notes (First Issue) of 2,000,000,00 2,000,000,00
+Yes
+Power Co., Ltd.
+2020 Medium-term
+Notes
+(First Issue)
+of China Yangtz
+2,500,000,00 2,500,000,00
+0
+N/A
+Power Co., Ltd.
+N/A
+Issue) of China
+Yes
+(epidemic prevention
+and control bond)
+2020 Medium-term
+Notes
+4.
+N/A
+N/A
+0
+0
+0
+China Yangtze
+N/A
+N/A
+Yes
+Power Co., Ltd.
+2019 Medium-term
+Notes (First Issue) of 3,000,000,00 3,000,000,00
+0
+China Yangtze
+N/A
+N/A
+Yes
+Power Co., Ltd.
+2019 Medium-term
+Notes (Second Issue) 2,000,000,00
+2,000,000,00
+0
+of China Yangtze
+2018 Medium-term
+Xin
+DHSZ[20231000407 Auditor's Report
+Qiu Xin
+with the issuer having the option to adjust the coupon rate and investors having the option to sell
+back the bond at the end of the third year. On February 22, 2022, the company disclosed a notice
+on the exercise of the issuer's option to adjust the coupon rate and investors' option to sell back
+the bond at the end of the second year after the bond's issuance, setting the coupon rate for the
+remaining two years at 2.85% effective from March 15, 2022, and initiating the registration for
+bond sell-back by investors. The registration period for sell-back started on February 23, 2022,
+and ended on March 1, 2022. On March 3, 2022, the company announced the result of the
+sell-back, with a total sell-back amount of CNY 845 million and a remaining balance of CNY
+2.155 billion, with a coupon rate of 2.85% and an interest period from March 15, 2022, to March
+14, 2024.
+On August 9, 2019, the company completed the issuance of its 2019 second tranche
+medium-term notes, with the code "19 Yangtze Power MTN002". The actual issuance size of the
+bond was CNY 2 billion, with a coupon rate of 3.40% and a maturity of 5 years (3+2 structure),
+with the issuer having the option to adjust the coupon rate and investors having the option to sell
+back the bond at the end of the third year. On July 19, 2022, the company disclosed a notice on
+the exercise of the issuer's option to adjust the coupon rate and investors' option to sell back the
+bond at the end of the second year after the bond's issuance, setting the coupon rate for the
+remaining two years at 2.72% effective from August 9, 2022, and initiating the registration for
+bond sell-back by investors. The registration period for sell-back started on July 20, 2022, and
+ended on July 26, 2022. On August 1, 2022, the company announced the result of the sell-back,
+with a total sell-back amount of CNY 40 million and a remaining balance of CNY 1.96 billion,
+with a coupon rate of 2.72% and an interest period from August 9, 2022, to August 8, 2024.
+3. Intermediaries providing services for bond issuance and duration business
+Name of the
+intermediary
+Office address
+Names of the
+accountants as
+signatories
+Contact person
+Tel.
+DHSZ[20231000407 Auditor's Report
+Agricultural Bank
+of China Limited
+Dongcheng
+District, Beijing
+22/F, China
+Merchants Bank
+China Merchants
+Bank Co., Ltd
+Tower, 2016
+Industrial and
+Commercial Bank
+of China Limited
+Bank of China
+Shennan Avenue,
+Futian District,
+Shenzhen
+No.69 Jianguomen
+Inner Street,
+66
+We conducted our audit work in accordance with International Standards on
+Auditing ("ISAS") issued by the International Auditing and Assurance Standards
+Board (the "IAASB"). Our responsibilities under those standards are further
+described in the Auditor's Responsibilities for the Audit of the Consolidated
+Financial Statements" section of our report. We are independent of the CYPC in
+accordance with the International Ethics Standards Board for Accountants'
+International Code of Ethics for Professional Accountants (including International
+125
+Comparing, on a sample basis, whether
+specific transactions recorded before and
+after the financial year end date with
+relevant underlying documentation to
+determine whether the related costs had
+been recognized in the appropriate
+financial period;
+Yangtze Power Co.,
+accounts;
+126
+Analyze the reasonableness of the
+operating costs of the current year by
+adopting the method of analytical review,
+considering the audits of fixed assets,
+construction in progress and other
+Check the accuracy of the amount such as
+depreciation of fixed assets and financial
+fees included in the operating cost with
+methods such as re-calculation;
+Field observation and monitoring of
+important fixed assets for production;
+Inspecting purchase contracts, on sample
+basis, to identify terms and conditions
+with reference to the Company's
+accounting policies;
+Obtaining an understanding of and
+assessing the design, implementation, and
+operating effectiveness of key internal
+controls over operating costs;
+Our audit procedures in relation to the
+accuracy of operating costs included the
+following:
+How our audit addressed the key audit
+matter
+For above reasons, we identified
+accuracy of the operating cost as a key
+audit matter.
+The Company incurred operating costs
+totaling RMB 22.233 billion in the
+fiscal year of 2022, representing 84.49%
+of the total profit, consisting primarily
+of depreciation charges on production
+capacity, fiscal charges, etc.; such
+amounts were material to
+the
+consolidated financial statements.
+Key audit matter
+Refer to Note V(39) to the consolidated financial statements.
+Accuracy of Operating Costs
+Key audit matters are those matters that, in our professional judgment, were of
+most significance in our audit of the consolidated financial statements of the current
+period. These matters were addressed in the context of our audit of the consolidated
+financial statements as a whole, and in forming our opinion thereon, and we do not
+provide a separate opinion on these matters.
+III.Key Audit Matters
+Independence Standards) (the “IESBA Code”) and we have fulfilled our other
+ethical responsibilities in accordance with the Code. We believe that the audit
+evidence we have obtained is sufficient and appropriate to provide a basis for our
+opinion.
+DHSZ[20231000407 Auditor's Report
+55 Fuxingmennei
+Street, Xicheng
+District, Beijing
+1 Fuxingmennei
+District, Beijing
+9/F, Block A, Fu
+Hua Mansion, No.
+Shine Wing
+Certified Public
+Accountants LLP
+8, Chaoyangmen
+Beidajie,
+Dongcheng
+District, Beijing
+Building 5,
+Galaxy SOHO,
+Chaoyangmen
+China Chengxin
+International
+Credit Rating Co.,
+Inner St,
+Ltd.
+Dongcheng
+District, Beijing
+Changes in the above intermediaries
+□ Applicable √ Inapplicable
+Zhan Jun and Qiu
+Street, Xicheng
+010-65542288
+010-52682888
+Fukai Building,
+No. 19 Financial
+An Liwei
+010-85109045
+Cao Chong, Ma 0755-88026137、
+Jie
+027-83324865
+Li Jianing
+010-66108574
+Xun Yamei
+010-66592749
+120
+DHSZ[20231000407 Auditor's Report
+Limited
+China
+Construction Bank
+Corporation
+China Minsheng
+Banking Corp.,
+Ltd.
+Street, Xicheng
+District, Beijing
+25 Financial
+Street, Xicheng
+District, Beijing
+2 Fuxingmennei
+Street, Xicheng
+District, Beijing
+12/F, Block B,
+Fu Yubin
+010-67594029
+Shu Chang
+010-58560971
+Beijing DeHeng
+Law Offices
+Wang Huakun
+Ltd.
+DHSZ[2023]000407
+2,500,000,00
+□ Applicable √ Inapplicable
+(VI) The Impact on the Equity of Bond Investors in Violation of the Provisions in the Laws
+and Regulations, the Articles of Association of the Company, and the Management System
+for Information Disclosure, as well as the Circumstances Agreed or Promised in the Bond
+Prospectus during the Reporting Period
+□ Applicable √ Inapplicable
+(VII) The Company's Accounting Data and Financial Indexes in the Latest Two Years as of
+the End of the Reporting Period
+√ Applicable Inapplicable
+Unit:
+yuan
+Currency: RMB
+(V) The Overdue Status of Interest-bearing Debts Except for Bonds at the End of the
+Reporting Period
+Major indexes
+2020
+More or less of the
+current period over
+last year (%)
+Net profit after deducting
+21,392,344,535.58
+24,141,419,619.03
+-11.39
+non-recurring profits and losses
+Liquidity ratio
+2021
+□ Applicable √ Inapplicable
+(IV) The Loss within the Scope of Consolidated Statements of the Company during the
+Reporting Period Exceeds 10% of the Net Assets at the End of the Previous Year
+□ Applicable √ Inapplicable
+0
+China Yangtze
+Power Co., Ltd.
+The
+progress and operational benefits of using raised funds for construction projects
+□ Applicable Inapplicable
+Description of changing the use of the above-mentioned bond during the reporting period
+□ Applicable √ Inapplicable
+Other descriptions
+□ Applicable √ Inapplicable
+5.
+Adjustment of credit rating results
+□ Applicable √ Inapplicable
+123
+DHSZ[20231000407 Auditor's Report
+Other descriptions
+☐ Applicable √ Inapplicable
+6. Implementation and change of guarantee, debt repayment plan and other debt paying
+guarantee measures during the reporting period and their impact
+□ Applicable √ Inapplicable
+7. Other information of debt financing instrument for non-financial enterprises
+0.29
+0.34
+-13.08
+Quick ratio
+10.14
+-3.81
+multiples
+Loan repayment rate (%)
+100
+100
+0
+Interest coverage rate (%)
+100
+100
+0
+II. Convertible Corporate Bond
+□ Applicable √ Inapplicable
+Section X
+Financial Report
+To All the Shareholders of China Yangtze Power Co., Ltd.:
+I. Auditor's Opinion
+We have audited the financial statements of China Yangtze Power Co., Ltd.
+(hereinafter referred to as "CYPC" or the "Company"), which comprise the
+Consolidated and Parent Company's Statement of Financial Position as at December
+31st, 2022, and the Consolidated and Parent Company's Statement of Profit or Loss,
+the Consolidated and Parent Company's Statement of Cash Flow, the Consolidated
+and Parent Company's Statement of Changes in Shareholders' Equity for the year
+then ended, and Notes to the Consolidated Financial Statements.
+Evaluating the appropriateness of related
+disclosures made by the management.
+9.76
+0
+EBITDA interest protection
+124
+0.28
+0.33
+-13.39
+Assets-liabilities ratio (%)
+40.19
+42.08
+-4.51
+EBITDA-total debts ratio
+3.15
+2.84
+11.09
+Times of interest earned
+7.16
+7.75
+-7.65
+Times of cash interest earned
+9.32
+9.67
+-3.63
+DHSZ[20231000407 Auditor's Report
+2021 medium-term
+Yes
+0 N/A
+N/A
+Yes
+Ltd.
+(sustainability-linked
+122
+DHSZ[20231000407 Auditor's Report
+2,500,000,00
+0 N/A
+N/A
+N/A
+0
+0
+2022medium-term
+notes (First Issue) of 2,500,000,00
+China Yangtze
+Power Co., Ltd.
+2022 Medium-term
+Notes (Second
+Yes
+Yangtze Power Co.,
+0
+1,000,000,00 1,000,000,00
+2,500,000,00
+0
+0
+N/A
+N/A
+Yes
+notes (First Issue) of 2,500,000,00
+China Yangtze
+Power Co., Ltd.
+2021 medium-term
+2,500,000,00
+0
+0
+0
+N/A
+N/A
+Yes
+notes (Second
+Issue) of China
+Issue) of China
+Yangtze Power Co.,
+Ltd.(variality I)
+2022 Medium-term
+N/A
+Yes
+China Yangtze
+Power Co., Ltd.
+2022 short-term
+financing notes
+(First Issue) of
+China Yangtze
+Power Co., Ltd.
+1,500,000,00
+1,500,000,00
+0 N/A
+N/A
+Yes
+0
+0
+2022 short-term
+financing notes
+1,500,000,00
+1,500,000,00
+(Second Issue) of
+0 N/A
+N/A
+(First Issue) of
+medium-term notes
+Notes (Second
+Issue) of China
+Yangtze Power Co.,
+2,000,000,00
+2,000,000,00
+0
+N/A
+N/A
+Yes
+0
+1,000,000,00
+1,000,000,00
+0 N/A
+N/A
+Yes
+0
+0
+Ltd.(variality II)
+2022 green
+1,000,000,00 1,000,000,00
+Impairment Assessment on Goodwill and Intangible Assets
+II. Basis for Auditor's Opinion
+and (17) to the consolidated financial statements.
+Refer to Note III(22) in summary of significant accounting policies, Note V(15)
+In our opinion, the attached financial statements present fairly, in all material
+respects, the consolidated and parent company's financial positions of CYPC as at
+December 31st, 2022, and its consolidated and parent company's financial
+performance and cash flows for the year then ended in accordance with the
+Accounting Standards for Business Enterprises.
+129
+1. Identify and assess the risks of material misstatement of the consolidated
+We exercised professional judgment and maintained professional skepticism in
+performing our audit in accordance with ISAs. At the same time, we also carried out
+the following work:
+Our objectives are to obtain reasonable assurance about whether the
+consolidated 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 ISAs 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
+consolidated financial statements.
+VI. Auditor's Responsibilities for the Audit of the Consolidated Financial
+Statements
+In preparation of the financial statement, the management is responsible for
+assessing CYPC's sustainable operation ability, disclosing the sustainable operation
+related items (if applicable) and applying sustainable operation assumptions, unless
+otherwise the management plans to liquidate CYPC, stop operation or it has no other
+practical choice.
+The management is responsible for the preparation and fair presentation of the
+financial statements in accordance with the Accounting Standards for Business
+Enterprises, and the maintenance and preservation of such internal controls as
+management deems necessary to enable the preparation of financial statements free
+from material misstatement, whether due to fraud or error.
+V. Responsibilities of the Management for the Consolidated Financial
+Statements
+Based on the work that we have executed, we should report the fact in case of
+determining the material misstatement of other information. In this regard, we have
+nothing to report.
+Based on our audit of the financial statements, our responsibility is to consider
+whether other information has material inconsistency or seems to have material
+misstatement with the financial statements or circumstance that we know during
+audit while reading other information.
+DHSZ[20231000407 Auditor's Report
+128
+Our audit opinion on the financial statements does not include other
+information, and we neither express any form of authentication opinion for other
+information.
+The governance is responsible for supervising CYPC's financial reporting
+process.
+To review the adequacy of relevant
+disclosures in the financial statements.
+The management of CYPC (hereinafter referred to as management) is
+responsible for other information. Other information includes information covered in
+2022 Annual Report of CYPC, except the financial statements and our auditor's
+report.
+How our audit addressed the key audit
+matter
+127
+DHSZ[20231000407 Auditor's Report
+Key audit matter
+100% of the equity interest in Sempra
+Americas Bermuda Ltd. (now known as
+Andes Bermuda Ltd., hereinafter referred
+to as "AB") and Peruvian Opportunity
+Company S.A.C. (hereinafter referred to as
+"POC", AB and POC collectively referred
+to as "Peruvian Companies") with
+consideration of USD 3.602 billion. As at
+December 31st, 2022, goodwill amounted
+to USD 155 million arose from the
+acquisition and authorized rights to
+transmit and distribute electricity
+amounted to USD 3.1 billion were
+identified. The Company engaged an
+independent external valuer to perform an
+impairment assessment of the goodwill and
+authorized rights. The results are
+determined based on various key
+assumptions and estimates including
+discount rates and the Company's
+operating and financial positions in the
+foreseeable future. The reasonableness of
+the judgements has a significant impact on
+the impairment assessment and the
+accounting estimates and assumptions used
+in preparation of the consolidated financial
+statements.
+On April 24, 2020, the Company acquired The main audit procedures executed:
+For above reasons, we identified the
+impairment assessment of goodwill and
+intangible assets as a key audit matter.
+IV. Other Information
+To understand, test, and evaluate the
+effectiveness of management's design
+and operation of key internal controls
+related to the impairment of goodwill
+and intangible assets;
+Evaluate the objectivity, independence
+and professional competence of
+third-party intermediaries engaged by
+the Company;
+To review the judgment and analysis of
+third-party institutions on indicators of
+impairment of goodwill and intangible
+assets;
+To review the underlying data, key
+assumptions, parameters, and other
+factors adopted in the assessment and
+evaluate the appropriateness of the
+results;
+The acquisition date refers to the date on which control of the business transfers to
+the acquirer. The Company considers the control of the business has been
+transferred if all the following conditions have been met:
+2
+The purchase contract or agreement has been approved by the Company's
+internal authorities;
+The necessary regulatory approval for the transaction has been obtained;
+3.
+Business Combinations (Other Than Transactions Between Entities Under
+Common Control)
+The necessary documents for property transfer are complete;
+In a business combination achieved in stages, if multiple transactions can be
+The Company has transferred most of the consideration and could be
+reasonably expected to pay for the rest;
+5
+The Company has substantively received the assets and incurs or assumes
+the liabilities of the acquiree.
+At the acquisition date, the identified assets acquired and the liabilities assumed
+are recognized at their fair value.
+Goodwill is measured as the excess of the sum of the consideration transferred,
+the amount of any non-controlling interests in the acquiree, and the fair value of
+the acquirer's previously held equity interest in the acquiree (if any) over the net
+of the acquisition-date amounts of the identifiable assets acquired and the
+liabilities assumed. If, after re-assessment, the net of the acquisition-date amounts
+of the identifiable assets acquired and liabilities assumed exceeds the sum of the
+consideration transferred, the amount of any non-controlling interests in the
+acquiree and the fair value of the acquirer's previously held interest in the
+acquiree (if any), the excess is recognized immediately in profit or loss as a
+bargain purchase gain.
+136
+China Yangtze Power Co., Ltd.
+treated as one package deal, the Company shall account for as one business
+combination transaction; Otherwise, at the acquisition date, the difference
+between the historical cost of the long-term equity investment and the sum of (a)
+carrying amount of the investment immediately before the acquisition date and (b)
+proceeds transferred on the acquisition date is recognized in equity (generally
+additional paid-in-capital). If the capital reserve is not sufficient to absorb the
+difference, any excess shall be adjusted against retained earnings. The previously
+held interest may have been remeasured to fair value with changes recognized in
+other comprehensive income in prior periods. In such case, the Company shall not
+derecognize any amounts in accumulated comprehensive income related to the
+previously held interest until disposals.
+4
+C.
+If the terms, conditions and economic impact of each transaction in the process of
+business combination meet one or more of the following conditions, multiple
+transactions shall be treated as a package deal for accounting.
+Year 2022
+5. Accounting Treatment for Business Combinations
+A.
+B.
+Year 2022
+④1 These transactions are made at the same time or with consideration for each
+other's influence;
+2. These transactions can achieve a complete business result only as a whole;
+3
+Notes to the Financial Statements
+4.
+A transaction is uneconomic when being viewed in isolation, while economic
+when considered with other transactions.
+Transactions Between Entities Under Common Control
+The assets and liabilities acquired by the Company, as the combining party, from
+business combination under common control, shall be measured at their carrying
+value in the accounts of the combined party at the combination date. The
+difference between any proceeds transferred and the carrying amounts of the net
+assets received is recognized in equity (generally additional paid-in-capital). If the
+capital reserve is not sufficient to absorb the difference, any excess shall be
+adjusted against retained earnings.
+When it comes to contingent consideration which classified as a liability or an
+asset, the difference between the initial recognized amount and the subsequent
+settled amount is recognized in equity (generally additional paid-in-capital). If the
+capital reserve is not sufficient to absorb the difference, any excess shall be
+adjusted against retained earnings.
+The Company may obtain control over target in which it held some equity interest
+at the time of obtaining control. In such case, if multiple transactions can be
+135
+China Yangtze Power Co., Ltd.
+The occurrence of one transaction depends on the occurrence of at least one
+another transaction;
+Notes to the Financial Statements
+Notes to the Financial Statements
+D.
+138
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+The Company's share of movements in other comprehensive income under
+the equity method of accounting shall be recognized in profit or loss at the
+acquisition date, except for other comprehensive income arising from changes
+in net liabilities or net assets of the investee's remeasurement of the defined
+benefit plan.
+Disposal of subsidiaries or businesses
+(1) General Procedure
+If an investee under other than common control can be controlled due to
+additional investments, the Company shall remeasure its equity investments at
+their acquisition-date fair value; any difference between the fair value and
+their carrying value shall be recognized in profit or loss in the current period.
+During the reporting period, if the Company disposes subsidiaries or
+businesses, sales, expenses and profits of subsidiaries or businesses from
+the beginning of the current period to disposal date shall be included into
+the consolidated statement of profit or loss; cash flows of subsidiaries or
+businesses from the beginning of the current period to the disposal date
+shall be included in the consolidated statement of cash flows.
+(2) Step Disposal
+If terms, conditions and economic impact of each disposal transaction
+meet one or more of the following criteria, multiple transactions shall be
+treated as one package deal for accounting:
+a.
+These transactions are made at the same time or with consideration
+for each other's influence;
+b. These transactions can achieve a complete business result only as a
+whole;
+C. The occurrence of one transaction depends on the occurrence of at
+least one another transaction;
+d.
+On a disposal involving loss of control over a subsidiary, any retained
+interest in the entity is remeasured to its fair value with the change in
+carrying amount recognized in consolidated statement of profit or loss.
+The difference between (a) the aggregate of consideration received from
+the transaction and the fair value of any retained interests; and (b) the
+carrying amount of the former subsidiary's assets, including goodwill,
+and liabilities at the date control is lost shall be recognized in profit or
+loss for the current period. Any amounts previously recognized in other
+comprehensive income under the equity method of accounting shall be
+recognized in profit or loss on disposal date, except for other
+comprehensive income arising from changes in net liabilities or net
+assets of the investee's remeasurement of the defined benefit plan.
+During the reporting period, if subsidiaries or businesses are added through
+business combinations other than transactions between entities under common
+control, the beginning balance of consolidated statement of financial position
+shall not be adjusted; sales, expenses and profits of subsidiaries or businesses
+from the beginning of the current period to the end of the reporting period
+shall be included into the consolidated statement of profit or loss; cash flows
+of subsidiaries or businesses from the beginning of the current period to the
+end of the reporting period shall be included in the consolidated statement of
+cash flows.
+If an investee under common control can be controlled due to additional
+investments, it shall be deemed that all members in the merger have existed in
+current state from the date on which control is transferred to the ultimate
+controlling party. For any equity investments held before the business
+combination, changes in profit or loss, other comprehensive income and net
+assets, recognized from the later of the date of the original investment and the
+date of being under common control with the investee to the acquisition date,
+shall adjusted the beginning retained earnings and the profit or loss during the
+comparative reporting periods.
+During the reporting period, if subsidiaries or businesses are added through
+business combinations between entities under common control, the beginning
+balance of consolidated statement of financial position shall be adjusted; sales,
+expenses and profits of subsidiaries or businesses from the beginning of the
+current period to the end of the reporting period shall be included into the
+consolidated statement of profit or loss; cash flows of subsidiaries or
+businesses from the beginning of the current period to the end of the reporting
+period shall be included in the consolidated statement of cash flows; the
+relevant items of comparative financial statements shall be adjusted. It shall
+be deemed that the reporting entities form after the business combination have
+been existed from the date on which control is transferred to the ultimate
+controlling party.
+treated as one package deal, the Company shall account for as one business
+combination transaction; Otherwise, the investments are recognized at the sum of
+the cost at the acquisition date and the Company's pre-acquisition share of the
+investee under the equity method of accounting. The Company reclassifies to
+profit or loss the proportion of the gain or loss that had previously been
+recognized in other comprehensive income relating to that reduction in ownership
+interest if that gain or loss would be reclassified to profit or loss on the disposal of
+the related assets or liabilities. If the investment was measured at fair value
+through other comprehensive income in prior reporting periods, the cumulative
+gain or loss previously recognized in OCI is reclassified from consolidated
+statement of changes in equity to consolidated statement of profit or loss.
+Acquisition-related costs are expensed as incurred; The costs to issue debt or
+equity securities shall recognize as a reduction from equity.
+Basic of Consolidation
+A. Consolidation Scope
+Subsidiaries are all entities (including structured entities) over which the Company
+has control. Subsidiaries are fully consolidated from the date on which control is
+transferred to the Company. They are deconsolidated from the date that control
+ceases.
+B. Consolidation Principals
+In preparing the consolidated financial statements, the Company shall treat the
+whole enterprise group as one accounting entity, and reflect its financial
+performance and cash flows in accordance with the recognition, measurement and
+presentation requirements of the Accounting Standards for Business Enterprise.
+Accounting policies of subsidiaries have been changed where necessary to ensure
+consistency with the policies adopted by the Company.
+All intragroup assets and liabilities, equity, income, expenses and cash flows
+relating to transactions between members of the Company are eliminated in full on
+consolidation.
+Non-controlling interests in the results and equity of subsidiaries are shown
+separately in the consolidated statement of profit or loss, consolidated statement of
+comprehensive income, consolidated statement of changes in equity and
+consolidated statement of financial position respectively.
+For subsidiaries acquired through business combinations between entities under
+common control, their financial statements shall be adjusted based on the carrying
+value of its assets and liabilities (including the goodwill formed by the ultimate
+controlling party's acquisition of the subsidiaries) in the ultimate controlling
+137
+China Yangtze Power Co., Ltd.
+Year 2022
+For the purpose of presenting the consolidated financial statements, the assets and
+liabilities of the Company's foreign operations are translated into RMB using exchange
+rates prevailing at the end of each reporting period. Income and expenses items are
+translated at the average exchange rates for the period.
+party's financial statements.
+For subsidiaries acquired through transactions other than entities under common
+control, their financial statements shall be adjusted based on the fair value of
+identifiable net assets at the acquisition date.
+① Increase in subsidiaries or businesses
+6.
+The Company uses Renminbi ("RMB") as its reporting currency.
+2. Going Concern
+An operating cycle refers to the days required for a business from receiving an
+inventory to collecting cash or cash equivalents from the sale of the inventory. The
+Company uses twelve months as an operating cycle and twelve months from the
+reporting date to classify current or noncurrent assets and liabilities.
+April 27, 2023
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+China Yangtze Power Co., Ltd.
+Notes to the Consolidated Financial Statements
+For the year ended 31 December 2022
+131
+I.
+1. Organization
+China Yangtze Power Co., Ltd. (hereinafter referred to as the "Company") is a
+limited liability company established by means of sponsorship by the principal sponsor,
+China Three Gorges Corporation (former China Three Gorges Project Corporation,
+hereinafter referred to as "CTG") and other 5 sponsors including Huaneng Power
+International Inc., China National Nuclear Corporation, China National Petroleum
+Corporation, China Gezhouba Construction Group Corporation for Water Resources
+and Hydropower and Changjiang Institute of Survey, Planning, Design and Research of
+Changjiang Water Resources Commission. The Company was established on
+September 23, 2002 according to the approval of "GJMQG [2002] No. 700" issued by
+the former State Economic and Trade Commission and completed its industrial and
+commercial registration in the State Administration for Industry & Commerce on
+November 4, 2002.
+As approved by China Securities Regulatory Commission, the Company issued
+A-shares to the public in the form of placement and was listed on Shanghai Stock
+Exchange on November 18, 2003.
+In September 2009, according to the resolution of the first extraordinary general
+meeting of 2009 of the Company and as approved by China Securities Regulatory
+Commission, the Company implemented material asset reorganization and acquired the
+power generation assets of Three Gorges Project and shares of five specialized auxiliary
+production companies.
+In March 2016, as approved by China Securities Regulatory Commission, the
+Company issued shares to purchase assets and raise subscription funds. Totally
+3,500,000,000 shares were issued to CTG, Sichuan Energy Investment Group Co., Ltd.
+and Yunnan Provincial Energy Investment Group Co., Ltd. to acquire 100% of shares of
+Three Gorges Jinsha River Chuanyun Hydropower Development Co., Ltd. jointly held
+by them; meanwhile, 2,000,000,000 shares were issued through private placement to 7
+investors including Ping An Asset Management Co., Ltd., Sunshine Life Insurance Co.,
+Ltd., China Life Insurance Co., Ltd., Guangzhou Development Group Incorporated,
+Pacific Asset Management Co., Ltd., GIC Private Limited and Shanghai Chongyang
+Strategic Investment Co., Ltd. After the above-mentioned issuance, the total number of
+capital stock of the Company was changed to 22,000,000,000.
+132
+China Yangtze Power Co., Ltd.
+COMPANY PROFILE
+SHEN Yanbo
+Public Accountants:
+China Beijing
+DHSZ[20231000407 Auditor's Report
+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. Understand audit-related internal control in order to design appropriate audit
+procedures, but not for the purpose of expressing opinions on the
+effectiveness of internal control.
+3. Evaluate the appropriateness of the Management's selection of accounting
+policies and the rationality of accounting estimates as well as related
+disclosures.
+4. Conclude on the appropriateness of the management's use of the going
+concern basis of accounting and, Meanwhile, we can conclude whether
+major uncertainty exists in items or circumstances, causing substantial
+doubts to the sustainable operation ability of CYPC in accordance with the
+audit evidence we have acquired. If we conclude that a material uncertainty
+exists, auditing standards require us to draw attention to users of the
+financial statements 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 information available as of the date of
+the auditor's report. However, future items or circumstances may cause that
+CYPC is not sustainable.
+5. Evaluate the overall presentation, structure and content of the consolidated
+financial statements, including the disclosures, and whether the consolidated
+financial statements represent the underlying transactions and events in a
+manner that achieves fair presentation.
+6. Obtain sufficient appropriate audit evidence regarding the financial
+information of the entities or business activities within the Company to
+express an opinion on the consolidated financial statements. We are
+responsible for the direction, supervision and performance of the Group
+audit. We remain solely responsible for our audit opinion.
+We have made statements to the governance as per the occupational ethnic
+requirements related to independence and communicate with the governance about
+all relations and other matters that can be reasonably considered to affect our
+independence as well as relevant precautionary measures (if applicable).
+130
+DHSZ[20231000407 Auditor's Report
+We have determined which matters are the most important to audit the financial
+statement in the current period from the matter which has been communicated with
+the Governance, therefore, these matters form the key audit matters. We have
+described these matters in the auditor's report, except that they are prohibited from
+being publicly disclosed as per the laws and regulations, or in the rare cases, if a
+negative result that may be caused by communicating some matter in the auditor's
+report as reasonably expected exceeds the benefit generated by the public interest,
+we determine not to communicate such matter in the auditor's report.
+Dahua Certified Public Accountants
+(Special General Partnership)
+China Certified
+Public Accountants:
+(Engagement
+Partner)
+China Certified
+HAO Lijiang
+Year 2022
+Notes to the Financial Statements
+In October 2020, the Company completed the issuance of 74,185,923 Global
+Depository Receipts ("GDR"), raising gross proceeds of approximately USD 1,963
+million, which were listed on the London Stock Exchange, with each GDR representing
+10 shares of the Company's A-shares, resulting in 741,859,230 additional shares of the
+underlying A-shares.
+As of December 31st, 2022, the total cumulative issued capital stock of the
+Company was 22,741,859,200 shares and amounted to RMB 22,741.8592 million.
+II. BASIC OF PREPARATION
+1. Basic of Preparation
+The consolidated financial statements have been prepared in accordance with
+Accounting Standards for Business Enterprises (which include all Financial Reporting
+Standards, Accounting Standards, and Interpretations) issued by the Ministry of
+Finance and the disclosure requirements of the China Securities Regulatory
+Commission.
+A transaction is uneconomic when being viewed in isolation, while
+economic when considered with other transactions.
+In preparing the consolidated financial statements, the Company has evaluated its
+ability to continue as a going concern for at least the next twelve months from the end
+of the current period, and did not recognize a material uncertainty that may cast
+significant doubt on its ability to continue as a going concern. The consolidated
+financial statements have been prepared with going concern basis of accounting.
+3. Accounting Basis and Recognition Principals
+The consolidated financial statements have been prepared under the historical cost
+convention, except for the revaluation of financial assets at fair value through profit or
+loss and the financial liabilities at fair value through profit or loss which were carried at
+fair values. The assets are subject to impairment assessment at the end of the reporting
+period, and corresponding provision for impairment shall be made if any such
+indication exists.
+III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES
+1. Statement of Compliance with Accounting Standards for Business Enterprises
+("ASBE")
+The consolidated financial statements prepared by the Company meet the requirements
+of ASBE and give a true and complete picture of the Company's financial position,
+business performance, cash flows and other relevant information for the reporting
+period.
+2. Accounting Period
+The fiscal year of the Company is from January 1st to December 31st of the Gregorian
+calendar.
+3. Operating Cycle
+134
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+The financial statements were approved and authorized for issue by the board of
+directors of the Company on April 27th, 2023.
+4. Foreign Currencies
+4. Approval Date
+Notes to the Financial Statements
+The Company has obtained the business license of enterprise (No.
+91110000710930405L) approved and issued by the State Administration for Industry
+and Commerce with Lei Mingshan acting as the legal representative. The registered
+address of the Company is Block B, No.1 Yuyuantan Road, Haidian District, Beijing;
+and the principal office of the headquarters is F22, Block B, Fukai Building, No.19
+Financial Street, Xicheng District, Beijing.
+The controlling shareholder of the Company is CTG and the main subsidiaries
+include the following:
+1. CYPC Capital Holding Co., Ltd. (Former name: Beijing Yangtze Power
+Innovation Investment Management Co., Ltd., hereinafter referred to as CYPC Capital);
+2. China Yangtze Power International (Hongkong) Co., Ltd. (hereinafter referred
+to as "CYPC International");
+3. Three Gorges Jinsha River Chuanyun Hydropower Development Co., Ltd.
+(hereinafter referred to as "Three Gorges Chuanyun Company");
+4. Three Gorges Power Co., Ltd. (hereinafter referred to as "Three Gorges
+Power");
+5. CYPC Investment Management Co., Ltd. (hereinafter referred to as "CYPC
+Investment");
+6. CYPC Xinneng Co., Ltd. (hereinafter referred to as "Xinneng Company ");
+7. CYPC Sales Co., Ltd. (hereinafter referred to as "Sales company").
+2. Principal Activities
+The Company
+principally engaged in the power generation industry and its main
+products or services include power generation, operation and investment, and technical
+consultation of power generation.
+3. Scope of Consolidated Financial Statements
+There are 27 subsidiaries included in the Company's consolidation scope for the current
+period. Please refer to Note VII “Equity in Other Entities" for details. There are 3 new
+established subsidiaries and 9 disposed ones. Please refer to Note VI "Changes in
+133
+China Yangtze Power Co., Ltd.
+Year 2022
+Consolidation Scope" for details.
+139
+We have communicated with the 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.
+In such case, before the date control is lost, changes in ownership should
+be accounted for as equity transactions and the carrying amount of
+accumulated other comprehensive income (AOCI) is adjusted to reflect
+the change in the ownership interest in the subsidiary. The amounts
+recognized in other comprehensive income in relation to that subsidiary
+shall be reclassified to profit or loss at the date control is lost.
+The subsequent measurement of financial liabilities depends on their classification
+as follows:
+① Financial liabilities at FVTPL
+Financial liabilities are classified as at FVTPL when the financial liability is
+held for trading, including derivatives that are liabilities, or designated as at
+FVTPL.
+A financial liability is classified as held for trading if:
+-it has been acquired principally for the purpose of repurchasing it in the near
+term; or
+-on initial recognition it is part of a portfolio of identified financial
+instruments that the Company manages together and has a recent actual
+146
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+pattern of short-term profit-taking; or
+-it is a derivative, except for a derivative that is a financial guarantee contract
+or a designated and effective hedging instrument.
+A financial liability may be designated as at FVTPL upon initial recognition
+if:
+-such designation eliminates or significantly reduces a measurement or
+recognition inconsistency that would otherwise arise; or
+-a group of financial liabilities or financial assets and financial liabilities is
+managed and its performance is evaluated on a fair value basis, in
+accordance with a documented risk management or investment strategy,
+and information about the group is provided internally on that basis to
+the entity's key management personnel.
+For financial liabilities designated as at FVTPL, the amount of change in the
+fair value of the financial liability that is attributable to changes in the credit
+risk of that liability is recognized in other comprehensive income, unless the
+recognition of the effects of changes in the liability's credit risk in other
+comprehensive income would create or enlarge an accounting mismatch in
+profit or loss.
+Other financial liabilities
+At initial recognition, the Company shall measure a financial liability at its fair
+value and, in the case of a financial liability not at fair value through profit or loss,
+net of directly attributable transaction costs.
+Other financial liabilities are subsequently measured at amortized cost, using
+the effective interest method. Gains and losses are recognized in profit or loss
+when the liabilities are derecognized as well as through the effective interest
+rate amortization process, except for:
+Debt and equity instruments are classified as either financial liabilities or as equity
+in accordance with the substance of the contractual arrangements and the
+definitions of a financial liability and an equity instrument.
+Financial assets at FVTPL are measured at fair value at the end of each
+reporting period, with any fair value gains or losses recognized in profit or
+loss. The net gain or loss recognized in profit or loss includes any dividend or
+interest earned on the financial asset.
+Movements in the carrying amount are taken through OCI, except for the
+recognition of impairment gains or losses, interest income and foreign
+exchange gains and losses which are recognized in the consolidated statement
+of profit or loss. When the financial asset is derecognized, the cumulative gain
+or loss previously recognized in OCI is reclassified from consolidated
+statement of changes in equity to consolidated statement of profit or loss.
+Financial assets designated at fair value through other comprehensive income
+At initial recognition, the Company may elect to classify irrevocably its
+equity investments as financial assets designated at fair value through other
+comprehensive income. The classification is determined on an
+instrument-by-instrument basis.
+Investments in equity instruments at FVTOCI are subsequently measured at
+fair value with gains and losses arising from changes in fair value recognized
+in other comprehensive income and accumulated in the other reserves; and are
+not subject to impairment assessment. The cumulative gain or loss will be
+transferred to retained earnings on disposal. Dividends are recognized in
+profit or loss only when the Company's right to receive payment of the
+dividend is established; it is probable that the economic benefits associated
+with the dividends will flow to the entity; and the amount of the dividend can
+be measured reliably.
+An investment in equity instruments may be measured at FVTPL if it is
+acquired or incurred principally for the purpose of selling or repurchasing it in
+the near term; on initial recognition is part of a portfolio of identified financial
+instruments that are managed together and for which there is evidence of a
+recent actual pattern of short-term profit-taking; or is a derivative (except for
+a derivative that is a financial guarantee contract or a designated and effective
+hedging instrument).
+Financial assets at fair value through profit or loss
+Financial assets that do not meet the criteria for being measured at amortized
+cost or FVTOCI or designated as FVTOCI are measured at FVTPL.
+Financial assets at FVTPL are measured at fair value at the end of each
+reporting period, with any fair value gains or losses recognized in profit or
+loss. The net gain or loss recognized in profit or loss includes any dividend or
+interest earned on the financial asset.
+The Company presents such financial assets in “trading financial assets" or
+"other non-current financial assets" depending on their liquidity.
+145
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+(5)
+Financial assets designated at fair value through profit or loss
+The Company may, at initial recognition, irrevocably designate a financial
+asset as measured at fair value through profit or loss if doing so eliminates or
+significantly reduces a measurement or recognition inconsistency (sometimes
+referred to as an ‘accounting mismatch').
+If a contract contains one or more embedded, the Company may designate the
+entire hybrid contract as at fair value through profit or loss unless:
+(1) the embedded derivative(s) do(es) not significantly modify the cash
+flows that otherwise would be required by the contract; or
+(2) it is clear with little or no analysis when a similar hybrid instrument is
+first considered that separation of the embedded derivative(s) is
+prohibited, such as a prepayment option embedded in a loan that permits
+the holder to prepay the loan for approximately its amortized cost.
+B. Classification and Subsequent Measurement of Financial Liabilities
+on the principal amount outstanding.
+-financial liabilities at FVTPL; or
+-financial guarantee contracts and commitments to provide a loan at a
+below-market interest rate.
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+E.
+-if the Company has not retained control, it shall derecognize the financial
+asset and recognize separately as assets or liabilities any rights and
+obligations created or retained in the transfer;
+-if the Company has retained control, it shall continue to recognize the
+financial asset to the extent of its continuing involvement in the financial
+asset. The extent of the entity's continuing involvement in the transferred
+asset is the extent to which it is exposed to changes in the value of the
+transferred asset.
+On derecognition of a financial asset in its entirety, the difference between:
+-the carrying amount (measured at the date of derecognition) and
+-the consideration received (including any new asset obtained less any new
+liability assumed)
+shall be recognized in profit or loss.
+If the transferred asset is part of a larger financial asset and the part
+transferred qualifies for derecognition in its entirety, the previous carrying
+amount of the larger financial asset shall be allocated between the part that
+continues to be recognized and the part that is derecognized, on the basis of
+the relative fair values of those parts on the date of the transfer. The difference
+between:
+-the carrying amount (measured at the date of derecognition) allocated to the
+part derecognized and
+-the consideration received for the part derecognized plus the corresponding
+cumulative gain or loss previously recognized in other comprehensive
+income (if the derecognized part is measured at fair value through other
+comprehensive income)
+shall be recognized in profit or loss.
+If a transfer does not result in derecognition, the Company shall continue to
+recognize the transferred asset in its entirety and shall recognize a financial
+liability for the consideration received.
+Fair Value of Financial Instruments
+If there is a quoted price in an active market for an asset or a liability, the
+Company shall use that price without adjustment when measuring fair value,
+except for an asset for which sale is legally or contractually restricted for a
+specific period. In that case, the fair value of the instrument shall be measured on
+the basis of the quoted price for an otherwise unrestricted instrument of the same
+issuer that trades in a public market, adjusted to reflect the effect of the restriction.
+149
+148
+-financial liabilities that arise when a transfer of a financial asset does not
+qualify for derecognition or when the continuing involvement approach
+applies; or
+if the Company neither transfers nor retains substantially all the risks and
+rewards of ownership of the financial asset, it shall determine whether it has
+retained control of the financial asset. In this case:
+3.
+A financial guarantee contract is a contract that requires the issuer to make
+specified payments to reimburse the holder for a loss it incurs because a
+specified debtor fails to make payments when due in accordance with the
+terms of a debt instrument. After initial recognition, an issuer of such a
+contract shall subsequently measure it at the higher of: (a) the amount of the
+loss allowance; and (b) the amount initially recognized less, when appropriate,
+the cumulative amount of income recognized.
+147
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+C.
+Derecognition of Financial Instruments
+D.
+① A financial asset is primarily derecognized (i.e., removed from the Company's
+consolidated statement of financial position) when:
+-the rights to receive cash flows from the asset have expired; or
+-the Company has transferred the financial asset and substantially all the risks
+and rewards of ownership of the asset to another entity.
+The Company shall remove a financial liability (or a part of a financial
+liability) from its statement of financial position when, and only when, it is
+extinguished (i.e., when the obligation specified in the contract is discharged
+or cancelled or expires).
+When an existing financial liability is replaced by another from the same
+lender on substantially different terms, or the terms of an existing liability are
+substantially modified, such an exchange or modification shall be accounted
+for as an extinguishment of the original financial liability and the recognition
+of a new financial liability. The difference between the carrying amount of a
+financial liability (or part of a financial liability) extinguished or transferred to
+another party and the consideration paid recognized in profit or loss.
+If the Company repurchases a part of a financial liability, it shall allocate the
+previous carrying amount of the financial liability between the part that
+continues to be recognized and the part that is derecognized based on the
+relative fair values of those parts on the date of the repurchase. The difference
+between (a) the carrying amount allocated to the part derecognized; and (b)
+the consideration paid, including any non-cash assets transferred or liabilities
+assumed, for the part derecognized shall be recognized in profit or loss.
+Transfer of Financial Assets
+When the Company transfers a financial asset, it shall evaluate the extent to which
+it retains the risks and rewards of ownership of the financial asset. In this case:
+① if the Company transfers substantially all the risks and rewards of ownership
+of the financial asset, it shall derecognize the financial asset and recognize
+separately as assets or liabilities any rights and obligations created or retained
+in the transfer;
+if the Company retains substantially all the risks and rewards of ownership of
+the financial asset, it shall continue to recognize the financial asset;
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+B. Accounting Treatment for Joint Operation
+The Company recognizes in relation to its interests in a joint operation:
+its assets, including its share of any assets held jointly;
+2
+its liabilities, including its share of any liabilities incurred jointly;
+3
+(5
+its revenue from the sale of its share of the output arising from the joint
+operation;
+its share of the revenue from the sale of the output by the joint operation; and
+its expenses, including its share of any expenses incurred jointly.
+When the Company enters into a transaction with a joint operation in which it is a
+joint operator, such as a sale or contribution of assets, it is conducting the
+transaction with the other parties to the joint operation and, as such, the joint
+operator shall recognize gains and losses resulting from such a transaction only to
+the extent of the other parties' interests in the joint operation. When such
+transactions provide evidence of an impairment loss of those assets, those losses
+shall be recognized fully by the Company.
+When the Company enters into a transaction with a joint operation in which it is a
+joint operator, such as a purchase of assets, it shall not recognize its share of the
+gains and losses until it resells those assets to a third party. When such
+transactions provide evidence of an impairment loss of those assets, the Company
+shall recognize its share of those losses.
+The Company has no joint control of a joint operation. If the Company has rights
+to the assets, and obligations for the liabilities, relating to the arrangement, it shall
+account for the assets, liabilities, revenues, and expenses relating to its
+141
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Other facts and circumstances give the parties rights to the assets, and
+obligations for the liabilities, relating to the arrangement; for example, the
+parties have rights to substantially all the economic benefits of the assets of
+the arrangement; or the liabilities incurred by the arrangement are, in
+substance, satisfied by the cash flows received from the parties through their
+purchases of the output.
+involvement in a joint operation in accordance with above standards; otherwise,
+transactions shall be accounted for in accordance with other relevant accounting
+standards.
+The terms of the contractual arrangement give the parties rights to the assets,
+and obligations for the liabilities, relating to the arrangement;
+(3)
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+(3) Purchase of non-controlling interests in existing subsidiaries
+The difference between the carrying amount of equity investment
+obtained by the Company through the purchase of non-controlling
+interest in the subsidiary and the Company's share of the net assets from
+the purchase date (or combination date) shall be adjusted in Additional
+Paid-in Capital in equity. If the capital reserve is not sufficient to absorb
+the difference, any excess shall be adjusted against retained earnings.
+(4) Disposal of ownership interests in existing subsidiaries without loss of
+control
+The difference between the fair value of the consideration received by
+the Company through disposal of its ownership interests in existing
+subsidiaries and the Company's share of the net assets from the purchase
+date (or combination date) shall be adjusted in Additional Paid-in Capital
+in equity. If the capital reserve is not sufficient to absorb the difference,
+any excess shall be adjusted against retained earnings.
+7. Classification of Joint Arrangement and Accounting Treatment for Joint Operation
+Classification of Joint Arrangement
+A.
+The classification of a joint arrangement as a joint operation or a joint venture
+depends upon the rights and obligations of the parties to the arrangement. The
+Company determines the type of joint arrangement in which it is involved by
+considering the structure and form of the arrangement, the terms agreed by the
+parties in the contractual arrangement and other facts and circumstances.
+A joint arrangement that is not structured through a separate vehicle is a joint
+operation. A Joint arrangement in which the assets and liabilities relating to the
+arrangement are held in a separate vehicle can be either a joint venture or a joint
+operation. A joint arrangement structured through a separate vehicle shall be
+140
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+① The legal form of the separate vehicle gives the parties rights to the assets,
+2
+and obligations for the liabilities, relating to the arrangement;
+8. Cash and Cash Equivalents
+In the consolidated statement of cash flows, cash and cash equivalents includes cash on
+hand, demand deposits with banks and other short-term, highly liquid investments with
+original maturities of three months or less.
+9. Foreign Currency Transaction and Translation of Foreign Currency Financial
+Statements
+Fair value through other comprehensive income ("FVOCI");
+Fair value through profit or loss ("FVTPL”).
+At initial recognition, the Company measures a financial asset at its fair value.
+Trade receivables that do not contain a significant financing component or for
+which the Company expects, at contract inception, that the period between when
+the Company transfers a promised good or service to a customer and when the
+143
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+customer pays for that good or service will be one year or less are measured at the
+transaction price.
+Transaction costs of financial assets carried at FVTPL are expensed in the
+consolidated statement of profit or loss. In the case of a financial asset not at
+FVTPL, transaction costs are directly attributable to the acquisition of the
+financial asset.
+The Company reclassifies financial assets when and only when its business model
+for managing those assets changes.
+① Financial assets at amortized cost
+Financial assets that meet the following conditions are subsequently measured
+at amortized cost: (a) the financial asset is held within a business model
+whose objective is to collect contractual cash flows; and (b) the contractual
+terms give rise on specified dates to cash flows that are solely payments of
+principal and interest on the principal amount outstanding.
+Financial assets at amortized cost are subsequently measured using the
+effective interest method and are subject to impairment. Gains and losses are
+recognized in the statement of profit or loss when the asset is derecognized,
+modified or impaired. Interest income shall be calculated by applying the
+effective interest rate to the gross carrying amount of a financial asset except
+for:
+(1) purchased or originated credit-impaired financial assets. For those
+financial assets, the Company applies the credit-adjusted effective
+interest rate to the amortized cost of the financial asset from initial
+recognition;
+(2) financial assets that are not purchased or originated credit-impaired
+financial assets but subsequently have become credit-impaired financial
+assets. For those financial assets, the Company applies the effective
+interest rate to the amortized cost of the financial asset in subsequent
+reporting periods. The Company shall, in subsequent reporting periods,
+calculate the interest revenue by applying the effective interest rate to the
+gross carrying amount if the credit risk on the financial instrument
+improves so that the financial asset is no longer credit-impaired.
+Financial assets at fair value through other comprehensive income
+Financial assets that meet the following conditions are subsequently measured
+at fair value through other comprehensive income: (a) the financial asset is
+held within a business model whose objective is achieved by both collecting
+contractual cash flows and selling; and (b) the contractual terms give rise on
+specified dates to cash flows that are solely payments of principal and interest
+144
+Amortized cost;
+The classification of financial assets at initial recognition depends on the
+Company's business model for managing them and the financial assets'
+contractual cash flow characteristics. The Company classifies its financial assets
+in the following measurement categories:
+Classification and Subsequent Measurement of Financial Assets
+A.
+A. Foreign Currency Transaction
+Transactions in currencies other than the Company's functional currencies
+(foreign currencies) are recognized at the rates of exchange prevailing on the dates
+of the transactions.
+At the end of the reporting period, monetary items denominated in foreign
+currencies are retranslated at the rates prevailing at that date. Foreign exchange
+gains and losses that relate to borrowings are presented in the consolidated
+statement of profit or loss, within “finance costs". All other foreign exchange
+gains and losses are recognized in profit or loss in the period in which they arise.
+Non-monetary items that are measured in terms of historical cost in a foreign
+currency are not retranslated.
+B.
+Non-monetary items carried at fair value that are denominated in foreign
+currencies are retranslated at the rates prevailing on the date when the fair value
+was determined. Foreign exchange gains and losses are recognized as changes in
+fair value in profit or loss or other comprehensive income in the period in which
+they arise.
+Translation of Foreign Currency Financial Statements
+Assets and liabilities for each statement of financial position presented are
+translated at the closing rate at the date of that statement of financial position;
+income and expenses for each statement of profit or loss are translated at average
+exchange rates; all resulting exchange differences are recognized in other
+comprehensive income.
+On the disposal of a foreign operation, the cumulative amount of the exchange
+differences relating to that foreign operation, recognized in other comprehensive
+income, and accumulated in the separate component of equity, shall be reclassified
+from equity to profit or loss (as a reclassification adjustment) when the gain or
+loss on disposal is recognized. On the partial disposal of a subsidiary that includes
+If multiple transactions cannot be treated as one package deal for
+accounting, any changes in the Company's interests in subsidiaries that
+do not result in the Company losing control over the subsidiaries are
+accounted for as equity transactions; while accounting treatments shall
+be carried out in accordance with the general procedures for disposals of
+subsidiaries when control is lost.
+142
+Year 2022
+Notes to the Financial Statements
+a foreign operation, the Company shall re-attribute the proportionate share of the
+cumulative amount of the exchange differences recognized in other
+comprehensive income to the non-controlling interests in that foreign operation.
+When the retained interest after the partial disposal of an interest in a joint
+arrangement or a partial disposal of an interest in an associate is a financial asset
+that includes a foreign operation, the cumulative amount of the exchange
+differences relating to that foreign operation shall be reclassified to profit or loss.
+10. Financial Instruments
+Financial assets and financial liabilities are recognized when the Company becomes a
+party to the contractual provisions of the instrument.
+The effective interest method is a method of calculating the amortized cost of a
+financial asset or financial liability and of allocating interest income and interest
+expense over the relevant period.
+The effective interest rate is the rate that exactly discounts estimated future cash
+payments or receipts through the expected life of the financial asset or financial liability
+to the gross carrying amount of a financial asset or to the amortized cost of a financial
+liability. When calculating the effective interest rate, the Company shall estimate the
+expected cash flows by considering all the contractual terms of the financial instrument
+(for example, prepayment, extension, call, and similar options) but shall not consider
+the expected credit losses.
+Amortized cost of a financial asset or financial liability is the amount at which the
+financial asset or financial liability is measured at initial recognition minus the
+principal repayments, plus or minus the cumulative amortization using the effective
+interest method of any difference between that initial amount and the maturity amount
+and, for financial assets, adjusted for any loss allowance.
+China Yangtze Power Co., Ltd.
+classified as a joint operation if it meets any of the following assessments:
+The Company recognizes an allowance for expected credit losses through
+profit or loss. A loss allowance for debt instruments that are measured at fair
+value through other comprehensive income shall be shall be recognized in
+other comprehensive income.
+New assessment shall be made of net realizable value in each subsequent period.
+When the circumstances that previously caused inventories to be written down
+below cost no longer exist or when there is clear evidence of an increase in net
+realizable value because of changed economic circumstances, the amount of the
+write-down is reversed.
+condition subject only to terms that are usual and customary for sales of such asset
+(or disposal group);
+its sale is highly probable; management must be committed to a plan to sell the
+asset (or disposal group), and the sale should be expected to qualify for
+recognition as a completed sale within one year from the date of classification.
+A firm purchase commitment refers to an agreement with an unrelated party, binding on
+both parties and usually legally enforceable, that (a) specifies all significant terms,
+including the price and timing of the transactions, and (b) includes a disincentive for
+non-performance that is sufficiently large to make performance highly probable.
+B. Measurement of non-current assets classified as held for sale
+The Company shall not depreciate (or amortize) a non-current asset while it is
+classified as held to sale or while it is part of a disposal group classified as held for sale.
+The Company shall recognize an impairment loss for any initial or subsequent
+write-down of the asset (or disposal group) to fair value less costs to sell.
+The Company shall measure a non-current asset (or disposal group) classified as held
+for sale on initial recognition at the lower of its carrying amount had it not been so
+classified and fair value less costs to sell.
+The measurement provisions do not apply to the following assets, either as individual
+assets or as part of a disposal group: investment properties that are accounted for in
+accordance with the fair value model; agriculture assets that are measured at fair value
+less costs to sell; assets arising from employee benefits; deferred tax assets; financial
+assets within the scope of "ASBE22 – Financial Instruments”; and groups of contracts
+within the scope of "ASBE25 - Insurance Contracts”.
+14. Debt Investments
+Notes to the Financial Statements
+Refer to Note III(10) to the consolidated financial statements.
+A. Initial Cost
+2
+Refer to Note III (5) for equity investments acquired through business
+combinations.
+(5) Previously consolidated and will now apply fair value method
+If the Company loses a controlling financial interest and significant
+influence over the investee, the difference between the Company's share
+of the net assets measured at fair value and its share of the investee's
+carrying value shall be accounted for as gains or losses at the date
+control is lost.
+Derecognition
+Upon disposal, the difference between the carrying value of the long-term
+equity investment and consideration received shall be recognized in profit or
+loss in the current period. For long-term equity investment under equity
+method, the Company reclassifies to profit or loss the proportion of the gain
+or loss that had previously been recognized in other comprehensive income if
+that gain or loss would be reclassified to profit or loss on the disposal of the
+related assets or liabilities.
+If terms, conditions and economic impact of each disposal transaction meet
+one or more of the following criteria, multiple transactions could be treated as
+one package deal for accounting:
+15. Long Term Equity Investments
+(1) These transactions are made at the same time or with consideration for
+each other's influence;
+Year 2022
+the asset (or disposal group) is available for immediate sale in its present
+154
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+C.
+bringing the inventories to their present location and condition. Costs of
+inventories may be calculated using the weighted average method.
+Net Realizable Value and Write-down of Inventory
+Inventories shall be stated at the lower of cost and net realizable value. Net
+realizable value is the estimated selling price in the ordinary course of business
+less the estimated costs of completion and the estimated costs necessary to make
+the sale. Inventories are usually written down to net realizable value item by item.
+In some circumstances, however, it may be appropriate to group similar or related
+items. This may be the case with items of inventory relating to the same product
+line that have similar purposes or end uses, are produced, and marketed in the
+same geographical area, and cannot be practicably evaluated separately from other
+items in that product line.
+China Yangtze Power Co., Ltd.
+D. Inventory System
+E. Low-value Consumables and Packaging
+Low-value consumables and packaging materials are amortized in full upon
+consumption.
+12. Contract Assets
+A contract asset is recognized when the Company's right to consideration in exchange
+for goods or services that the entity has transferred to a customer when that right is
+conditioned on something other than the passage of time. A right to consideration is
+unconditional if only the passage of time is required before payment of that
+consideration is due. The Company shall present any unconditional rights to
+consideration separately as a receivable.
+Refer to Note III (10) to the consolidated financial statements for recognition of
+expected credit loss for contract assets.
+13. Non-current Assets Held for Sale
+A. Classification of non-current assets as held for sale
+Non-current assets and disposal groups are classified as held for sale when:
+The Company adopts perpetual inventory system.
+(2) These transactions can achieve a complete business result only as a
+whole;
+(3) The occurrence of one transaction depends on the occurrence of at least
+one another transaction;
+When the Company's share of losses in a joint venture or associate equals or
+exceeds its interest in the joint venture or associate, the cumulative losses are
+attributed to other components of the Company's interest in the reverse order
+of their seniority. After the Company's interest is reduced to zero, additional
+losses are provided for, and a liability is recognized, only to the extent that the
+Company has incurred legal or constructive obligations or made payments on
+behalf of the joint venture or associate.
+If the joint venture or associate subsequently reports profits, the Company
+resumes recognizing its share of those profits only after its share of the profits
+equals the share of losses not recognized.
+3. Accounting Treatment for Changes in Interests or Influences
+(1) Previously applied fair value method and will now apply equity method
+The Company holding an investment that is accounted for in accordance
+with "ASBE22 - Financial Instruments" will be required to apply equity
+method accounting to that investment if it gains significant influence.
+The Company should add the cost of acquiring the additional interest in
+the investee to the fair value of its previously held interest; and adopt the
+equity method of accounting from the date significant influence is
+obtained.
+Any excess of the Company's share of the net fair value of the investee's
+identifiable assets and liabilities over the cost of investment would be
+recorded by the Company as a reduction of its share in the investee's
+earnings and would reduce the Company's equity method investment
+balance.
+(2) Previously applied fair value method or equity method and will now
+consolidate
+The purchase of additional interests through which the Company obtains
+control shall be accounted for as a business combination if it meets the
+requisite criteria. The Company shall add the cost of acquiring the
+additional interest in the investee (if any) to the current basis of its
+previously held interest.
+Notes to the Financial Statements
+Any gains or losses associated with the previously held equity interest
+the Company had recognized in other comprehensive income in prior
+reporting periods shall be reclassified to profit or loss.
+158
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+the Company's share of the net assets measured at fair value and its
+share of the investee's carrying value shall be accounted for as gains or
+losses at the date significant influence is lost.
+Any gains or losses associated with the previously held equity interest
+the Company had recognized in other comprehensive income in prior
+reporting periods shall be reclassified to profit or loss.
+(4) Previously consolidated and will now apply equity method
+The Company may lose a controlling financial interest over the investee
+but retain a noncontrolling investment in common stock or in-substance
+common stock that gives it significant influence over that investee entity.
+In such case, the Company should apply the equity method of
+accounting to its retained interest. The fair value of the retained interest
+forms the basis for the initial measurement.
+(3) Previously applied equity method and will now apply fair value method
+If the Company loses significant influence over an investee, the equity
+method of accounting should be discontinued. The difference between
+Year 2022
+China Yangtze Power Co., Ltd.
+157
+159
+Equity investment acquired through other forms
+The initial cost of equity investment acquired through cash payment shall be
+measured at the purchase price and other directly attributable expenditures.
+The initial cost of equity investment acquired through issuing equity
+securities shall be measured at fair value. Expenditures directly attributable to
+the transaction may be deducted from equity.
+156
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+In a non-monetary assets exchange that has commercial substance and in
+which fair value of the transferred assets could be measured reliably, the fair
+value of the assets given up is used to measure the initial cost, unless the fair
+value of the asset received is more evident. Otherwise, the initial cost is
+measured at carrying value of the assets given up in the transaction.
+The initial cost of equity investment acquired through a debt restructuring
+shall be measured on a fair value basis.
+B. Subsequent Measurement and Recognition
+Cost Method
+Investments in subsidiaries are accounted for using the cost method whereby
+the investment is recognized at its historical cost and adjusted thereafter for
+the post-acquisition deposits and withdrawals.
+Declared dividends is recognized in profit or loss, except for the declared but
+undistributed dividends in the consideration.
+② Equity Method
+Investments in associates and joint ventures are accounted for using the equity
+method. When an investment in an associate or a joint venture is held by, or is
+held indirectly through, an entity that is a venture capital organization, or a
+mutual fund, unit trust and similar entities including investment-linked
+insurance funds, the Company may elect to measure that investment at fair
+value through profit or loss.
+On acquisition of the investment, any excess of the cost of acquisition over
+the Company's share of the net fair value of the identifiable assets and
+liabilities of the investee is recognized as goodwill, which is included within
+the carrying amount of the investment. Any excess of the Company's share of
+the net fair value of the investee's identifiable assets and liabilities over the
+cost of investment is recognized immediately in profit or loss in the period in
+which the investment is acquired.
+The Company's share of the post-acquisition profits or losses of the investee
+is recognized in the consolidated statement of profit or loss. The Company's
+share of movements in other comprehensive income of the investee is
+recognized in the consolidated other comprehensive income. Distributions
+received or receivable from associates and joint ventures are recognized as a
+reduction in the carrying amount of the investment.
+Unrealized gains and losses resulting from transactions between the Company
+and its associates and joint venture are eliminated to the extent of the
+Company's interest in these entities.
+Inventories shall be recognized at cost upon acquisition. The cost of inventories
+comprises costs of purchase, costs of conversion and other costs incurred in
+Measurement
+155
+the
+① Significant increase in credit risk
+At each reporting date, the Company shall assess whether the credit risk on a
+financial instrument has increased significantly since initial recognition. To
+make that assessment, the Company compares the risk of a default occurring
+on the financial instrument as at the reporting date with the risk of a default
+occurring on the financial instrument as at the date of initial recognition and
+considers reasonable and supportable information. For financial guarantee
+contracts, the date that the Company becomes a party to the irrevocable
+commitment is considered to be the date of initial recognition for the purposes
+of assessing the financial instrument for impairment.
+The following list of information may be relevant in assessing changes in
+credit risk:
+-an actual or expected significant change in the operating results of the
+borrower;
+-an actual or expected significant adverse change in the regulatory, economic,
+or technological environment of the borrower that results in a significant
+change in the borrower's ability to meet its debt obligations;
+-significant changes in the value of the collateral supporting the obligation or
+in the quality of third-party guarantees or credit enhancements, which
+are expected to reduce the borrower's economic incentive to make
+scheduled contractual payments or to otherwise have an effect on the
+151
+China Yangtze Power Co., Ltd.
+Inventories are assets that are held for sale in the ordinary course of business; in
+process of production for such sale; or in the form of materials or supplies to
+be consumed in the production process or in the rendering of services; for
+example, raw materials, packaging, work in progress, finished goods, etc.
+Year 2022
+2
+probability of a default occurring;
+-significant changes in the expected performance and behavior of the
+borrower;
+-changes in the Company's credit management approach in relation to the
+financial instrument.
+The Company may assume that the credit risk on a financial instrument has
+not increased significantly since initial recognition if the financial instrument
+is determined to have low credit risk at the reporting date. The credit risk on a
+financial instrument is considered low if the financial instrument has a low
+risk of default, the borrower has a strong capacity to meet its contractual cash
+flow obligations in the near term and adverse changes in economic and
+business conditions in the longer term may, but will not necessarily, reduce
+the ability of the borrower to fulfil its contractual cash flow obligations.
+Credit-impaired financial asset
+A financial asset is credit-impaired when one or more events that have a
+detrimental impact on the estimated future cash flows of that financial asset
+have occurred. Evidence that a financial asset is credit-impaired include
+observable data about the following events:
+-significant financial difficulty of the issuer or the borrower;
+Notes to the Financial Statements
+The Company shall recognize in profit or loss, as an impairment gain or loss, the
+amount of expected credit losses that is required to adjust the loss allowance at the
+reporting date. When the Company recognizes a loss allowance for financial
+assets measured at fair value through other comprehensive income, the loss
+allowance shall be recognized in other comprehensive income and not reduce the
+carrying amount of the financial asset in the statement of financial position.
+For financial assets that have objective evidence of impairment at the
+reporting date ("Stage 3"), the Company recognizes lifetime ECL.
+For instruments that have deteriorated significantly in credit quality since
+initial recognition and whose credit risk is not low ("Stage 2"), the Company
+recognizes lifetime ECL.
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Examples of markets in which inputs might be observable for financial
+instruments include exchange markets, dealer markets, brokered markets and
+principal-to-principal markets.
+The fair value of a financial instrument at initial recognition is normally the
+transaction price.
+The Company shall use valuation techniques that are appropriate in the
+circumstances and for which sufficient data are available to measure fair value,
+maximizing the use of relevant observable inputs and minimizing the use of
+unobservable inputs.
+F. Impairment of Financial Assets
+The Company recognizes a loss allowance for expected credit losses (“ECL”) on
+financial assets which are subject to impairment under relevant standards
+(including financial assets measured at amortized cost or FVOCI, lease
+receivables, contract assets, entrusted loans, and financial guarantee contracts).
+ECL is the weighted average of credit losses with the respective risks of a default
+occurring as the weights. Credit loss is the difference between all contractual cash
+flows that are due to the Company in accordance with the contract and all the cash
+flows that the Company expects to receive, discounted at the original effective
+interest rate (or credit-adjusted effective interest rate for purchased or originated
+credit-impaired financial assets).
+For trade or bills receivables, contract assets, and lease receivables, the Company
+shall recognize a loss allowance based on lifetime ECL at each reporting date.
+For purchased or originated credit-impaired financial assets, at the reporting date,
+the Company shall only recognize the cumulative changes in lifetime expected
+credit losses since initial recognition as a loss allowance. At each reporting date,
+the Company shall recognize in profit or loss the amount of the change in lifetime
+expected credit losses as an impairment gain or loss. The Company shall
+recognize favorable changes in lifetime expected credit losses as an impairment
+gain, even if the lifetime expected credit losses are less than the amount of
+expected credit losses that were included in the estimated cash flows on initial
+recognition.
+For all other instruments, loss allowance is measured as either 12-month ECL or
+lifetime ECL depending on whether there has been a significant increase in credit
+risk since initial recognition.
+①For financial instruments that have not deteriorated significantly in credit
+quality since initial recognition or that have low credit risk ("Stage 1"), the
+Company measures the loss allowance equal to 12-month ECL;
+150
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+(2)
+(3)
+-a breach of contract, such as a default or past due event;
+-the lender(s) of the borrower, for economic or contractual reasons relating to
+the borrower's financial difficulty, having granted to the borrower a
+concession(s) that the lender(s) would not otherwise consider;
+If the Company has measured a loss allowance for a financial instrument at an
+amount equal to lifetime ECL in previous reporting periods, and determines at the
+current reporting date that the credit risk on that financial instrument has increased
+significantly since initial recognition is no longer met, the Company shall measure
+the loss allowance at an amount equal to 12-month ECL at the current reporting
+date.
+-the disappearance of an active market for that financial asset because of
+financial difficulties; or
+Portfolio 1: Dividends receivable
+153
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Portfolio 2: Receivables of Peruvian Companies
+The Company uses a provision matrix to calculate ECL for accounts and
+notes receivable. The provision matrix is initially based on the Company's
+historical observed default rates. The Company would use its historical credit
+loss experience adjusted with forward-looking information and exposure risks
+to estimate lifetime expected credit losses.
+The Company uses a provision matrix to calculate ECL for other receivables.
+The provision matrix is initially based on the Company's historical observed
+default rates. The Company would use its historical credit loss experience
+adjusted with forward-looking information and exposure risks to estimate
+12-month expected credit losses or lifetime expected credit losses.
+Other receivables
+Write-off policy
+G. Offsetting Financial Instruments
+Financial assets and liabilities are offset and the net amount reported in the
+statement of financial position when:
+11. Inventory
+there is a legally enforceable right to offset the recognized amounts; and
+there is an intention to settle on a net basis or realize the asset and settle the
+liability simultaneously.
+A. Classification
+B.
+-it is becoming probable that the borrower will enter bankruptcy or other
+financial reorganization;
+The Group writes off a financial asset when there is information indicating
+that the counterparty is in severe financial difficulty and there is no realistic
+prospect of recovery. A write-off constitutes a derecognition event.
+Portfolio 3: Receivables of other businesses
+Portfolio 3: Receivables of other businesses
+It may not be possible to identify a single discrete event; instead, the
+combined effect of several events may have caused financial assets to become
+credit-impaired.
+-the purchase or origination of a financial asset at a deep discount that reflects
+the incurred credit losses.
+Portfolio 2: Receivables of Peruvian Companies
+Measurement and recognition of ECL
+The Company uses both individual and collective assessment basis for the
+purpose of impairment assessment. This includes information about past
+152
+China Yangtze Power Co., Ltd.
+Year 2022
+events, current conditions and forecasts of future economic conditions.
+Where ECL is measured on a collective basis, the Company may group
+financial instruments with similar credit risk characteristics, including nature
+of financial instruments, external credit ratings, past-due statues, terms to
+maturity, industries, etc.
+(1) For financial assets, a credit loss is the present value of the difference
+between the contractual cash flows that are due to the Company under
+the contract and the cash flows that the Company expects to receive;
+(2) For lease receivables, a credit loss is the present value of the difference
+between the contractual cash flows that are due to the Company under
+the contract and the cash flows that the Company expects to receive;
+Notes to the Financial Statements
+C.
+(4) For a financial asset that is credit-impaired at the reporting date, but not
+purchased or originated credit-impaired, the Company measures the
+expected credit losses as the difference between the asset's gross
+carrying amount and the present value of estimated future cash flows
+discounted at the financial asset's original effective interest rate.
+The Company measures expected credit losses as an unbiased,
+probability-weighted amount, using reasonable and supportable information
+that is available without undue cost or effort at the reporting date, including
+information about past events, current conditions, and forecasts of future
+economic conditions.
+The Company's financial assets are assessed for ECL on the following basis:
+a. Notes receivable
+Portfolio: Bank acceptance bills
+b. Accounts receivable
+(3) For financial guarantee contracts that are not accounted for at fair value
+through profit or loss, a credit loss is the present value of the expected
+payments to reimburse the holder for a credit loss that it incurs less any
+amounts that the Company expects to receive from the holder, the debtor
+or any other party;
+Portfolio 1: Hydropower receivables
+3.
+4.
+5
+the availability of adequate technical, financial, and other resources to
+complete the development and to use or sell the intangible asset;
+the intention to complete the intangible asset and use or sell it;
+how the intangible asset will generate probable future economic benefits.
+Among other things, the entity can demonstrate the existence of a market for
+the output of the intangible asset or the intangible asset itself or, if it is to be
+used internally, the usefulness of the intangible asset;
+2.
+the technical feasibility of completing the intangible asset so that it will be
+available for use or sale;
+An internally generated intangible asset arising from development activities (or
+from the development phase of an internal project) is recognized if, and only if, all
+the following have been demonstrated:
+C. Internally Generated Intangible Assets
+Expenditure on research (or on the research phase of an internal project) shall be
+recognized as an expense when it is incurred.
+Development phase: Development is the application of research findings or other
+knowledge to a plan or design to produce new or substantially improved materials,
+devices, products, processes, systems or services before the start of commercial
+production or use.
+understanding.
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+167
+Research phase: Research is an original and planned investigation undertaken
+with the prospect of gaining new scientific or technical knowledge and
+its ability to measure reliably the expenditure attributable to the intangible
+asset during its development.
+D. Internally Generated Intangible Assets arising from the Development Phase
+Expenditure on an intangible item that was initially recognized as an expense shall
+not be recognized as part of the cost of an intangible asset at a later date.
+169
+The Company shall assess at the end of each reporting period whether there is any
+indication that an asset may be impaired. If any such indication exists, the Company
+shall estimate the recoverable amount of the asset. Recoverable amount is determined
+for an individual asset, unless the asset does not generate cash inflows that are largely
+independent of those from other assets or groups of assets.
+An intangible asset shall be regarded by the Company as having an indefinite
+useful life when, based on an analysis of all the relevant factors, there is no
+foreseeable limit to the period over which the asset is expected to generate net
+cash inflows for the Company. An intangible asset with an indefinite useful
+life shall not be amortized. The Company shall review the useful life of an
+intangible asset that is not being amortized each period to determine whether
+events and circumstances continue to support an indefinite useful life
+assessment for that.
+Short-term employee benefits are employee benefits (other than termination
+benefits) that are expected to be settled wholly before twelve months after the end
+of the annual reporting period in which the employees render the related service.
+A. Short-Term Employee Benefits
+Employee benefits are all forms of consideration given by the Company in exchange
+for service rendered by employees or for the termination of employment. Employee
+benefits include short-term employee benefits, post-employment benefits, termination
+benefits, and other long-term employee benefits.
+25. Employee Benefits
+Contract liability is the Company's obligation to transfer goods or services to a
+customer for which the entity has received consideration (or the amount is due) from
+the customer.
+24. Contract Liability
+When the Company pays out cash for a payment in which consumption does not
+immediately take place or is not planned within the next twelve months, a deferred
+expense is recognized to be held as a noncurrent asset on the balance sheet. Long-term
+deferred expenses shall be amortized over its beneficial period.
+23. Long-term Deferred Expenses
+For the purpose of impairment testing, goodwill acquired in a business combination is,
+from the acquisition date, allocated to each of the Company's cash-generating units, or
+groups of cash-generating units, that are expected to benefit from the synergies of the
+combination, irrespective of whether other assets or liabilities of the Company are
+assigned to those units or groups of units. Impairment is determined by assessing the
+recoverable amount of the cash-generating unit (group of cash-generating units) to
+which the goodwill relates. Where the recoverable amount of the cash-generating unit
+(group of cash-generating units) is less than the carrying amount, an impairment loss is
+recognized.
+Irrespective of whether there is any indication of impairment, the Company shall test an
+intangible asset with an indefinite useful life and goodwill acquired in a business
+combination for impairment annually.
+After the recognition of an impairment loss, the depreciation (amortization) charge for
+the asset shall be adjusted in future periods to allocate the asset's revised carrying
+amount, less its residual value (if any), on a systematic basis over its remaining useful
+life.
+is an impairment loss. An impairment loss shall be recognized in profit or loss. An
+impairment loss recognized in prior periods for an asset shall not be reversed in a
+subsequent period.
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+168
+If, and only if, the recoverable amount of an asset is less than its carrying amount, the
+carrying amount of the asset shall be reduced to its recoverable amount. That reduction
+The recoverable amount of an asset is the higher of its fair value less costs of disposal
+and its value in use. Value in use is the present value of the future cash flows expected
+to be derived from an asset.
+22. Impairment of Non-current Assets
+Intangible assets with indefinite useful lives
+(1) In separate financial statements, before the date control is lost, changes
+in ownership should be accounted in other comprehensive income for
+the difference between the disposal price and the carrying amount of the
+equity investment corresponding to the disposal. The amounts
+recognized in other comprehensive income in relation to that subsidiary
+shall be reclassified to profit or loss at the date control is lost.
+The useful life of software and other intangible assets in Peruvian Companies
+is estimated to be five years.
+it is probable that future economic benefits associated with the item will flow
+to the entity; and
+the cost of the item can be measured reliably.
+B.
+Measurement at Recognition
+C.
+An item of property, plant and equipment that qualifies for recognition as an asset
+shall be measured at its cost.
+2
+3
+The cost of an acquired item of property, plant and equipment comprises its
+purchase price, including import duties and non-refundable purchase taxes;
+and any costs directly attributable to bringing the asset to the location and
+condition necessary for it to be capable of operating in the manner intended
+by management.
+The cost of a self-constructed item of property, plant and equipment
+comprises any directly attributable expenditures of bringing it to its location
+and working condition for its intended use.
+2-20
+The cost of an item of property, plant and equipment acquired from the
+Company's owners is measured at the transaction price promised in a contract
+or an agreement; or fair value if the price is biased.
+Measurement after Recognition
+162
+China Yangtze Power Co., Ltd.
+Notes to the Financial Statements
+①⑪Deprecation
+Categories
+After recognition as an asset, an item of property, plant and equipment shall
+be carried at its cost less any accumulated depreciation and any accumulated
+impairment losses. Depreciation is recognized so as to write-off the cost of
+items of property, plant and equipment less their residual values over their
+estimated useful lives. Depreciation does not cease when the asset becomes
+idle or is retired from active use unless the asset is fully depreciated.
+The management determines the estimated useful lives of the assets based on
+the Company's historical experience with similar assets and considering
+anticipated technological changes. The estimated useful lives, residual values
+and depreciation method are reviewed at the end of each reporting period,
+with the effect of any changes in estimate accounted for on a prospective
+basis.
+Property, plant, and equipment, except for Peru Companies', are depreciated
+on a straight-line basis at the following rates per annum:
+Estimated
+Residual Rate
+If payment of an item of property, plant and equipment is deferred beyond
+normal credit terms, the difference between the cash price equivalent and the
+total payment is recognized as interest over the period of credit unless such
+interest is capitalized.
+Property, plant and equipment are tangible items that are held for use in the
+production or supply of goods or services, for rental to others, or for
+administrative purposes; and are expected to be used during more than one period.
+The cost of an item of property, plant and equipment shall be recognized as an
+asset if, and only if:
+A. Recognition
+17. Property, Plant and Equipment
+Estimated Useful
+Life (YRS)
+8-50
+Estimated Residual
+Rate (%)
+0-3
+2 Subsequent Cost
+Annual Depreciation
+(Amortization) Rate
+(%)
+1.94-12.50
+B. Peru Companies
+Categories
+Building
+Land
+Annual Depreciation
+Estimated Useful
+Life (YRS)
+Estimated Residual
+Rate (%)
+(Amortization) Rate
+80
+Perpetual
+(%)
+1.25
+The Company shall transfer an asset to, or from, investment property when, and only
+161
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+when, there is a change in use. When the Company uses the cost model, transfers
+between investment property, owner-occupied property and inventories do not change
+the carrying amount of the property transferred and they do not change the cost of that
+property for measurement or disclosure purposes.
+An investment property shall be derecognized (eliminated from the statement of
+financial position) on disposal or when the investment property is permanently
+withdrawn from use and no future economic benefits are expected from its disposal.
+(%)
+Buildings
+Annual
+Depreciation
+Rate (%)
+Term for
+Deprecation
+8.08-33.33
+Others
+Property, plant, and equipment in Peruvian Companies are depreciated on a
+straight-line basis at the following rates per annum:
+Term for
+Categories
+Depreciation
+Method
+Deprecation
+(year)
+Buildings and Plant
+Straight-line
+0-3
+20-100
+Straight-line
+5-60
+Equipment
+Transportation
+Straight-line
+5-8
+Straight-line
+Others
+Facilities
+(2)
+Machinery and
+3-12
+Straight-line
+Office Equipment and
+(year)
+Dam Related
+Straight-line
+40-60
+1.67-2.50
+Buildings
+Buildings and Plant
+Straight-line
+8-50
+0-3
+1.94-12.50
+Machinery and
+Straight-line
+5-32
+0-3
+3.03-20.00
+Equipment
+Transportation
+Straight-line
+3-10
+0-3
+9.70-33.33
+Facilities
+Depreciation
+Method
+Categories
+Year 2022
+After initial recognition, the Company chooses the cost model to measure all its
+investment properties. Depreciation is calculated on the straight-line basis to write off
+the cost to the residual value over the estimated useful life of an investment property.
+21. Intangible Assets and Research and Development Expenditure
+If the lease transfers ownership of the underlying asset to the Company by the end of
+the lease term, the Company shall depreciate the right-of-use asset from the
+commencement date to the end of the useful life of the underlying asset. Otherwise, the
+Company shall depreciate the right-of-use asset from the commencement date to the
+earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
+After the commencement date, the Company shall measure the right-of-use asset
+applying a cost model.
+an estimate of costs to be incurred by the lessee in dismantling and removing the
+underlying asset, restoring the site on which it is located or restoring the
+underlying asset to the condition required by the terms and conditions of the lease,
+unless those costs are incurred to produce inventories.
+any initial direct costs incurred by the lessee; and
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+165
+lease payments made at or before the commencement of the lease (less any lease
+incentives received);
+the amount equal to the lease liability at its initial recognition;
+The right-of-use asset is measured at cost at the commencement date. The cost of ROU
+comprises:
+20. Right-of-use Assets
+Effective interest method shall be used in the allocation and recognition of the
+interest expenses in profit or loss over the relevant period.
+The Company shall determine the amount of borrowing costs eligible for
+capitalization by applying a capitalization rate to the expenditures on that asset.
+The capitalization rate shall be the weighted average of the borrowing costs
+applicable to all borrowings of the Company that are outstanding during the
+period. Borrowing costs applicable to borrowings made specially for the purpose
+of obtaining a qualifying asset shall be excluded from the calculation.
+To the extent that the Company borrows funds specifically for the purpose of
+obtaining a qualifying asset, it shall determine the amount of borrowing costs
+eligible for capitalization as the actual borrowing costs incurred on that borrowing
+during the period less any investment income on the temporary investment of
+those borrowings.
+Calculate the Costs to be Capitalized
+The Company shall suspend capitalization of borrowing costs during extended
+periods in which it suspends active development of a qualifying asset, unless
+when a temporary delay is a necessary part of the process of getting an asset ready
+for its intended use or sale.
+D.
+C. Suspension of Capitalization
+When the Company completes the construction of a qualifying asset in parts and
+each part is capable of being used while construction continues on other parts, the
+Company shall cease capitalizing borrowing costs when it completes substantially
+all the activities necessary to prepare that part for its intended use or sale.
+The Company shall cease capitalizing borrowing costs when substantially all the
+activities necessary to prepare the qualifying asset for its intended use or sale are
+complete.
+The commencement date for capitalization is the date when the Company incurs
+expenditures and borrowing costs for the asset, and undertakes activities that are
+necessary to prepare the asset for its intended use or sale.
+Intangible assets are identifiable non-monetary assets without physical substance,
+including land use rights, computer software, patents, and franchises.
+Commencement and Cessation of Capitalization
+A.
+The cost of a separately acquired intangible asset comprises its purchase price,
+including import duties and non-refundable purchase taxes, and any directly
+attributable cost of preparing the asset for its intended use.
+30-40
+40-50
+3-4
+Estimated Useful Life (year)
+Ownership Right in Land
+Ownership Right in Parking Lot
+Software
+A. CYPC
+The following table presents estimated useful lives for the Company's
+intangible assets:
+An intangible asset with a finite useful life is amortized on a straight-line
+basis over its useful life. For greater certainty, the useful life of the
+Company's land use right shall be its legal duration on certificate; the useful
+life of a computer software, patent, franchise, or other intangible asset of the
+Company shall be depending on the period over which the Company expects
+to use the asset, over which future economic benefits will be received by the
+Company, and over which the Company controls access to these benefits. The
+amortization charge for each period shall be recognized in profit or loss. The
+amortization period and the amortization method for an intangible asset with a
+finite useful life are reviewed at least at the financial
+year end.
+① Intangible assets with finite useful lives
+The Company shall assess whether the useful life of an intangible asset is finite or
+indefinite at the acquisition date.
+Measurement after Recognition
+produce, and prepare the asset to be capable of operating in the manner intended
+by management.
+B.
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+166
+The cost of an internally generated intangible asset comprises costs of materials
+and services used or consumed in generating the intangible asset; costs of
+employee benefits arising from the generation of the intangible asset; fees to
+register a legal right; amortization of patents and licenses that are used to generate
+the intangible asset, and other directly attributable costs necessary to create,
+Intangible assets acquired in a business combination under common control are
+measured at the transferred company's book values; and intangible assets acquired
+in a business combination not under common control are measured at their fair
+value at the acquisition date.
+The cost of an intangible asset acquired in exchange for a non-monetary asset or
+assets is measured at fair value unless the exchange transaction lacks commercial
+substance or the fair value of neither the asset received nor the asset given up is
+reliably measurable. If the acquired asset is not measured at fair value, its cost is
+measured at the carrying amount of the asset given up.
+The cost of an intangible asset acquired in a troubled debt restructuring as a partial
+settlement of the debt is measured on a fair value basis. The difference between
+the debt's carrying value and the fair value of the asset shall be recognized in
+profit or loss.
+Measurement at Recognition
+B.
+Categories
+Year 2022
+1.00-5.00
+Annual
+Depreciation
+Rate (%)
+Estimated
+Residual Rate
+(%)
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+(4) A transaction is uneconomic when being viewed in isolation, while
+economic when considered with other transactions.
+When the Company disposes part of its equity investment that result in loss of
+control, and the transactions could not be treated as one package deal:
+(1) In separate financial statements, the difference between the carrying
+value of the investment and consideration received shall be recognized
+in profit or loss in the current period. If joint control or significant
+influence is retained, the retained interest shall be accounted for under
+the equity method; otherwise, the difference between the Company's
+share of the net assets measured at fair value and its share of the
+investee's carrying value shall be accounted for as gains or losses at the
+date control is lost.
+(2) In consolidated financial statements, before the date control is lost, the
+difference between consideration received and the Company's share of
+the net assets from the purchase date (or combination date) shall be
+adjusted in Additional Paid-in Capital in equity. If the capital reserve is
+not sufficient to absorb the difference, any excess shall be adjusted
+against retained earnings. The retained interest in the investee shall be
+remeasured at fair value on the date control is lost. The difference
+between consideration received and the fair value of the retained interest
+minus the Company's pre-shareholding of the net assets from the
+purchase date shall be recognized in profit or loss in the current period.
+Any accumulated other comprehensive income shall be recognized in
+profit or loss in the current period.
+When the Company disposes part of its equity investment that result in loss of
+control, and the transaction could be treated as one package deal:
+(2) In consolidated financial statements, before the date control is lost,
+changes in ownership should be accounted in other comprehensive
+income for the difference between the disposal price and the carrying
+amount of the Company's share of the net assets corresponding to the
+disposal. The amounts recognized in other comprehensive income in
+relation to that subsidiary shall be reclassified to profit or loss at the date
+control is lost.
+160
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+(5)
+Joint Control and Significant Influence
+A joint venture is a type of joint arrangement whereby the parties that have
+joint control of the arrangement have rights to the net assets of the joint
+venture. Joint control is the contractually agreed sharing of control of an
+arrangement, which exists only when decisions about the relevant activities
+require the unanimous consent of the parties sharing control.
+16. Investment Properties
+Investment property is property (land or a building - or part of a building - or both) held
+to earn rentals or for capital appreciation or both.
+An owned investment property shall be measured initially at its cost. Transaction costs
+shall be included in the initial measurement. The cost of a purchased investment
+property comprises its purchase price and any directly attributable expenditure. Directly
+attributable expenditure includes, for example, professional fees for legal services,
+property transfer taxes and other transaction costs.
+Notes to the Financial Statements
+1.67-20.00
+12.50-20.00
+Significant influence is the right to participate in the financial and operating
+policy decisions of the investee but is not control or joint control of those
+policies. The existence of significant influence by the Company is usually
+evidenced in one or more of the following ways: (a) representation on the
+board of directors or equivalent governing body of the investee; (b)
+participation in policy-making processes, including participation in decisions
+about dividends or other distributions; (c) material transactions between the
+entity and its investee; (d) interchange of managerial personnel; or (e)
+provision of essential technical information
+The Company shall recognize in the carrying amount of an item of property,
+plant, and equipment the cost of replacing part of such an item when that cost
+is incurred if the recognition criteria are met. The Company does not
+164
+5.00-50.00
+China Yangtze Power Co., Ltd.
+it incurs borrowing costs; and
+it incurs expenditures for the asset;
+The Company shall begin capitalizing borrowing costs as part of the cost of a
+qualifying asset when the Company first meets all of the following conditions:
+A qualifying asset is an asset that necessarily takes a substantial period of time to
+get ready for its intended use or sale.
+Borrowing costs directly attributable to the acquisition, construction or production
+of qualifying assets are added to as part of the cost of those assets, until such time
+as the assets are substantially ready for their intended use or sale. All other
+borrowing costs are expensed in the period in which they are incurred.
+A. Borrowing Costs Eligible for Capitalization
+19. Borrowing Cost
+CIP shall be transferred to the appropriate category of property, plant and
+equipment when the CIP is completed and ready for its intended use.
+it undertakes activities that are necessary to prepare the asset for its intended
+use or sale.
+Construction in progress (“CIP”) represents buildings under construction, and
+plant and equipment pending for installation, and is stated at cost less any
+impairment losses. Cost comprises construction expenditures, other expenditures
+necessary for the purpose of preparing the CIP for its intended use and those
+borrowing costs incurred before the assets are ready for their intended use that are
+eligible for capitalization.
+B. Timing of Reclassification
+163
+Notes to the Financial Statements
+recognize in the carrying amount of an item of property, plant and equipment
+the costs of the day-to-day servicing of the item. Rather, these costs are
+recognized in profit or loss as incurred.
+Year 2022
+An item of property, plant and equipment is derecognized upon disposal or
+when no future economic benefits are expected from its use or disposal. Any
+gain or loss arising on the disposal or retirement of an item of property, plant
+and equipment is determined as the difference between the net sales proceeds
+and the carrying amount of the asset and is recognized in profit or loss.
+18. Construction in Progress
+A. Recognition
+(3) Derecognition
+China Yangtze Power Co., Ltd.
+and
+the costs generate or enhance resources of the entity that will be used in
+satisfying (or in continuing to satisfy) performance obligations in the future;
+B.
+the costs relate directly to a contract or to an anticipated contract that the
+entity can specifically identify;
+3.
+2
+If the costs incurred in fulfilling a contract with a customer are not within the
+scope of other Standards, the Company shall recognize an asset from the costs
+incurred to fulfil a contract only if those costs meet all of the following criteria:
+Costs to Fulfil a Contract
+Year 2022
+29. Contract Costs
+revenue over time by measuring the progress towards complete satisfaction of that
+performance obligation. Appropriate methods of measuring progress include output
+methods and input methods. Output methods recognize revenue on the basis of direct
+measurements of the value to the customer of the goods or services transferred to date
+relative to the remaining goods or services promised under the contract. Input methods
+recognize revenue on the basis of the entity's efforts or inputs to the satisfaction of a
+performance obligation relative to the total expected inputs to the satisfaction of that
+performance obligation. When the Company may not be able to reasonably measure the
+outcome of a performance obligation, it shall recognize revenue only to the extent of
+the costs incurred until such time that it can reasonably measure the outcome of the
+performance obligation.
+Notes to the Financial Statements
+China Yangtze Power Co., Ltd.
+172
+For each performance obligation satisfied over time, the Company shall recognize
+At contract inception, the Company shall identify performance obligations and
+determine whether it satisfies the performance obligation over time or at a point in time.
+The Company satisfies a performance obligation and recognizes revenue over time, if
+one of the following criteria is met: (1) the customer simultaneously receives and
+consumes the benefits provided by the Company's performance as the Company
+performs; (2) the Company's performance creates or enhances an asset that the
+customer controls as the asset is created or enhanced; or (3) the Company's
+performance does not create an asset with an alternative use to the entity and the
+Company has an enforceable right to payment for performance completed to date.
+Otherwise, revenue is recognized at a point in time when the customer obtains control
+of the distinct good or service.
+Control of an asset refers to the ability to direct the use of, and obtain substantially all
+of the remaining benefits from, the asset.
+A performance obligation is a promise in a contract with a customer to transfer to the
+customer either a good or service (or a bundle of goods or services) that is distinct or a
+series of distinct goods or services that are substantially the same and that have the
+same pattern of transfer to the customer.
+Revenue from contracts with customers is recognized when control of goods or
+services is transferred to the customers at an amount that reflects the consideration to
+which the Company expects to be entitled in exchange for those goods or services.
+A.
+the costs are expected to be recovered.
+Notes to the Financial Statements
+Incremental Costs of Obtaining a Contract
+A monetary government grant is recognized at amount received or receivable;
+while a non-monetary government grant is recognized at fair value of the assets.
+The Company shall record both asset and grant at a nominal amount, for example,
+one Chinese Yuan, if fair value is biased.
+28. Revenue from Contracts with Customers
+A government grant is not recognized until there is reasonable assurance that the
+Company will comply with the conditions attaching to it, and that the grant will be
+received; otherwise, a government grant is recognized after receipt.
+B. Recognition
+Grants related to assets are government grants whose primary condition is that the
+Company qualifying for them should purchase, construct, or otherwise acquire
+long-term assets. Grants related to income are government grants other than those
+related to assets.
+Government grants are assistance by government in the form of transfers of
+monetary and non-monetary resources to the Company in return for past or future
+compliance with certain conditions relating to the operating activities of the
+Company.
+A. Types of Government Grants
+30. Government Grants
+The Company shall recognize in profit or loss a reversal of some or all of an
+impairment loss previously recognized when the impairment conditions no longer
+exist or have improved. The increased carrying amount of the asset shall not
+exceed the amount that would have been determined (net of amortization) if no
+impairment loss had been recognized previously.
+The Company shall recognize an impairment loss in profit or loss to the extent
+that the carrying amount of an asset recognized in accordance with Note III (29)
+exceeds the remaining amount of consideration that the Company expects to
+receive in exchange for the goods or services to which the asset relates; less the
+costs that relate directly to providing those goods or services and that have not
+been recognized as expenses.
+D. Impairment
+systematic basis that is consistent with the transfer to the customer of the goods or
+services to which the asset relates.
+Year 2022
+China Yangtze Power Co., Ltd.
+173
+An asset recognized in accordance with Note III (29) shall be amortized on a
+C. Amortization
+The Company recognizes the incremental costs of obtaining a contract as an
+expense when incurred if the amortization period of the asset that the Company
+otherwise would have recognized is one year or less.
+The Company shall recognize as an asset the incremental costs of obtaining a
+contract with a customer if the Company expects to recover those costs. The
+incremental costs of obtaining a contract are those costs that an entity incurs to
+obtain a contract with a customer that it would not have incurred if the contract
+had not been obtained (for example, a sales commission).
+The Company shall present contract costs in the statement of financial position
+under "Inventory" or "Other Noncurrent Assets", depending on whether their
+amortization period are longer than twelve months.
+occurs.
+Notes to the Financial Statements
+amounts expected to be payable by the Company under residual value guarantees.
+Interest on the lease liability in each period during the lease term shall be the amount
+that produces a constant periodic rate of interest on the remaining balance of the lease
+liability. Both interest and variable lease payments not included in the measurement of
+the lease liability in the period shall be recognized in profit or loss.
+China Yangtze Power Co., Ltd.
+170
+Other long-term employee benefits are all employee benefits except for short-term
+employee benefits, post-employment benefits and termination benefits.
+Other Long-Term Employee Benefits
+The Company also provides retirement benefits to employees who accept internal
+retirement arrangement. Internal retirement benefits include wages, salaries and
+social security contributions provided to employees who accept an arrangement to
+leave their work position before the mandatory retirement date. The Company
+shall recognize a liability and an expense at a lump sum amount of wages, salaries
+and social security contributions that would be provided to an employee for the
+period from the date of termination to the employee' s mandatory retirement date.
+Termination benefits are employee benefits provided in exchange for the
+termination of an employee's employment as a result of either the Company's
+decision to terminate an employee's employment before their normal retirement
+date or an employee's decision to accept an offer of benefits in exchange for the
+termination of employment. The Company shall recognize a liability and an
+expense for termination benefits at the earlier of the following dates: (a) when the
+Company can no longer withdraw the offer of those benefits; and (b) when the
+Company recognizes costs for a restructuring and involves the payment of
+termination benefits.
+Termination Benefits
+The Company participates in various defined contribution retirement plans
+organized by applicable local municipal and provincial governments, including
+housing funds, pension, maternity, medical, work-related injury, and
+unemployment benefit plans, under which the Company makes contributions at
+specified percentages of the salaries of its employees. When an employee has
+rendered service to the Company during a period, the Company shall recognize
+the contribution payable to a defined contribution plan in exchange for that
+service as a liability (accrued expense) and an expense.
+The Company's post-employment benefit plans are classified as either defined
+contribution plans or defined benefit plans.
+Post-employment benefits are employee benefits (other than termination benefits
+and short-term employee benefits) that are payable after the completion of
+employment.
+D.
+C.
+B. Post-Employment Benefits
+expense.
+When an employee has rendered service to an entity during an accounting period,
+the Company shall recognize the undiscounted amount of short-term employee
+benefits expected to be paid in exchange for that service as a liability and an
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+C. Accounting Treatment
+Year 2022
+26. Provisions
+A. Recognition
+B.
+payments of penalties for terminating the lease, if the lease term reflects the
+Company exercising an option to terminate the lease; and
+the exercise price of a purchase option if the Company is reasonably certain to
+exercise that option;
+variable lease payments that depend on an index or a rate;
+fixed payments (including in-substance fixed payments), less any lease incentives
+receivable;
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+171
+At the commencement date, the Company shall measure the lease liability at the
+present value of the lease payments that are not paid at that date. The lease payments
+shall be discounted using the interest rate implicit in the lease, if that rate can be readily
+determined. If that rate cannot be readily determined, the Company shall use the
+lessee's incremental borrowing rate. At the commencement date, the lease payments
+comprise the following payments:
+Variable lease payments are directly recognized in profit or loss when the variability
+27. Lease Liabilities
+Where a single obligation is being measured, the individual most likely outcome
+may be the best estimate of the liability. Where the provision being measured
+involves a large population of items, the obligation is estimated by weighting all
+possible outcomes by their associated probabilities.
+Where there is a continuous range of possible outcomes, and each point in that
+range is as likely as any other, the mid-point of the range is used.
+The risks and uncertainties that inevitably surround many events and
+circumstances shall be taken into account in reaching the best estimate of a
+provision. The risks and uncertainties that inevitably surround many events and
+circumstances shall be taken into account in reaching the best estimate of a
+provision.
+The amount recognized as a provision shall be the best estimate of the expenditure
+required to settle the present obligation at the end of the reporting period.
+Measurement
+a reliable estimate can be made of the amount of the obligation.
+it is probable that an outflow of resources embodying economic benefits will
+be required to settle the obligation; and
+an entity has a present obligation (legal or constructive) as a result of a past
+event;
+A provision shall be recognized when:
+Where some or all the expenditure required to settle a provision is expected to be
+reimbursed by a third party, the reimbursement shall be recognized when, and
+only when, it is virtually certain that reimbursement will be received if the
+Company settles the obligation. The reimbursement shall be treated as a separate
+asset. The amount recognized for the reimbursement shall not exceed the amount
+of the provision.
+The Company may elect either gross or net presentation based on the grant's
+economic substance.
+178
+174
+-fixed payments (including in-substance fixed payments), less any lease
+incentives receivable;
+The present value is calculated by discounting the lease payments and any
+unguaranteed residual value, at the interest rate implicit in the lease. The lease
+payments comprise:
+At commencement, the Company derecognizes the underlying asset and
+recognizes a finance lease receivable at an amount equal to its net investment
+in the lease.
+Recognition and Measurement
+(3) the lessee can renew the lease for rent that is substantially lower than the
+market rate.
+(2) gains or losses related to the asset at the end of the lease accrue to the
+lessee;
+(1) the lessee bears the lessor's losses for early cancellation;
+Other situations in which a lease could be a finance lease include:
+(5) the underlying asset is of a specialized nature that it is expected to have
+no alternative use to the lessor.
+-variable lease payments that depend on an index or a rate;
+(4) the present value of the sum of the lease payments equals or exceeds
+substantially all the fair value of the underlying asset;
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+177
+(3) the lease term is for the major part of the remaining economic life of the
+underlying asset;
+(2) the lease grants the lessee an option to purchase the underlying asset that
+the lessee is reasonably certain to exercise;
+(1) the lease transfers ownership of the underlying asset to the lessee by the
+end of the lease term;
+The Company classifies the lease at the commencement date as either a
+finance lease or an operating lease. A lease is classified as a finance lease if it
+transfers substantially all the risks and rewards related to ownership;
+otherwise, it is classified as an operating lease. The examples of situations
+that individually or in combination would indicate a finance lease include:
+① Lease Classification
+(2)
+Lessor Accounting
+Government grants related to assets, including non-monetary grants at fair value,
+-amounts expected to be payable by the lessee under residual value
+179
+any above-market terms shall be accounted for as additional financing
+provided by the lessor to the lessee.
+any below-market terms shall be accounted for as a prepayment of lease
+payments; and
+and if the transfer of an asset by the lessee satisfies the requirements of to be
+accounted for as a sale of the asset, the Company shall account for the purchase of
+the asset applying applicable Standards, and for the lease applying the lessor
+accounting requirements in "ASBE21 Leases". If the fair value of the
+consideration for the sale of an asset does not equal the fair value of the asset, or if
+the payments for the lease are not at market rates, the Company shall make the
+following adjustments to measure the sale proceeds at fair value:
+If an entity transfers an asset to the Company, the buyer-lessor, and leases that
+asset back,
+If the transfer of an asset by the Company does not satisfy the requirements to be
+accounted for as a sale of the asset, the Company shall continue to recognize the
+transferred asset and shall recognize a financial liability equal to the transfer
+proceeds.
+any above-market terms shall be accounted for as additional financing
+provided by the lessor to the lessee.
+any below-market terms shall be accounted for as a prepayment of lease
+payments; and
+and if the transfer of an asset by the Company satisfies the requirements to be
+accounted for as a sale of the asset, the Company shall measure the right-of-use
+asset arising from the leaseback at the proportion of the previous carrying amount
+of the asset that relates to the right of use retained. Accordingly, the Company
+shall recognize only the amount of any gain or loss that relates to the rights
+transferred to the lessor. If the fair value of the consideration for the sale of an
+asset does not equal the fair value of the asset, or if the payments for the lease are
+not at market rates, the Company shall make the following adjustments to measure
+the sale proceeds at fair value:
+-payments of penalties for terminating the lease, if the lease term reflects the
+lessee exercising an option to terminate the lease;
+If the Company, the seller-lessee, transfers an asset to another entity and leases
+that asset back,
+expensed over the lease term in a manner consistent with the way lease
+income is recognized. Variable lease payments that are not included in the
+measurement of the net investment in the lease are recognized in profit or loss
+as they are earned.
+E.
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+The Company recognizes lease income on a straight-line basis from the
+commencement date over the lease term unless another systematic and
+rational basis is more appropriate. Any initial direct costs are deferred and
+3. Operating Lease
+The Company recognizes interest income based on the net investment in the
+lease at the implicit rate. Variable lease payments that are not included in the
+measurement of the net investment in the lease are recognized in profit or loss
+as they are earned.
+guarantees.
+Sale-and-Leaseback Transaction
+D.
+-the exercise price of a purchase option if the lessee is reasonably certain to
+exercise that option;
+The Company do not recognize assets and liabilities related to short-term
+leases and low-value assets. Instead, the Company recognize the lease
+payments in profit or loss on a straight-line basis over the lease term.
+the initial recognition of an asset or liability in a transaction which is not a
+business combination and at the time of the transaction, affects neither
+accounting profit nor taxable profit (tax loss);
+the initial recognition of goodwill;
+A deferred tax liability shall be recognized for all taxable temporary differences,
+except to the extent that the deferred tax liability arises from:
+B. Recognition of Deferred Tax Liabilities
+difference can be utilized.
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+Deferred tax assets are generally recognized for all deductible temporary
+differences to the extent that it is probable that taxable profits will be available
+against which those deductible temporary differences can be utilized. Such
+deferred tax assets are not recognized if the temporary difference arises from the
+initial recognition (other than in a business combination) of assets and liabilities in
+a transaction that affects neither the taxable profit nor the accounting profit.
+Deferred income tax assets are recognized on deductible temporary differences
+arising from investments in subsidiaries, associates, and joint arrangements only
+to the extent that it is probable the temporary difference will reverse in the future
+and there is sufficient taxable profit available against which the temporary
+investments in subsidiaries and associates, except where the Company is able
+to control the reversal of the temporary difference and it is probable that the
+temporary difference will not reverse in the foreseeable future.
+A. Recognition of Deferred Tax Assets
+31. Deferred Income Tax
+Repayment of a grant related to income shall be applied first against any
+unamortized deferred credit recognized in respect of the grant. To the extent that
+the repayment exceeds any such deferred credit, or when no deferred credit exists,
+the repayment shall be recognized immediately in profit or loss. Repayment of a
+grant related to an asset shall be recognized by increasing the carrying amount of
+the asset or reducing the deferred income balance by the amount repayable. The
+cumulative additional depreciation that would have been recognized in profit or
+loss to date in the absence of the grant shall be recognized immediately in profit or
+loss.
+The benefit of a government loan at a below-market rate of interest is also treated
+as a government grant. The benefit of the below-market rate of interest shall be
+measured as the difference between the initial carrying value of the loan and the
+proceeds received.
+Grants related to income are presented as part of profit or loss, either separately or
+under a general heading such as ‘Other income'; alternatively, they are deducted
+in reporting the related expense. A government grant that becomes receivable as
+compensation for expenses or losses already incurred shall be recognized in profit
+or loss of the period in which it becomes receivable.
+shall be presented in the statement of financial position either by setting up the
+grant as deferred income or by deducting the grant in arriving at the carrying
+amount of the asset. If the Company recognizes the grant as deferred income, the
+income shall be recognized in profit or loss on a systematic basis over the useful
+life of the asset.
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+2 Refer to Note III (20) Right-of-Use Asset and Note III (27) Lease Liabilities.
+Deferred tax is recognized on temporary differences between the carrying amounts of
+assets and liabilities in the consolidated financial statements and the corresponding tax
+bases used in the computation of taxable profit.
+C. Offsetting
+175
+32. Leases
+Short-term lease is a lease that, at the commencement date, has a lease term of
+12 months or less and does not include an option to purchase the underlying
+asset that the lessee is reasonably certain to exercise. Low-value asset is an
+asset whose full amount of the acquisition cost fall within defined limits.
+Deferred income tax assets and liabilities are offset if and only if:
+Short-Term Lease Recognition Exemption and Low-Value Assets Exemption
+At the commencement date, the Company shall recognize a right-of-use asset and
+a lease liability for all leases other than those that that qualify for (and for which
+the Company elected to apply) the short-term lease recognition exemption and the
+low-value assets exemption.
+Lessee Accounting
+The rights to use underlying assets conveyed in the contracts (or some of the
+rights of use conveyed in the contracts) are a single lease component.
+The amount of consideration to be paid in one contract depends on the price
+or performance of the other contract; or
+following criteria are met:
+C.
+Notes to the Financial Statements
+Year 2022
+The contracts are negotiated as a package with the same commercial
+objective(s);
+the deferred tax assets and deferred tax liabilities relate to income taxes
+levied by the same taxation authority on either the same taxable entity and
+the same taxation authority, or different taxable entities which intend either
+to settle current tax liabilities and assets on a net basis, or to realize the assets
+and settle the liabilities simultaneously, in each future period in which
+significant amounts of deferred tax liabilities or assets are expected to be
+settled or recovered.
+176
+The Company shall combine two or more contracts, at least one of which is or
+contains a lease, entered in to at or near the same time with the same counterparty
+(or related parties) and consider the contracts as a single transaction if any of the
+Contract Combinations
+The Company shall assess whether the contract contains multiple lease
+components and account for the right of use as a separate lease component in
+accordance with the lessee and lessor accounting models respectively.
+B.
+A. Separating Lease Components
+At inception of a contract, the Company shall determine whether the contract is or
+contains a lease. A contract is or contains a lease if the contract conveys the right to
+control the use of identified property, plant, or equipment (an identified asset) for a
+period in exchange for consideration.
+China Yangtze Power Co., Ltd.
+the Company has a legally enforceable right to set off current tax assets and
+current tax liabilities; and
+Sales revenue of qualified services
+Sales revenue of financial products
+Total payment of value-added tax
+City Construction
+services
+9%
+Note
+13%, 3%
+Sales revenue of electricity, products,
+and non-real property leasing services
+Sales revenue of real property leasing
+3%, 6%, 9%
+Value-Added Tax
+6%
+Taxable profits
+Tax
+Education
+Surcharge
+Total payment of value-added tax
+3%
+Local Education
+Surcharge
+Total payment of value-added tax
+2%
+Corporate Income
+Refer to
+applicable rates
+Tax Rate
+7%, 5%
+Tax Base
+Tax
+The applicable tax rates of the Company are as follows:
+Notes to the Financial Statements
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+If the transfer of an asset by the Company does not satisfy the requirements to be
+accounted for as a sale of the asset, the Company shall not recognize the
+transferred asset and shall recognize a financial asset equal to the transfer
+proceeds.
+33. Safety Production Expenses
+According to the relevant PRC regulations, the Company is required to accrue safety
+production fund at a certain percentage to specific reserve. When the fund is used, the
+expenditure is recognized in profit or loss and offset against the specific reserve; when
+the expenditure incurred relates to an item of property, plant and equipment, it shall be
+included in the cost of the asset when the asset is ready for its intended use. The
+depreciation shall be recognized in same amount in the current period, and will not be
+recognized in future periods.
+34. Changes in Significant Accounting Policies and Accounting Estimates
+A. Changes in Significant Accounting Policies
+Application of “Accounting Standards for Business Enterprises Interpretation
+15"
+Tax Type
+Pursuant to the relevant provisions of "Accounting Standards for Business
+Enterprises Interpretation 15" (Caikuai [2021] No.35) issued by the Ministry
+of Finance, from January 1st, 2022, the Company has included the external
+sales of products or by-products emerging before the fix assets become ready
+for their intended uses or during the research and development processs in
+profit or loss; and for the purpose of assessing whether a contract is onerous,
+the cost of fulfilling the contract includes both the incremental costs of
+fulfilling that contract and an allocation of other costs that relate directly to
+fulfilling contracts.
+The Ministry of Finance has issued “Accounting Standards for Business
+Enterprises Interpretation 16" on December 13th, 2022, to require companies
+to recognize deferred tax on particular transactions that, on initial recognition,
+give rise to equal amounts of taxable and deductible temporary differences for
+annual periods beginning on January 1st, 2023; and accounting treatments for
+"income tax implications of dividends related to financial instruments
+classified by the issuer as equity instruments”, and for “reclassification from
+cash-settled share-based payments to equity-settled share-based payments"
+are effective on the date of issuance.
+Application of Interpretations above has no material impact on the financial
+statements of the Company.
+180
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+B.
+Changes in Accounting Estimates
+There have been no significant changes in accounting estimates during the
+reporting period.
+IV. TAXES
+Application of "Accounting Standards for Business Enterprises Interpretation
+16"
+15%, 16.5%, 25%,
+29.5%
+189
+entities below
+period
+Transfer back during
+the period
+Transferred during the
+period
+Current write-offs
+186
+965,223.80
+Total
+965,223.80
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Provision for
+doubtful debts
+Stage 1
+Expected credit
+losses for the next
+12 months
+1,217,740.82
+Provision for the
+1
+-Turn back to Stage
+574,908,647.32
+3. Provision for doubtful debts on other receivables
+Provision for
+doubtful debts
+Stage 1
+Expected credit
+losses for the next
+12 months
+Stage 2
+Expected credit
+losses (no credit
+impairment) for
+the entire life of
+the property
+Stage 3
+Expected credit
+losses (credit
+impairment has
+occurred)
+throughout the life
+of the
+Opening balance
+Opening balance at the
+beginning of the
+1,217,740.82
+period
+-Transfer to Stage 2
+-Transfer to Stage 3
+-Turn back to Stage
+2
+Stage 2
+Expected credit
+losses (no credit
+impairment) for
+the entire life of
+the property
+Stage 3
+Expected credit
+losses (credit
+impairment has
+occurred)
+throughout the life
+of the
+Less than 1
+Hydropower Development
+518,979,716.98
+72.43
+674,673.63
+and
+year
+Co., Ltd.
+payable
+Administrator of AnNeng
+(Qujialing) Biomass Power
+Guarantee
+deposit
+40,000,000.00
+0-2 years
+5.58
+166,000.00
+Generation Co., Ltd.
+receivable
+16,631,747.74
+Jinshajiang Yunchuan
+Ageing of
+accounts
+Other changes
+22,536.01
+Closing balance
+2,205,500.63
+4.
+There were no actual write-offs of other receivables during the period
+Total
+22,536.01
+2,205,500.63
+Nature of
+payment
+Closing balance
+5. Top five other receivables with closing balances, grouped by party in arrears
+Name of unit
+As a percentage
+of the closing
+balance of other
+receivables (%)
+Provision for
+doubtful debt
+Closing balance
+Accounts
+512,739,129.14
+4,730,172.86
+40,807,597.58
+Hubei Energy Investment Development Co., Ltd.
+Total
+185
+Closing balance
+Opening balance
+120,305,200.00
+55,028,400.00
+120,305,200.00
+55,028,400.00
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+() Other receivables
+1.
+Disclosure by age
+Ageing of accounts
+Closing balance
+Investee Units
+Within 1 year
+Dividend receivable
+(-) Dividend receivable
+51,539,182.24
+78.48
+Note 4. Other receivables
+Items
+Interest receivable
+Dividend receivable
+Other receivables
+Total
+Closing balance
+Opening balance
+120,305,200.00
+714,323,452.38
+55,028,400.00
+573,690,906.50
+834,628,652.38
+628,719,306.50
+Note: Other receivables in the above table represent other receivables net of interest and
+dividends receivable.
+1.
+Accounts
+660,532,259.23
+Opening balance
+Total
+2.
+Breakdown by nature of payments
+Nature of payment
+Closing balance
+Deposits and guarantee deposits
+Advances from customers
+Accounts receivable and payable
+Other
+Subtotal
+1,217,740.82
+573,690,906.50
+72,325,633.13
+2,050,630.34
+626,229,719.44
+15,922,970.10
+716,528,953.01
+Opening balance
+714,323,452.38
+36,667,702.21
+2,205,500.63
+Subtotal
+1-2 years
+14,524,503.30
+556,888,875.78
+12,869,464.31
+2,594,934.53
+2-3 years
+3-4 years
+4-5 years
+More than 5 years
+2,835,147.59
+1,250,082.46
+719,258.22
+716,528,953.01
+1,397,460.43
+712,040.71
+445,871.56
+574,908,647.32
+Less: Provision for doubtful debts
+China Three Gorges Industry
+receivable
+Less than 1
+Other
+4,760.86
+14,748.21
+19,509.07
+Total
+255,131,475.56
+44,256,676.67
+753,568.18
+26,754,283.55
+273,387,436.86
+Note 6. Other current assets
+1.
+Breakdown of other current assets
+Items
+VAT input tax credit
+Treasury bonds repurchase *Notel
+Prepayment of taxes
+components.
+Peruvian IGV tax to be deducted
+229,275,188.41
+38,520,489.24 753,568.18
+Opening balance
+Amount increased during the
+period
+Decrease during the period
+Closing balance
+Accrual
+Other
+Reversal or
+write-back
+Other
+Raw
+47,699,547.39
+5,721,439.22
+9,328,247.23
+44,092,739.38
+materials
+Spare parts
+and
+207,427,167.31
+17,426,036.32
+Items
+Total
+18,248,400.61
+Closing balance
+Opening balance
+Provision
+for
+impairment
+Carrying value
+Book balance
+Provision
+for
+impairment
+Carrying value
+1,034,000,503.90
+1,014,594,368.22
+1,014,594,368.22
+1,034,000,503.90
+1,014,594,368.22
+1,014,594,368.22
+188
+China Yangtze Power Co., Ltd.
+Year 2022
+for different
+1,034,000,503.90
+Closing balance
+Total
+Shareholder
+loans
+102,000,948.00
+20,594,356.19
+109,009,068.62
+Opening balance
+5,357,659.56
+168,904,971.50
+5,635,388.13
+87,777,270.76
+249,852,773.42
+2,764,659,097.38
+3,032,334,387.33
+*Note1: Treasury bonds repurchase refers to the principal of funds the Company lends out in
+treasury bonds repurchase market during the reporting period to obtain extra interest income.
+The Company's holding term was 1 day, 2 days, 3 days, 7 days, 14 days, and 28 days, and the
+interest income was calculated based on the actual interest rate in Shanghai and Shenzhen
+stock markets at the time of the transaction.
+*Note2: The decrease in prepaid investments is mainly due to the settlement of the equity
+transfer of Dinghe Property Insurance Co., Ltd. and recognition as a long-term equity
+investment.
+Note 7. Debt investments
+1. Debt investments
+Items
+Book balance
+1,034,000,503.90
+Total
+Provision for decline in value of inventories
+470,031,320.31
+110,700.00
+and Reform Bureau.
+Total
+593,433,885.17
+82.83
+1,090,668.47
+Note 5. Inventory
+1. Inventory classification
+Closing balance
+Opening balance
+Items
+Book balance
+Raw
+99,321,091.18
+Provision for
+decline in value
+of inventories
+44,092,739.38
+Carrying value
+Book balance
+1.26
+materials
+Goods in
+stock
+Spare parts
+and
+1-2 years
+Guarantee
+deposit
+15,454,168.19
+2.16
+16,294.84
+Co., Ltd.
+and
+year
+payable
+Inner Mongolia
+Chuangsheng Development
+Guarantee
+deposit
+10,000,000.00
+1-2 years
+1.40
+123,000.00
+Investment Co., Ltd.
+Mangshi People's
+Government Development
+9,000,000.00
+2.
+55,228,351.80
+Provision for
+decline in value
+of inventories
+47,699,547.39
+Book balance
+Opening balance
+Provision for
+decline in value
+of inventories
+Carrying value
+Other
+369,720.80
+19,509.07
+350,211.73
+60,225.31
+4,760.86
+55,464.45
+Total
+726,784,923.50
+273,387,436.86
+453,397,486.64
+725,162,795.87
+255,131,475.56
+Carrying value
+105,611,771.51
+Provision for
+decline in value
+of inventories
+Items
+Carrying value
+1,483,814.14
+1,483,814.14
+1,289,178.53
+57,912,224.12
+1,289,178.53
+625,610,297.38
+229,275,188.41
+396,335,108.97 618,201,620.52
+207,427,167.31
+410,774,453.21
+components
+187
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Closing balance
+Book balance
+Y REASEGUROS
+Prepayment of investments *Note2
+9.00
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Ageing of accounts
+Closing balance
+Opening balance
+Less: Provision for doubtful debts
+Total
+25,143,894.46
+4,396,341,092.97
+2. Disclosure of Provision for Doubtful Accounts by Calculation Method
+13,818,589.64
+3,768,258,804.36
+Closing balance
+Book balance
+Provision for doubtful debts
+Category
+Proportio
+Amount
+182
+Amount
+3,782,077,394.00
+5,974.17
+Note 2. Accounts receivable
+1.
+Disclosure of receivables by age
+Ageing of accounts
+Closing balance
+Opening balance
+4,405,656,008.92
+3,762,963,377.29
+13,567,695.89
+Within 1 year
+1-2 years
+2-3 years
+3-4 years
+Subtotal
+2,261,282.62
+19,045,142.59
+62,899.95
+4,421,484,987.43
+As at December 31, 2022, there were no amounts pledged, frozen, or potentially at risk of
+recovery.
+n (%)
+Carrying value
+25,143,894.46
+0.57
+4,396,341,092.97
+Continued:
+Book balance
+Beginning balance
+Provision for doubtful debts
+Category
+Amount
+Proportion
+(%)
+Amount
+Percentage
+of accrual
+Carrying value
+(%)
+Accounts receivable
+with a single doubtful
+debts provision
+Accounts receivable
+with doubtful debts
+provision by portfolio
+Of which: large hydro
+106,061,727.40
+Percentage
+of accrual
+(%)
+2.40
+100.00
+Other money portfolio
+Total
+Accounts receivable
+with a single doubtful
+debts provision
+Accounts receivable
+with doubtful debts
+provision by portfolio
+4,421,484,987.43
+100.00
+25,143,894.46
+0.57 4,396,341,092.97
+Of which: large hydro
+3,070,688,867.53
+69.45
+3,070,688,867.53
+business portfolio
+Peruvian corporate
+1,244,734,392.50
+28.15 25,143,894.46
+2.02
+1,219,590,498.04
+portfolio
+106,061,727.40
+4,421,484,987.43
+3,782,077,394.00
+1,126,963,307.94
+28,791,086.94
+Note
+0.008 Yuan/kWh
+Tax
+For
+0.09 Yuan/cubic
+Actual water consumption
+Xiluodu Station
+production
+meter
+181
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Tax Type
+Category
+Tax Base
+Note
+Tax Base
+Net generation of
+electricity
+Xiangjiaba
+Station
+hydropower
+For
+Original value of properties and rental
+Within 1 year
+Real Property Tax
+1.2%, 12%
+income
+0.008 Yuan/kWh,
+Water Resources
+Tax
+Actual generation capacity and water
+consumption
+0.09 Yuan/cubic
+Note*
+meter, 0.1
+Yuan/cubic meter
+Peru IGV Tax
+Sales revenue of electricity and
+merchandise
+18%
+Note*: Pursuant to (Caishui [2017] No.80), a Notice on Expanding the Pilot Project of
+Water Resources Tax Reform, issued by the Ministry of Finance, the State Administration of
+Taxation and the Ministry of Water Resources, Sichuan Province became one of the second
+batch of water resources tax reform pilot provinces in China. Applicable tax rates as below
+are effective as of December 1st, 2017.
+Tax Type
+Category
+Water Resources
+9,929,980,061.69
+0.1 Yuan/cubic
+Applicable corporate income tax rate for the Company and its subsidiaries are shown below.
+V. Notes to the key items in the Consolidated Financial Statements
+(The following amounts are in RMB if not otherwise stated)
+Note 1. Monetary funds
+Items
+Closing balance
+Opening balance
+Cash on hand
+Other monetary funds
+Total
+Of which: total funds held overseas
+4,135,792.89
+9,293,335,518.10
+4,710,195.58
+9,302,181,506.57
+1,713,282,449.05
+7,869,287.15
+9,893,319,687.60
+Note**: Pursuant to (CaiShui [2020] No. 23) issued by the Ministry of Finance, the State
+Administration of Taxation and the National Development and Reform Commission, the future
+periods of application of the preferential tax rate of 15% will be extended for another 10 years
+from 2021 to 2030.
+meter
+Refer to local tax policies
+16.5%
+Entity Name
+The Company and all subsidiaries except
+for:
+Three Gorges Chuanyun Company
+CYPC International
+Three Gorges Power
+Yangtze Andes Holding
+Peruvian Companies
+Corporate Income Tax
+Notes
+Rate
+25%
+15%
+Note**
+16.5%
+16.5%
+Refer to local tax policies
+29.5%
+100.00 13,818,589.64
+Bank deposits
+3,768,258,804.36
+2,314,954.03 25,143,894.46
+portfolio
+Combination of
+other amounts
+Total
+13,818,589.64
+9,010,350.79
+2,314,954.03
+25,143,894.46
+4.
+There were no actual write-offs of accounts receivable during the period
+5. Top five accounts receivable with closing balances, grouped by party in arrears
+Name of unit
+State Grid Corporation of China
+9,010,350.79
+China Southern Power Grid Co., Ltd.
+2,145,715,182.19
+653,180,104.21
+As a percentage
+of the closing
+balance of
+accounts
+receivable (%)
+48.53
+14.77
+Provision for
+doubtful debts made
+Central China Branch of State Grid
+Corporation of China
+259,422,730.62
+5.87
+Calot Power Limited Company
+42,284,595.10
+0.96
+Pakistan Branch of China Three
+Closing balance
+13,818,589.64
+Peruvian corporate
+business portfolio
+(%)
+Total
+3,782,077,394.00
+100.00 13,818,589.64
+0.37
+3,768,258,804.36
+3.
+Provision for doubtful debts charged, recovered or reversed during the period
+Movement during the period
+Recovered
+Category
+Opening balance
+Closing
+or
+Accrual
+Write-offs Other changes
+balance
+hydropower
+Of which: large
+portfolio
+provision by
+2,314,954.03 25,143,894.46
+9,010,350.79
+Gorges Corporation's Technology
+and Economic
+13,818,589.64
+Accounts
+debts provision
+single doubtful
+receivable with a
+Accounts
+transferred
+back
+doubtful debts
+of accrual
+26,024,659.41
+Total
+3. Top five prepayments with closing balances grouped by prepaid objects
+As a
+percentage of
+Name of unit
+Closing balance
+Ageing of
+total
+prepayments
+(%)
+accounts
+PACIFICO COMPAÑÍA DE
+15,663,145.30
+23.85
+Less than 1 year
+SEGUROS Y REASEGUROS
+BANCO DE CRÉDITO DEL
+14,869,850.20
+No prepayments aged over one year and of significant amount
+22.65
+PERÚ
+China Three Gorges (Chengdu)
+8,638,025.32
+13.15
+Less than 1 year
+E-commerce Co., Ltd.
+Three Gorges International
+Tendering Co., Ltd.
+6,455,826.52
+9.83
+0-2 years
+EL PACIFICO
+0.37
+PERUANO-SUIZA CIA SEG
+Less than 1 year
+2.
+100.00
+0.65
+3,126,627,271.53
+70.72
+Note 3. Prepayments
+184
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+1. Prepayments are shown by ageing
+Ageing of accounts
+Within 1 year
+1-2 years
+2-3
+years
+Total
+Closing balance
+Opening balance
+Amount
+604,743.36
+93,606,544.48
+100.00
+65,664,625.30
+2.16
+2,021,073.33
+1.62
+0.59
+1,064,219.74
+90,980,727.79
+n(%)
+Amount
+Proportio
+Proportion
+(%)
+98.38
+64,600,405.56
+97.19
+5,912,334.90
+receivable with
+Combination of other
+Book balance
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+183
+2,877,613,834.83
+amounts
+59,615,412.70
+Provision for doubtful debts
+1.57
+portfolio
+831,029,556.83
+1.64
+22.34 13,818,589.64
+844,848,146.47
+Peruvian corporate
+business portfolio
+2,877,613,834.83
+59,615,412.70
+Category
+Beginning balance
+Amount
+Proportion
+(%)
+Carrying value
+Amount
+76.09
+Percentage
+30,912,732,230.12
+35,732,461,733.26
+(1). Performance of principal businesses by segment, by product, by region and by sales model
+√ Applicable Inapplicable
+2. Income and Cost Analysis
+☐ Applicable √ Inapplicable
+Detailed description of major changes in the Company's business type, profit composition, or source in
+the current period
+-2.81
+-13.49
+-27,583,928,909.24
+Net cash flows from financing
+activities
+investment activities
+-37.65
+-6,565,209,402.80
+-4,093,091,567.88
+Net cash flow generated in
+Net cash flows from operating
+activities
+-28,380,741,024.38
+127.45
+2022 Annual Report
+89,655,150.76
+4,091,934,992.09
+III. Business during the Reporting Period
+The Company is primarily engaged in operations of large hydropower stations and is the world's
+largest hydropower listed company. At present, the total installed capacity of hydropower is 71,795 MW
+(including the Wudongde and Baihetan hydropower stations acquired in January 2023), of which the
+domestic installed capacity is 71,695 MW, accounting for 17.34% of the national hydropower
+installation. The Company manages and operates 6 giant hydropower stations including the Three
+Gorges, Gezhouba, Xiluodu, Xiangjiaba, Wudongde, and Baihetan with the pursuit of excellence and a
+sense of responsibility, and continuously provides high-quality, stable, and reliable clean energy.
+The generation capacity of the Company's four cascade stations in 2022 reached 185,581 GWh.
+They played an important role in giving play to the comprehensive benefits of the cascade stations,
+energy conservation and emission reduction, ensuring energy supply, and promoting economic and
+social development.
+In 2022, while insisting on supporting the main business of hydropower in becoming stronger and
+doing better, the Company actively made strategic investments in the upstream and downstream
+industrial chains and related emerging fields, with an investment income reaching a record high of RMB
+4.6billion throughout the year. At the same time, the development of renewable energy integrated with
+wind power, solar power, and hydropower storage has proceeded in a well-conceived way. In-depth
+operation and regulation research on the integration of hydropower, wind power, and solar power was
+carried out. The core capacities in large hydropower O&M were given play to realize a high-quality
+Data is quoted from CEC's 2021-2022 National Power Supply and Demand Analysis and Forecast.
+14
+2022 Annual Report
+39,416,834.88
+layout and promote the development of the pumped storage business. The development of the integrated
+smart energy business was accelerated. The urban green integrated energy management mode was
+launched in an innovative manner and the integrated development of "power supply, power grid, load,
+and energy storage" was actively laid out.
+√ Applicable Inapplicable
+(I)Cascade combined dispatching capacity in the valley
+Great efforts were made to promote the capability building of valley-dominated, market-oriented,
+decision-making-wise, and management-innovative regulation and constantly increased the
+well-designed dispatching level of cascade water control projects. The information-sharing platform was
+further expanded, and the scope covered by the network of water and rain regimen stations was further
+expanded while keeping the water regimen forecast accuracy at a relatively high level. The 24-hour
+hydrological forecast accuracy of cascade stations in the flood season in the watershed reached 95.8% in
+2022. The company continue to promote the construction of intelligent and optimal joint dispatching,
+comprehensively improve the comprehensive water resources utilization capacity of the six reservoirs in
+the basin's terrace, and through innovative practices in the dispatching and production management of
+the terrace hydropower stations, safely and efficiently complete the connection of the Jinsha River
+terrace power stations for power generation, and initially build a "six reservoirs joint dispatching"
+pattern.
+The Company closely centered on national strategies, gave full play to the social comprehensive
+effects (flood control, electricity generation, water-borne transportation, water replenishing and
+ecosystem, etc.) of the valley cascade water control project, actively served the construction of the
+Yangtze River Economic Belt and provided clean energy guarantee for the operation of the national
+economy. In 2022, a total of 32 billion cubic metres of water was replenished to the lower reaches of the
+river, effectively improving the navigation conditions of the middle and lower reaches of the Yangtze
+River and ensuring water demand for production, living and ecology along the river. The Three Gorges
+Reservoir promoted the breeding of drifting egg-laying fish, with a total spawning capacity of 15.7
+billion eggs in the Yidu section of the Hubei River, including 8.9 billion eggs for the "four major fish",
+both of which reached record highs.
+(II) Operation and management capacity of large-sized hydropower stations
+Main businesses (by industry)
+4,751,369,573.92
+-13.88
+IV. Core Competitiveness Analysis in the Reporting Period
+Operating
+Gross
+profit
+Industry
+revenues
+rate
+Increase &
+decrease
+in the
+operating
+cost over
+Increase &
+decrease in
+the gross
+(%)
+Domestic
+43,598,734,825.79 16,900,658,225.9
+year (%)
+61.24
+-10.57
+income
+over last
+last year
+(%)
+Increase &
+decrease
+in the
+operating
+2.03
+year (%)
+margin
+Decreased
+17
+2022 Annual Report
+hydropower
+4
+by 4.78%
+industry
+Other
+industries
+7,241,926,790.39 4,693,176,916.70
+Increased
+35.19
+over last
+Gross
+profit
+Operating costs
+Product
+Operating costs
+revenues
+rate
+(%)
+Increase &
+decrease
+in the
+operating
+income
+over last
+Unit: yuan Currency: RMB
+Increase &
+decrease
+in the
+operating
+cost over
+last year
+(%)
+2.03
+23.00
+17.43
+Increase &
+decrease in
+the gross
+margin
+over last
+year (%)
+Decreased
+by 4.78%
+Increased
+by 3.07%
+year (%)
+Operating
+Main businesses (by product)
+industries
+35.19
+4,693,176,916.70
+7,241,926,790.39
+By the end of 2022, the country's full-calibre installed power generation capacity was 2,560 GW,
+up 7.8% year-on-year. Among them, 1,213 GW of renewable energy capacity was installed, accounting
+for 47.3% of the total installed capacity, up 2.5 percentage points from 2021. The overall trend of green
+and low-carbon transformation continued.
+Other
+4
+-10.57
+61.24
+hydropower 43,598,734,825.79
+16,900,658,225.9
+Domestic
+industry
+Other losses and profits conforming to
+the definition of extraordinary gains
+and losses
+In 2022, the country's entire society consumed 8.64 million GWh of electricity, an increase of 3.6%
+year-on-year. A total of 27 provinces across the country recorded growth in electricity consumption,
+with the central region leading the growth rate.
+(II) Supply and demand in the electricity market¹
+5.30
+165,177,033.72
+150,419,652.08
+9.81
+Administrative Expenses
+Financial expenses
+Research and development
+expenses
+1,360,283,180.14
+13,792,013.07
+15,678,172.60
+Less: amount affected by income tax
+Amount affected in minority
+33,056,493.22
+152,725,238.50
+-88,040,202.18
+21,113,077,634.36
+-5,190,015.87
+-83,310,554.64
+shareholders' equity interest (after-tax)
+277,765.66 24,122,775.82
+2,131,578,884.21 122,242,748.85
+Explanation of defining extraordinary gains and losses listed in the Explanatory Announcement No. 1 on
+Information Disclosure for Companies Offering Securities to the Public - Extraordinary Gains and
+Losses as ordinary gains and losses
+☐ Applicable √ Inapplicable
+XI. Items Measured by Fair Value
+√ Applicable Inapplicable
+Item Name
+Beginning balance
+Ending balance
+1,359,765,980.97
+Current change
+Unit: yuan Currency: RMB
+Amount of
+influence on the
+TOTAL
+-6.44
+55,646,253,991.83
+52,060,482,557.85
+22,232,888,528.67
+(III) Overhaul and maintenance capacity of large-sized hydropower stations
+The company vigorously promotes the construction of watershed overhaul support systems, uses
+digital, intelligent and other information technology to enhance the ability and level of equipment and
+facility overhaul, creates a technical management system adapted to watershed overhaul, continuously
+15
+2022 Annual Report
+improves the overhaul quality management system, optimizes the overhaul process, focuses on the
+overhaul process management, continuously carries out equipment condition assessment, achieves
+scientific overhaul, overhaul according to needs, focuses on the overall situation and dynamically
+optimizes the yearly overhaul work, from The company will take precise measures in project
+management, scientific and technological innovation and comprehensive protection to achieve
+intelligent control of basin maintenance.
+In 2022, the company the first time completed the Ge double I, II back line capacity CT
+replacement work, providing a new solution for similar structure maintenance; the first time achieved 25
+AHMA-type operating mechanism in situ maintenance, compared with the return to the plant overhaul, a
+single operating mechanism overhaul period from 2 months to less than 5 days, overhaul efficiency
+increased by more than 10 times; the use of the Central Ring machining machine tool in Xiangjiaba
+Power Station No. 6 machine gasket milling processing, to achieve A new breakthrough in on-site
+machining of 800 MW unit components.
+(IV) Cross-regional power marketing capacity
+All of the Company's cascade stations are key national energy projects and backbone power sources
+for "West-to-East Electricity Transmission", and it is of great significance to safeguard national energy
+security, promote energy structure adjustment, achieve energy conservation and emission reduction
+targets, and implement national strategies such as the development of the Yangtze River Economic Belt.
+The scale of hydropower is huge, and through supporting outward transmission lines, resources are
+allocated on a large scale by means of cross-region and long-distance transmission, and the provinces
+and cities for consumption are mainly economically developed regions such as the Yangtze River Delta
+and the Pearl River Delta. After years of practical exploration, the company's marketing team has
+formed a complete and unique system for the consumption of hydropower by making institutional
+arrangements such as power consumption schemes, tariff formation mechanisms, medium and long-term
+contracts, power dispatch, market transactions and tariff settlements; in the new stage of development of
+the power market, the company's marketing team has taken the initiative to respond to the market
+situation, calmly tackled market challenges, effectively prevented market risks, actively created market
+value and continuously The company's marketing team has taken the initiative to respond to the market
+situation, calmly cope with market challenges, effectively prevent market risks, actively create market
+value, and continuously improve its competitiveness, providing an important guarantee for the
+company's high-quality development.
+(V) Capacity of financing and asset acquisition and integration
+With excellent financial status, stable and abundant cash flow, in September 2020, the Company
+successfully completed the issuance of GDR, becoming the first domestic entity to be listed on the
+"A+G" stock exchange, which has enhanced the coverage of overseas market investors and broadened
+overseas financing channels, laying a solid foundation for the subsequent development of overseas
+investment and financing business. It has also laid a solid foundation for the Company's subsequent
+overseas investment and financing business.
+In recent years, the Company insists on strategic leadership, focuses on the main responsibility and
+main business, and actively and steadily carries out foreign investment in the fields of clean energy,
+integrated smart energy and upstream and downstream of the industrial chain, etc. The investment
+structure is more reasonable and the quality of investment is further optimized, and the Company has the
+ability to contribute to the investment income in accordance with the scale of the Company.
+The Company will further leverage its credit advantages, make use of various financing tools and
+channels, optimize the debt structure, and reduce capital costs. It will proactively serve national
+strategies such as the Yangtze River Economic Belt, "Belt and Road", "carbon emission peak",
+"carbon neutrality" and overall protection of Yangtze River; seize major opportunities such as power
+system reform, mixed-ownership reform, clean energy transformation, and new energy development,
+and actively pursue industrial chain extension and international development. And it will grasp the good
+opportunities of capital market reform and continuous improvement of the system, actively and steadily
+carry out investment around the main business, and carefully carry out market value management.
+V. Main Operation Conditions in the Reporting Period
+In 2022, affected by the year-on-year drier water from the Yangtze River and the water storage of
+new power stations upstream, the generation capacity of cascade stations affiliated to the Company was
+185,581 GWh, a decrease of 22,741 GWh or 10.92% over the same period last year; The total profit was
+RMB26,313 million, a decrease of RMB6,096 million or 18.81% over the same period last year; the net
+16
+2022 Annual Report
+profit attributable to the Parent Company was RMB 21,309million, a decrease of RMB 4,964 million or
+18.89% over the same period last year; The basic earnings per share was RMB0.9370, a decrease of
+RMB 0.2183 or 18.89% over the same period last year.
+(I) Analysis of Main Business
+(%)
+proportion
+Change
+year
+period of the previous
+Unit: yuan Currency: RMB
+Amount in the same
+current profit
+Balance of this period
+Operating costs
+Operating revenues
+16,052,151.55
+Item
+Analysis of Changes in Items Relevant to Statements of Profit and Cash Flow
+1.
+Selling expenses
+Other
+equity
+23.00
+2022 Annual Report
+(III). Innovation-led, reform-empowered, high standards to shape new advantages and new
+dynamics.
+New breakthroughs were made in system construction. The company formulated the reform plan
+for scientific and technological innovation and the reform plan for optimizing the organization of the
+scientific research section, and the construction of the innovation organization system has been
+improved. With comprehensive deployment and active action, significant progress was made in
+innovation work. The company took over the National Engineering Research Centre for the Efficient
+Use of Water Resources and Engineering Safety and the Hubei Provincial Technology Innovation
+Centre for Intelligent Hydropower, constructed a joint laboratory for water and landscape multi-energy
+complementarity, and was approved to build the company's first post-doctoral research station.
+New achievements in scientific and technological innovation emerged. More than 370 new research
+projects were added, and the annual R&D investment reached a record high of RMB 674 million. The
+Industrial Internet platform was officially launched and ran, and won national recognition on its debut.
+The company's independent controllable application action plan was planned and the LCU of 700MW
+mixed-flow unit and axial flow rotating unit based on independent controllable PLC was successfully
+put into operation. Awarded two first prizes in the Hubei Science and Technology Awards 2022. 373
+patents were granted throughout the year, of which the number of invention patents granted jumped
+three times to 81, a record high. Important industry standards such as the Guidelines for the Management
+of Equipment Maintenance in Hydropower Stations and the Regulations for the Maintenance of
+Equipment in Hydropower Stations were successfully approved, leading the way to a new level of
+standards.
+Internal reform achieved new results. The Company completed all the tasks of the three-year
+reform of state-owned enterprises and was selected as one of the "Model Enterprises of Corporate
+Governance of State-owned Enterprises" by SASAC, and ranked second in the annual special
+assessment of the "Double Hundred Enterprises" by SASAC. The Company's comprehensive reform
+cases were selected as the third batch of typical reform experiences in the SASAC's "Reform and
+Assault: A Collection of Cases of Three-Year Action on State-owned Enterprise Reform" and the special
+work of "Learning from the Advanced, Grasping Implementation and Promoting Reform", and the
+Company's experience in Chongqing regional mixed reform was included in the National Development
+and Reform Commission's propagation of typical cases of mixed reform, becoming a pioneering model
+for deepening the reform of state-owned enterprises.
+Building a new pattern of compliance operation. Taking the "Year of Compliance Management
+Enhancement" as an opportunity to raise awareness, deepen understanding and take active actions, the
+company vigorously promoted compliance risk investigation and rectification, mapped out the
+compliance risk base, and fully completed the task of rectification of legal compliance operation during
+the year. A total of 19 key tasks in 6 categories under the "Year of Strengthening Compliance
+Management" were successfully completed. Stock losses were eliminated and new losses were
+effectively curbed. Two achievements of the Company's compliance management were awarded the
+Special Award for Compliance Management Achievements of Electric Power Enterprises in 2022(the
+first session).
+0.04
+(IV). Actively and meticulously calculated to achieve stable growth and stable expectations at
+a high base.
+The restructuring of major assets advanced smoothly. We are making every effort to overcome
+difficulties and orderly promote the work of major assets restructuring of Wudongde and Baihetan
+Hydropower Station by pre-proposal study, due diligence, confirmation of rights and certificates, audit
+and evaluation, internal and external approval, etc., The restructuring was unconditionally approved by
+the CSRC in October 2022, and the equity handover was successfully completed in January 2023. The
+company's total installed capacity has grown by leaps and bounds.
+The Company's value is widely recognised. The Company's excellent business performance and
+standardised governance model were highly recognised by the capital market, with the Company's share
+price reaching a high of RMB 25.27 and market capitalisation reaching a high of RMB 574.7 billion,
+ranking the first place in China's A-share power sector and the top three listed power companies in the
+world. The Company was awarded the "2022 Best Governance Practice for A-share Listed Companies"
+by the China Securities Regulatory Commission, the "Best Listed Companies" by the Fourth New
+Fortune, and the "A" class unit in information disclosure by the SSE. The company maintains A+ rating
+from Fitch, Al rating from Moody's and AAA main rating from China Credit International, and the
+12
+2022 Annual Report
+company's reputation and recognition in the domestic and international capital markets continued to
+improve.
+Capital operation contributed to incremental volume. We steadily carried out foreign investments,
+focusing on clean energy, regional energy platforms, upstream and downstream industrial chains and
+other fields, vigorously carried out asset rotation, and orderly promoted the further concentration of
+equity assets to the main responsibility of the main business, with new foreign investments of
+approximately RMB3.5 billion for the year. Effective implementation of dynamic market value
+management of listed equity interests. Investment income of approximately RMB4.6 billion was
+achieved throughout the year.
+(V). Political leadership, cohesion, high-quality Party building escort steady progress.
+The study and propaganda set off a new wave of enthusiasm. We carried out activities related to
+"building a new era and welcoming the 20th National Congress", and did a good job in studying,
+propagating and implementing the 20th National Congress of the Party. We organized the majority of
+party members and cadres to study the spirit of the 20th CPC National Congress, and made careful
+planning and thorough planning to bring the study and implementation of the spirit of the 20th CPC
+National Congress to a deeper level with powerful measures.
+Lean party building achieved new results. The "Innovative Practice Research on Grassroots Party
+Building Work of State-owned Enterprises Led by the Brand of "Lean Party Building"" won the first
+prize of the 2022 Outstanding Project Research Results of the Party Building and Political Research
+Association of Central Enterprises. The political research paper on ideological and political construction,
+"Highlighting the "four natures" and gathering the "four hearts" to build a firm ideological foundation
+for guarding the great weapon", won the 2022 China Electricity Ideological and Political Research
+Association Award for Excellence in Grassroots Ideological and Political Work.
+According to the National Energy Administration, 1.52 GW of renewable energy were installed in
+2022, accounting for 76.2% of the country's new power generation capacity, of which 15,070 MW were
+added to conventional hydropower and 8,800 MW were added to pumped storage. Renewable energy
+has become the mainstay of China's new electricity installation
+In terms of the electricity market, the establishment of a unified national electricity market system
+and the energy revolution will be continuously pursued, and the construction of a national unified
+electricity market system will be promoted; the decisive role of the market in resource allocation will be
+given full play; and the spatial and temporal value of electricity resources will be effectively reflected.
+In terms of energy consumption, the scope of new renewable energy consumption will be
+accurately defined. At this stage, renewable energy sources, such as hydropower, wind power, solar
+power, biomass power and geothermal power, are not included in the total energy consumption.
+In terms of energy development, we will actively promote the construction of clean energy bases
+with multiple and complementary energy sources, scientifically optimize the scale of power sources,
+prioritize the use of stock conventional power sources to implement "wind and water (storage)" and
+other multiple and complementary energy projects, vigorously develop wind power, solar power and
+other new energy sources, and maximize the use of renewable energy.
+develop hydropower according to local conditions The development of hydropower will be tailored to
+local conditions, with a view to reaching an installed capacity of 380 GW of conventional hydropower
+by 2025.
+2022 Annual Report
+11
+13
+The Company is mainly engaged in the hydropower generation business, which has the
+characteristics of renewable, pollution-free, mature technology, and strong peak shaving capacity. Under
+the national "carbon peak" and "carbon neutralization" strategic background, hydropower clean energy
+advantages are increasingly prominent.
+(I) Basic information on the electricity industry
+II. Industry of the Company during the Reporting Period
+brand.
+Social responsibility continued to write a new chapter. Combining the production and operation
+characteristics of the hydropower industry, such as the large number of migrants and the extensive areas
+involved, the company implemented 58 social responsibility projects and invested RMB 340 million in
+donations to continuously promote the comprehensive revitalisation of industries, talents, culture,
+ecology and organisation in the villages of the relevant areas. We improved the management system of
+the company's social responsibility work, strengthened the top-level design of the project management
+for fulfilling responsibilities, and implemented and safeguarded the rights and interests of shareholders.
+Combined with the company's strategic development, we explored the practice of corporate and local
+co-construction projects around new business areas to bring into play the benefits of the public welfare
+Brand building took a new step. The company was listed in "China's Top 500 Most Valuable
+Brands" and "Brand Finance China's Top 500" in 2022. The ESG management case of Yangtze River
+Power was awarded the best ESG practice case of A-share listed companies in 2022, "Offline
+Experience plus Online Interaction, Realize "Zero Distance" in Cultural Communication" won the Fifth
+International Communication Innovation Award for International Image Building of Chinese Enterprises,
+and "Guide to Intercultural Communication in Peru" was selected as an excellent topic for foreign
+propaganda of SASAC and chosen by the internal publication of the Propaganda Bureau of SASAC. The
+"Guide to Intercultural Communication in Peru" was selected as an excellent topic for foreign
+propaganda by SASAC and chosen for the internal publication of the Propaganda Bureau of SASAC.
+The construction of the Jinshajiang Patriotic Education Base was carried out in an orderly manner.
+In 2022, the Chinese government continued to attach great importance to the clean energy industry,
+continuously issued policies in the fields of the power supply structure, electricity consumption, and
+electricity market, and strongly supported the development of the clean energy industry represented by
+hydropower, solar energy, and wind power. The "14th Five-Year Plan" for the development of
+renewable energy, released by the National Development and Reform Commission and other ministries
+and commissions in June 2022, proposes that the proportion of non-fossil energy generation will reach
+about 39% by 2025, an increase of 5.8 percentage points during the 14th Five-Year Plan period; to
+In 2022, the country's electricity supply and demand were tightly balanced overall, with some areas
+experiencing tight electricity supply and demand during peak hours. During the summer, China
+experienced the longest duration and widest impact of extreme high temperature and low rainfall
+weather in recent decades, which, combined with the resumption of economic growth, drove the rapid
+growth of electricity consumption load, with 21 provincial power grids across the country experiencing
+record high electricity consumption load. The country is actively implementing the new requirements of
+the carbon peak and carbon neutral target, effectively responding to the impact of extreme weather and
+doing its utmost to ensure power supply and people's livelihood.
+International business achieved improved quality and efficiency. The company continued to
+strengthen the management and control of Peru Company, with standardised and effective corporate
+governance and steady growth in operating results, achieving a net profit of US$170 million for the year,
+an increase of over 20% year-on-year. Overseas operations and maintenance consulting businesses were
+promoted.
+The pumped storage business developed steadily. The Company's first pumped storage power
+station Zhangye Pumped Storage Power Station in Gansu Province commenced construction
+successfully, marking substantial progress in the expansion of the Company's new business in pumped
+storage power station investment, construction and operation management. Adhering to the principle of
+selecting the best among the best, the Company locked in pumped storage project resources of about
+30-40 million KW and achieved good results in the integrated development mode of "pumped storage
+plus new energy".
+3,457,356,904.37
+3,312,302,551.08 -152,376,212.73
+257,471,030.24
+instrument
+investments
+Other
+non-current
+financial
+1,622,160,091.31 1,611,389,626.19 -385,326,649.11
+-353,716,713.60
+assets
+TOTAL
+5,079,516,995.68 4,923,692,177.27 -537,702,861.84
+-96,245,683.36
+XII. Miscellenaous
+□ Applicable √ Inapplicable
+Section III
+Discussion and Analysis by Management
+I.Discussion and Analysis on Operations
+-
+The advantages of new energy differentiation were highlighted. Focusing on the "water-scenery
+storage" multi-energy complementarity, we promoted the study of the integrated water and wind base in
+the lower reaches of the Jinsha River with high quality, giving full play to our advantages and seeking
+high-quality resources to help our new energy business develop in leaps and bounds.
+(II). Forges ahead, breaks through bottlenecks, expands new track and new space with high
+quality.
+Facing up to difficulties and solidly promote the expansion of capacity. The work plan for adjusting
+the single-unit capacity of Xiluodu and Xiangjiaba power stations was completed, the pre-feasibility
+study report for the expansion project of Gezhouba power station was reviewed and relevant thematic
+studies were completed, and the preliminary work for the expansion of Xiangjiaba power station was
+carried out in an orderly manner. The capacity improvement of 19 sets of 125,000 KW units of
+Gezhouba Power Station was successfully completed, with the installed capacity increased by 475,000
+kW, or 17.37%.
+Strengthened control of safety and environmental protection in a good situation. The company
+created a safety control model for pumped storage, new energy and offshore business, and successfully
+completed special work such as the three-year action for special rectification of safety production. The
+number and effectiveness of eco-dispatch tests at terraced power stations set new records. Achieved the
+goal of "zero personal injuries and zero equipment accidents" for 13 consecutive years. Five power
+stations, namely Three Gorges, Gezhouba, Xiluodu, Xiangjiaba and Wudongde, achieved "zero
+unplanned shutdowns" and Baihetan power station operated stably after full commissioning, making the
+company's safety production situation the best in its history.
+Lean operation and smooth response to power supply and successfully completed several rounds of
+supply protection tasks such as welcoming kurtosis in winter and summer, and preserving electricity for
+winter Olympics. During the peak period, the maximum daily power generation capacity of the stepped
+power stations exceeded 1.3 billion kWh, and the total daily power generation capacity exceeded 1
+billion kWh for 48 days during the year. The fully output of green, clean and high-quality electric energy
+effectively relieved the tension of power supply in Central China, East China, South China and Sichuan
+and Yunnan provinces.
+Smart integrated energy demonstration and leadership. The largest distributed photovoltaic project
+and the largest customer-side electrochemical energy storage project in Shanghai were completed and
+put into operation, the first public building energy hosting demonstration project in Tianjin was
+successfully implemented, and the construction of the largest customer-side light and storage smart
+integrated energy project in Central China commenced. The world's largest power-carrying pure electric
+vessel "Three Gorges 1" on the Yangtze River was put into operation; the hydrogen fuel powered vessel
+"Three Gorges Hydrogen 1" was completed and closed; and the "China Three Gorges Green Electric and
+Green Hydrogen Demonstration Station" was successfully commissioned to produce 99.9% high-purity
+hydrogen.
+Actively promoted the full commissioning of Baihetan Power Station. The company successfully
+achieved the target of putting all 10 megawatt units into operation within the year, marking the
+completion of the world's largest clean energy corridor and the full completion of the "six reservoirs
+joint regulation" in the Yangtze River basin (meaning the joint scheduling of the six graded power
+stations on the Yangtze River main stream under the company's operation and management). The new
+pattern was fully formed.
+2022 Annual Report
+10
+Scientific dispatching brought into play the comprehensive benefits of the terraces. In response to
+the historical disaster of special dryness, the water storage scheme was optimised and the 825-metre
+experimental water storage at Baihetan Power Station was completed on schedule, ensuring that the four
+downstream power stations of the Jinsha River successfully achieved their annual water storage targets.
+The Three Gorges Reservoir recharged over 32 billion cubic metres of water to the middle and lower
+reaches of the Yangtze River, making an outstanding contribution to alleviating the drought in the river
+Enhancing the potential to highlight the role of basic support. The Company actively responded to
+the severe challenges such as the rapid change in the Yangtze River's water supply, extreme heat and
+maximum peaking, and improved the efficiency of water resources utilisation. The Company's six power
+stations generated 185,581million kilowatt-hours of electricity, saving 8,598 million kilowatt-hours of
+electricity and achieving the best comprehensive water consumption rate since 2015.
+(I). Faces up to difficulties, digs out potential and increasing efficiency, and consolidates the
+basic plate of large hydropower at a high level.
+The year 2022 is a crucial year for the implementation of the 14th Five-Year Plan. Under the strong
+leadership of the Board of Directors and the oversight of the Board of Supervisors, the
+management has united all employees as one and led them to strive against all difficulties, such as
+decrease of the volume of water from the Yangtze River at different stages and the ups and downs of the
+coronavirus epidemic, to consolidate large hydropower at a high level and promote high-quality new
+space development for the purpose of new achievements and breakthroughs in reform and development
+at the 20th anniversary of the company's establishment.
+basin. The freight volume at the Xiangjiaba Locks reached a record high, injecting new momentum into
+the development of the Yangtze River Economic Belt.
+17.43
+2.03
+(2). Analytical statement of production and sales volume
+□ Applicable √ Inapplicable
+The Company scientifically organized power generation. And the operation and management of
+stations were streamlined and efficient. The Company operates and manages (including managing as an
+agent) 6 giant hydropower stations, which consist of 86 giant hydraulic generator sets with a capacity of
+700,000 kW and above, accounting for 70% of the world's similar sets. The company continues to
+adhere to the power production management concept of of “being capable and high-efficient, scientific
+division of work, advanced and reasonable", refining the operation of the terraced power stations and
+successfully completing important tasks such as power preservation during peak seasons and winter,
+demonstrating its responsibility as a "great power" and a "pillar" with practical actions and management
+results.
+(6). Major changes or adjustments in business, product, or service of the Company during the
+reporting period
+□ Applicable Inapplicable
+(5). Changes in the scope of consolidation due to changes in the shareholdings of major
+subsidiaries during the reporting period
+labor cost
+17.43
+13.99
+16.18 3,996,643,239.96
+expense and 4,693,176,916.70
+industries
+Other
+charges
+Materials
+2022 Annual Report
+18
+levies and
+financial
+57.96
+58.25 16,563,661,037.62
+16,900,658,225.94
+previous
+year (%)
+period in
+the
+the total
+cost (%)
+industry
+hydropower various
+Depreciation
+cost and
+Domestic
+of the total
+cost (%)
+Amount in the
+current period
+(7).
+Cost items
+Information on main sales customers and main suppliers
+The sales amount of the top five customers was RMB 49,750,967,600, accounting for 100% of the
+annual power selling revenue. The sales amount of related parties was RMB 0 in the sales amount of the
+top five customers.
+7.9%
+336
+1.29
+67,401.83
+by 3.07%
+19
+Proportion of the number of R&D personnel in the headcount of
+Number of R&D personnel of the Company
+√ Applicable □ Inapplicable
+(2). R&D Personnel
+investment
+Proportion of the capitalized R&D
+operating income (%)
+Proportion of total R&D investment to the
+Total R&D investment
+Current expensing R&D investment
+Current capitalized R&D investment
+√ Applicable □ Inapplicable
+(1). R&D Investment Table
+R&D Investment
+4.
+□ Applicable √ Inapplicable
+3. Cost
+□ Applicable Inapplicable
+During the Reporting Period, there were cases in which purchases to a single supplier exceed 50%
+of the total, there are new suppliers among the top five suppliers, or the Company is heavily dependent
+on a few suppliers.
+year.
+Purchases from the Company's top five suppliers amounted to RMB1,679,055,200, accounting for
+34.31% of the total purchases in the year. Among the purchases to the top five customers, the purchases
+to their affiliates amounted to RMB 449,573,700, accounting for 9.19% of the total purchases in the
+B. Main suppliers of the Company
+□ Applicable √ Inapplicable
+During the Reporting Period, there were cases in which sales to a single customer exceed 50% of
+the total, there are new customers among the top five customers, or the Company is heavily dependent
+on a few customers.
+A. Main sales customers of the Company
+Product
+Unit: RMB 10,000
+with the
+Domestic
+hydropower
+industry
+previous
+year (%)
+the
+period in
+same
+with the
+period
+compared
+the current
+in the
+amount of
+Proportion
+of change
+previous
+year out of
+the total
+cost (%)
+the
+period of
+the same
+Depreciation
+cost and
+Proportion
+of the
+amount in
+Amount of the
+amount in
+the current
+period out
+of the total
+cost (%)
+Proportion
+of the
+Amount in the
+current period
+Cost items
+Industry
+Condition (by industry)
+Unit: yuan Currency: RMB
+(4). Cost analysis
+√ Applicable □ Inapplicable
+Performance for major purchase contracts and major sales contracts
+(3).
+□ Applicable √ Inapplicable
+same
+same period in the
+previous year
+various
+The Company continue to improve and optimize the control mechanism of large hydropower
+production, strengthen the double prevention mechanism, do a good job of risk control and hidden
+danger investigation and management, overcome unfavorable factors such as extremely dry water, rely
+on the international first-class hydropower plant index system and evaluation methods, large
+hydropower management compatible with the quality management system, improve the modernization
+of the company's governance system and governance capacity, in 2022, Xiangjiaba power station to
+achieve a record high of 52 consecutive days of full capacity operation. In 2022, the average equivalent
+availability coefficient of sets in cascade stations reached 93.58%, and the key indicators of the
+equipment maintained the leading industrial level. The safety quality management system adapted to the
+management of large hydropower projects was continuously improved. The dual prevention mechanism
+for safety management has been constantly improved. The goal of "zero personal injuries and zero
+equipment accidents" was realized.
+58.25 16,563,661,037.62
+16,900,658,225.94
+period
+compared
+in the
+amount of
+the
+previous
+year out of
+previous year
+period out
+the current same period in the period of
+the same
+amount in
+Proportion
+of the
+of change
+Proportion
+Amount of the
+amount in
+Proportion
+of the
+the current
+labor cost
+57.96
+2.03
+financial
+levies and
+By products
+Materials
+charges
+expense and
+4,693,176,916.70
+16.18 3,996,643,239.96
+13.99
+17.43
+industries
+Other
+China Three Gorges Offshore
+(Limited Partnership)
+516,400,552.96
+15,169,570.78
+500,252,863.63
+47,627,622.34
+117,680,000.00
+883,803,845.81
+Energy Private Equity
+Chongqing Changsheng New
+Partnership (Limited Partnership)
+Investment Fund Partnership
+Luxembourg S.a.r.l.
+Changxia Digital Energy
+57,038,270.39
+2,909,059.73
+10,853,887.45
+165,476,726.95
+18,757,731.38
+Technology (Hubei) Co., Ltd.
+3,105,588.27
+-500,355.18
+261,500.22
+21,101,464.25
+Other
+70,423,262.27
+94,675,509.38
+548.79
+80,637,105.51
+48,726,853.97
+Capital Fund Co., Ltd.
+45,617,389.09
+Three Gorges Insurance Broker
+31,019,634.58
+Co., Ltd.
+Zhengzhou Hydroelectric
+Machinery Co., Ltd.
+192,950,669.17
+-12,620,898.97
+32,938.78
+-3,969,077.65
+3,446,137.40
+1,588,421.78
+35,018,449.75
+1,266.67
+6,183,000.00
+3,310,792.58
+3,105,131.46
+31,225,295.70
+4,035,921.34
+12,400.62
+196,998,991.13
+176,344,812.98
+22,139,663.99
+25,825,459.43
+Chongqing Fuling Changfu No. 1
+Equity Investment Fund
+-1,099,780.42
+27,690,695.15
+60,716,844,608.70
+701,684.08
+5. The company made additional investments in several companies, including State Power Investment Corporation, Guangxi Guiguan Electric
+Power Co., Ltd., and Hubei Energy Group Co., Ltd., through the secondary market. The details of these investments are not provided in
+the passage.
+193
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Note 9.
+Investments in other equity instruments
+1.
+Breakdown of other equity instruments
+Items
+Closing balance
+Opening balance
+4. The company purchased a total of 241, 108, 068 shares of Gansu Energy Investment Co., Ltd. through both the secondary market and
+non-public offering subscription, resulting in a 15.06% stake. The company has the right to appoint a board director in the company and
+can exert significant influence, so it will use the equity method for subsequent measurement.
+Non-trading equity instruments
+3,457,356,904.37
+Total
+3,312,302,551.08
+3,457,356,904.37
+2.
+Items
+Investments in non-trading equity instruments
+Reasons for
+designation as at
+fair value through
+other
+comprehensive
+income
+Transfer from
+3,312,302,551.08
+3. The company sold 156, 809, 794 shares of Shanghai Electric Power Co., Ltd. on the secondary market, reducing its stake from 7.56%
+to 1.46%. However, since the company still has a board director in the company, it can continue to apply equity method accounting for
+subsequent measurement.
+subsequent measurement.
+Notes to the Financial Statements
+419,700.00
+59,322,839.10
+Subtotal
+60,373,896,301.01
+5,921,850,560.68
+1,624,099,539.94
+3,538,786,177.14
+54,575,066.65
+185,647,723.47
+1,447,676,451.27
+224,119,537.52 40,270,110.17
+67,043,249,947.91 224,119,537.52
+Total
+5,952,100,560.68
+1,624,099,539.94
+3,534,235,036.26
+54,575,066.65
+193,352,587.62
+1,447,676,451.27
+224,119,537.52
+10,853,887.45
+67,390,185,756.15 224,119,537.52
+Notes to long-term equity investments:
+1. The company sold 2, 213, 240 shares of Sichuan Chuantou Energy Co., Ltd. on the secondary market, reducing its stake from 11.05%
+to 10.87%. However, since the company still has a board director in the company, it can continue to apply equity method accounting for
+192
+China Yangtze Power Co., Ltd.
+Year 2022
+10,125,287.90
+2. The company acquired 15% of the shares of Dinghe Property Insurance Co., Ltd. through an agreement. Since the company has a board
+director in the insurance company and can exert significant influence, it will use the equity method for subsequent measurement.
+t
+the current
+period dividend
+income
+Transfer to investment
+properties
+3. Decrease during the
+period
+Disposal or scrapping
+Other reductions *note2
+4. Closing balance
+II.
+Accumulated
+44,432,089.06
+statements
+44,432,089.06
+313,423,690.64 14,538,985.97
+34,684,868.04
+41,806.02
+385,836,915.69
+23,147,565.02
+275,764,478.48 14,538,985.97
+37,659,212.16
+34,684,868.04
+41,806.02
+348,177,703.53
+37,659,212.16
+23,147,565.02
+1,922,315,194.45
+111,256,161.56
+46,095,177.80
+20,431,061.25
+24,474,726.33
+6,179,145.46
+32,038,413.56
+13,726,701.09
+96,850,047.69
+Construction in
+progress
+769,574,323.46
+1,151,797,076.74 14,618,019.78 184,498,738.50
+2,120,488,158.48
+transfer
+Business combinations
+not under common
+50,081.00
+50,081.00
+control
+Translation differences on
+foreign currency
+206,999,407.41
+1,545,199,660.54 12,764,787.14
+141,901,897,534.55
+Acquisition
+91,105,317,808.67
+347,577,004.89 1,687,551,609.19
+2,845.76
+2,845.76
+control
+Translation differences on
+foreign currency
+statements
+Transfer to investment
+properties
+Other additions *note3
+not under common
+3. Decrease during the
+Disposal or scrapping
+Other reductions
+4. Closing balance
+III. Provision for
+impairment
+1. Opening balance
+2. Increase during the
+period
+3. Decrease during the
+period
+10,932,018,935.02
+5,260,648,915.61 23,239,077.34 111,038,096.02
+2,332,027,269.97
+1,177,487,154.64
+353,498,020,698.16
+196
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+depreciation
+Hubei New Energy Venture
+1. Opening balance
+36,674,313,153.30
+23,143,120,673.92
+70,227,529,923.05 197,949,440.31 758,119,250.03
+131,001,032,440.61
+2. Increase during the
+3,205,065,576.08
+2,373,401,661.90
+5,689,445,892.71 30,594,557.60 144,635,571.75
+11,443,143,260.04
+period
+Provision for the period
+Business combinations
+3,205,065,576.08
+117,278,189,586.22
+21,855,002.24
+period
+124,982,862.65
+Land, houses and buildings
+Total
+Provision for the period
+1,019,953.51
+1,019,953.51
+Translation differences on foreign
+currency statements
+1,926,452.76
+1,926,452.76
+Items
+3. Decrease during the period
+19,519,389.69
+Transfer to fixed assets for own
+19,519,389.69
+19,519,389.69
+use
+4. Closing balance
+15,061,564.40
+15,061,564.40
+III. Provision for impairment
+19,519,389.69
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+currency statements
+3. Decrease during the period
+44,432,089.06
+44,432,089.06
+Transfer to fixed assets for own
+44,432,089.06
+44,432,089.06
+use
+4. Closing balance
+II.
+Accumulated depreciation
+(amortization)
+116,299,858.24
+116,299,858.24
+1. Opening balance
+2. Increase during the period
+194
+31,634,547.82
+31,634,547.82
+2,946,406.27
+2,946,406.27
+1. Opening balance
+4,184,135,570.68
+2. Increase during the period
+4. Closing balance
+Fixed assets
+Items
+Electronic and
+Water retaining
+structures
+House and
+buildings
+Machinery and
+equipment
+Transport
+equipment
+other
+Notes to the Financial Statements
+Land*notel
+equipment
+I. Original book value
+1. Opening balance
+141,901,897,534.55
+90,087,028,492.51
+114,870,141,813.25 328,554,038.48 1,459,554,066.37 1,052,546,098.01 349,699,722,043.17
+2. Increase during the
+1,041,436,881.18
+2,721,471,463.61 33,561,952.38 262,682,410.86
+Total
+Year 2022
+China Yangtze Power Co., Ltd.
+195
+IV. Book value
+1. Closing book value
+2. Opening book value
+Note 12.
+Fixed assets
+Items
+Fixed assets
+Fixed asset liquidation
+Total
+101,238,293.84
+113,822,846.75
+101,238,293.84
+113,822,846.75
+Closing balance
+211,331,111,421.89
+19,669,923.05
+211,350,781,344.94
+Opening balance
+218,698,689,602.56
+13,923,499.07
+218,712,613,101.63
+Note: Fixed assets in the above table represent fixed assets net of fixed asset liquidation.
+(I) Fixed assets
+3. Decrease during the period
+Recognised in
+372,417,835.96
+33,594,629.97
+13,358,185.77
+43,079,364.15
+43,079,364.15
+renovation
+SAN JUAN- BALNEARIOS
+105,309,133.00
+105,309,133.00
+Transmission Line Project
+31,098,757.04
+13,358,185.77
+31,098,757.04
+S 60kv transmission line
+BALNEARIOS -
+MONTERRICO transmission
+line project
+Other
+1,068,644,603.5
+9
+40,538,164.32
+40,538,164.32
+1,068,644,603.5
+INDUSTRIALES-INGENIERO
+Gezhouba 220KV switchyard
+Modification
+45,137,506.60
+133,218,875.50
+133,218,875.50
+Renovation
+Gezhouba Power Station Hydro
+Generator Unit Renewal and
+2,077,505.32
+2,077,505.32
+77,610,193.78
+77,610,193.78
+Capacity Increase
+Hunan Leiyang new organic
+waste resource utilization project
+86,051,033.74
+86,051,033.74
+with a daily treatment capacity of
+1000 tonnes
+Three Gorges Left Bank Power
+Station Monitoring System
+45,492,833.51
+45,492,833.51
+45,137,506.60
+870,530,290.96
+101,773,761.70
+870,530,290.96
+199
+shareholding
+Sale of part of the
+1,111,220.74
+257,471,030.24 1,804,392,931.78|
+Total
+instruments
+holdings
+equity
+Long-term
+257,471,030.24 1,804,392,931.78
+Non-trading
+income to
+retained
+comprehensive
+Reasons for
+transfer of other
+earnings
+retained
+income to
+other
+comprehensive
+Accumul
+ated
+losses
+Accumulated
+gains
+earnings
+1,111,220.74
+Note 10.
+Other non-current financial assets
+Items
+15,274,552.73
+15,274,552.73
+145,457,394.57
+145,457,394.57
+Translation differences on foreign
+2. Increase during the period
+1. Opening balance
+I. Original book value
+Total
+Land, houses and buildings
+Items
+1. Status of investment properties
+Investment properties
+Note 11.
+1,622,160,091.31
+1,622,160,091.31
+1,611,389,626.19
+1,611,389,626.19
+Total
+Investments in equity instruments
+Opening balance
+Closing balance
+9
+7,355,480.26
+101,773,761.70
+Gezhouba Power Station 170MW
+IV. Book value
+1. Closing book value
+2. Opening book value
+102,022,518,805.17
+105,227,584,381.25
+65,589,548,043.22
+66,943,907,818.59
+41,592,036,835.93 130,427,447.81 819,093,135.12 1,177,487,154.64 211,331,111,421.89
+44,642,611,890.20 130,604,598.17 701,434,816.34 1,052,546,098.01 218,698,689,602.56
+Note 1: Land refers to the land owned by the Peruvian companies.
+4. Closing balance
+Note 2: The decrease refers to the transfer of fixed assets under renovation and construction to construction in progress.
+198
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+No fixed assets temporarily idle at the end of the period
+Fixed assets with outstanding title deeds at period end
+Items
+Houses and buildings
+Total
+Note 3: The increase refers the transfer of fixed assets under renovation and construction from construction in progress back to fixed assets.
+period
+Notes to the Financial Statements
+Year 2022
+435,222,948.43
+19,519,389.69
+19,519,389.69
+56,379,141.14
+56,379,141.14
+752,570.37
+230,823,065.47 11,394,440.83
+34,296,347.71
+277,266,424.38
+752,570.37
+39,879,378,729.38
+25,515,769,765.45
+194,799,837.81
+36,023,227.66
+75,686,152,750.29
+11,394,440.83
+34,296,347.71
+241,243,196.72
+36,023,227.66
+217,149,557.08 868,458,474.07
+142,166,909,276.27
+197
+China Yangtze Power Co., Ltd.
+Carrying value
+Hydro Generator Unit
+32,730,599.23
+(II) Liquidation of fixed assets
+Construction in progress
+Closing balance
+Opening balance
+Items
+Book balance
+Provision
+for
+impairmen
+Carrying value
+Book balance
+Provision
+for
+impairmen
+1.
+Carrying value
+Xiangjiaba Project *note
+1,550,654,817.2
+0
+1,550,654,817.2
+1,544,208,504.2
+0
+1
+1,544,208,504.2
+1
+t
+(I) Construction in progress
+Note: Construction in progress in the above table refers to construction in progress net of
+construction materials.
+2,891,576,923.64
+Reasons for not completing the title deeds
+In process of title certificate
+Items
+Fixed asset liquidation
+Total
+Closing balance
+Opening balance
+19,669,923.05
+19,669,923.05
+13,923,499.07
+13,923,499.07
+Note 13.
+Construction in progress
+Items
+Closing balance
+Construction in progress
+Engineering materials
+2,868,052,740.83
+Total
+3,316,178.30
+2,871,368,919.13
+Opening balance
+2,890,730,789.56
+846,134.08
+32,730,599.23
+24,237,037.65
+15,274,552.73
+Changxia Smart Energy
+754,957.21
+State Power Investment
+11,847,755,833.19
+704,879,413.98
+734,548,442.52
+Corporation Limited
+Information Technology Co., Ltd.
+65,303,942.68
+226,528,369.06
+Sichuan Chuantou Energy Co.,
+5,029,175,498.02
+23,093,961.78
+386,390,756.25
+38,616,085.83
+54,243,749.90
+50,483,338.46
+57,900,000.00
+Three Gorges High-Tech
+4,088,443,920.72
+Three Gorges Finance Co., Ltd.
+2,367,060,854.24
+244,176,945.55
+-20,206,052.21
+110,949,203.29
+73,423,383.25
+2,480,082,544.29
+1,345,388,587.25
+1,073,062,019.38
+11,627,191.31
+1,884,753.11
+26,657,070.60
+312,495,582.89
+Shanghai Electric Power Co.,
+Ltd.
+54,410,325.80
+193,911,792.00
+Chongqing Three Gorges Water
+378,616,262.29
+-28,674,111.18
+18,132,450.99
+81,325,698.22
+3,550,007,516.78
+190
+3,263,258,612.90
+Closing balance
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Investee Units
+Opening balance
+Additional investments Reduce investment
+of provision for
+impairment
+Ltd.
+52,291,895.21
+90,900.63
+Conservancy and Electric Power
+(Group) Co., Ltd.
+3,351,317,195.30
+252,054,660.09
+89,523,800.89
+-17,317,205.16
+1,868,306.00
+29,416,222.72
+53,401,854.45
+13,180,203,013.21
+5,287,659,924.78
+3,624,044,902.67
+Shaanxi Yan'an Power Industry
+Co., Ltd.
+26,400,000.00
+-3,615,228.14
+132,078,340.46
+Increase/decrease during the period
+24,131,890.81
+207,851,819.71
+Yunxia Electric Power (Yunnan)
+Co., Ltd.
+30,040,959.42
+-15,575,556.25
+5,450,132.25
+Changxia Electric Power (Anhui)
+Co., Ltd.
+67,438,474.38
+Other
+7,679,208.84
+75,117,683.22
+Yangtze River Smart Distributed
+183,173,704.82
+(Jiangsu) Co., Ltd.
+Energy Co., Ltd
+30,250,000.00
+19,915,535.42
+3,055,808.68
+Provision for
+impairment
+Other changes in
+equity
+15,274,552.73
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Note 8. Long-term equity investments
+Investee Units
+Declaration of cash
+dividends or profits
+Opening balance
+I. Joint ventures
+Increase/decrease during the period
+Gains and losses on
+investments
+recognised under the
+equity method
+Adjustments to
+other
+comprehensive
+income
+Closing balance
+Additional investments Reduce investment
+-17,863,506.73
+1,572,367.18
+32,878,946.35
+8,823,067,448.66
+213,871,933.66
+339,953,086.63
+43,372,033.74
+13,476,066.72
+286,808,574.75
+Hubei Energy Group Co., Ltd.
+Hubei Qingneng Investment
+Development Group Co., Ltd...
+9,146,931,994.66
+119,093,113.77
+-7,505,977.15
+65,276,800.00
+2,491,686,363.44
+Guangzhou Development Group
+Co., Ltd.
+3,928,734,042.73
+2,445,376,026.82
+Changxia Electric Power
+II. Associated enterprises
+-29,416,222.72
+289,397.85
+682,364.72
+(Guangdong) Co., Ltd.
+Changxia Electric Power
+29,416,222.72
+(Guangdong) Co., Ltd.
+346,935,808.24
+Subtotal
+30,250,000.00
+-4,551,140.88
+7,704,864.15
+218,051,880.68
+33,850,708.92
+-29,416,222.72
+342,948,307.69
+Gains and losses on
+Three Gorges Capital Holdings
+Co., Ltd.
+Adjustments to
+other
+comprehensive
+income
+1,020,856.74
+Changxia Fast Charging
+28,200,000.00
+Technology (Hubei) Co., Ltd.
+-2,620,836.13
+Green Energy Mixed Ownership
+18,000,000.00
+Equity Investment Fund
+(Guangzhou) Partnership
+10,194,167.20
+220.33
+-4,013,036.77
+191
+39,601,541.25
+131,407,495.15
+Closing balance
+2,015,740.44
+investments
+recognised under the
+equity method
+40,000,000.00
+-398,458.75
+127,035,733.20
+-10,408,051.97
+2,764,659,097.38
+Hunan Taohuajiang Nuclear
+Changxia Electric Power (Xi'an)
+Co., Ltd.
+224,119,537.52
+Three Gorges Onshore New
+85,800,000.00
+Energy Investment Co., Ltd.
+Gansu Electric Power
+Investment Energy Development
+1,205,881,924.44
+Power Co., Ltd.
+Dinghe Property Insurance Co.,
+Ltd.
+of provision for
+224,119,537.52
+Other changes in
+equity
+Declaration of cash
+dividends or profits
+Provision for
+impairment
+Other
+Closing balance
+of provision for
+impairment
+Closing balance
+Enterprise (Limited Partnership)
+30,901,850.82
+Energy Co., Ltd.
+162,000,000.00
+Jingzhou Distributed Energy Co.,
+18,693,526.59
+Ltd.
+Chongqing Changxing You
+impairment
+Adjustments to
+other
+comprehensive
+income
+Gains and losses on
+2,881,286,778.61
+224,119,537.52 224,119,537.52
+85,800,000.00
+1,205,881,924.44
+21,036,597.18
+25,579,163.87
+investments
+recognised under the
+equity method
+137,588,845.91
+Year 2022
+Notes to the Financial Statements
+Investee Units
+Opening balance
+Additional investments Reduce investment
+Increase/decrease during the period
+China Yangtze Power Co., Ltd.
+Partnership (Limited Partnership)
+Co., Ltd.
+Chongqing Wanquan Private
+2,157,515.03
+637,529,872.03
+Guangxi Guiguan Electric Power
+5,368,772,534.18
+98,340,531.13
+370,642,905.43
+64,354.15
+1,299,734.20
+134,295,545.40
+5,705,028,377.57
+Co., Ltd.
+Shenergy Company Limited
+3,621,433,317.94
+119,120,032.98
+268,218.03
+5,845.18
+Equity Investment Fund
+Industry Group Co., Ltd.
+Closing balance
+Other changes in
+equity
+Declaration of cash
+dividends or profits
+Provision for
+impairment
+Other
+Three Gorges Development
+Company Limited
+-1,394,411.39
+1,091,561,490.02
+-940,574.37
+263,462.38
+16,525,555.01
+1,084,235,622.89
+Chongqing Fuling Energy
+641,369,214.23
+9,876,799.87
+2,771,761.53
+-351,769.93
+3,623,494,954.23
+175,709,402.59
+-474,096.49
+175,235,306.10
+Investment Fund Partnership
+(Limited Partnership)
+Upper-Middle Stream
+Hongyuan Private Equity
+5,091,941,490.27
+4,417,701.77
+722,306.59
+98,462,883.18
+5,264,274,318.44
+Hydropower Development Co.,
+Ltd.
+119,836,003.40
+265,655,702.99
+Chongqing Qianjiang Changdian
+Yunnan Huadian Jinsha River
+Chongqing Lianjiang Changdian
+(Limited Partnership)
+Xinghong Private Equity
+41,776,814.88
+140,000,000.00
+12,137,938.28
+194,155,169.28
+Investment Fund Partnership
+240,416.12
+Chongqing Fuling Changdian
+Changfu Private Equity
+49,424,470.72
+-49,065.58
+49,375,405.14
+Investment Fund Partnership
+(Limited Partnership)
+foreign currency
+201
+statements
+3.
+Decrease during
+the period
+China Yangtze Power Co., Ltd.
+Closing balance
+Notes to the Financial Statements
+Items
+Land, houses and
+buildings
+Machinery and
+equipment
+Total
+4.
+3,206,783.07
+Year 2022
+1,729,112.56
+63,896,895.66
+differences on
+142,315,992.58
+11,290,108.20
+75,187,003.86
+2.
+Increase during
+78,419,096.92
+2,213,930.51
+80,633,027.43
+the period
+Provision for the
+76,941,426.41
+484,817.95
+77,426,244.36
+period
+Translation
+1,477,670.51
+13,504,038.71
+4,669,588.74
+III. Provision for
+Increase during the
+period
+3. Decrease during the
+period
+4.
+Closing balance
+IV.
+Carrying value
+5.
+2.
+Carrying value at the
+6.
+Opening book value
+120,459,816.08 166,793,622.76 147,923,225.77 21,677,556,383.86 22,112,733,048.47
+98,078,334.56 159,097,477.68 90,939,693.77 19,833,304,471.23 20,181,419,977.24
+Note: The company acquired a Peruvian company in 2020, whose core assets are
+transmission and distribution assets in Peru. According to local laws in Peru, the concession for
+transmission and distribution business has no fixed term and is considered an indefinite intangible
+asset with an uncertain useful life. At the end of the year, the company hired a third-party
+intermediary to perform an impairment test on the asset group containing the indefinite intangible
+assets, and no impairment was identified.
+2.
+Status of land use rights without proper title deeds
+Items
+Land use rights
+Total
+end of the period
+Carrying value
+Opening balance
+impairment
+4,669,588.74
+4,669,588.74
+202
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Software and
+Items
+Land use rights
+1.
+4.
+27,770,882.92
+others
+348,945,212.47
+Right to use car
+parking spaces
+Concessions (Note)
+Total
+13,874,898.40
+390,590,993.79
+III.
+Provision for
+Closing balance
+9,807,540.38
+Reasons for not completing the title deeds
+Note 16.
+36,846,400.13
+Industrial Internet
+8,672,320.80
+Platform
+Development
+Research and system
+construction of
+4,035,131.89
+scenery monitoring
+Changjiang Power
+203
+8,672,320.80
+4,035,131.89
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+technology for the
+lower Jinsha River
+Other
+Total
+36,846,400.13
+25,457,871.00 Subject to final payment of contract for title deeds
+25,457,871.00
+the Yangtze River
+Basin
+controlled water
+Research and development expenditures
+Increase during the
+period
+Items
+Opening
+balance
+Internal
+development
+expenditure
+Number of transfers out
+during the period
+Charged
+Recognition
+conservancy Items in
+Closing balance
+as
+Other
+profit or
+loss
+intangible
+assets
+Research and
+development of the
+Three Gorges Group
+sub-system of the
+integrated scheduling
+support system for
+to current
+155,820,031.29
+4,926.68
+92,678,341.13
+Note 15.
+Intangible assets
+1.
+Intangible assets
+Items
+Land use rights
+Software and
+others
+Right to use car
+parking spaces
+Concessions (Note)
+value
+Total
+Original book value
+1.
+Opening balance
+122,644,899.00 426,254,724.24 101,798,124.17
+2.
+Increase during the
+period
+19,833,304,471.23 20,484,002,218.64
+25,585,800.00 94,153,699.73 60,000,000.00 1,844,251,912.63 2,023,991,412.36
+Acquisition
+I.
+25,585,800.00
+637,016,483.14
+635,016,155.34
+impairment
+1.
+Opening balance
+2.
+Amount increased
+during the period
+3.
+Decrease during
+the period
+2,000,327.80
+4.
+IV. Carrying value
+1.
+Carrying value at
+653,697,791.77
+1,792,940.33
+655,490,732.10
+the end of the period
+2.
+Opening book
+Closing balance
+82,865,874.07
+Research and
+Development
+under common control
+amortization
+1.
+Opening balance
+24,566,564.44 267,157,246.56 10,858,430.40
+2.
+Increase during the
+period
+3,204,318.48 86,457,554.65 3,016,468.00
+Provision for the period
+Business combinations
+not under common control
+Translation differences on
+foreign currency
+statements
+Accumulated
+3. Decrease during the
+Disposal
+3,204,318.48
+76,645,087.59
+3,016,468.00
+4,926.68
+9,807,540.38
+4,669,588.74
+4,669,588.74
+302,582,241.40
+period
+Business combinations not
+II.
+148,230,699.00 515,738,835.23 161,798,124.17 21,677,556,383.86
+Translation differences on
+63,823,366.47 60,000,000.00
+16,127,654.58
+7,899,360.93
+157,308,527.40
+16,127,654.58
+147,800.00
+147,800.00
+foreign currency
+14,054,878.68
+22,503,324,042.26
+1,836,352,551.70
+statements
+period
+3. Decrease during the
+4,669,588.74
+Disposal
+4,669,588.74
+4,669,588.74
+4.
+Closing balance
+1,850,407,430.38
+and forecasting
+Land use tax
+3,188,424.92 16,127,654.58 38,499,614.91
+3,188,424.92 16,127,654.58 88,053,467.73
+Water Resources Tax
+567,977,646.27
+VAT
+Closing balance
+Tax items
+Taxes payable
+Note 25.
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+207
+6,060,934.37
+319,755,519.27
+38,543.05
+117,730,233.66
+117,768,776.71
+322,697,638.62
+3,118,815.02
+Total
+4,081,383.27
+30,653,520.26
+34,734,903.53
+Contributions
+Corporate Pension
+premiums
+Unemployment insurance
+1,941,008.05
+171,371,765.35
+Closing balance
+Decrease during
+the period
+Corporate income tax
+Increase during
+the period
+170,193,958.38
+66,794,002.51
+499,672,125.96
+1,928,606,817.22
+Items
+Other payables
+Note 26.
+Total
+46,644,281.82
+4,716,410,703.94
+148,895,972.96
+205,314,572.78
+15,476,696.08
+1,847,918,351.80
+Other
+50,009,979.30
+28,970,538.24
+Peruvian IGV tax
+Education surcharge
+165,661,733.04
+165,661,733.04
+Opening balance
+172,668,900.38
+172,831,712.52
+Property tax
+Construction Tax
+79,117,589.24
+33,988,977.64
+and
+Maintenance
+Urban
+94,173,211.67
+91,230,346.76
+Personal income tax
+1,941,732,250.48
+88,899,967.83
+Opening balance
+Closing balance
+3,118,815.02
+Opening balance
+4,784,559.49
+Worker's compensation
+insurance premiums
+2,768,712.63
+163,057,930.18 163,431,078.63
+3,141,861.08
+Of which: medical
+contributions
+2,768,712.63
+174,054,384.54
+172,948,593.51
+3,874,503.66
+Social security
+541,835.64
+214,692,595.11 217,151,618.99
+3,000,859.52
+Employee benefit costs
+allowances and subsidies
+48,455,588.46
+Closing balance
+Decrease during
+the period
+2,159,493,765.73
+2,173,626,905.69
+34,322,448.50
+Salaries, bonuses,
+Increase during
+the period
+balance
+Items
+Opening
+Presentation of short-term remuneration
+4,784,559.49
+Basic pension insurance
+insurance premiums
+5,106,103.84
+Items
+Defined contribution plan presentation
+3.
+321,186,669.08
+2,912,759,669.87 2,842,146,961.05
+250,573,960.26
+Total
+remuneration
+1,457,046.13
+40,757,886.49
+42,214,932.62
+Other short-term
+schemes
+94,450,432.04
+55,774,271.30
+83,426,753.30
+66,797,950.04
+staff education funding
+Short-term profit sharing
+173,496,073.30
+16,980.88
+732,642.58
+139,376,054.85
+55,538,979.15
+86,456,853.91
+142,578,198.54
+Trade union funding and
+139,393,035.73
+Housing Provident Fund
+732,642.58
+Other
+5,106,103.84
+Maternity insurance
+premiums
+Opening balance
+Interest payable
+1,022,278,878.81
+2022 First Tranche Short
+Term Commercial Papers*
+2021 Second Short Term
+Commercial Paper* note 2
+First Tranche of 2022 Ultra
+Short Term Commercial
+Papers* note 3
+note 1
+2021 First Tranche Short
+Term Commercial Papers*
+Bond Name
+1.
+Increase/decrease in short-term bonds payable
+3,230,604,702.92
+969,747.43
+3,229,634,955.49
+Total
+Sales tax to be transferred
+Short-term financing notes
+Opening balance
+Closing balance
+Items
+Other current liabilities
+Note 28.
+17,440,128,682.74
+8,196,293,261.01
+880,678,041.64
+52,299,032.23
+84,728,579.07
+532,945,436.94
+10,256,856,642.21
+7,130,973,008.30
+Opening balance
+410,036,270.89
+6,287,904,932.47
+Closing balance
+note 4
+Total
+2022 Second Short Term
+Commercial Paper* note 5
+4,501,867,149.11
+209
+220,656,000.00
+360 days
+2022/11/25
+120,000,000
+Soles
+1,500,000,000.00
+285 days
+2022/11/22
+1,500,000,000.00
+1,500,000,000.00
+365 days
+1,500,000,000.00 2022/11/14
+3,000,000,000.00
+134 days
+3,000,000,000.00 2022/7/13
+2,000,000,000.00 2,000,373,584.88
+365 days
+2,000,000,000.00 2021/3/11
+2,500,000,000.00 2,501,493,564.23
+365 days
+2021/1/6
+2,500,000,000.00
+Opening
+Balance
+Issuance
+amount
+Maturity
+Period
+Issuance
+Date
+Par Value
+4,502,059,923.29
+192,774.18
+I.C.P.LUZ DEL SUR 4P1EM
+S-A-FOURTH
+Accrued Interests Payable
+Lease liabilities due within one year
+Long-term payables due within one year
+337,788,203.25
+1,615,380,033.33
+10,412,152,730.41
+Opening balance
+84,580,055.00
+11,117,395,322.75
+1,901,691,170.62
+253,563,742.66
+8,877,560,354.47
+Closing balance
+China Gezhouba Group Co., Ltd.
+Sundry Suppliers-Reimbursable contributions
+Name
+Significant other payables aged over one year
+Total
+Other payments
+Expenses to be paid
+Deposits and security deposits
+Payment for work
+Nature of payment
+Other payables by nature of payment
+(I) Other payables
+Note: Other payables above represent other payables net of interest payable and dividends
+payable.
+13,470,287,522.53
+27,118,308.84
+12,420,890,334.88
+11,150,612,409.93
+11,117,395,322.75
+33,217,087.18
+Total
+Other payables
+Dividends payable
+55,569,367.89
+12,420,890,334.88
+Closing balance
+208
+Bonds payable due within one year
+Long-term loans due within one year
+Items
+Non-current liabilities due within one year
+Note 27.
+145,550,722.95
+Total
+Amount not due
+9,705,494.80
+Xinjiang Kunlun Road and Port Engineering
+Company
+Amount not due
+16,715,016.58
+Sichuan Road and Bridge Construction Co., Ltd.
+Amount not due
+2.
+35,751,188.33
+forward
+non-reimbursement or carry
+Reasons for
+Closing balance
+Name
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+Amount not due
+Amount not due
+46,515,511.24
+36,863,512.00
+forward
+non-reimbursement or carry
+Reasons for
+Yangtze Three Gorges Industry Limited
+329,742,120.20
+2,494,516.75
+22,926,337.71
+3,184,828,818.03
+87,072,346.97 25,686,348.31
+32,470,442.04
+110,069,292.67
+Other Items of Peruvian
+Peruvian companies
+7,570,851.55
+25,663,903.55
+9561103.84
+32,410,524.68
+Remuneration of employees of
+1,314,801.89
+5,259,207.54
+1,226,073.95
+4,904,295.80
+171,145,707.18 42,786,426.80
+Changes in fair value of other
+non-current financial assets
+Government grants
+141,360,540.00 21,204,081.00
+141,360,540.00 21,204,081.00
+803,655,748.64 121,037,148.71
+assets
+64,261,532.94
+income tax
+Deferred
+101,317,393.24
+659,004,338.68
+270,167,806.02
+differences
+assets
+65,025,213.77
+277,651,245.87
+Withholding costs
+companies
+Fixed assets and right-to-use
+assets
+Cost of transfer of social
+Total
+Peruvian company
+Fixed assets
+instruments
+equity
+other
+518,217,298.56
+510,321,950.70 2,072,869,194.26
+2,041,287,802.80|
+2,611,375.67
+liabilities
+10,455,056.70
+differences
+liabilities
+Taxable temporary Deferred income tax Taxable temporary Deferred income tax
+differences
+financial assets
+Changes in fair value
+of investments in
+of other non-current
+Changes in fair value
+Items
+Opening balance
+Closing balance
+Deferred income tax liabilities not offset
+2.
+1,336,771,307.33 241,972,703.05
+273,742,783.29
+1,397,154,139.49
+897,938.65
+3,591,754.61
+152,048.65
+608,194.61
+functions
+Provision for asset impairment
+differences
+temporary
+3. Impairment assessment of goodwill and recognition of impairment
+Goodwill that recognized in the current period is arising on the acquisition of Hunan
+Mingsheng New Energy Co., Ltd.
+The Company's goodwill is mostly arising on the acquisition of Peruvian Companies. Based
+on the characteristics of its operations and cash flows, assets are grouped as power transmission
+and distribution unit and power generation unit for Peruvian Companies. Goodwill is allocated to
+above two units based on the proportion of their fair value. Cash-generating units have been
+identified consistently for the current periods.
+Information about cash-generating unit or group of cash-generating units
+associated with goodwill
+2.
+1,081,106,204.00
+987,246,902.63 2,670,929.75 91,188,371.62
+Total
+2,670,929.75
+1,078,435,274.25
+2,670,929.75
+Hunan Mingsheng New Energy
+Co., Ltd.
+91,188,371.62
+987,246,902.63
+Peruvian companies
+Other
+Disposal
+Other
+Closing balance
+Business
+combination
+formation
+balance
+Opening
+Name of investee or matters
+forming goodwill
+Decrease during
+the period
+Increase during the period
+Original carrying amount of goodwill
+1.
+Goodwill
+Note 17.
+The Company engaged a third-party intermediary for impairment test of cash-generating
+units to which goodwill has been allocated. The estimated recoverable amounts of cash-generating
+units in Peruvian Companies have been assessed no less than USD 5.241 billion, while their
+carrying values amount to USD 5.15 billion. No impairment indicators have been identified.
+Long-term deferred expenses
+Note 18.
+Opening
+Deductible
+Deferred
+income tax
+temporary
+Deductible
+Items
+Opening balance
+Closing balance
+1. Deferred income tax assets not offset
+Deferred income tax assets and deferred income tax liabilities
+Note 19.
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+204
+701,682,752.08
+175,420,688.02 598,280,030.92
+4,923,886,874.78| 1,452,546,362.74 4,273,848,800.65
+63,085,397.48
+47,615,228.81
+Total
+improvement expenses, etc.
+63,085,397.48
+23,171,469.76
+38,641,638.43
+47,615,228.81
+Leased-in fixed assets
+Closing
+balance
+Other
+reductions
+Amortisation
+for the period
+Increase for
+the period
+balance
+Items
+38,641,638.43 23,171,469.76
+57,815,694.41
+107,369,547.23
+149,570,007.73
+Total
+206
+114,503.22
+680,434,521.38
+1,971,500.06
+Opening balance
+221,015.34
+910,046,019.40
+30,257,663.35
+Closing balance
+11,199,405.85
+11,199,405.85
+Opening balance
+1,482,159.19
+1,482,159.19
+2-3 years
+1-2 years
+year
+Within 1
+Items
+Accounts payable
+Total
+Note 23.
+Commercial acceptances
+Bankers' acceptances
+Closing balance
+Category
+Notes payable
+Note 22.
+2. As at December 31st, 2022, the Company has no unpaid past-due short-term
+borrowings.
+12,315,812,640.00
+66,977,608.25
+26,752,360,688.10
+12,315,812,640.00
+Opening balance
+China Yangtze Power Co., Ltd.
+Total
+Year 2022
+More than 3
+24,918,573.67
+3,260,375,882.16
+254,195,056.07
+Total
+502,280.79
+Severance benefits
+6,060,934.37
+319,755,519.27
+322,697,638.62
+3,118,815.02
+Post-employment
+benefits defined
+contribution plan
+remuneration
+321,186,669.08
+2,842,146,961.05
+Closing balance
+Decrease during
+the period
+the period
+2,912,759,669.87
+250,573,960.26
+Opening balance
+Short-term
+Items
+Increase during
+1. Presentation of employee remuneration payables
+Note 24. Payable to employees
+682,732,769.54
+212,244.88
+940,559,332.34
+34,634.25
+Total
+years
+Notes to the Financial Statements
+Accrued Interests Payable
+26,685,383,079.85
+Closing balance
+Provision for
+Book
+balance
+15,586,434.8
+Provision for Carrying
+impairment
+value
+50,458,715.6
+Book
+balance
+50,458,715.6
+Prepayment for
+Items
+Opening balance
+Closing balance
+Other non-current assets
+Note 20.
+Total
+Deductible losses
+363,557,949.62
+52,281,675.20
+311,276,274.42
+Opening balance
+45,230,736.87
+496,739,808.42
+Closing balance
+451,509,071.55
+Items
+Deductible temporary differences
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+Opening balance
+Closing balance
+205
+Items
+3. Details of unrecognised deferred income tax assets
+1,260,784,403.66
+7,666,857,429.66 2,138,289,001.46 6,955,453,082.53 1,931,183,085.62
+Carrying
+impairment
+value
+15,586,434.8
+Credit Borrowing
+Items
+Classification of short-term borrowings
+Short-term borrowings
+1.
+Note 21.
+3
+3
+83
+83
+Total
+15,586,434.8
+15,586,434.8
+244,581,674.
+Items
+244,581,674.
+34
+Pre-project costs
+165,386,924.
+165,386,924.
+8
+8
+28,736,034.8
+Prepayment of
+works
+3
+3
+1
+1
+long-lived assets
+acquisition of
+34
+1.
+28,736,034.8
+Accumulated
+Hydro Generator Unit
+47,150.00
+Gezhouba Power Station
+170MW Hydro Generator
+Unit Renovation
+Gezhouba Power Station
+Xiangjiaba Project
+Sources
+of
+funding
+Capitalisatio
+n rate of
+interest for
+the period
+(%)
+as interest
+for the
+period
+works
+input as a Progres Accumulate amount
+percentag s of d amount of capitalised
+interest
+capitalised
+(%)
+e of
+budget
+(%)
+(RMB
+million)
+Project Name
+Of which:
+Project
+Budget
+Continued:
+-4,534,557.42 1,799,408,137.24
+2,020,200,498.60 262,236,311.67 478,494,115.61
+Total
+transmission line project
+1,569,728.89
+42,107,893.21
+40,538,164.32
+180,000.00
+BALNEARIOS - MONTERRICO
+83.69
+Renewal and Capacity
+7,000.00
+Power Station Monitoring
+Self-financin
+Three Gorges Left Bank
+financing
+2
+project with a daily treatment
+capacity of 1000 tonnes
+3.05 g and
+65.00 4,176,020.05
+64.41
+13,763.30
+Self-financin
+2,942,972.7
+Hunan Leiyang new organic
+waste resource utilization
+g
+Self-financin
+g
+61.67
+57.22
+Self-financin
+g
+Self-financin
+0
+5,416,500.0
+Increase
+99.50
+64.99
+60kv transmission line
+31,695,374.08
+1,544,208,504.21
+Closing balance
+Other changes"
+Transferred in the
+period
+Fixed assets
+Increase during the
+period
+Opening balance
+tonnes
+Hunan Leiyang new organic waste
+resource utilization project with a
+daily treatment capacity of 1000
+Gezhouba Power Station 170MW
+Hydro Generator Unit Renovation
+Gezhouba Power Station Hydro
+Generator Unit Renewal and
+Capacity Increase
+Xiangjiaba Project
+Project Name
+2. Changes in significant construction-in-progress Items during the period
+Note*: The main project of Xiangjiaba Power Station has been transferred to fixed assets in
+its intended useable state and the construction in progress represents the final construction portion
+of the Xiangjiaba project.
+6
+2,890,730,789.5
+6
+3
+2,890,730,789.5
+2,868,052,740.8
+3
+2,868,052,740.8
+Total
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+6,446,312.99
+596,617.04
+133,218,875.50
+77,610,193.78
+31,098,757.04
+INDUSTRIALES-INGENIEROS
+Transmission Line Project
+1,695,689.95
+13,358,185.77
+-8,396,593.30
+39,715,902.48
+107,004,822.95
+105,309,133.00
+SAN JUAN-BALNEARIOS
+renovation
+18,391,317.40
+43,079,364.15
+Gezhouba 220KV switchyard
+Modification
+45,492,833.51
+355,326.91
+45,137,506.60
+Three Gorges Left Bank Power
+Station Monitoring System
+86,051,033.74
+2,077,505.32
+101,773,761.70
+1,550,654,817.20
+86,051,033.74
+90,048,954.63
+14,516,266.17
+136,476,054.46 167,921,168.26
+95.00
+depreciation
+Gezhouba 220KV switchyard
+renovation
+1.
+value
+Original book
+I.
+Total
+Machinery and
+equipment
+Land, houses and
+buildings
+Items
+Right-of-use assets
+Note 14.
+846,134.08
+846,134.08
+3,316,178.30
+3,316,178.30
+Total
+engineering
+846,134.08
+846,134.08
+3,316,178.30
+3,316,178.30
+Materials for
+value
+Carrying
+Provision
+for
+impairment
+Book
+balance
+Opening balance
+Carrying
+value
+698,913,051.00
+712,203,487.00
+System Modification
+II.
+811,310,763.39
+15,296,979.04
+796,013,784.35
+Closing balance
+4.
+the period
+Decrease during
+3.
+statements
+foreign currency
+4,891,544.13
+2,006,543.04
+2,885,001.09
+differences on
+Translation
+94,215,732.26
+Leasing
+the period
+99,107,276.39
+2,006,543.04
+97,100,733.35
+Increase during
+2.
+13,290,436.00
+Provision
+for
+impairment
+94,215,732.26
+Items
+works
+e of
+budget
+(RMB
+million)
+Project Name
+Budget
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+200
+4.80 Borrowings
+16,247.23
+100.00 1,253,563.51
+92.49
+3,362.28
+4.80 Borrowings
+4,244,915.59
+100.00
+94.05
+11,197.00
+SAN JUAN-BALNEARIOS
+Transmission Line Project
+INDUSTRIALES-INGENIER
+OS 60kv transmission line
+98.36
+69.13
+39,335.00
+Book balance
+Self-financin
+Project
+Of which:
+input as a Progres Accumulate amount
+percentag s of d amount of capitalised
+55,017.66
+Capitalisatio
+Closing balance
+Opening balance
+interest
+(%) capitalised
+(II) Engineering materials
+Note: Other changes mainly represent the transfer to intangible assets and the effect of
+translation differences in foreign currency statements.
+6
+2
+1
+5,722,411.7
+Total
+line project
+4.80 Borrowings
+21,178.75
+11,308,556.6 3,035,416.3
+100.00
+1,634,057.47
+of
+funding
+Sources
+(%)
+as interest
+n rate of
+interest for
+the period
+for the
+period
+(%)
+BALNEARIOS -
+MONTERRICO transmission
+4,104.13
+98.77
+22,741,859,230.00
+A description of the Company's share capital is set out in Note 1, Basic information about the
+Company, in this note.
+Total
+number of
+shares
+Note 34.
+Capital surplus
+22,741,859,230.00
+Items
+Closing balance
+Increase during the period
+Decrease during the
+period
+Equity
+56,359,391,707.61
+premium
+Subtota
+1
+Other
+56,359,391,707.61
+Opening balance
+Other
+11,832,945,436.94
+Issue
+of
+new
+shares
+advance payment for project
+capital
+Loans from shareholders of CYPC
+construction costs
+Andes Investments Limited (joint
+investor)
+Total
+Closing balance
+Opening balance
+22,929,567.48
+11,855,875,004.42
+The significant decrease in long-term payables at the end of the period was mainly due to
+repayments and non-current liabilities classified as due within one year.
+Note 33.
+Share capital
+Change during the period Increase (+) Decrease
+Closing balance
+Items
+Opening balance
+(-)
+Transfer
+Share
+from
+delivery provident
+fund
+555,948,549.36
+be reclassified to
+Total
+comprehensive
+income that cannot
+2,048,761,531.03
+-194,211,428.53
+profit or loss
+1. Remeasurement
+of movements in
+defined benefit
+plans
+2. Other
+comprehensive
+income that cannot
+625,079,710.68
+-41,835,215.80
+be transferred to
+profit or loss under
+China Three Gorges Corporation's
+I. Other
+surplus
+Incurred
+before income
+tax for the
+period
+Items
+56,915,340,256.97
+193,352,587.62
+193,352,587.62
+9,271,733.50
+740,029,403.48
+9,271,733.50
+57,099,421,111.09
+The increase in capital surplus for the period was attributable to changes in the equity method
+of accounting for other than net profit or loss, other comprehensive income and profit distribution
+of the investee; the decrease was due to the transfer out of equity accounted investees.
+215
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+216
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Note 35. Other comprehensive income
+Opening
+balance
+Nature of payment
+152,252,640.00
+(I) Long-term payables
+I
+-
+2,218,613.33 19,971,360.00
+2,218,613.33
+the equity method
+168,500,000.00 Soles
+269,195,600.00
+307,723,180.00
+3,278,225.51 40,642,200.00
+3,278,225.51
+309,837,800.00
+213
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Decrease in the current period include both bonds reclassified into non-current liabilities due
+within one year, and repayment of interests.
+33,978,897,510.99 10,492,429,245.28 1,408,559,399.72 325,436,222.21 8,585,090,747.29 37,620,231,630.91
+3,688,463.63
+3,688,463.63 40,364,820.00
+-
+164,100,000.00 Soles
+262,166,160.00
+162,450,000.00 Soles
+259,530,120.00
+I
+9,188,832.97 39,580,920.00
+7,538,921.86
+9,188,832.97
+301,747,080.00
+39,182,940.00
+306,251,981.86
+161,800,000.00 Soles
+167,350,000.00 Soles
+258,491,680.00
+840,633.16 39,026,160.00
+840,633.16
+297,517,840.00
+82,800,000.00 Soles
+267,358,360.00
+132,281,280.00
+NOTE 1: The Company has completed the public issue of its mid-term bonds (first tranche)
+of 2022 (the "22 CYPC MTN001") on January 4, 2022, with par value of RMB 2.5 billion,
+interest rate of 2.9%, and a maturity period of 3 years. Accrued interests shall be paid annually and
+the last payment shall be made with principal on maturity.
+NOTE 2: The Company has completed the public issue of its corporate green bonds (first
+tranche) of 2022 on January 17, 2022; the bond includes two types; Type I (the “G22 CYPC1") is
+with par
+value of RMB 500 million, interest rate of 2.88%, and a maturity period of 3 years, and
+Type II (the "G22 CYPC2") is with par value of RMB 2 billion, interest rate of 3.19%, and a
+maturity period of 5 years. Accrued interests shall be paid annually and the last payment shall be
+made with principal on maturity.
+NOTE 3: The Company has completed the public issue of its mid-term bonds Type I of 2022
+(the "22 CYPC MTN002A") on March 8, 2022, with par value of RMB 2.0 billion, interest rate of
+3.09%, and a maturity period of 3 years. Accrued interests shall be paid annually and the last
+payment shall be made with principal on maturity.
+NOTE 4: The Company has completed the public issue of its mid-term bonds Type II of 2022
+(the "22 CYPC MTN002B") on March 8, 2022, with par value of RMB 1.0 billion, interest rate of
+3.44%, and a maturity period of 5 years. Accrued interests shall be paid annually and the last
+payment shall be made with principal on maturity.
+Total
+620,996,116.15
+639,176,461.52
+Interest expense of RMB 32,193,694.01 was recognized on the lease liability during the
+period.
+214
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Note 32.
+Long-term payables
+Items
+Closing balance
+Opening balance
+Long-term payables
+Total
+11,855,875,004.42
+11,855,875,004.42
+year
+1. Classification of long-term payables
+52,299,032.23
+Less: Lease liabilities due within one
+NOTE 5: The Company has completed the public issue of its corporate green bonds (second
+tranche) of 2022 (the “22 CYPC3") on May 19, 2022, with par value of RMB 1.5 billion, interest
+rate of 2.78%, and a maturity period of 3 years. Accrued interests shall be paid annually and the
+last payment shall be made with principal on maturity.
+NOTE 6: The Company has completed the public issue of its mid-term green bonds (first
+tranche) of 2022 (the “22 CYPC GN001") on August 25, 2022, with par value of RMB 1.0 billion,
+interest rate of 2.8%, and a maturity period of 5 years. Accrued interests shall be paid annually and
+the last payment shall be made with principal on maturity.
+Note 31.
+Lease liabilities
+Items
+Closing balance
+Opening balance
+Lease payments
+Less: Unrecognised financing costs
+887,854,287.54
+908,800,020.83
+182,129,592.32
+217,324,527.08
+Subtotal present value of lease
+705,724,695.22
+691,475,493.75
+payments
+84,728,579.07
+3. Changes in fair
+5,372,687.93 1,857,072,762.43
+1,423,681,820.35 -152,376,212.73
+Closing balance
+Statutory surplus
+13,856,359,416.39
+13,856,359,416.39
+Arbitrary surplus
+Other
+10,462,022,156.76
+1,140,860.78
+24,319,522,433.93
+10,462,022,156.76
+1,140,860.78
+24,319,522,433.93
+Total
+Note 38.
+Unallocated profit
+Items
+This issue
+during the
+period
+Previous period
+Decrease
+Opening balance
+Dedicated reserves
+Items
+Opening
+balance
+Increase during the
+period
+Decrease during the
+period
+Closing
+balance
+Safety Production
+43,999,669.33
+43,999,669.33
+Expense
+Total
+43,999,669.33
+43,999,669.33
+Note 37.
+Surplus reserves
+Items
+Increase
+during the
+period
+Note 36.
+Unallocated profit at the end of the previous
+period before adjustment
+67,815,084,345.02
+Other
+Unallocated profit at the end of the period
+79,541,150,599.60
+1,589,493,882.91
+76,768,181,760.95
+According to the "Profit Distribution Plan for the Year of 2021 of the Company", which had
+been reviewed and approved at the general meeting of the Company on May 25th, 2022, cash
+dividends of RMB 0.8153 per share were distributed on a basis of total share capital of
+22,741,859,230 shares, resulting in a total distribution of cash dividends of RMB
+18,541,437,830.22.
+Note 39.
+1.
+Operating income and operating costs
+Operating income, operating costs
+Incurred during the period
+Items
+Income
+Costs
+219
+Prior Period Incurred
+Income
+transferred to share capital
+76,768,181,760.95
+shares
+15,919,301,461.00
+Adjustments to total unappropriated profit at
+the beginning of the period (increase +,
+decrease -)
+157,107,416.85
+Adjustment to unallocated profit at the
+76,768,181,760.95
+67,972,191,761.87
+beginning of the period
+Add: Net profit for the period attributable to
+owners of the parent
+21,309,033,980.94
+26,272,998,503.24
+Other
+5,372,687.93
+31,786,839.75
+Less: Withdrawal of statutory surplus
+Withdrawal of arbitrary surplus
+Drawdown of general risk allowance
+Dividends payable on ordinary shares
+18,541,437,830.22
+Dividends on ordinary
+value of
+Notes to the Financial Statements
+China Yangtze Power Co., Ltd.
+transfer to profit or
+loss under the
+equity method
+2. Translation
+differences on
+-1,646,403,869.51 2,449,524,118.80
+Incurred during the period
+Less:
+Transfer
+of
+hedging
+reserve to
+related
+assets or
+liabilities
+Less:
+Income tax
+expense
+217
+Attributable to
+the parent
+company after
+tax
+-7,895,347.86
+-186,316,080.67
+Less:
+Less: Transfer
+Carry
+comprehensive
+to retained
+1. Other
+96,410,282.45
+investments in other
+equity instruments
+Less: Transfer
+to profit or loss
+in the period
+from prior
+periods charged
+to other
+comprehensive
+income
+Less: Transfer
+to financial
+assets
+measured at
+amortised cost
+in the period
+previously
+charged to
+other
+comprehensive
+income
+II. other
+comprehensive
+income to be
+-1,729,845,726.61
+2,545,934,401.25
+-7,618,228.21
+reclassified to profit
+or loss
+income available for
+-83,441,857.10
+-7,618,228.21
+Year 2022
+forward
+Re-meas
+-70,775,520.23
+20,586,653.56
+1,555,041,695.72 894,482,423.08
+-91,362,173.79
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+foreign currency
+statements
+Total other
+comprehensive
+income
+318,915,804.42 2,351,722,972.72
+-7,618,228.21
+-7,895,347.86 1,472,754,125.71 894,482,423.08
+5,372,687.93 1,786,297,242.20
+218
+1,111,220.74 1,278,089,734.74
+earnings in the
+104,028,510.66
+-144,480,864.87
+Attributable
+current period
+Closing
+urement
+to minority
+shareholders
+after tax
+from prior
+balance
+of
+moveme
+nts in
+defined
+benefit
+periods
+charged to
+other
+comprehensive
+income
+plans
+9 years
+6 years
+10 years
+10 years
+7 years
+15 years
+-41,835,215.80
+4,261,467.19
+578,983,027.69
+-7,895,347.86
+1,659,070,206.38 894,482,423.08
+2019/10/18
+note 4
+2019/4/3
+2020/1/7
+500,000,000.00
+20 CYPC 02
+50,550,000.00
+1,499,745,468.93
+1,500,000,000.00
+3 years
+5 years
+2020/1/7
+20 CYPC 01
+61,690,000.00 1,199,342.83 2,050,918,998.27
+916,034,000.00 2,153,346,872.39
+102,705,315.07 1,958,415,156.32
+76,000,000.00 1,999,665,954.07
+239,737.27
+76,000,000.00
+2,000,000,000.00 1,999,426,216.80
+5 years
+2019/9/3
+1,500,000,000.00
+500,000,000.00
+499,835,864.54
+18,500,000.00
+2021/4/7
+2,500,000,000.00
+21 CYPC MTN001
+2020/4/13
+2,500,000,000.00
+20 CYPC MTN002
+2,500,000.00 2,573,667,678.99
+73,750,000.00
+2,500,000,000.00 2,497,417,678.99
+3 years
+2020/3/12
+2,500,000,000.00
+Prevention and Control
+Bond) MTN001
+20 CYPC (Epidemic
+499,895,798.86
+18,500,000.00
+299,726.28 1,550,595,195.21
+59,934.32
+2,000,000,000.00
+19 CYPC 02
+71,034,000.00 1,798,029.56
+1,198,686.37
+62,705,315.07
+16 CYPC 01
+2015/9/10
+2003/8/1
+3,000,000,000.00
+3,000,000,000.00
+15 CYPC MTN001
+03 Three Gorges Bond
+Accrued
+Interest
+Current
+Issuance
+Opening balance
+Issuance amount
+Maturity
+Period
+Issuance Date
+Par value
+Bond Name
+Changes in bonds payable (excluding other financial instruments such as preference shares and perpetual debt classified as financial
+liabilities)
+2.
+3,000,000,000.00
+5 years
+3 years
+2016/10/14
+2,000,000,000.00
+☐
+135,000,000.00 2,994,163,920.25
+100,500,000.00 2,999,225,662.84
+239,868.57
+145,800,000.00 2,988,670,943.66
+Ending Balance
+Current
+Decrease
+Amortization
+of premium
+and
+discounts
+1,069,885.02
+2,158,226.12
+145,800,000.00
+135,000,000.00
+100,500,000.00
+-
+3,000,000,000.00 2,987,601,058.64
+3,000,000,000.00 2,992,005,694.13
+3,000,000,000.00 2,998,985,794.27
+2,000,000,000.00 1,988,029,655.44
+3,000,000,000.00 2,996,548,842.83
+2,000,000,000.00 1,997,216,469.95
+30 years
+10 years
+10 years
+5 years
+5 years
+5 years
+2019/8/7
+2,000,000,000.00
+19 CYPC MTN002
+2018/12/3
+2019/3/13
+3,000,000,000.00
+19 CYPC MTN001
+18 CYPC MTN001
+2,500,000,000.00 2,495,495,722.15
+2,500,000,000.00 2,498,306,435.93
+-
+I
+1,246,532.85
+50,286,575.34
+2,000,000,000.00
+-
+2,000,000,000.00
+3 years
+note 3
+2022/3/8
+2,000,000,000.00
+22 CYPC MTN002A*
+13,729,315.07 499,924,894.64
+60,828,493.15 1,999,638,648.45
+38,102.19
+91,478.64
+13,729,315.07
+60,828,493.15
+499,886,792.45
+1,999,547,169.81
+-
+500,000,000.00
+2,000,000,000.00
+55,950,000.00 1,499,771,176.92
+61,000,000.00 1,999,730,235.49
+71,506,849.32 2,496,464,157.83
+50,286,575.34 2,001,246,532.85
+1,888,686.13
+212
+Year 2022
+27,991,232.88
+1,000,000,000.00
+1,000,000,000.00
+5 years
+2022/3/8
+1,000,000,000.00
+22 CYPC MTN002B*
+Accrued
+Interest
+Current
+Issuance
+Opening balance
+Issuance amount
+Maturity
+Period
+Issuance Date
+Par value
+Bond Name
+Amortization
+Notes to the Financial Statements
+China Yangtze Power Co., Ltd.
+Notes to the Financial Statements
+71,506,849.32
+2,500,000,000.00
+1,500,000,000.00
+G21 CYPC 1
+instruments)
+999,091,411.29
+35,296,226.42
+765,967.15
+34,000,000.00
+999,621,670.56
+1,000,000,000.00
+3 years
+2021/5/6
+1,000,000,000.00
+(Sustainability-linked
+21 CYPC MTN002
+76,750,000.00 2,496,994,900.66
+90,580,188.68 2,497,891,165.13
+1,499,178.51
+1,914,917.88
+76,750,000.00
+88,250,000.00
+2021/6/17
+2,494,575,471.70
+21 CYPC 01
+2021/11/8
+3 years
+3 years
+5 years
+2022/1/18
+2,000,000,000.00
+G22 CYPC 2* note 2
+2022/1/18
+500,000,000.00
+G22 CYPC 1* note 2
+1
+2022/1/4
+2,500,000,000.00
+22 CYPC MTN001* note
+71,960.57
+159,854.01
+61,000,000.00
+55,950,000.00
+I
+1,500,000,000.00 1,499,699,216.35
+2,000,000,000.00 1,999,570,381.48
+5 years
+3 years
+2,000,000,000.00
+168,500,000.00 Soles
+China Yangtze Power Co., Ltd.
+Year 2022
+211
+Year 2022
+China Yangtze Power Co., Ltd.
+Ending Balance
+27,991,232.88 1,000,374,096.39
+G22 CYPC 3* note 5
+1,500,000,000.00
+2022/5/18
+Notes to the Financial Statements
+3 years
+1,499,660,377.36
+25,819,726.03
+74,233.58
+25,819,726.03 1,499,734,610.94
+22 CYPC GN001* note 6
+1,000,000,000.00
+2022/8/25
+1,500,000,000.00
+Issuance
+Bond Name
+Par Value
+Other
+Decrease
+Current
+Repayment
+Amortizatio
+n of
+premium
+and discount
+Interest
+Issuance
+Bond Name
+Accrued
+Current
+Continued:
+10,720,656,000.00 4,501,867,149.11
+Total
+Balance
+amount
+Opening
+Issuance
+Maturity
+Period
+Date
+B.C.LUZ DEL SUR
+138,950,000.00 Soles
+2014/6/5
+5 years
+10 years
+5,032,365.32
+263,224,220.00
+81,175,000.00 Soles
+2015/9/3
+11 years
+81,175,000.00 Soles
+129,685,180.00
+4,311,809.48 19,579,410.00
+4,311,809.48
+149,264,590.00
+164,100,000.00 Soles
+162,450,000.00 Soles
+2016/7/14
+2017/2/7
+161,800,000.00 Soles
+167,350,000.00 Soles
+2017/12/14
+2018/10/30
+82,800,000.00 Soles
+34,527,780.00
+Closing balance
+5,032,365.32
+143,150,000.00 Soles
+1,000,000,000.00
+998,759,433.96
+9,589,041.10
+157,447.97
+9,589,041.10
+998,916,881.93
+138,950,000.00 Soles
+221,986,520.00
+I
+1,230,986.50 33,514,740.00
+1,230,986.50
+255,501,260.00
+3P1EM S-A-THIRD
+B.C.LUZ DEL SUR
+3P3EM S-A-THIRD
+B.C.LUZ DEL SUR
+3P2EM S-A-THIRD
+B.C.LUZ DEL SUR
+3P4EM S-A-THIRD
+B.C.LUZ DEL SUR
+3P5EM S-A-THIRD
+B.C.LUZ DEL SUR
+3P6EM S-A-THIRD
+B.C.LUZ DEL SUR
+3P7EM S-A-THIRD
+B.C.LUZ DEL SUR
+3P8EM S-A-THIRD
+B.C.LUZ DEL SUR
+4P1EM S-A-FOURTH
+Total
+143,150,000.00 Soles
+2014/9/22
+15 years
+228,696,440.00
+2021 First
+Tranche Short
+Term
+Accrued Interests Payable
+43,544,966,174.56
+25,380,000.00
+101,540,000.00
+38,926,002,993.29
+Credit Borrowing
+Secured Borrowing
+Opening balance
+Closing balance
+Borrowing category
+Long-term borrowings
+Note 29.
+Note 6: On November 25, 2022, LUZ DEL SUR S.A.A., a subsidiary of the Company, issued
+I.C.P. LUZ DEL SUR 4P1EM S-A-FOURTH short-term bond with par value of 120 million Soles,
+maturity period of 360 days, and an annual interest rate of 8.09375%. The bond's issuance date
+and maturity date are November 25, 2022 and November 20, 2023, respectively. Accrued interests
+shall be paid with principal at maturity.
+start date of November 23, 2022, a maturity date of September 4, 2023, and a repayment method
+of one-time repayment of principal and interest at maturity.
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+210
+Less: Long-term loans due within one year
+Note 5: On November 22, 2022, the company issued the 2nd tranche of commercial paper for
+2022, with a face value of RMB 1.5 billion, a term of 285 days, a coupon rate of 2.5%, an interest
+53,346,398.79
+463,382,669.68
+38,617,506,722.40
+37,620,231,630.91
+10,256,856,642.21
+7,114,509,882.02
+44,235,754,153.20
+44,734,741,512.93
+Opening balance
+Closing balance
+Total
+year
+Less: Bonds payable due within one
+Other bonds payable
+Items
+1. Type of bonds payable
+Bonds payable
+Total
+Note 30.
+36,439,373,166.26
+7,130,973,008.30
+33,978,897,510.99
+Note 4: On November 14, 2022, the company issued the 1st tranche of commercial paper for
+2022, with a face value of RMB 1.5 billion, a term of 365 days, a coupon rate of 2.5%, an interest
+start date of November 16, 2022, a maturity date of November 16, 2023, and a repayment method
+of one-time repayment of principal and interest at maturity.
+Note 2: On March 11, 2021, the company issued the 2nd tranche of commercial paper for
+2021, with a face value of RMB 2 billion, a term of 365 days, a coupon rate of 3.08%, an interest
+start date of March 15, 2021, a maturity date of March 15, 2022, and a repayment method of
+one-time repayment of principal and interest at maturity.
+Commercial
+Papers note 4
+132,328.77
+1,500,000,000.00 4,726,027.40
+Term
+Tranche Short
+2022 First
+482,484.27 3,021,476,712.33
+21,476,712.33
+2,999,517,515.73
+of 2022 Ultra
+Short Term
+Commercial
+Papers* note 3
+12,320,000.00 -373,584.88 2,012,320,000.00
+1,385,616.46 -1,493,564.23 2,501,385,616.46
+First Tranche
+Short Term
+Commercial
+Paper* note 2
+2021 Second
+Papers* note 1
+Commercial
+2022 Second
+Note 3: On July 13, 2022, the company issued the 1st tranche of ultra-short-term commercial
+paper for 2022, with a face value of RMB 3 billion, a term of 134 days, a coupon rate of 1.95%, an
+interest start date of July 14, 2022, a maturity date of November 25, 2022, and a repayment
+method of one-time repayment of principal and interest at maturity.
+Short Term
+Commercial
+Paper note 5
+4,006,849.32
+Note 1: On January 6, 2021, the company issued the 1st tranche of commercial paper for
+2021, with a face value of RMB 2.5 billion, a term of 365 days, a coupon rate of 2.89%, an
+interest start date of January 8, 2021, a maturity date of January 8, 2022, and a repayment method
+of one-time repayment of principal and interest at maturity.
+3,229,634,955.49
+220,656,000.00
+1,504,120,599.32
+1,504,858,356.17
+7,535,182,328.79
+9,505,413.93
+10,644,000.00
+43,915,205.51
+Costs
+Total
+note 6
+S-A-FOURTH*
+210,012,000.00
+SUR 4P1EM
+I.C.P.LUZ DEL
+113,750.00
+1,500,000,000.00
+6,209,529,515.73
+Current
+Decrease
+of premium
+and
+discounts
+374,096.39
+Note 50.
+current year
+9,786,369.25
+409,612,652.85
+144,590,373.85
+previous year
+Amount incurred in
+Unit: yuan Currency: RMB
+Amount incurred in
+701,153,868.69
+478,846,159.95
+6,069,273.98
+7,034,428.43
+29,159,425.69
+126,229,183.76
+12,591,981.02
+548,855,320.15
+167,046,500.76
+292,173,249.74
+previous year
+Amount incurred in
+Unit: yuan Currency: RMB
+Total
+R&D expense
+Donations
+Bank service charges
+Selling and distribution expenses
+General and administrative expenses
+Current accounts
+Items
+117,069,848.87
+402,432,750.75
+45,777,555.02
+4,169,896.09
+Amount incurred in
+Amount incurred in
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+previous year
+Amount incurred in
+Unit: yuan Currency: RMB
+1,615,875.87
+current year
+Amount incurred in
+34,202,605.40
+34,202,605.40
+previous year
+Amount incurred in
+Unit: yuan Currency: RMB
+224
+Loss of control of subsidiary
+4,497,920.14
+341,984,245.56
+237,337,816.30
+506,365.39
+921,099,996.57
+2,357,002.21
+808,182,134.60
+2. Cash paid relating to other operating activities
+3. Cash received relating to other investing activities
+Net cash paid by subsidiaries
+Total
+Amount incurred in
+current year
+4. Cash paid relating to other investing activities
+Items
+Items
+Total
+Limited monetary funds and others
+Non-operating Incomes
+5,680,598,075.20
+243,302,237.99
+5,923,900,313.19
+23,956,870.18
+4,664,088,367.81
+4,640,131,497.63
+Prior Period Incurred
+Incurred during the period
+Total
+Deferred income tax expense
+Current income tax expense
+Items
+Income tax expense table
+1.
+Income tax expense
+Note 53.
+355,897,925.76
+531,061.22
+2,267,644.79
+497,131,532.13
+2,781,061.22
+624,749,050.11
+Loss on retirement of non-current
+13,382,618.98
+209,576.64
+Prior Period
+Incurred
+239,826,086.50
+Amount included in
+non-recurring profit
+or loss for the period
+2.
+341,984,245.56
+assets
+Depot maintenance expenditure
+266,601,124.35
+254,828,224.20
+Other
+Total
+13,382,618.98
+Items
+Adjustment process of accounting profits and income tax expenses
+Items
+Interest incomes
+Current accounts
+current year
+Items
+Amount incurred in
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+4,664,088,367.81
+269,032,543.39
+643,459.37
+-3,520,064.70
+77,240,255.52
+-954,597,010.49
+-1,303,642,856.35
+6,578,932,041.07
+26,313,385,874.24
+Consolidated total profits in the current year
+Income taxes expense calculated at legal or applicable tax rate
+Effect of different tax rates applicable to subsidiaries
+Effect of non-taxable income
+Effect of nondeductible cost, expense and loss
+Effect from using the deductible losses of unrecognized deferred
+income tax assets
+Unit: yuan Currency: RMB
+Effect from deductible temporary balance or deductible losses of
+deferred income tax assets unrecognized in the current year
+Note 54.
+Income tax expenses
+Items in the statement of cash flows
+1. Cash received relating to other operating activities
+223
+Amount incurred in current year
+Miscellaneous
+341,984,245.56
+current year
+Total
+Decrease in inventories (increase is shown with a "-" sign)
+100,027,083.91
+51,694,282.31
+143,275,154.08
+-27,737,412.13
+-5,425,670,105.27
+-4,600,135,961.66
+Increase in deferred income tax liabilities (decrease is
+shown by a "-" sign)
+Losses on investments (gains are shown with a "-" sign)
+Decrease in deferred income tax assets (increase is shown
+with a "-" sign)
+-335,482,723.94
+4,864,242,121.91
+385,326,649.11
+4,078,176,234.68
+sign)
+Loss on changes in fair value (gain is shown by a "_"
+Finance costs (income is shown with a
+"_" sign)
+94,910.64
+22,810,308.57
+13,382,618.98
+Loss on scrapping of fixed assets (gain is shown with a
+sign)
+(Income is shown with a "_" sign)
+-13,911,487.71
+52,126,114.24
+long-lived assets
+Loss on disposal of fixed assets, intangible assets and other
+13,745,840.10
+23,171,469.76
+Amortisation of long-term amortised costs
+63,710,488.92
+82,736,713.40
+Amortisation of intangible assets
+77,233,894.96
+77,426,244.36
+" "
+-123,854,061.03
+Decrease in operating receivables (increase is shown with
+a "-" sign)
+-535,309,875.83
+Of which: Hunan Mingsheng New Energy Co., Ltd.
+Less: Cash and cash equivalents held by the Company on the date of purchase
+Of which: Hunan Mingsheng New Energy Co., Ltd.
+Cash or cash equivalents paid in the period for business combinations that
+occurred during the period
+Amount for the period
+Items
+2. Net cash paid during the period for acquisition of subsidiaries
+700,565,807.88
+-622,598,093.10
+Net increase in cash and cash equivalents
+Less: Opening balance of cash equivalents
+Add: Closing balance of cash equivalents
+9,224,213,791.79
+9,924,779,599.67
+Less: Opening balance of cash
+9,924,779,599.67
+9,302,181,506.57
+-238,520,520.25
+Increase (decrease is shown by "-") in operating payables
+-1,571,620,781.81
+-1,192,071,607.57
+Other
+Net cash flows from operating activities
+-40,383,396.92
+30,912,732,230.12
+2. Significant investing and financing activities that do not
+involve cash receipts or disbursements
+Conversion of debt to capital
+Convertible corporate bonds due within one year
+New right to use assets in the period
+3. Net change in cash and cash equivalents
+Closing balance of cash
+35,732,461,733.26
+10,933,036,330.93
+268,376,214.19
+Prior period amount
+commercial paper and bonds
+14,802,766.66
+20,268,731.18
+Service charges for issuance of short-term
+3,623,555,518.50
+369,585,639.96
+equity
+Payment for acquisition of minority shareholders'
+interest
+207,760,013.06
+Repayment of non-financial institution loans and
+current year
+Items
+Amount incurred in
+previous year
+Amount incurred in
+Unit: yuan Currency: RMB
+1,615,875.87
+5. Other cash received relating to financing activities
+Items
+Joint Investor Shareholder Loans of Yangtze Andes
+Holding Co., Limited
+Total
+Payment in installments for buying and constructing
+Amount incurred in
+6. Cash paid relating to other financing activities
+Unit: yuan Currency: RMB
+Amount incurred in
+previous year
+1,160,432,406.00
+1,160,432,406.00
+current year
+previous year
+11,675,356,182.21
+fixed assets
+Amount for the period
+Depreciation of right-to-use assets
+Depreciation of fixed assets, depreciation of oil and gas
+assets, depreciation of productive biological assets
+Provision for asset impairment
+Items
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+11,731,842.75
+9,975,574.59
+26,485,443,861.49
+21,649,297,506.43
+225
+Add: Credit impairment losses
+Net profit
+Prior period amount
+Amount for the period
+Payment of lease
+242,352,390.52
+81,871,397.49
+Miscellaneous
+4,463,727.79
+Total
+3,255,819,810.93
+12,144,735,080.24
+Note 55.
+1.
+Supplementary information to the cash flow statement
+Supplementary information to the cash flow statement
+Items
+1. Reconciliation of net profit to cash flows from operating
+activities
+2,755,899.28
+7,353,856,997.34
+External Donations
+Incurred during the
+period
+Items
+R&D expenses
+Note 43.
+1,359,765,980.97
+1,360,283,180.14
+Total
+469,862,975.94
+292,242,786.55
+Other costs
+51,339,625.92
+78,120,213.42
+80,035,403.59
+92,902,869.10
+59,908,986.02
+62,646,270.53
+220
+143,770,078.67
+554,848,910.83
+677,138,462.66
+Property Management Expense
+Intermediary expenses
+Hub-specific expenditure
+Depreciation and amortization
+Staff remuneration
+Prior Period Incurred
+Incurred during the
+period
+Items
+Administrative expenses
+Note 42.
+150,419,652.08
+165,177,033.72
+157,232,577.88
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+56,077,310.18
+2,047,922.64
+24,085,740.54
+Prior Period Incurred
+4,363,772.47
+26,329,336.09
+Total
+VAT exemption
+Withholding fee refunds
+Value added tax credit
+Government grants
+income
+Sources of generating other
+1. Breakdown of other gains
+Other gains
+Note 45.
+Total
+Staff remuneration
+Depreciation
+Project Costs
+Other
+Items
+Incurred during the period
+36,130,053.43
+Total
+Financing expenses
+Items
+Interest expense
+Less: Interest income
+Foreign exchange gains and losses
+Bank charges and others
+Note 44.
+43,598,033.51
+5,230,209.78
+11,521,087.64
+Education surcharge
+Construction Tax
+384,780,684.17
+331,010,698.40
+Urban Maintenance and
+Prior Period Incurred
+Incurred during the period
+Items
+Taxes and surcharges
+Note 40.
+21,113,077,634.36
+552,773,356.78
+1,006,165,277.23
+55,646,253,991.83
+22,232,888,528.67
+52,060,482,557.85
+Total
+639,053,386.03
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Items
+Incurred during the period
+Main
+Local education surcharge
+50,840,661,616.18
+54,640,088,714.60
+Prior Period Incurred
+20,560,304,277.58
+Businesses
+Other
+Operations
+1,219,820,941.67
+21,593,835,142.64
+7,530,236.48
+Property tax
+Water Resources Tax
+2,372,366.27
+106,687,022.60
+Prior Period Incurred
+1,906,681.58
+Incurred during the period
+108,151,230.99
+1,163,620,190.60
+19,769,358.74
+1,071,970,761.28
+7,336,242.96
+Total
+Other costs
+Power Exchange Expense
+Travel expenses
+Staff remuneration
+Selling expenses
+Items
+Note 41.
+Total
+Land use tax
+165,971,156.45
+188,265,468.11
+110,647,437.65
+125,513,896.77
+75,458,051.36
+Stamp duty
+70,694,508.53
+20,704,410.38
+303,920,313.48
+290,584,435.38
+59,894,002.70
+63,307,428.52
+Other
+17,732,858.28
+12,600,000.00
+2,884,732.02
+89,655,150.76
+40,383,396.92
+-268,376,214.19
+-224,119,537.52
+Total
+equity investments
+Impairment loss on long-term
+inventories
+40,383,396.92
+-44,256,676.67
+Loss on decline in value of
+Prior Period Incurred
+Incurred during the period
+Items
+Impairment losses on assets
+Gain on disposal of assets
+Note 49.
+-9,975,574.59
+-9,975,574.59
+Total
+Doubtful debts losses
+Prior Period Incurred
+Incurred during the
+period
+Items
+Credit impairment losses
+Note 48.
+335,482,723.94
+-385,326,649.11
+Total
+345,655,674.90
+-10,172,950.96
+-385,326,649.11
+-11,731,842.75
+-11,731,842.75
+Items
+Incurred during the period
+Prior Period Incurred
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+Amount included in
+non-recurring profit
+or loss for the period
+222
+Prior Period
+Incurred
+Incurred during the
+period
+Non-operating expenses
+Items
+Note 52.
+2,077,623.07
+1,167,623.07
+910,000.00
+Amount included in
+non-recurring profit
+or loss for the period
+650,000.00
+29,651,675.23
+30,301,675.23
+2,077,623.07
+Gain on disposal of fixed assets
+Total
+-52,126,114.24
+-52,126,114.24
+13,911,487.71
+13,911,487.71
+Note 51.
+Non-operating income
+Financial liabilities held for trading
+Items
+Prior Period Incurred
+Government grants not related
+to ordinary activities
+Other
+910,000.00
+1,167,623.07
+Total
+Incurred during the
+period
+Other non-current financial assets
+Prior Period Incurred
+Incurred during the
+period
+Income from long-term equity investments accounted for
+Prior Period Incurred
+Incurred during the
+period
+Items
+3,874,035.47
+3,152,980.56
+2,903.53
+4,413.66
+2,721,907.24
+59,712.94
+1,089,511.76
+Prior Period Incurred
+2,442,588.10
+Breakdown of investment income
+Investment income
+1.
+Note 46.
+39,416,834.88
+Incurred during the period
+4,274,748,808.50
+167,046,500.76
+-47,861,408.58
+32,094,092.93
+4,091,934,992.09
+3,534,235,036.26
+Prior Period Incurred
+117,069,848.87
+62,681,422.60
+3,099,593.01
+4,751,369,573.92
+Incurred during the period
+705,978.80
+4,802,658,407.18
+5,752,935.22
+2,801,782,313.06
+Investment income arising on disposal of long-term equity
+investments
+Sources of gains arising from changes in fair value
+Gain on changes in fair value
+Note 47.
+5,425,670,105.27
+4,600,135,961.66
+Prior Period Incurred
+Incurred during the
+period
+Total
+Items
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+221
+13,792,013.07
+16,052,151.55
+Other
+1,579,280,167.99
+715,206,720.79
+550,917,728.36
+Dividend income from investments in other equity
+instruments during the period in which they are held
+257,471,030.24
+231,710,374.30
+Interest income earned on debt investments during the
+under the equity method
+45,561,087.31
+holding period
+Investment income earned on other non-current financial
+assets held
+31,185,099.01
+191,212,601.83
+Investment income from disposal of other non-current
+financial assets
+424,836.50
+56,974,906.66
+12,600,000.00
+11,342,850,437.19
+46,802,605.40
+Of which: USD
+Euro
+750,000,000.00
+6.9646
+6,559,572,000.00
+5,223,450,000.00
+180,000,000.00
+7.4229
+1,336,122,000.00
+Non-current liabilities due within
+737,397,541.78
+one year
+Of which: USD
+1,416,666.67
+6.9646
+9,866,516.69
+228
+China Yangtze Power Co., Ltd.
+place of
+business
+Company name
+Principal
+Description of offshore business entity
+722,776,676.42
+1.8388
+Long-term borrowings
+4,754,348.67
+640,497.47
+393,069,760.94
+Saul
+Euro
+2.
+Notes to the Financial Statements
+Year 2022
+7.4229
+Local
+currency of
+account
+2,037,068,610.00
+1,107,825,000.00
+765,046,771.18
+Rupees
+207,414,242.02
+0.0307
+6,367,617.23
+Dividends payable
+33,217,087.18
+Of which: Saul
+18,064,546.00
+1.8388
+33,217,087.18
+Other payables
+89,038,546.66
+Of which: USD
+2,277,346.66
+6.9646
+15,860,808.55
+2,037,068,610.00
+2,716,622.83
+0.0307
+70,380,718.28
+1.8388
+38,275,352.56
+88,489,343.00
+1.8388
+Of which: Saul
+Rupees
+Saul
+80,397.00
+0.8933
+90,000.00
+Hong Kong Dollars
+Bonds payable
+China CYPC International (Hong Kong) Limited
+Hong Kong
+USD
+Amount charged to
+current profit or loss
+Provincial Industrial Development
+Emergency Fund from the Economic
+500,000.00 Non-operating income
+500,000.00
+Operations Bureau of Chengdu High-tech
+Zone
+Research and Development Investment
+Subsidy Fund from the Industrial
+410,000.00 Non-operating income
+410,000.00
+Information Business Technology Bureau
+of Yongshan County
+Incentive Policy Award from the
+Development and Reform Bureau of
+Jianghan District, Wuhan City (for Small
+and Medium-sized Enterprises)
+Integrated Water Resource Utilization
+Project Based on Reservoir Group in the
+Upper Reaches of Yangtze River
+85,000.00
+Other gains
+85,000.00
+266,067.04
+46,802,605.40
+229
+5,387,191.67
+5,387,191.67
+Total
+3,771,212.87
+Presented items
+354,911.76
+3,771,212.87
+Stable Employment Subsidy
+354,911.76
+Shore Power Project
+266,067.04
+Other gains
+Other gains
+Elimination of costs
+and expenses
+Incurred during the
+period
+Types of government grants
+Business mainly denominated and settled in
+this currency
+Lima, Peru
+Luz del Sur S.A.A.
+Saul
+Lima, Peru
+Tecsur S.A.
+Saul
+Saul
+Lima, Peru
+Saul
+Lima, Peru
+Grupo de Contratistas Internacionales S.A.C.
+USD
+Hong Kong
+China Three Gorges International Power Operations
+Co.
+Los Andes Servicios Corporativos S.A.C.
+1.8388
+Inmobiliaria Luz del Sur S.A.
+Saul
+Business mainly denominated and settled in
+this currency
+Business mainly denominated and settled in
+this currency
+Business mainly denominated and settled in
+this currency
+Business mainly denominated and settled in
+this currency
+Business mainly denominated and settled in
+this currency
+Business mainly denominated and settled in
+this currency
+Lima, Peru
+Selection basis
+Government grants
+1.
+Note 58.
+Saul
+Lima, Peru
+Inland Energy S.A.C.
+Basic information on government grants
+416,057,630.62
+Business mainly denominated and settled in
+this currency
+771,414,388.41
+4,710,195.58
+9,924,779,599.67
+7,869,287.15
+9,893,319,687.60
+23,590,624.92
+9,302,181,506.57
+9,924,779,599.67
+Note 56.
+Items
+Assets subject to restrictions on ownership or use
+Balance
+Accounts
+receivable
+Fixed assets
+1,157,786.12
+64,563,890.59
+Intangible assets
+25,457,871.00
+China Yangtze Power Co., Ltd.
+Mortgages
+No title deeds in place
+Mortgages, outstanding title deeds
+Pledged loans
+Reason for restriction
+9,293,335,518.10
+227
+Note 57. Foreign currency monetary items
+177,230,581.45
+Total
+progress
+86,051,033.74
+Construction in
+1. Foreign currency monetary items
+Year 2022
+4,135,792.89
+Of which: investments in bonds maturing within three months
+III. Cash and cash equivalents balances at the end of the period
+Of which: Restricted cash and cash equivalents used by the parent
+company or subsidiaries within the Group
+226
+Of which: Saul
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Items
+Net cash paid for acquisition of subsidiaries
+Amount for the period
+-34,202,605.40
+3.
+Net cash received during the period from disposal of subsidiaries
+Items
+Amount for the period
+Cash or cash equivalents received during the period on disposal of subsidiaries
+Of which: Ma'anshan CYPC Modern Biomass Energy Co., Ltd.
+Less: Cash and cash equivalents held by the company on the date of loss of
+control
+Of which: Ma'anshan CYPC Modern Biomass Energy Co., Ltd.
+ii. cash equivalents
+Other monetary funds readily available for disbursement
+Bank deposits readily available for disbursement
+Of which: cash on hand.
+I. Cash
+Opening balance
+9,302,181,506.57
+Closing balance
+5. Composition of cash and cash equivalents
+The total cash outflow in relation to the lease for the period was RMB131,870,111.99.
+1,615,875.87
+1,615,875.87
+4. Total cash outflows relating to leases
+Net cash received on disposal of subsidiaries
+Items
+Notes to the Financial Statements
+-1,615,875.87
+Foreign currency
+balance at end of
+Rupees
+Saul
+36,162,401.44
+6.9646
+5,192,315.63
+Of which: USD
+Debt investments
+99,481,926.89
+0.0307
+1,666,245,309.61
+1,244,734,392.50
+1.8388
+676,927,557.38
+Other receivables
+51,153,731.01
+Rupees
+34,414,166.30
+63,280,768.98
+Accounts payable
+2,124,834,261.06
+Items
+1.8388
+1,155,554,851.57
+Of which: Saul
+1.8388
+1,034,000,503.90
+2,124,834,261.06
+7.4229
+139,298,724.74
+Of which: Euro
+1,034,000,503.90
+38,756.47
+1,262,425.73
+Short-term borrowings
+Saul
+0.0307
+6.9646
+7.4229
+4,677,988.26
+Euro
+6.9646
+192,550,440.66
+Of which: USD
+34,724,239.06
+1,712,443,598.41
+Balance translated into
+RMB at the end of the
+Monetary funds
+exchange
+rates
+24,537,080.18
+Converted
+period
+period
+Hong Kong Dollars
+1,341,036,799.02
+0.8933
+Of which: USD
+3,523,114.06
+211,017,203.55
+Accounts receivable
+14,182,913.58
+1,320,425,203.69
+461,984,155.70
+0.0307
+133,997,978.82
+1.8388
+72,872,514.04
+Saul
+188,501,667.93
+Rupees
+management of
+power station
+Ltd.
+Equity method
+239
+Liquidity risk refers to the risk of shortage of funds when the Company fulfills the obligation
+of settlement by delivery of cash or other financial assets. The company continues to monitor
+short-term and long-term capital needs to ensure that it maintains sufficient cash reserves; at
+the same time, it continuously monitors whether it complies with the provisions of the loan
+agreement, and obtains commitments from major financial institutions to provide sufficient
+backup funds to meet short-term and long-term capital needs.
+2. Liquidity risk
+Development Co.,
+The Company's main customers are State Grid Corporation of China, China Southern Power
+Grid Co., Ltd., etc. These customers have a reliable and good reputation. Therefore, the
+Company believes that these customers have no major credit risks.
+On December 31, 2022, the amount of financial guarantee provided by the Company was
+RMB 161.468 million. For details of the financial guarantee contract, please refer to Note X.
+Except for this financial guarantee, the company has not provided any other guarantees that
+may expose the company to credit risk.
+836,834,153.01
+50,640,048.92
+6,343,237,837.70
+1,034,000,503.90
+2,205,500.63
+25,143,894.46
+278,144.44
+4,421,484,987.43
+Provision for impairment
+Estimated liabilities
+23.00
+Book balance
+Total
+27,349,395.09
+Kunming
+Equity method
+Investment,
+construction and
+Notes to the Financial Statements
+development and
+Debt investments
+management
+Three Gorges Capital
+Holdings Co., Ltd.
+Beijing
+Beijing
+Business Services
+10.00
+Kunming
+Sichuan Chuantou
+Energy Co., Ltd.
+Chengdu
+Chengdu
+production and
+supply industry
+10.87
+Year 2022
+Equity method
+Yunnan Huadian
+Jinsha River Middle
+Reaches Hydropower
+Electricity, heat
+Other accounts receivable
+-- Total comprehensive income
+Notes receivable
+Net profit
+--
+Total (calculated by shareholding proportion)
+Total investment book value
+Other comprehensive income
+--
+-2,098,086.19
+342,948,307.69
+Opening balance/Amount
+incurred in the previous
+year
+-4,551,140.88
+-- Other comprehensive income
+346,935,808.24
+Total (calculated by shareholding proportion)
+Net profit
+Total investment book value
+Joint venture:
+Items
+(4) Summary of financial information of insignificant joint ventures and associates
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+China Yangtze Power Co., Ltd.
+92,497,553.86
+Closing balance/Amount
+incurred in the current year
+Accounts receivable
+-- Total comprehensive income
+39,481,812,735.01
+Items
+As of December 31, 2022, the book balances and expected credit impairment losses of related
+assets are as follows:
+The monetary funds held by the company are mainly deposited in financial institutions such
+as government owned holding banks and other large and medium-sized commercial banks.
+The management believes that these commercial banks have relatively high reputation and
+asset status, there is no significant credit risk, and no significant losses will occur due to the
+default of the counterparty.
+The company's other financial assets include monetary funds, other receivables, debt
+investments, etc. The credit risk of these financial assets comes from the default of the
+counterparty, and the maximum credit risk exposure is the book amount of each financial
+asset in the balance sheet.
+The company continuously monitors the balance of notes receivable, accounts receivable and
+recovery for customers with bad credit records, the company will use written reminders,
+shorten the credit period or cancel the credit period to ensure that the company will not face
+major credit losses. In addition, the company reviews the recovery of financial assets on each
+balance sheet date to ensure that the relevant financial assets have adequate provision for
+expected credit losses.
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+238
+Credit risk refers to the risk that the counterparty fails to perform its contractual obligations,
+resulting in financial losses to the Company. The management has formulated appropriate
+credit policies and continuously monitors the exposure to credit risks.
+-4,551,140.88
+1. Credit risk
+VIII. Risks related to financial instruments
+As at December 31, 2022, the Company accordingly bore a guarantee liability of RMB
+161,468,000 yuan of the borrowing in proportion to its shareholding.
+Hunan Taohuajiang Nuclear Power Co., Ltd. (hereinafter referred to as Taohuajiang Nuclear
+Power) is an investee company of the Company and the Company holds 19.43% of equity
+interest to the company. To guarantee the smooth financing of Taohuajiang Nuclear Power
+Plant, the Company provides financing guarantee for Taohuajiang Nuclear Power Plant.
+On August 31, 2019, the Company published an announcement relating to Continuing to
+Provide Financing Guarantee and Related Transactions for Hunan Taohuajiang Nuclear
+Power Co., Ltd., and agreed to provide the financing guarantee for Taohuajiang Nuclear
+Power. On October 15, 2019, this guarantee was approved at the second extraordinary general
+meeting of 2019. On November 25, 2019, the Company signed the guarantee agreement with
+certain counter parties and the guarantees are general liability guarantee and guarantee period
+is two years from the expiration of terms of borrowings.
+(6) Contingent liabilities for investment in joint ventures or associates
+The Company has no commitments that need to be disclosed.
+(5) Unconfirmed commitments related to investments in joint ventures
+81,746,423.80
+1,228,634,135.12
+1,146,887,711.32
+1,960,318,549.27
+14,706,863.22
+1,975,025,412.49
+-2,098,086.19
+34,237,719,208.43
+The company's main financial instruments include monetary funds, equity investment, debt
+investment, borrowings, accounts receivable and accounts payable.Faced with the risks of
+various financial instruments in daily activities, mainly including credit risk, liquidity risk and
+market risk. The risks associated with these financial instruments and the risk management
+policies adopted by the Company to mitigate these risks are as follows:
+234
+Investment and
+assets management
+3.99
+combinatio
+n
+Lima,
+Lima,
+Inmobiliaria Luz del Sur S.A.
+Peru
+Peru
+100.00
+Business
+combinatio
+n
+Lima,
+Lima,
+Inland Energy S.A.C.
+Power generation
+Business
+100.00 combinatio
+Peru
+Peru
+n
+Lima,
+Lima,
+Shareholding
+97.14
+Business
+n
+Business
+combinatio
+Lima,
+216,700,282.70
+Lima,
+Transportation
+100.00 combinatio
+Corporativos S.A.C.
+Peru
+Peru
+services
+n
+Ontario-Quinta S.R.L.
+Lima,
+Tecsur S.A.
+Peru
+Peru
+Lima,
+Lima,
+Luz del Sur S.A.A.
+Peru
+Peru
+Project
+development and
+consultation
+transmission and
+distribution
+90.21
+Lima,
+100.00
+Business
+combinatio
+Peru
+Accounting
+treatment
+methods for
+indirec
+investment of
+direct
+t
+joint ventures
+or associates
+Associates
+Guangzhou
+Guangzho
+Proportion of
+shareholding (%)
+Development Group
+Incorporated
+Business Services
+13.83
+1.52
+Equity method
+u
+Hubei Energy Group
+Co., Ltd.
+Wuhan
+Wuhan
+Energy
+investment,
+25.12
+Guangzhou
+Equity method
+Nature of
+business
+Principal
+place of
+business
+Peru
+platform
+n
+Andes Bermuda Ltd.
+Bermuda Bermuda
+Shareholding
+platform
+100.00
+Business
+combinatio
+n
+Peruvian Opportunity
+Registration
+place
+Company S.A.C.
+Lima,
+Peru
+Shareholding
+platform
+100.00
+Business
+combinatio
+n
+2. Equity in joint ventures or associates
+Name of joint
+ventures or
+associates
+Lima,
+Peru
+18,225,200.00
+1,612,420,459.47
+4,310,567,745.83
+--Unrealized profit of internal
+367,222,396.20
+367,222,396.20
+3,721,221,524.52
+3,599,038,937.56
+-49,031,420.78
+3,128,925,282.61
+3,128,925,282.61
+1,612,420,459.47
+178,732,867.58
+--Goodwill
+178,732,867.58
+Adjustments
+per the shareholding proportion
+2,135,349,035.83
+3,675,239,465.31
+8,968,199,127.08
+Shares of net assets calculated as
+24,238,442,813.59
+35,990,389,375.62
+2,317,528,518.62
+0.00
+60,951,767.55
+9,284,126,242.73
+33,816,827,687.60
+transaction
+--Others
+Book value of equity investments
+9,146,931,994.66
+-449,478.63
+356,827,139.25
+3,929,138,938.20
+193,911,792.00
+286,808,574.75
+359,089,466.35
+1,383,537,741.65
+Dividend received from associates
+Total comprehensive income
+Other comprehensive income
+operations
+Net profit from discontinued
+3,019,773,081.90
+47,849,586,342.05
+1,170,973,581.74
+1,261,340,401.17
+3,738,374,193.47
+30,688,771,076.34
+3,823,947,272.52
+1,195,415,783.05
+-49,031,420.78
+3,550,007,516.78
+5,264,274,318.44
+5,287,659,924.78
+5,928,853,040.40
+1,420,414,976.88
+3,572,311,798.95
+20,578,214,751.99
+1,024,448,275.30
+Net profit
+Revenue
+associates with public offer
+8,030,640,093.00
+Fair value of equity investments in
+in associates
+4,088,443,920.72
+1,382,016,851.82
+6,034,437,486.73
+35,407,550,908.18
+79,474,884,463.23
+11,662,537,345.59
+67,812,347,117.64
+of the parent company
+Equity attributable to shareholders
+Minority interests
+Total liabilities
+Non-current liabilities
+Current liabilities
+Total assets
+Non-current assets
+Closing balance/Amount incurred in the current year
+Current assets
+Items
+(3) Main financial information of important associates
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+235
+The Company holds 10.87% shares of Sichuan Chuantou Energy Co., Ltd., and assigns one
+director to it, and has a significant effect on it.
+The Company holds 15.35% shares of Guangzhou Development Group Co., Ltd. (GDG), and
+assigns one director to GDG, and has a significant effect on GDG.
+Note: Basis for holding less than 20% of voting rights but having significant influence:
+The Company holds 10.00% shares of Three Gorges Capital Holdings Co., Ltd., assigns one
+director to it and has significant effect on it.
+Los Andes Servicios
+Hubei Energy Group Co.,
+Ltd.
+-22,984,000.00
+1,172,431,783.05
+Sichuan Chuantou
+Energy Co., Ltd.
+Yunnan Huadian
+Jinsha River Middle
+Reaches Hydropower
+Development Co., Ltd.
+18,189,385,915.88
+17,397,109,072.88
+34,431,859,905.49
+12,762,247,084.38
+15,042,248,697.95
+19,514,972,328.18
+42,751,675,900.16
+11,577,194,629.69
+28,428,017,199.20
+17,218,164,992.30
+17,034,750,832.61
+2,280,001,613.57
+4,467,343,323.79
+50,246,473,543.81
+54,713,816,867.60
+7,937,777,698.49
+(2) Important joint ventures or associates
+61,963,522,240.39
+70,422,249,281.11
+47,370,276,975.68
+14,593,245,264.71
+Guangzhou Development
+Group Incorporated
+18,101,570,127.76
+52,320,679,153.35
+Three Gorges Capital
+Holding Co., Ltd.
+Unit: yuan Currency: RMB
+815,561,198.90
+23,571,765,509.33
+24,387,326,708.23
+14,323,658,700.96
+27,146,891.28
+98,462,883.18
+81,325,698.22
+-116,498,896.40
+-53,810,257.91
+3,263,258,612.90
+-486,624.92
+5,091,941,490.27
+5,029,175,498.02
+-4,598,943.38
+8,823,067,448.66
+Book value of equity investments in
+--Others
+transaction
+--Unrealized profit of internal
+346,391,247.01
+229,892,350.61
+3,698,841,692.12
+3,317,068,870.81
+-53,810,257.91
+3,128,258,113.05
+3,128,744,737.97
+1,576,336,204.81
+119,909,672.06
+--Goodwill
+1,576,336,204.81
+115,310,728.68
+Adjustments
+per the shareholding proportion
+3,928,734,042.73
+associates
+Fair value of equity investments in
+9,757,700,756.92
+129,423,037.86
+214,995,574.86
+237
+1,935,082.60
+478,165,131.27
+-350,009.21
+1,006,892,732.50
+4,142,791,867.62
+235,126,593.34
+223,458,795.96
+-38,671,956.75
+2,376,457,516.33
+this period
+Dividend received from associates
+Total comprehensive income
+1,963,683,377.22
+Other comprehensive income
+Net profit from discontinued
+Net profit
+Revenue
+-102,276,146.58
+37,898,178,594.23
+1,293,978,088.73
+4,095,572,170.97
+2,868,755,165.41
+476,230,048.67
+4,396,354,324.64
+6,087,409,000.00
+1,263,333,300.61
+3,135,899,135.12
+22,628,852,706.05
+2,415,129,473.08
+operations
+3,452,839,293.21
+8,707,756,719.98
+Shares of net assets calculated as
+Opening balance/Amount incurred in the previous year
+4,096,174,875.51
+44,371,114,424.87
+48,467,289,300.38
+7,824,725,409.60
+8,353,165,299.75
+16,177,890,709.35
+1,041,984,172.84
+31,247,414,418.19
+30,429,925,167.13
+Equity attributable to shareholders
+12,318,487,474.41
+60,765,086,020.43
+73,083,573,494.84
+14,551,091,411.35
+22,167,207,954.74
+36,718,299,366.09
+5,935,348,961.62
+Minority interests
+Total liabilities
+Non-current liabilities
+Total assets
+Non-current assets
+Sichuan Chuantou
+Energy Co., Ltd.
+Current assets
+Hubei Energy Group
+Co., Ltd.
+Items
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+236
+(Continued)
+this period
+54,410,325.80
+-116,355,230.07
+1,054,618,351.67
+Current liabilities
+-286,741,111.82
+3,451,633,081.65
+Yunnan Huadian Jinsha
+River Middle Reaches
+1,174,106,486.47
+of the parent company
+24,092,670,173.01
+33,170,688,708.09
+2,939,847,789.45
+0.00
+6,336,418.60
+8,537,753,814.02
+31,830,757,400.80
+50,489,450,126.08
+16,887,309,189.25
+31,594,048,596.54
+Hydropower
+Development Co., Ltd.
+14,943,448,211.55
+2,219,426,813.16
+15,007,163,759.85
+17,226,590,573.01
+58,863,275,363.26
+83,660,138,834.17
+41,718,363,663.04
+56,211,963,603.96
+24,596,574,319.16
+25,770,680,805.63
+17,144,911,700.22
+Guangzhou
+Development Group
+Incorporated
+27,448,175,230.21
+Three Gorges Capital
+Holding Co., Ltd.
+18,895,401,529.54
+Business
+associates with public offer
+Business
+combinatio
+remaining
+equity at
+date of loss
+of control
+(%)
+Book
+value of
+remaining
+equity at
+date of
+loss of
+control
+losses
+Fair value
+arising
+of
+remaining
+equity at
+date of loss
+of control
+Ma'anshan
+Changdian
+Modern
+Biomass
+Energy Co.,
+Ltd.
+100.00
+*
+: Shanghai Electric Energy, a subsidiary of the company, signed the "Shanghai Property Rights
+Transaction Contract" with Wuhan Yangtze No. 2 Energy Co., Ltd. on December 30, 2022, and
+the "Equity Transfer Confirmation Letter" was signed and the relevant property transfer
+procedures were completed on December 31, 2022. On December 30, 2022, the first transfer
+payment of RMB 2.26863 million yuan was collected, and the remaining payment will be paid
+within ten months after the signing of the property rights transfer contract.
+(III) Changes in the scope of consolidation for other reasons
+The Company has invested in the establishment of 2 companies in 2022:
+S/N
+Company name
+Level
+1 Three Gorges Power (Tianjin) Co., Ltd.
+2
+CYPC Cloud Power Generation (Yongren) Co., Ltd.
+Grade IV
+Grade IV
+Subsidiary
+Name
+Proportion
+of
+or loss
+the equity
+investment of the
+pre-subsidiary
+reclassified to profit
+4,953.70
+19,151,109.46
+7,660,443.78
+11,490,665.68
+Basis for
+Determinin
+g the Date
+of Loss of
+Control
+The difference between the
+disposal price and the
+share of the subsidiary's
+net assets at the level of the
+consolidated financial
+statements corresponding
+to the disposal investment
+Biomass
+Energy Co.,
+Ltd.
+5,958,157.0
+8
+100.00
+Listed for
+Sale
+2022/12/3
+1
+15,724.78
+Reasons
+Newly established
+(Continued)
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Gains or
+from
+remeasure
+ment of
+remaining
+equity at
+fair value
+Determinatio
+n method and
+main
+assumptions
+of the fair
+value of the
+remaining
+equity on the
+date of loss of
+control
+The amount of other
+comprehensive
+income related to
+231
+Newly established
+The company has canceled 8 companies in 2022:
+S/N
+Grade VII
+n
+8
+Energy Business International S.R.L.
+Grade VI
+Canceled
+VII. Equity in Other Entities
+1. Equity in subsidiaries
+232
+China Yangtze Power Co., Ltd.
+Year 2022
+Andes Power S.A.C.
+Notes to the Financial Statements
+Principal
+Name of subsidiary
+place of
+Registrati
+on place
+Nature of
+business
+business
+direct
+CYPC Capital Holding Co.,
+Yichang,
+Ltd.
+Hubei
+(1) Composition of the Enterprise Group
+Changdian
+Modern
+7
+Grade VII
+Company name
+Level
+1
+China Yangtze Power International (BVI) 1 Co., Ltd.
+Grade IV
+Reasons
+Canceled
+2
+China Yangtze Power International (BVI) 2 Co., Ltd.
+Grade IV
+Canceled
+3
+Canceled
+Inversiones en Servicios Electricos S.R.L.
+Canceled
+4
+Peruvian Services Company S.R.L.
+Grade VI
+Canceled
+5
+Peruvian Services Company II S.R.L.
+Grade VI
+Canceled
+6
+Blue River Corp S.A.C.
+Grade VII
+Ma'anshan
+Date of
+Loss of
+Control
+Method
+60.00
+Capital
+increase
+2022-2-2
+actually pay
+28,301.89
+48,912.35
+8
+the capital
+increase
+The company increased the capital of Hunan Mingsheng New Energy Co., Ltd. in cash
+on February 28, 2022, and enjoy 60% of its equity.
+2. Combination costs and goodwill
+1,260.00
+Combination Costs
+12,600,000.00
+Cash
+Fair Value of Non-Cash Assets
+Fair value of debt issued or assumed
+Fair value of issued equity securities
+Fair value of contingent consideration
+Fair value on the purchase date of the equity held
+before the purchase date
+Others
+Total combined cost
+12,600,000.00
+Less: Fair value share of identifiable net assets
+Hunan Mingsheng New Energy Co.,
+Ltd
+acquired
+2022-2-28
+commercial
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+VI. Changes in Consolidation Scope
+(I) Business combination not under common control
+1. Business combinations not under common control occurred in the current period
+Date of
+Acquisitio
+Name of
+the
+n
+Equity
+Acquisitio
+n Cost
+Shareh Equity
+olding Acquisiti
+Ratio
+(%)
+change and
+on
+Method
+acquiree
+Hunan
+Mingsheng
+New
+Energy Co.,
+Ltd.
+Basis for
+Determining
+the Date of
+Acquisition
+Income of
+the
+acquired
+party from
+the date of
+acquisition
+to the end
+of the
+period
+Net profit
+of the
+acquired
+party from
+the date of
+acquisition
+to the end
+of the
+period
+Complete the
+industrial and
+Date of
+Purchase
+Yichang,
+Hubei
+9,929,070.25
+2,670,929.75
+20,355,094.14
+141,641.65
+27,287,799.18
+112,950,900.00
+1,209,841.58
+40,001.30
+Other non-current financial assets
+Less: Borrowings
+112,950,900.00
+Accounts payable
+Employee compensation payable
+Other current liabilities
+4,953.70
+46,581.64
+Net assets
+16,548,450.42
+Less: Minority interests
+6,619,380.17
+9,929,070.25
+(II) Disposal of subsidiaries
+1. Single disposal of investment in subsidiary resulting in loss of control
+Subsidiary
+Name
+Equity
+disposal
+price
+Equity
+disposal
+Equity
+Disposal
+ratio (%)
+Net assets acquired
+The amount by which goodwill/combination costs are
+less than the share of the fair value of identifiable net
+assets acquired
+249,780.03
+46,802,605.40
+3. The identifiable assets and liabilities of the acquiree on the date of purchase
+230
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Item
+Cash and bank balances
+Accounts receivable
+Other current assets
+Fixed assets
+Construction in progress
+38,473,304.00
+Intangible assets
+purchase
+46,802,605.40
+38,473,304.00
+249,780.03
+39,795.00
+17,753,063.39
+147,800.00
+27,287,799.18
+1,209,841.58
+40,001.30
+purchase
+Book value at date of
+Hunan Mingsheng New Energy Co., Ltd
+Fair value at date of
+Equity investment
+Canceled
+Beijing Yangtze Juyuan
+Kong
+Kong
+and supply
+Overseas
+investment
+100.00
+China Three Gorges
+Operation and
+International Power Operation
+Hong
+Hong
+Co., Ltd.
+management of
+Co., Ltd.
+Kong
+Kong
+overseas power
+stations
+CYPC International Energy
+Electricity and
+Sanya
+Sanya
+heat production
+100.00
+80.00
+Investment (Hainan) Co., Ltd.
+Hong
+International (Hong Kong)
+Energy Co., Ltd
+Leiyang, Leiyang,
+Hunan
+Hunan
+Gas production
+60.00
+combinatio
+and supply
+Electricity and
+CYPC Sales Ltd.
+Shanghai Shanghai
+CYPC Investment
+Management Co., Ltd.
+Shanghai Shanghai
+Hong
+heat production
+and supply
+Equity investment
+100.00
+CYPC Xinneng Co., Ltd.
+Wuhan, Wuhan,
+Hubei
+Hubei
+Electricity and
+heat production
+and supply
+100.00
+CYPC Cloud Power
+Generation (Yongren) Co.,
+Ltd.
+Electricity and
+Chuxiong, Chuxiong,
+Yunnan Yunnan
+100.00
+51.00
+China Yangtze Power
+100.00
+Hunan Mingsheng New
+and supply
+services and
+233
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+distribution, sales
+and generation
+Andes Energy Investment
+Lima,
+Lima,
+Management
+100.00
+Management Co., Ltd.
+energy investment,
+Peru
+advisory
+Establishe
+d by
+investment
+Grupo de Contratistas
+Lima,
+Lima,
+Internacionales S.A.C.
+Peru
+Peru
+Emergency
+maintenance
+100.00
+Peru
+Consulting
+d by
+investment
+d by
+investment
+Yangtze Andes Holding Co.,
+Hong
+Hong
+operation
+70.03
+Limited
+Kong
+Kong
+management of
+n
+Establishe
+d by
+Establishe
+investment
+d by
+investment
+Establishe
+d by
+investment
+Establishe
+d by
+investment
+Establishe
+d by
+investment
+Establishe
+d by
+investment
+Establishe
+Establishe
+Business
+heat production
+100.00
+Hubei
+Hubei
+d by
+investment
+development
+Three Gorges Electric Energy
+Electricity and
+(Shanghai) Co., Ltd.
+Shanghai
+Shanghai
+heat production
+100.00
+51.00
+and supply
+Jiangsu Suqian CYPC Smart
+Suqian,
+Suqian,
+production and
+100.00
+Energy Co., Ltd.
+Jiangsu
+Jiangsu
+supply, electricity
+supply
+Shareholding
+proportion (%)
+Biomass gas
+indirect
+technology
+Yichang,
+Investment Management Co.,
+Beijing
+Beijing
+Equity investment
+85.00
+Ltd.
+Three Gorges Jinsha River
+Chengdu,
+Chuanyun Hydropower
+Sichuan
+Chengdu,
+Sichuan
+Yichang,
+Development Co., Ltd.
+100.00
+Wuhan,
+Wuhan,
+Power Distribution
+Three Gorges Power Co., Ltd.
+70.00
+Hubei
+Hubei
+and Sales
+Electricity sales,
+Three Gorges Electric Energy
+(Hubei) Co., Ltd.
+Hydropower
+development
+Acquisitio
+investment and
+Establishe
+d by
+investment
+Establishe
+d by
+investment
+Management
+Tianjin
+n method
+Energy
+Three Gorges Power (Tianjin)
+Co., Ltd.
+Establishe
+d by
+investment
+Establishe
+Tianjin
+Establishe
+Establishe
+d by
+investment
+Establishe
+n
+d by
+investment
+d by
+investment
+Business
+combinatio
+Sol items
+133,997,978.82
+1,244,734,392.50
+14,182,913.58
+51,153,731.01
+38,756.47
+34,724,239.06
+188,501,667.93
+1,341,036,799.02
+24,537,080.18
+36,162,401.44
+Other receivables
+Cash and bank balances
+assets:
+Foreign currency financial
+1,712,443,598.41
+EUR items
+PKR items
+Total
+Accounts receivable
+1,320,425,203.69
+63,280,768.98
+99,481,926.89
+liabilities:
+Foreign currency financial
+7,988,500,362.18
+1,442,013,140.30
+65,375,401.06
+1,234,201,469.91
+358,177,435.10
+358,177,435.10
+3,845,174,070.27
+1,401,736,280.64
+Sub-total
+HKD items
+assets
+3,298,494,967.24
+3,298,494,967.24
+165,476,726.95
+1,034,000,503.90
+1,034,000,503.90
+165,476,726.95
+instruments
+Investment in other equity
+investments
+Long-term equity
+Debt investments
+Other non-current financial
+USD items
+Notes to the Financial Statements
+Items
+18,957,120,000.00
+21,887,133,432.56
+74,180,000.00
+3,869,456,143.66
+38,617,506,722.40
+37,620,231,630.91
+Other current liabilities
+3,229,634,955.49
+3,229,634,955.49
+Non-current liabilities due
+19,586,206,722.40
+11,863,642,054.69
+within 1 year
+8,111,564,681.94
+39,034,119,657.87
+8,111,564,681.94
+31,449,848,777.09
+40,844,253,432.56
+3,943,636,143.66
+115,271,858,011.18
+3. Market risk
+(1) Exchange rate risk
+Total
+Ending balance
+Bonds payable
+940,559,332.34
+As of December 31, 2022, the amount of foreign currency financial assets and foreign currency financial liabilities held by the Company that is
+converted into RMB are set out as follows:
+China Yangtze Power Co., Ltd.
+Year 2022
+240
+Short-term borrowings
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+As of December 31, 2022, the Company's financial liabilities and off-balance-sheet guarantee items are listed as follows based on the undiscounted
+contractual cash flow according to the remaining term of the contract:
+Item
+Long-term borrowings
+Within 1 year
+2-5 years
+The company's rincipal operations lie in China, and its main business is settled in RMB. However, foreign currency assets and liabilities recognized
+by the Company 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 risks. The company is responsible for monitoring the scale of the
+company's foreign currency transactions and foreign currency assets and liabilities, so as to minimize the exchange rate risk it faces.
+Over 5 years
+Total
+Short-term borrowings
+Accounts payable
+26,752,360,688.10
+940,559,332.34
+26,752,360,688.10
+1-2 years
+Dividends payable
+The company listed the book value of financial asset instruments measured at fair value on
+December 31, 2022 according to three levels of fair value. When the fair value is classified
+into three levels as a whole, it is based on the lowest level among the three levels to which
+each important input value used in fair value measurement belongs. The three levels are
+defined as follows:
+Other payables
+Yichang Yangtze River Three Gorges Shore Power
+Operation Service Co., Ltd.
+Electricity bill, technical
+7.72
+8.93
+services
+247
+22.11
+China Yangtze Power Co., Ltd.
+Notes to the Financial Statements
+Related party
+Enterprises controlled by controlling
+shareholders
+Karot Power Company (Private) Limited
+Three Gorges CYPC Big Data Technology
+(Yichang) Co., Ltd.
+China Three Gorges International Co., Ltd.
+Year 2022
+45.11
+Electricity bill
+Three Gorges Electric Energy Digital Energy
+Technology (Hubei) Co., Ltd.
+Commodity sales,
+technical services,
+electricity charges
+Currency: RMB
+Amount incurred Amount incurred
+in current year in previous year
+5,486.98
+2,909.36
+Joint ventures or associates
+Three Gorges Electric Energy (Anhui) Co., Ltd.
+Three Gorges Base Development Co., Ltd.
+Three Gorges Hi-Tech Information Technology Co.,
+Ltd.
+Technical services
+3,014.33
+Electricity bill
+4.20
+4.35
+Electricity bill
+0.89
+0.13
+Content of related
+transactions
+Unit: RMB
+Content of related
+transactions
+Technical consultation,
+operation and
+The Three Gorges Industrial Co., Ltd.
+Operation and
+maintenance service
+Consulting services,
+technical services, labor
+1,134.83
+1,128.21
+1,114.44
+3,175.69
+Three Gorges Tourism Development Co., Ltd.
+Yangtze Three Gorges Water Service (Yichang)
+Co., Ltd.
+services, electricity bill
+23.57
+20.94
+Electricity bill
+408.11
+379.37
+Sell electricity
+Commodity sales
+Pakistan Branch of China Three Gorges
+Corporation's Technology and Economic
+Yangtze Three Gorges Technology & Economy
+Development Co., Ltd.
+maintenance service
+1,060.59
+6,472.99
+maintenance
+Electricity bill
+2,235.84
+145.03
+Technical services
+1,102.15
+2,010.14
+Three Gorges Pakistan No. 2 Wind Power Co., Ltd.
+Three Gorges Pakistan No. 3 Wind Power Co., Ltd.
+Three Gorges Pakistan No. 1 Wind Power Co., Ltd.
+Operation and
+1,240.71
+1,060.59
+maintenance service
+Operation and
+1,240.71
+Amount incurred Amount incurred
+in current year
+in previous year
+China Three Gorges Corporation
+party
+Controlling shareholder and ultimate controlling
+Beijing Rongneng Property Brokerage Co., Ltd.
+Three Gorges Mechanical and Electrical
+Engineering Technology Co., Ltd.
+China Three Gorges (Portugal) Co., Ltd.
+Yangtze Three Gorges Equipment & Materials Co.,
+Ltd.
+Subsidiaries of joint ventures
+Content of related
+transactions
+transportation costs, etc.
+Acceptance of labor
+services, planning and
+design, consulting fees
+Entrusted management,
+repair, engineering labor
+services, etc.
+Three Gorges International Tendering Co., Ltd.
+Amount incurred Amount incurred
+in current year in previous year
+1,388.27
+1,310.28
+3,783.24
+Water charges, provision
+of labor services
+Property Management,
+Green maintenance
+Entrusted management
+Acceptance of labor
+services, publicity fees
+Renovation costs
+Tender Agent, Entrusted
+management
+Service fees of asset
+transaction, acceptance of
+labor services
+1,064.11
+1,106.70
+1,932.91
+China Three Gorges Publishing and Media Co., Ltd.
+Three Gorges Asset Management (Shanghai) Co.,
+Ltd.
+The Three Gorges Ecological Garden Co., Ltd.
+The Institute of Chinese Sturgeon of China Three
+Gorges Corporation
+Yangtze Three Gorges Water Service (Yichang)
+Co., Ltd.
+procurement and
+9,891.94
+9,088.99
+insurance, storage
+IX. Disclosure of Fair Value
+management fees, etc.
+Property management,
+2,172.56
+1,583.12
+246
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Related party
+Shanghai Investigation, Design & Research Institute
+Co., Ltd.
+Yangtze Three Gorges Technology & Economy
+Development Co., Ltd.
+849.68
+556.41
+549.37
+600.04
+services, planning and
+4,079.26
+design, construction and
+installation
+Engineering labor,
+Beijing IWHR Technology Co.,Ltd.
+1,554.78
+Yangtze Three Gorges Nengshida Electric Co., Ltd.
+Retrofit and upgrade
+Engineering labor, system
+transformation
+185.72
+Total
+110,189.52
+99,257.23
+(3) Related party transactions of selling goods and offering services
+Related party
+Yangtze River Survey, Planning, Design and
+Research Co., Ltd.
+202.50
+Engineering labor
+Power station repair fee
+328.56
+443.17
+238.15
+80.51
+74.85
+40.69
+135.11
+Entrusted management
+759.19
+Consulting service
+Entrusted management
+179.37
+330.74
+92.08
+service.
+Chongqing CYPC United Energy Co., Ltd.
+Associated companies within the group
+951.45
+services, material
+87.77
+150.13
+Unit: RMB 10,000
+Commencement date
+of guarantee
+Due date of
+guarantee
+November 2019
+November 2025
+Guarantee
+Amount of
+guarantee
+Hunan Taohuajiang Nuclear
+Power Co., Ltd.
+2) Liquidity fund support
+Guarantor
+Yangtze Smart Distributed Energy
+Co., Ltd.
+Amount of
+guarantee
+16,146.80
+1) The Company serves as the Guarantor
+(5) Related party guarantees
+6,230.87
+equipment
+The Three Gorges Industrial Co., Ltd.
+Premises
+208.47
+205.77
+Three Gorges Jinsha River Yunchuan Hydropower
+Premises
+16.28
+Development Co., Ltd.
+Yichang Three Gorges Duoneng Asset
+Premises
+Management Co., Ltd.
+Total
+13.88
+6,254.66
+7.57
+Unit: RMB 10,000
+Commencement date
+of guarantee
+(Yichang) Co., Ltd.
+Due date of
+guarantee
+September 2021
+2033-08-01
+No
+(Note)
+Note: Pursuant to the Letter of Guarantee issued by CTG on June 30, 2009 and the
+"Guarantee Agreement” signed by the Company in August 2009, CTG agreed to provide an
+irrevocable joint liability guarantee on principal, interest payable, liquidated damages,
+damages, the expense of credit realization and other payable expenses of CTG Bonds in the
+total amount of RMB 16 billion. If the Company fails to pay principals of and interest on
+bonds as per original issue-clauses of various phases of CTG Bonds, CTG would bear joint
+liability guarantee, unconditionally pay all bonds payable and expenses of the Company.
+As of December 31, 2022, the Company has paid RMB 13 billion for overdue CTG Bonds,
+the guarantee balance was RMB 3 billion.
+(6) Compensation of key management personnel
+Item
+2002-09-20
+Total compensation
+974.96
+249
+Currency: RMB
+Amount incurred in previous
+year
+842.72
+Accounts payable
+Unit: RMB 10,000
+Amount incurred in current
+year
+300,000.00
+China Three Gorges Corporation
+guarantee has been
+fulfilled
+September 2036
+3) The Company serves as the Warrantee
+Currency: RMB
+Whether the
+guarantee has been
+fulfilled
+No
+Currency: RMB
+Whether the
+guarantee has been
+fulfilled
+No
+Guarantor
+Amount of
+guarantee
+Unit: RMB 10,000
+Commencement date
+of guarantee
+Currency: RMB
+Whether the
+Due date of
+guarantee
+3,715.52
+532.08
+266.04
+5,485.45
+7.09
+104,525.41
+85,613.12
+227.13
+Beijing IWHR Technology Co.,Ltd.
+Subsidiaries of joint ventures
+4.21
+CYPC Energy (Shanghai) Co., Ltd.
+(4) Related party lease
+1) The Company as the lessor:
+Power product sales
+Power product sales
+3.53
+0.21
+Technical Services
+Total
+Electricity bill
+6.19
+Electricity bill
+139.27
+The Three Gorges Ecological Garden Co., Ltd.
+Electricity bill, technical
+47.79
+11.76
+services
+Three Gorges Materials Tendering Management
+Co., Ltd.
+China Three Gorges Publishing and Media Co., Ltd.
+Three Gorges Ecological Environment Co., Ltd.
+Three Gorges Jinsha River Yunchuan Hydropower
+Development Co., Ltd.
+China International Water & Electric Corporation
+Associated companies within the group
+Yangtze River Survey, Planning, Design and
+Research Co., Ltd.
+Commodity sales,
+technical services,
+entrusted management
+Technical Services
+Commodity sales,
+18.35
+18.92
+technical services, etc.
+4,946.01
+133,436.91
+98,030.50
+Leasing income
+recognized in the
+current year
+1,301.19
+192.03
+Currency: RMB
+Leasing income
+recognized in
+the previous
+Currency: RMB
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Type of leased
+Lessor
+China Three Gorges Corporation
+Three Gorges CYPC Big Data Technology
+assets
+Land
+Professional
+Lease expenses
+recognized in the
+current year
+5,749.99
+Lease expenses
+recognized in
+the previous
+year
+2,198.00
+Electricity bill
+1,493.22
+Unit: RMB 10,000
+year
+1,685.44
+384.05
+Unit: RMB 10,000
+Type of leased
+Lessee
+assets
+The Three Gorges Industrial Co., Ltd.
+Premises
+Three Gorges Tourism Development Co., Ltd.
+Three Gorges International Energy Investment
+Premises
+Premises
+Group Co., Ltd.
+Total
+2) The Company as the Lessee:
+248
+128.51
+Acceptance of labor
+10,000
+11,150.60
+The difference between the book value of the above-mentioned financial assets and liabilities
+not measured at fair value and the fair value is very small.
+X. Related Parties and Related Party Transactions
+1. Controlling shareholder and ultimate controlling party
+Name of
+controlling
+shareholder
+and ultimate
+controlling
+party
+Registration
+place
+Nature of
+business
+Notes to the Financial Statements
+Registered Capital
+Proportion
+of voting
+right in the
+Company
+(%)
+China Three
+Gorges
+Wuhan City
+Corporation
+Large-scale
+hydropower
+Proportion of
+shareholding in
+the Company
+(%)
+Year 2022
+China Yangtze Power Co., Ltd.
+243
+13,807,583.84
+3,312,302,551.08
+273,046,935.36
+1,611,389,626.19
+286,854,519.20
+4,923,692,177.27
+3. Determination of market prices of each item is subject to continuous and non-continuous
+level 1 fair value measurement
+Equity instruments investments of the Company measured by recurring level 1 fair value are
+A-shares and H-shares held by the Company; determination basis of market price is the
+closing price of the last trading day at the end of the period.
+4. Valuation techniques and qualitative and quantitative information about key parameters of
+items subject to continuous and non-continuous level 2 fair value measurement
+The Company did not adopt continuous second-level fair value measurement items.
+5. Valuation techniques and qualitative and quantitative information about key parameters of
+items subject to continuous and non-continuous level 3 fair value measurement
+The Company adopts continuous level 3 fair value measurement items as unlisted equity
+instrument investments, and the fair value of unlisted equity instrument investments is valued
+according to its net assets.
+6. For continuous fair value measurement items, if there is a conversion between levels
+during the current period, the reason for the conversion and the policy for determining the
+time point of the conversion
+Items of the Company measured by recurring fair value did not have any transfer between
+different levels during the period.
+7. Change of valuation techniques incurred during the current year and the reasons thereof
+There is no change on valuation techniques during the current period for the Company.
+8. Fair value of financial assets and financial liabilities not measured at fair value
+Financial assets and liabilities not measured at fair value mainly include: accounts receivable,
+debt investment, short-term borrowings, accounts payable, non-current liabilities due within 1
+year and long-term borrowings, equity instrument investments that do not have a quoted price
+in an active market and whose fair value cannot be reliably measured.
+project
+development
+and operation
+4,636,837,658.07
+211,500,000,000.00
+52.25
+Associates
+Three Gorges Hi-Tech Information Technology Co., Ltd.
+Associates
+Three Gorges Finance Co., Ltd.
+Associates
+Three Gorges Electric Energy Digital Energy Technology (Hubei) Co., Ltd.
+Chongqing Fuling Energy Industry Group Co., Ltd.
+Three Gorges Base Development Co., Ltd.
+Associates
+Zhengzhou Hydraulic Machinery Co., Ltd.
+Associates
+Yichang Yangtze River Three Gorges Shore Power Operation Service Co., Ltd.
+Associates
+Hunan Taohuajiang Nuclear Power Co., Ltd.
+Associates
+Associates
+Associates
+Associates
+Joint Ventures
+2. For details of subsidiaries, please refer to "Note VII.1. (1) Composition of the
+Enterprise Group".
+3. Joint ventures and associates
+For details of important joint ventures or associates of the Company, please refer to "Note
+VII.2. (1) Important joint ventures or associates".
+The information of other joint ventures or associated enterprises which produced balance for
+conducting related-party transaction with the Company in this year or in the earlier period is
+shown as follows:
+Name of joint venture or associates
+Yunxia Electric Power (Yunnan) Co., Ltd.
+Three Gorges Electric Energy (Anhui) Co., Ltd.
+Yangtze Smart Distributed Energy Co., Ltd.
+Relationship with the
+Company
+Joint Ventures
+Joint Ventures
+Joint Ventures
+Three Gorges Electric Energy (Guangdong) Co., Ltd
+Shaanxi Yan'an Electric Industry Co., Ltd.
+Chongqing Three Gorges Water Conservancy and Electric Power Co., Ltd.
+52.25
+1,338,342,690.83
+3,298,494,967.24
+Total
+Bonds payable
+Sub-total
+5,223,450,000.00
+5,249,177,325.24
+1,336,122,000.00
+6,559,572,000.00
+Long-term borrowings
+80,397.00
+9,084,240.06
+2,037,068,610.00
+5,973,980,124.12
+2,037,068,610.00
+12,573,198,435.09
+As of December 31, 2022, for various foreign currency financial assets and foreign currency financial liabilities of the Company, if the RMB
+appreciates or depreciates by 10% against each foreign currency while other factors remain unchanged, the Company's net profit will decrease or
+increase by approximately RMB 102.9591 million yuan.
+241
+1,340,876,348.67
+220,656,000.00
+220,656,000.00
+Other non-current liabilities
+15,860,808.55
+80,397.00
+6,367,617.23
+2,716,622.83
+2,124,834,261.06
+33,217,087.18
+765,046,771.18
+70,380,718.28
+2,124,834,261.06
+33,217,087.18
+771,414,388.41
+89,038,546.66
+Non-current liabilities due
+9,866,516.69
+4,754,348.67
+0.00
+722,776,676.42
+737,397,541.78
+within one year
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+(2) Interest rate risk
+Items
+Subtotal of financial
+assets at fair value
+through profit or loss
+Other equity instrument
+investment
+Other non-current
+financial assets
+Total assets
+Unit: yuan Currency: RMB
+Ending fair value
+Level 2 fair
+Level 1 fair value
+measurement
+12,568.57
+Level 3 fair value
+measurement
+2. Fair value measurement at the end of the period
+(1) Continuous fair value measurement
+Hubei Qingneng Investment and Development Group Co., Ltd.
+Level 2: It is the directly or indirectly observable input value of the relevant asset or liability
+other than the input value of the first level; Input values at the second level include: 1) quoted
+prices for similar assets or liabilities in active markets; 2) quoted prices for the same or
+similar assets or liabilities in an inactive market; 3) observable input values other than quoted
+prices, including observable interest rates and yield curves, implied volatility and credit
+spreads during normal quoted prices intervals; 4) Input values for market verification, etc.
+Level 3: It is an unobservable input value of related assets or liabilities.
+Year 2022
+Interest rate risks of the Company are mainly produced in bank loans, bonds payable, and
+long-term payables etc. Due to financial liabilities with floating interest rate, the Company
+faces cash flow interest rate risk; due to financial liabilities with fixed interest rate, the
+Company faces fair value interest rate risk. The Company decides the relative proportion of
+the fixed interest rate and floating interest rate contracts in accordance with the current market
+environment.
+The Company constantly monitors interest rate level of the Company. Rising of interest rates
+would add costs of new interest-bearing debts and interest exchange of unsettled
+interest-bearing debts of the Company calculated as per the floating interest rate, and would
+have significant adverse effects on financial performance of the Company. Management will
+make timely adjustments based on the latest market conditions.
+As of December 31, 2022, The company's long-term interest-bearing debts are mainly
+long-term loans, bonds payable and long-term payables. Long-term loans and long-term
+payables are mainly floating rate contracts denominated in RMB, the amount is RMB 32.618
+billion yuan. See Note V, 27 and 29 for details.
+Analysis on sensitivity:
+As of December 31, 2022, in case the borrowing rate calculated as per the floating interest
+rate rises or falls by 50 basis points while other factors remain unchanged, the net profit of the
+Company would decrease or increase by about RMB 122.3086 million.
+The above sensitivity analysis assumes that the interest rate changes on the balance sheet date,
+and applied to all long-term interest-bearing floating rate contracts such as borrowings and
+bonds payable obtained at the company's floating rate.
+(3) Price risk
+Price risk refers to the risk of fluctuations in market prices other than exchange rate risk and
+interest rate risk, mainly due to changes in commodity prices, stock market indexes, equity
+instrument prices and other risk variables.
+The price risk of equity instrument investment refers to the risk that the fair value of equity
+securities will be reduced due to changes in the stock index level and the value of individual
+securities. The company mainly invests in stocks and funds listed on the stock exchange, and
+the maximum market price risk it faces is determined by the fair value of the financial
+instruments it holds.
+The company conducts daily tracking and management of the price of financial assets, and
+takes timely management measures according to changes in the market environment.
+1. Financial instruments measured at fair value
+Level 1: It is an unadjusted quoted price in an active market for the same asset or liability that
+can be obtained on the measurement date;
+242
+China Yangtze Power Co., Ltd.
+Notes to the Financial Statements
+Three Gorges Electric Power (Xi'an) Co., Ltd.
+value
+measurement
+Associates
+2,253.08
+2,262.83
+maintenance, etc
+Entrusted management,
+Three Gorges Hi-Tech Information Technology Co., equipment procurement,
+Ltd.
+acceptance of labor
+Property management,
+entrusted management,
+2,278.59
+services
+Three Gorges Finance Co., Ltd.
+Letter of guarantee fees,
+491.83
+562.12
+agency fees, electricity fee
+2,172.94
+3,309.77
+4,226.02
+and provision of labor
+services
+Chongqing CYPC United Energy Co., Ltd.
+CYPC Energy (Shanghai) Co., Ltd.
+5. Related-party transaction
+Relationship with the Company
+Associated companies within the group
+Associated companies within the group
+Associated companies within the group
+Subsidiaries of joint ventures
+Subsidiaries of joint ventures
+(1) For subsidiaries that have a control relationship and have been included in the scope of
+the company's consolidated financial statements, their mutual transactions and
+parent-subsidiary transactions have been offset.
+(2) Related party transactions of purchasing goods/receiving services
+Unit: RMB 10,000
+Currency: RMB
+Amount incurred Amount incurred
+in current year in previous year
+Related party
+Content of related
+transactions
+Controlling shareholder and ultimate controlling
+party
+China Three Gorges Corporation
+Joint ventures or associates
+Three Gorges Base Development Co., Ltd.
+Entrusted management
+Three Gorges Electric Energy Digital Energy
+Technology (Hubei) Co., Ltd.
+Receiving services
+210.29
+Engineering labor,
+Yunxia Electric Power (Yunnan) Co., Ltd.
+Enterprises controlled by controlling
+shareholders
+The Three Gorges Industrial Co., Ltd.
+Three Gorges Ecological Environment Co., Ltd.
+China Three Gorges Construction Engineering
+Corporation
+Three Gorges Materials Tendering Management
+Co., Ltd.
+Three Gorges Tourism Development Co., Ltd.
+Receiving services
+130.03
+115.87
+Entrusted management,
+electricity sales, property
+management, etc.
+Entrusted management,
+equipment and facilities
+maintenance, etc.
+Entrusted management
+46,568.38
+37,741.61
+15,854.80
+Associates
+16,389.61
+4,133.08
+Beijing IWHR Technology Co.,Ltd.
+Receiving services
+5.66
+Zhengzhou Hydraulic Machinery Co., Ltd.
+construction and
+295.87
+installation
+Jingzhou Distributed Energy Co., Ltd.
+Three Gorges Electric Energy (Anhui) Co., Ltd.
+Chongqing Fuling Energy Industry Group Co., Ltd.
+Three Gorges Electric Energy (Guangdong) Co.,
+Ltd
+Receiving services
+200.92
+Receiving services
+House renovation
+119.17
+11.02
+Receiving services
+1.32
+Three Gorges Electric Power (Xi'an) Co., Ltd.
+Chongqing Three Gorges Water Conservancy and
+Receiving services
+Electric Power Co., Ltd.
+Yangtze River Survey, Planning, Design and Research Co., Ltd.
+1,041.52
+Name of other related parties
+Three Gorges Mechanical and Electrical Engineering Technology Co.,
+Ltd.
+The Institute of Chinese Sturgeon of China Three Gorges Corporation
+The Three Gorges Ecological Garden Co., Ltd.
+China Three Gorges Publishing and Media Co., Ltd.
+Beijing Rongneng Property Brokerage Co., Ltd.
+Three Gorges Asset Management Co., Ltd.
+Three Gorges International Tendering Co., Ltd.
+Yangtze River Three Gorges (Chengdu) Electronic Commerce Co., Ltd.
+Beijing IWHR Technology Co.,Ltd.
+Three Gorges Jinsha River Yunchuan Hydropower Development Co.,
+Ltd.
+China Three Gorges International Co., Ltd.
+Three Gorges Pakistan No. 1 Wind Power Co., Ltd.
+Three Gorges Pakistan No. 2 Wind Power Co., Ltd.
+Three Gorges Pakistan No. 3 Wind Power Co., Ltd.
+China International Water & Electric Corporation
+Three Gorges CYPC Big Data Technology (Yichang) Co., Ltd.
+Karot Power Company (Private) Limited
+Shanghai Investigation, Design & Research Institute Co., Ltd.
+Three Gorges International Energy Investment Group Co., Ltd.
+Yichang Three Gorges Duoneng Asset Management Co., Ltd.
+Three Gorges Tourism Development Co., Ltd.
+Three Gorges Materials Tendering Management Co., Ltd.
+4. Other related parties
+Name of other related parties
+Yangtze Three Gorges Nengshida Electric Co., Ltd.
+The Three Gorges Industrial Co., Ltd.
+Three Gorges Ecological Environment Co., Ltd.
+China Three Gorges Construction Engineering Corporation
+244
+Relationship with the Company
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Name of other related parties
+Yangtze Three Gorges Technology & Economy Development Co., Ltd.
+Pakistan Branch of China Three Gorges Corporation's Technology and
+Economic
+Three Gorges Finance (Hong Kong) Co., Ltd.
+Yangtze Three Gorges Water Service (Yichang) Co., Ltd.
+Three Gorges Group Media (Yichang) Co., Ltd.
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+245
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Three Gorges Asset Management (Shanghai) Co., Ltd.
+Relationship with the Company
+shareholders
+Enterprises controlled by controlling
+shareholders
+Yichang Great Three Gorges International Travel Agency Co., Ltd.
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+China Three Gorges (Portugal) Co., Ltd.
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Enterprises controlled by controlling
+shareholders
+Interest of long-term
+borrowings
+Agreed price
+35,976.74
+115,161.97
+China Three Gorges Corporation
+65,223.49
+49,149.83
+payables
+Interests on
+Three Gorges Finance Co., Ltd.
+Three Gorges Finance (Hong Kong)
+Co., Ltd.
+China Three Gorges Corporation
+25,916.85
+Agreed price
+123,752.68
+Agreed price
+Interests on
+borrowings
+Agreed price
+ng process
+Interests on
+ing process
+previous
+year
+8,887.75
+Amount
+incurred in
+205.68
+Currency: RMB
+Pricing
+method and
+decision-mak
+Agreed price
+China Three Gorges Corporation
+2) Pay interest to related parties
+Content of
+transaction
+Unit: RMB 10,000
+Amount
+incurred in
+current year
+Amount
+incurred in
+previous
+year
+Currency: RMB
+Pricing
+method and
+decision-maki
+Name of related party
+14,978.75
+China Three Gorges Corporation
+borrowings
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Unit: RMB 10,000
+Currency: RMB
+Amount
+incurred in
+previous year
+Pricing
+method and
+decision-maki
+250
+ng process
+Content of
+transaction
+Amount incurred
+in current year
+Guarantee cost
+395.34
+4) Pay research fund for the related party
+11,015.14
+813.26
+Unit: RMB 10,000
+Name of related party
+6,957.53
+3) pay security deposit to the related party
+Asset Management Co., Ltd.
+Agreed price
+Costs of lease
+2,349.66
+3,041.30
+Agreed price
+financing
+Shanghai Investigation, Design &
+financing
+Research Institute Co., Ltd.
+1,054.36
+Agreed price
+Yichang Three Gorges Duoneng
+Costs of lease
+0.65
+1.15
+Agreed price
+Interests on
+borrowings
+Amount
+incurred in
+current year
+Currency: RMB
+Interest incomes
+600,000.00
+2021.7.16
+2024.7.15
+500,000.00
+2022.7.15
+2025.7.15
+400,000.00
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+China Three Gorges Corporation
+Three Gorges Finance Co., Ltd.
+2021.7.15
+400,000.00
+2022.3.18
+2023.3.18
+200,000.00
+2022.12.19
+2023.1.19
+China Three Gorges Corporation
+2024.7.15
+200,000.00
+2025.7.15
+600,000.00
+480.00
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+(7) Capital borrowing or lending between related parties
+Unit: RMB 10,000
+Amount of
+2021.7.15
+Name of related party
+inter-bank lending
+Expiry date
+Remarks
+China Three Gorges Corporation
+Three Gorges Finance Co., Ltd.
+1,600,000.00
+2022.7.18
+2023.7.18
+Valid from
+Interest incomes
+2022.9.14
+Three Gorges Finance (Hong Kong)
+60,000.00
+2022.7.13
+2023.7.13
+Research Institute Co., Ltd.
+53,294.54
+2013.5.1
+2028.5.1
+Shanghai Investigation, Design &
+Total
+China Three Gorges Corporation
+(8) Other related party transaction
+1) Receive interest from the related party
+Name of related party
+Unit: RMB 10,000
+Content of
+transaction
+Three Gorges Finance Co., Ltd.
+Three Gorges Finance (Hong Kong)
+Co., Ltd.
+5,269,251.74
+2023.7.18
+Co., Ltd.
+2021.11.1
+174,115.00
+2021.6.11
+2024.6.11
+Co., Ltd.
+Three Gorges Finance (Hong Kong)
+174,115.00
+2021.6.28
+2024.11.1
+2024.6.28
+Three Gorges Finance (Hong Kong)
+174,115.00
+2021.11.1
+2024.11.1
+Co., Ltd.
+Three Gorges Finance (Hong Kong)
+133,612.20
+Co., Ltd.
+Agreed price
+debts
+Pricing
+method and
+decision-maki
+Other payables
+Yangtze River Three Gorges (Chengdu) Electronic
+Commerce Co., Ltd.
+1.91
+19.16
+Other payables
+Three Gorges Pakistan No. 3 Wind Power Co., Ltd.
+Three Gorges CYPC Big Data Technology
+9.03
+Other payables
+5.00
+(Yichang) Co., Ltd.
+Long-term
+borrowings
+Other payables
+Associates of the parent company
+Three Gorges Finance (Hong Kong) Co., Ltd.
+657,419.29
+608,134.67
+Chongqing CYPC United Energy Co., Ltd.
+Associated companies within the group
+55.73
+15.08
+China Three Gorges Publishing and Media Co.,
+Ltd.
+Other payables
+Other payables
+Three Gorges Ecological Environment Co., Ltd.
+85.38
+2,428.99
+Other payables
+The Three Gorges Ecological Garden Co., Ltd.
+Shanghai Investigation, Design & Research
+Institute Co., Ltd.
+62.90
+6.91
+218.52
+37.45
+Other payables
+Three Gorges Pakistan No. 2 Wind Power Co., Ltd.
+40.81
+16.61
+Other payables
+Three Gorges Pakistan No. 1 Wind Power Co., Ltd.
+93.63
+18.04
+30.97
+Advances from
+customers
+Beijing IWHR Technology Co.,Ltd.
+Other payables
+Item
+Deposit
+Ending balance
+711,556.09
+711,556.09
+Opening balance
+821,627.72
+(11) Transactions with other Chinese state-owned enterprises
+821,627.72
+The Company is a state-owned enterprise and operates within an economic system dominated
+by state-owned enterprises.
+In addition to the above-disclosed transactions with CTG and its joint ventures or associates,
+fellow subsidiaries and the Company's joint ventures or associates, the Company engages in
+certain business activities with other state-owned enterprises.
+Total
+These transactions are conducted in accordance with the normal commercial terms in the
+Company's daily business processes and are not materially or unduly affected by the fact that
+the counterparties are state-owned enterprises. The Company has established procurement and
+pricing strategies, as well as approval procedures for its purchases and sales of products and
+services, and these procurement and pricing strategies and approval procedures are not
+affected by whether the counterparty is a state-owned enterprise.
+Content of transaction
+Power generation revenue
+Other revenues
+Total
+2) Purchasing goods/receiving services
+Content of transaction
+Receiving services, Project construction and Others
+Interest expenses
+1) Selling goods/offering services
+111.76
+Three Gorges Finance Co., Ltd.
+Notes to the Financial Statements
+Other payables
+Other payables
+(10) Others
+Yangtze River Survey, Planning, Design and
+Research Co., Ltd.
+Beijing IWHR Technology Co.,Ltd.
+Yangtze Three Gorges Nengshida Electric Co., Ltd.
+Total
+0.01
+Name of related party
+122.37
+10.44
+5,365,408.97
+5,825,752.29
+Bank deposits
+254
+Unit: RMB 10,000
+Currency: RMB
+China Yangtze Power Co., Ltd.
+Year 2022
+93.72
+Karot Power Company (Private) Limited
+Other payables
+40.72
+253
+60,067.43
+1,091.38
+934.69
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Item
+The Three Gorges Industrial Co., Ltd.
+Related party
+Opening book
+balance
+payable
+Accounts
+payable
+Accounts
+payable
+Accounts
+payable
+Accounts
+The Three Gorges Ecological Garden Co., Ltd.
+511.84
+16.25
+Three Gorges International Tendering Co., Ltd.
+Closing book
+balance
+706.62
+Accounts
+borrowings
+Three Gorges Electric Energy (Guangdong) Co.,
+Ltd
+0.02
+0.02
+Other payables
+Hubei Qingneng Investment and Development
+24.44
+Group Co., Ltd.
+Other payables
+Shanghai Investigation, Design & Research
+Institute Co., Ltd.
+Three Gorges Electric Energy (Anhui) Co., Ltd.
+Long-term
+Three Gorges Finance Co., Ltd.
+600,650.83
+1,200,000.00
+borrowings
+Enterprises controlled by controlling
+shareholders
+Short-term
+4.92
+Total
+Yangtze River Three Gorges (Chengdu) Electronic
+Commerce Co., Ltd.
+Shanghai Investigation, Design & Research
+China Three Gorges Construction Engineering
+Corporation
+1,076.70
+664.8
+Other payables
+Three Gorges Materials Tendering Management
+Co., Ltd.
+2,423.36
+3,706.60
+Other payables
+Other payables
+Yangtze Three Gorges Technology & Economy
+Development Co., Ltd.
+592.77
+Other payables
+Yichang Great Three Gorges International Travel
+198.55
+Agency Co., Ltd.
+Other payables
+Three Gorges Tourism Development Co., Ltd.
+108.99
+207.02
+269.55
+4,743.75
+1,376.28
+158.65
+payable
+Institute Co., Ltd.
+Accounts
+Three Gorges Tourism Development Co., Ltd.
+143.87
+payable
+Accounts
+31,764.52
+payable
+customers
+Interest payable
+Yangtze Three Gorges Technology & Economy
+Development Co., Ltd.
+127.53
+Three Gorges CYPC Big Data Technology
+(Yichang) Co., Ltd.
+92.92
+Other payables
+Three Gorges Finance (Hong Kong) Co., Ltd.
+The Three Gorges Industrial Co., Ltd.
+Advances from
+Other payables
+3) Receivables
+Currency: RMB
+In April 2023, the Company issued RMB804 million yuan ordinary shares to 19 specific
+targets to raise a total of RMB16.097 billion yuan of supporting funds.
+XIV. Notes to Main Items in Financial Statements of the Parent Company
+1. Accounts receivable
+(1) Accounts receivable are listed by age
+Unit: yuan Currency: RMB
+Aging
+Within 1 year
+Subtotal
+Ending balance
+Opening balance
+1,329,354,981.68
+1,329,354,981.68
+1,525,800,124.22
+1,525,800,124.22
+Less: Bad debt provision
+Total
+(2) Classified presentation of accounts receivable by bad debt accrual method
+1,329,354,981.68
+In January 2023, the Company issued a total of RMB922 million yuan ordinary shares to
+China Three Gorges Corporation, Sichuan Energy Investment, and Yuneng Investment at a
+price of RMB 16.097 billion yuan, and paid RMB64.387 billion yuan in cash to complete the
+payment of the transaction price. In the same month, the Three Gorges Jinsha River
+Yunchuan Hydropower Development Co., Ltd. completed the industrial and commercial
+change and became a wholly-owned subsidiary of the company.
+agreed that the company will issue shares to China Three Gorges Corporation, Yunan
+Investment, and Sichuan Energy Investment to purchase related assets, and raise a set of funds
+not exceeding RMB 16.096 billion yuan.
+Notes to the Financial Statements
+Year 2022
+4. Annuity plan
+According to the relevant national regulations, the company implements the enterprise
+annuity plan after the China Three Gorges Corporation reports to the Labor and Social
+Security Bureau for the record. The company shall include the annuity expenses that should
+be borne in the current profit and loss as employee salaries, and at the same time transfer the
+annuity payments that should be paid into the bank accounts opened by the employees with
+the account manager on time.
+As of December 31, 2022, there have been no significant changes to the annuity plan.
+5. Termination of operation
+During the reporting period, no business was terminated.
+6. Segment Information
+The company determines the operating segments based on the internal organizational
+structure, management requirements and internal reporting system. The company's operating
+segment refers to the component that meets the following conditions at the same time:
+(1) This component can generate income and incur expenses in daily activities;
+1,525,800,124.22
+(2) Management can regularly evaluate the operating results of this component to decide to
+allocate resources to it and evaluate its performance;
+The company determines the reporting segment based on the operating segment, and the
+operating segment that meets one of the following conditions is determined as the reporting
+segment:
+a. The segment revenue of the operating segment accounts for 10% or more of the total
+revenue of all segments;
+b. The absolute amount of segment profits (losses) of this segment shall account for 10% or
+more of the greater of the total amount of profits of all profitable segments or the absolute
+amount of total losses of all loss-making segments.
+The company's business is single, mainly producing hydropower and related businesses. The
+management regards this business as a whole to implement management and evaluate
+operating results. Therefore, this financial statement does not report segment information.
+7. Other significant transactions and events affecting investors' decisions
+On July 20, 2022, the company's second extraordinary shareholders' meeting passed the
+"Proposal on the Company's Issuance of Shares and Payment of Cash to Purchase Assets and
+Raise Supporting Funds and Related Transaction Plans", The company plans to submit to
+China Three Gorges Corporation, Three Gorges Investment Management, Yunnan Energy
+Investment, Sichuan Energy Investment purchased 100% of the equity of Three Gorges Jinsha
+River Yunchuan Hydropower Development Co., Ltd. (hereinafter referred to as "this
+transaction") by issuing shares and paying cash. The transaction price was RMB80.484 billion
+yuan, of which RMB 16.097 billion yuan was paid by issuing shares, and RMB64.387 billion
+yuan was paid by cash.
+On November 14, 2022, this transaction was approved by the China Securities Regulatory
+Commission, and issued the "Reply on Approving the Application of China Yangtze Power
+Co., Ltd. to Issue Shares to China Three Gorges Corporation, etc. to Purchase Assets and
+Raise Supporting Funds" (China Securities Regulatory Commission [2022] No. 2740), It is
+258
+China Yangtze Power Co., Ltd.
+(3) It is possible to obtain relevant accounting information such as the financial status,
+operating results and cash flow of the component.
+Unit: yuan Currency: RMB
+Ending balance
+Book balance
+receivables
+Other
+payment
+6,743,467.99
+0.51
+portfolio
+Total
+1,329,354,981.68
+business
+100.00
+1,329,354,981.68
+(Continued)
+Opening balance
+Туре
+Book balance
+Provision for bad debts
+Book value
+259
+6,743,467.99
+There was no asset replacement business during the reporting period.
+1,322,611,513.69
+1,322,611,513.69
+Provision for bad
+debts
+Туре
+Amount
+Proporti
+on (%)
+Amount
+Bad debt
+provision
+made
+individually
+Bad debt
+Proportio
+n of
+provision
+(%)
+99.49
+Book value
+1,329,354,981.68
+100.00
+1,329,354,981.68
+made as per
+portfolio
+Including:
+portfolio of
+hydropower
+provision
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+Unit: RMB million
+Currency: RMB
+Closing balance
+662.06
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Subject names
+3,110.07
+Total
+Subject names
+Deposit
+Long-term borrowings
+Total
+Closing balance
+662.06
+Unit: RMB million
+Currency: RMB
+5) Balance of deposits and loans
+Closing balance
+255
+payable
+Amount in the current year
+43,548.67
+40.10
+43,588.77
+Unit: RMB million
+Currency: RMB
+Amount in the current year
+368.25
+Subject names
+335.32
+Unit: RMB million
+Currency: RMB
+Subject names
+Closing balance
+Receivable
+3,110.07
+4) Payables
+Total
+703.58
+Unit: RMB million
+2,035.81
+13,211.93
+On January 6, 2023, the company issued the fourth phase of ultra-short-term financing bills in
+2023, with a face value of 2.5 billion yuan, a term of 100 days, a coupon rate of 2.07%, and
+repayment of principal and interest in one lump sum.
+On January 9, 2023, the company issued the fifth phase of ultra-short-term financing bills in
+2023, with a face value of 2.5 billion yuan, a term of 130 days, a coupon rate of 2.15%, and
+repayment of principal and interest in one lump sum.
+(3) Profit distribution
+According to the profit distribution proposal for the year 2022 considered and approved at the
+Seventeenth Session of the Sixth Session of the Board of Directors of the Company, the
+Company proposed to distribute cash dividends in the total amount of RMB
+20,092,277,840.10 yuan (including tax), which resolution is subject to the consideration and
+approval of the shareholders' meeting.
+(4) Explanation of other events after the balance sheet date
+Except for the above-mentioned post-balance sheet events, as of the date when the financial
+report is approved for publication, the company has no other major post-balance sheet events
+that should be disclosed but have not been disclosed.
+XIII. Other Significant Events
+On January 9, 2023, the company issued the third phase of ultra-short-term financing bills in
+2023, with a face value of 2.5 billion yuan, a term of 100 days, a coupon rate of 2.10%, and
+repayment of principal and interest in one lump sum.
+1. Accounting errors in the previous period
+During the reporting period, no previous errors were found using the retrospective restatement
+method.
+(2) Future applicable method
+During the reporting period, no previous errors were found using the future applicable
+method.
+2. Debt restructuring
+There was no debt restructuring business during the reporting period.
+3. Asset replacement
+257
+(1) Retrospective restatement method
+11,176.12
+On January 5, 2023, the company issued the second phase of ultra-short-term financing bills
+in 2023, with a face value of 2.5 billion yuan, a term of 130 days, a coupon rate of 2.10%, and
+repayment of principal and interest in one lump sum.
+(2) Issuance of bonds
+XI. Commitments and contingencies
+1. Important commitments
+(1) Up to December 31, 2022, capital expenditure and revenue expenditure commitments
+such as asset purchasing, etc. which have been signed and need not be recognized on the
+financial statement of the Company, were RMB 72.3587 million.
+(2) The Company signed land use right renting contract for Gezhouba District with CTG in
+December 2007, the lease term was 20 years from January 1, 2007, and for every three years,
+the rental can be adjusted by negotiation between both parties.
+(3) The Company signed land use right renting contract for Three Gorges District with CTG
+in September 2009, the lease term was 20 years from September 28, 2009, for every 3 years,
+the rental can be adjusted by negotiation between both parties. The latest adjustment by both
+parties was in 2014.
+As of December 31, 2022, the Company has no other significant commitment events that shall
+be disclosed but not yet disclosed except for the above-mentioned ones.
+2. Contingencies
+For contingent liabilities relating to the investment of joint ventures or associates, see the
+relevant contents of “Note VII. 2. (5) contingent liabilities relating to the investment of joint
+ventures or associates".
+The company issued the first phase of ultra-short-term financing bills in 2023 on January 3,
+2023, with a face value of 2 billion yuan, a term of 40 days, a coupon rate of 2.20%, and
+repayment of principal and interest in one lump sum.
+As of December 31, 2022, the Company has no other significant contingencies that shall be
+disclosed but not yet disclosed except for the above-mentioned ones.
+1. Important non-adjustment events
+(1) Issuance of stock
+According to the approval of the resolution of the second extraordinary general meeting of
+shareholders of CYPC in 2022, and approved by the China Securities Regulatory Commission
+in the "Reply on Approving the Application of China Yangtze Power Co., Ltd. to Issue Shares
+to China Three Gorges Corporation, etc. to Purchase Assets and Raise Supporting Funds"
+"(China Securities Regulatory License [2022] No. 2740) approval, The company issued
+460,961,213 shares to China Three Gorges Corporation on January 10, 2023, issued
+230,480,606 shares to Sichuan Energy Investment Group Co., Ltd. (hereinafter referred to as
+"Sichuan Energy Investment"), and issued 230,480,606 shares to Yunnan Energy Investment
+Group Co., Ltd. (hereinafter referred to as "Yunnan Energy Investment") to purchase the
+256
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+equity of Three Gorges Jinsha River Yunchuan Hydropower Development Co., Ltd.
+(hereinafter referred to as "Yunchuan Company"), the face value of each share is 1 yuan, and
+the issue price per share is 17.46 yuan; On April 4, 2023, RMB804,436,061 ordinary shares
+were issued to 19 specific targets, with a par value of 1 yuan per share and an issue price of
+20.01 yuan per share. After the above issuance, the company's share capital increased to RMB
+24,468,217,716.00 yuan.
+XII. Events after the Balance Sheet Date
+128.85
+30.99
+Three Gorges Base Development Co., Ltd.
+0.13
+5.88
+0.01
+(Hubei) Co., Ltd.
+Enterprises controlled by
+controlling shareholders
+Accounts
+receivable
+Karot Power Company
+(Private) Limited
+Yangtze Three Gorges
+4,228.46
+Accounts
+receivable
+Technology & Economy
+Development Co., Ltd.
+4.16
+2.14
+Accounts
+receivable
+28.76
+1.82
+40.54
+Digital Energy Technology
+5.32
+receivables
+(Guangdong) Co., Ltd
+0.01
+251
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Pakistan Branch of China
+Three Gorges Corporation's
+Other
+Other
+receivables
+Other
+receivables
+Yunxia Electric Power
+(Yunnan) Co., Ltd.
+Yangtze Smart Distributed
+Energy Co., Ltd.
+Three Gorges Electric Energy
+receivables
+2,602.47
+1,835.47
+Technology and Economic
+360.77
+receivable
+International Co., Ltd.
+Accounts
+Three Gorges Tourism
+30.67
+9.09
+receivable
+128.23
+Development Co., Ltd.
+Yangtze Three Gorges Water
+26.14
+17.64
+receivable
+Service (Yichang) Co., Ltd.
+Accounts
+The Three Gorges Industrial
+23.00
+Accounts
+Three Gorges Electric Energy
+China Three Gorges
+☐
+Accounts
+Three Gorges Pakistan No. 2
+227.26
+271.79
+receivable
+Wind Power Co., Ltd.
+Accounts
+Three Gorges Pakistan No. 3
+Accounts
+190.94
+receivable
+Wind Power Co., Ltd.
+Accounts
+Three Gorges Pakistan No. 1
+167.68
+1,738.10
+receivable
+Wind Power Co., Ltd.
+229.46
+Other
+(Anhui) Co., Ltd.
+receivables
+Provision
+for bad
+Controlling shareholder and
+ultimate controlling party
+Accounts
+China Three Gorges
+711.39
+177.71
+receivable
+Book balance
+Corporation
+China Three Gorges
+0.93
+|
+receivables
+Corporation
+Accounts
+Three Gorges Electric Energy
+172.89
+Other
+receivable
+Provision
+for bad
+debts
+Related party
+ng process
+Agreed price
+Transaction type
+Name of related party
+Amount incurred
+in current year
+Fund for research
+China Three Gorges Corporation
+225.00
+Book balance
+Amount
+incurred in
+previous year
+225.00
+According to the relevant arrangements in the "Report on Major Asset Purchase and Related
+Transactions of China Yangtze Power Co., Ltd." in September 2009, the operation and
+maintenance costs of the public supporting service facilities of the Three Gorges Project were
+shared between China Three Gorges Corporation and the company according to the ratio of
+25:75
+(9) Accounts receivables and accounts payables of related parties
+1) Accounts receivables
+Unit: RMB 10,000
+Currency: RMB
+Ending balance
+Opening balance
+Item
+5) Public costs sharing of Three Gorges Project
+15.82
+(Anhui) Co., Ltd.
+Accounts
+Prepayments
+Digital Energy Technology
+319.33
+5,502.84
+319.33
+(Hubei) Co., Ltd.
+Other
+Shaanxi Yan'an Electric
+Three Gorges Electric Energy
+39.51
+receivables
+Industry Co., Ltd.
+Other
+Three Gorges Electric Energy
+8.83
+0.01
+4.92
+0.01
+0.13
+Three Gorges Electric Energy
+Development Group Co., Ltd.
+Hubei Qingneng Investment
+Digital Energy Technology
+4.03
+receivable
+(Hubei) Co., Ltd.
+Accounts
+Three Gorges Base
+receivable
+Development Co., Ltd.
+6,527.68
+0.41
+Three Gorges Hi-Tech
+Accounts
+Information Technology Co.,
+0.17
+0.01
+receivable
+Ltd.
+Dividends
+receivable
+0.11
+☐
+receivable
+Co., Ltd.
+Controlling shareholder and ultimate
+controlling party
+Short-term
+borrowings
+China Three Gorges Corporation
+2,202,483.07
+900,000.00
+Interest payable
+China Three Gorges Corporation
+4,937.28
+Opening book
+balance
+Other payables
+Non-current
+liabilities due
+47,039.37
+42,939.76
+China Three Gorges Corporation
+55,244.85
+700,000.00
+within 1 year
+Long-term
+borrowings
+China Three Gorges Corporation
+China Three Gorges Corporation
+1,501,877.64
+Currency: RMB
+Related party
+receivable
+Co., Ltd.
+Accounts
+Beijing IWHR Technology
+0.02
+receivable
+Co.,Ltd.
+Subsidiaries of joint ventures
+Closing book
+balance
+Accounts
+receivable
+Total
+604.24
+74,598.40
+71.25
+57,725.89
+56.33
+2) Payables
+Unit: RMB 10,000
+Item
+CYPC Energy (Shanghai) Co.,
+Ltd.
+0.34
+1,000,000.00
+China Three Gorges Corporation
+Three Gorges Electric Power (Xi'an) Co., Ltd.
+5.66
+payable
+Accounts
+Jingzhou Distributed Energy Co., Ltd.
+200.92
+payable
+Interest payable
+Three Gorges Finance Co., Ltd.
+Accounts
+1,518.84
+Three Gorges Hi-Tech Information Technology
+Co., Ltd.
+135.51
+85.62
+Other payables
+Three Gorges Electric Energy Digital Energy
+Technology (Hubei) Co., Ltd.
+48.49
+15.25
+Other payables
+Other payables
+Long-term
+10.00
+1.32
+1,183,294.54
+payables
+Joint ventures or associates
+Short-term
+borrowings
+Accounts
+payable
+Accounts
+payable
+Accounts
+payable
+Accounts
+payable
+Accounts
+payable
+Three Gorges Finance Co., Ltd.
+Yunxia Electric Power (Yunnan) Co., Ltd.
+Three Gorges Electric Energy Digital Energy
+Technology (Hubei) Co., Ltd.
+200,201.67
+170,000.00
+96.03
+1.23
+1.80
+Three Gorges Electric Energy (Anhui) Co., Ltd.
+119.17
+Three Gorges Electric Energy (Guangdong) Co.,
+Ltd.
+Three Gorges Hi-Tech Information Technology
+Co., Ltd.
+Currency: RMB
+Planning, Design and Research
+Yangtze River Survey,
+0.81
+receivable
+Environment Co., Ltd.
+Accounts
+China International Water &
+224.40
+receivable
+Electric Corporation
+0.02
+Yangtze River Three Gorges
+(Chengdu) Electronic
+863.8
+Commerce Co., Ltd.
+Three Gorges International
+Prepayments
+645.58
+9.17
+Tendering Co., Ltd.
+Prepayments
+Three Gorges Jinsha River
+Three Gorges Ecological
+and Media Co., Ltd.
+Accounts
+The Three Gorges Ecological
+4.07
+0.43
+receivable
+Garden Co., Ltd.
+Three Gorges Materials
+Accounts
+Accounts
+Tendering Management Co.,
+☐
+receivable
+Ltd.
+Accounts
+China Three Gorges Publishing
+0.16
+│
+receivable
+2.96
+Accounts
+Other
+Yunchuan Hydropower
+2.00
+0.46
+Other
+Three Gorges Ecological
+receivables
+Other
+receivables
+Environment Co., Ltd.
+China Three Gorges Publishing
+and Media Co., Ltd.
+2.00
+Associated companies within
+30.00
+6.87
+0.73
+0.13
+252
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+the group
+receivables
+2.00
+Other
+receivables
+51,897.97
+67.47
+45,407.93
+45.41
+Development Co., Ltd.
+Other
+Three Gorges Finance (Hong
+3,612.32
+Duoneng Asset Management
+Co., Ltd.
+receivables
+Other
+receivables
+The Three Gorges Industrial
+1,545.42
+1.63
+1,490.04
+1.49
+Co., Ltd.
+Yichang Three Gorges
+Kong) Co., Ltd.
+Other payables
+400,000.00
+491,328,624.93
+Notes
+security
+400,000.00
+0.07
+400,000.00
+Over 5
+Guarantee
+deposit and
+year
+1,757.36
+0.25
+1,351,817.62
+Within 1
+Current
+accounts
+Total
+Yichang Labor Security
+Supervision Detachment
+International Power
+Operation Co., Ltd.
+China Three Gorges
+year
+years
+accounts
+deposit
+99.24
+Book value
+provision
+Opening balance
+Impairment
+Unit: yuan Currency: RMB
+52,290,244,972.59
+114,959,841,455.93
+62,669,596,483.34
+Total
+joint ventures
+Investment in associates and
+Investment in subsidiaries
+Items
+Long-term equity investments
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+263
+1,092,722.54
+533,263,499.02
+Industrial Co., Ltd.
+3,104.72
+0.44
+Closing balance
+of bad debt
+provision
+balance of
+Proportion in
+other
+receivables
+Aging
+Ending balance
+Payment
+nature
+Company Name
+total closing
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+Unit: yuan Currency: RMB
+1,111,233.77
+220,305.14
+890,928.63
+262
+(%)
+Three Gorges Jinsha River
+Yunchuan Hydropower
+Current
+accounts
+2,388,247.09
+Within 1
+Current
+The Three Gorges
+year
+accounts
+13,186.83
+1.89
+62,669,596,483.34
+10,143,717.33
+Within 1
+Current
+China Yangtze Power
+674,673.63
+96.59
+Within 1
+year
+Development Co., Ltd.
+518,979,716.98
+International (Hong Kong)
+Co., Ltd.
+4) There are no other receivables actually written off in the current period.
+5) Other receivables of top five borrowers by closing balance
+52,290,244,972.59
+Ending balance
+Provisi
+Investme
+Co., Ltd.
+2,445,376,026.82
+Development Group
+7,625,653,412.13
+Hubei Energy
+Group Co., Ltd.
+Hubei Qingneng
+Investment and
+I. Associates
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+Ending
+Ending balance
+Unit: yuan Currency: RMB
+264
+Increase and decrease for the current year
+Opening
+O
+Investee
+Additional
+investment
+nt profits
+and losses
+recognize
+d by
+Finance Co., Ltd.
+Three Gorges
+Incorporated
+Development Group 3,317,072,627.96
+Guangzhou
+S
+on
+e
+h
+t
+on of
+impair
+ment
+provisi r
+equity
+method
+or profits
+declared to be
+distributed
+Other equity
+changes
+other
+comprehensive
+income
+Cash dividends
+Adjustment to
+Reduced
+investment
+(2) Investment in associates and joint ventures
+Total
+CYPC Xinneng Co., Ltd.
+Opening balance
+Investee
+impairment
+provision
+Ending balance of
+Provision for
+impairment in
+the current year
+Unit: yuan Currency: RMB
+16,632,614,290.29
+2,600,000,000.00
+(1) Investment in subsidiaries
+66,169,596,483.34
+57,382,983,384.65
+123,552,579,867.99
+224,119,537.52
+224,119,537.52
+123,776,699,405.51
+66,169,596,483.34
+57,607,102,922.17
+Book balance
+Book value
+Impairment
+provision
+Book balance
+Increase in the
+current year
+Decrease in the
+current year
+Ending balance
+CYPC Yichang Energy Investment
+Co., Ltd.
+CYPC Investment Management
+Co., Ltd.
+CYPC Sales Co., Ltd.
+Three Gorges Power Co., Ltd.
+4,000,000,000.00
+66,169,596,483.34
+5,000,000,000.00
+1,000,000,000.00
+2,500,000,000.00
+3,500,000,000.00
+20,000,000.00
+1,050,000,000.00
+114,959,841,455.93
+1,050,000,000.00
+20,000,000.00
+4,000,000,000.00
+1,500,000,000.00
+62,669,596,483.34
+Development Co., Ltd.
+36,866,982,193.05
+Chuanyun Hydropower
+Three Gorges Jinsha River
+16,632,614,290.29
+(Hong Kong) Co., Ltd.
+China Yangtze Power International
+2,600,000,000.00
+36,866,982,193.05
+1,111,233.77
+220,305.14
+890,928.63
+Total
+0.50
+6,690,930.01
+0.84
+11,155,691.91
+SGCC Hubei Electric Power Company
+Three Gorges Power Co., Ltd.
+15.79
+209,912,552.25
+China Southern Power Grid Co., Ltd.
+19.51
+259,422,730.62
+63.34
+842,063,166.43
+State Grid Corporation of China
+Central China Branch, State Grid
+Corporation of China
+(%)
+Closing
+balance of
+bad debt
+provision
+accounts
+receivable
+1,329,245,071.22
+Proportion in
+total closing
+balance of
+99.98
+Items
+China Yangtze Power Co., Ltd.
+260
+Unit: yuan Currency: RMB
+Opening balance
+Ending balance
+Item (or the investee)
+1) Dividends receivable
+(1) Dividends receivable
+Note: Other receivables in the above table refer to other receivables after deduction of interest
+receivable and dividend receivable.
+4,699,458,155.29
+490,437,696.30
+5,189,895,851.59
+Unit: yuan Currency: RMB
+Opening balance
+536,207,024.08
+25,300,941,979.37
+24,764,734,955.29
+Ending balance
+Total
+Other receivables
+Dividends receivable
+Interest receivable
+2. Other receivables
+Unit: yuan Currency: RMB
+Ending balance
+(5) Top five of accounts receivable of closing balance collected by borrower
+made as per
+100.00
+1,525,800,124.22
+provision
+(%)
+of provision
+Amount
+Proportio
+n (%)
+Amount
+Proportion
+individually
+Bad debt
+made
+Bad debt
+provision
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+5,055,279.91
+portfolio
+Including:
+portfolio of
+hydropower
+(4) There is no actual write-off of accounts receivable in this period
+(3) Provision for bad debts accrued, recovered or reversed in the current period
+There was no change in provision for bad debts this year.
+1,525,800,124.22
+4,244,035.89
+1,521,556,088.33
+1,525,800,124.22
+100.00
+1,525,800,124.22
+Year 2022
+Total
+0.28
+4,244,035.89
+payment
+Other
+receivables
+business
+99.72
+1,521,556,088.33
+portfolio
+Notes to the Financial Statements
+Item (or the investee)
+Hubei Qingneng Investment and Development
+Total
+Expected credit loss
+within the whole
+Stage III
+Unit: yuan Currency: RMB
+Stage II
+Expected credit
+loss within the
+whole duration (no
+credit impairment
+occur)
+Expected credit
+loss in the future
+12 months
+Stage I
+Provision for bad
+debts
+3) Other receivables – bad debt provision withdrawn
+Notes to the Financial Statements
+Year 2022
+China Yangtze Power Co., Ltd.
+491,328,624.93
+56,448.47
+489,444,676.46
+1,827,500.00
+Opening book balance
+duration (credit
+impairment has
+occurred)
+Opening balance
+Opening balance in
+current period
+Ending balance
+Other changes
+period
+Write off in this
+this period
+Transfer write-off in
+period
+Transfer back in this
+Unit: yuan Currency: RMB
+period
+third stage
+second stage
+Transfer back
+Transfer back
+stage
+- Transfer in third
+stage
+Transfer in second
+Accrual for this
+Shanghai Electric
+261
+849,772.30
+1-2 years
+Within 1 year
+Aging
+4,699,458,155.29
+4,644,429,755.29
+55,028,400.00
+Opening balance
+24,764,734,955.29
+24,644,429,755.29
+120,305,200.00
+Ending balance
+1) Other receivables listed as per aging
+(2) Other receivables
+Total
+Hydropower Development Co., Ltd.
+Three Gorges Jinsha River Chuanyun
+Group Co., Ltd.
+Over 5 years
+Subtotal
+Less: Bad debt provision
+Total
+533,146,835.55
+Total
+Others
+Current accounts
+3,321,650.00
+Guarantee deposit and security deposit
+Closing book balance
+Payment nature
+537,318,257.85
+490,437,696.30
+490,928,624.93
+Unit: yuan Currency: RMB
+Opening balance
+2) Classification of other receivables by nature
+1,111,233.77
+536,207,024.08
+400,000.00
+537,318,257.85
+1,203,640.00
+535,714,617.85
+Ending balance
+890,928.63
+Power Co., Ltd.
+Company Name
+Hi-Tech
+CNNP Xiapu
+Nuclear Power Co.,
+1,845,132.37
+Ltd.
+Yunnan Huadian
+Jinsha River Middle
+Reaches
+5,091,941,490.27
+Hydropower
+Development Co.,
+Ltd.
+Chongqing
+Wanquan Private
+Equity Investment
+Fund Partnership
+(Limited
+Partnership)
+Dinghe Property
+Insurance Co., Ltd.
+Hunan Taohuajiang
+Nuclear Power Co.,
+Ltd.
+224,119,537.52
+(Limited
+Partnership)
+Three Gorges Land
+n
+S
+Provisi
+O
+Ending
+balance
+Investee
+Opening
+balance
+Additional
+investment
+Reduced
+investment
+nt profits
+and losses
+recognize
+d by
+equity
+method
+Adjustment to
+other
+comprehensive
+income
+Other equity
+changes
+Cash dividends
+or profits
+declared to be
+distributed
+on of
+impair
+ment
+t
+h
+Ending balance
+of
+impair
+e
+provisi r
+on
+ment
+provisio
+New Energy
+Investment Co., Ltd.
+Gansu Power
+224,119,
+537.52
+85,800,000.
+00
+1,114,999,9
+98.36
+52,290,244,972.5
+4,435,452,1
+1,123,846,676.31 3,080,789, 36,725,026.87 174,439,901.9 1,286,702,256.0 224,119
+267
+85,800,000.00
+1,114,999,998.36
+57,607,102,922.17 224,119,
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Increase and decrease for the current year
+Investme
+Provisi
+O
+Ending
+balance
+224,119,537.52
+224,119
+,537.52
+2,881,286,778.61
+-10,408,051.97
+Investment Energy
+Development Co.,
+Ltd.
+Total
+383,456.0
+3
+485,687.58
+2,714,275.98
+265,655,7
+02.99
+Investme
+4,417,701.77
+98,462,883.18
+5,264,274,318.44
+40,000,000.
+00
+-398,458.
+75
+39,601,541.25
+2,764,659,0
+97.38
+127,035,7
+33.20
+722,306.59
+Increase and decrease for the current year
+Notes to the Financial Statements
+Year 2022
+e
+provisi
+r
+equity
+method
+on
+S
+Three Gorges Base
+Development Co.,
+955,763,806.69
+Ltd.
+9,876,799.
+-940,574.37
+263,462.38
+16,525,555.01
+948,437,939.56
+87
+Chongqing Fuling
+Energy Industry
+Group Co., Ltd.
+Guangxi Guiguan
+Electric Power Co.,
+Ltd.
+Chongqing Youtai
+Energy Co., Ltd.
+Shenergy Group
+Company Limited
+Chongqing
+Liangjiang Three
+Gorges Xinghong
+Equity Investment
+Fund Partnership
+(Limited
+ment
+Ending balance
+h
+impair
+265
+China Yangtze Power Co., Ltd.
+Year 2022
+Notes to the Financial Statements
+Increase and decrease for the current year
+Investme
+Provisi
+O
+Investee
+Chongqing Fuling
+Opening
+balance
+Additional
+investment
+Reduced
+investment
+recognize
+d by
+Adjustment to
+other
+comprehensive
+Other equity
+changes
+income
+Cash dividends
+or profits
+declared to be
+distributed
+on of
+t
+nt profits
+and losses
+Investee
+Three Gorges
+Changfu Equity
+-1,394,41
+1.39
+49,375,405.14
+Investment Fund
+49,424,470.72
+Partnership (Limited
+Partnership)
+Chongqing
+Qianjiang Three
+Gorges Changhong
+Equity Investment
+Fund Partnership
+175,709,402.59
+-474,096.
+49
+266
+175,235,306.10
+Ending
+balance
+of
+impair
+ment
+provisio
+n
+China Yangtze Power Co., Ltd.
+8
+-49,065.5
+194,155,169.28
+240,416.12
+-351,769.93
+64,354.15
+2,157,515.03
+637,529,872.03
+4,876,360,568.97
+328,187,4
+74.21
+1,144,304.00
+281,043.54 118,235,658.15
+5,087,737,732.57
+641,369,214.23
+27,697,774.66
+27,690,695.15
+-7,079.51
+97,654,19
+6.58
+4,791.85 2,272,278.25 98,240,756.40
+3,030,670,515.67
+140,000,000
+12,137,93
+41,776,814.88
+.00
+8.28
+3,028,980,005.39
+Opening
+balance
+Additional
+investment
+Reduced
+investment
+Unit: yuan Currency: RMB
+Amount in the current
+year
+663,080,606.55
+Three Gorges
+-28,674,111.18 18,132,450.99
+378,616,2
+62.29
+2,537,962,714.43
+-11,705,733.31 1,028,809.77 35,405,550.60
+59,448,02
+1.54
+5,287,659,924.78
+38,616,085.83 50,483,338.46 193,911,792.00
+9,868,268,728.10
+49,167,696.17 40,649,309.55 169,726,229.44
+557,514,1
+54.34
+386,390,7
+56.25
+269
+23,093,961.78
+Profits and losses arising from contingencies irrelevant to the
+3,550,007,516.78
+13,716,250.04
+24,052,842,562.79
+4,780,597.63
+9,599,771,328.66
+XV. Supplementary information
+List of non-recurring profits and losses in current year
+Items
+Profit or loss from disposal of non-current assets
+Unauthorized approval or without official approval document or
+occasional tax returns and concessions
+Government subsidies included in the current profits and losses
+(exclusive of those which are closely related with the enterprise
+business or government subsidies granted according to national
+standard fixed rate or quantity)
+Payment for the use of state funds included in the current profit
+and loss and collected from non-financial business
+Income arising from the fair value of net identifiable assets of the
+investee the enterprise should enjoy when the cost of investment it
+acquired from the subsidiaries, associates and joint ventures was
+less than the investment it obtained
+Non-monetary assets exchange profit and loss
+Profits and losses on the assets by entrusting others to invest or
+manage
+Profit and loss from entrusting others to invest or manage assets
+Each provision for the impairment of assets withdrawn due to
+force majeure factor, say, suffering from a natural disaster
+Debt restructuring profits and losses
+Enterprise restructuring charges, such as the staffing expenditures
+and integrating expenses
+Net profits and losses of subsidiaries from the beginning of the
+year to the combination date arising from business combination
+under common control
+157,758,222.75
+754,957.2
+1
+312,495,582.89
+.07
+2,292,504,071.96
+232,093,095
+Chongqing Three
+Gorges Water
+Conservancy and
+5,029,175,498.02
+9,390,663,797.48
+Sichuan Chuantou
+Energy Co.,Ltd.
+SDIC Power
+Holdings Co., Ltd.
+Technology Co.,
+Ltd.
+00
+99,103,265.54
+57,900,000.
+1,345,388,587.25
+2,367,060,854.24
+Information
+Electric Power
+(Group) Co., Ltd.
+Three Gorges
+Capital Holdings
+Co., Ltd.
+3,263,258,612.90
+297,336,7
+85.14
+1,884,753.11 26,657,070.60
+2,480,082,544.29
+110,949,203.29
+-20,206,052.21
+244,176,9
+45.55
+11,627,19
+1.31
+1,073,062,019.38
+3,460,931,960.52
+Total
+-16,090,627.51 21,736,900.37 49,010,325.80
+2,491,686,363.44
+65,276,800.00
+-7,505,977.15
+119,093,1
+13.77
+7,724,310,973.68
+247,474,288.95
+37,372,591.77 11,422,473.59
+187,223,3
+85.50
+Others
+Profit and loss of the part exceeding the fair value arising from the
+transaction with the bargain price losing fairness
+1,415,592,543.85
+2022 Annual Report
+4. Operating revenues and operating costs
+Items
+Main
+businesses
+Other
+businesses
+Total
+Amount incurred in current year
+Income
+Cost
+268
+20,339,085,000.59
+Income
+26,742,007,432.41
+Unit: yuan Currency: RMB
+Amount incurred in previous year
+Cost
+1,089,386,902.53
+21,428,471,903.12
+547,879,532.95
+8,665,057,879.50
+910,543,648.56
+27,652,551,080.97
+8,313,935,975.04
+527,129,127.35
+8,117,178,346.55
+8,841,065,102.39
+537.52
+provisio
+nt profits
+and losses
+recognize
+d by
+equity
+Adjustment to
+other
+comprehensive
+Other equity
+changes
+income
+Cash dividends
+or profits
+declared to be
+distributed
+on of
+impair
+ment
+provisi r
+t
+of
+h
+n
+Ending balance
+e
+ment
+on
+S
+9
+90.81
+method
+762.34
+4
+7
+,537.52
+impair
+financial assets
+81,325,698.22
+3,080,789,762.34
+Items
+Long-term equity investments income calculated
+through cost method
+Amount incurred in
+current year
+Unit: yuan Currency: RMB
+20,003,088,757.00
+Amount incurred in
+previous year
+4,653,526,041.39
+Long-term equity investment incomes calculated
+through equity method
+5. Investment income
+1.
+2,612,071,186.00
+714,498,953.31
+550,907,131.40
+Dividend income from investments in other equity
+instruments during the holding period
+236,233,452.00
+211,571,718.00
+Investment income from holding other non-current
+4,515,388.10
+151,322,110.39
+financial assets
+Investment income from disposal of other non-current
+Investment income from disposal of long-term equity
+investments
+2022 Annual Report
+Diluted EPS
+Items
+Notes
+Company's normal business operation
+In addition to the effective hedging business related to the normal
+business of the Company, profits and losses from changes in fair
+value arising from financial assets held for trading, derivative
+financial assets, financial liabilities held for trading, derivative
+financial liabilities, and investment income from disposal of
+financial assets held for trading, derivative financial assets,
+financial liabilities held for trading, derivative financial liabilities
+and other debts.
+0.9370
+share
+0.9407
+0.9407
+China Yangtze Power Co., Ltd.
+April 28th, 2023
+Earnings per share (RMB/share)
+Basic earnings per
+270
+Net profit attributable to common
+shareholders of the parent
+company after deduction of
+non-recurring profit or loss
+11.73
+Net profit attributable to common
+shareholders of the parent
+company
+Weighted average
+Return on net assets (%)
+0.9370
+Profit in the reporting period
+-5,190,015.87
+33,056,493.22
+16,052,151.55
+-354,730,302.69
+-384,901,812.61
+2. Return on equity and earnings per share
+Effect on minority interests (after-tax)
+Total
+Less: Effect on income tax
+Trustee fee income achieved from the entrusted management
+Other non-operating income and expenses other than the above
+Other profits or losses that belong to non-recurring profits and
+losses
+Influence made by the one-off adjustment of the current profit and
+loss according to requirements of tax revenue and accounting laws
+and regulations on the current profit and loss
+Profits and losses acquired from externally entrusted loans
+Profits and losses arising from changes in the fair value of
+investment real estates by using the fair value model for
+subsequent measurement
+Reversal of depreciation reserves of receivables and contractual
+assets under independent impairment assessment
+-83,310,554.64
+11.77
+Amount in the current
+year
+the
+Other
+equity
+instruments
+Ow
+S
+2,123.7 46,363 investments in
+.49
+6
+49
+fund .67
+0
+CGN Power
+-23,689.
+54,038
+4,052 23,623. 283,48 investments in
+Other
+equity
+instruments
+Other
+assets
+financial
+72.01 0
+non-current
+3,032
+.78
+Stock 60161 Jiaze New n
+0
+S
+9.SH
+S
+Theme ETF
+0.00
+40,000 -10,08
+fund .00
+Protection
+n
+River
+51716
+0
+Funds
+Other
+Other
+CSI Yangtze Ow
+financial
+.70
+8.65
+612.00
+0
+33,760 non-current
+35,30
+-1,547
+.95
+fund
+S
+Energy
+assets
+Yangtze
+financial
+assets
+Ow
+n
+CAXHET
+Ow
+S
+WATER
+GROUP
+0
+8.37
+fund .82
+HK
+S
+0
+0
+SES
+2,353.5 35,817 non-current
+n 49,636 -17,77
+Stock 0371.
+Other
+Ow
+BEIJING
+ENTERPRI
+period
+period
+the
+Stock 00246
+n
+1,122.
+PHARMAC
+Stock 1816.
+HK
+S
+S
+Bank
+6.00
+.64 35
+206,857
+.71
+fund 5.13
+HK
+S
+.74
+Construction
+n
+Stock 0939.
+China
+Ow
+S
+EUTICL
+fund 93
+2.SZ
+S
+0
+290,20
+during
+Funds
+River
+loss
+n
+sure
+main
+e
+the
+ot (if
+ly
+bal
+any)
+inves
+tmen
+29
+Significant asset and equity sales: The Company reduced its holdings in Shanghai Electric Power
+by an aggregate of 6.10% from January to September 2022, with a reduction of 157 million shares,
+recovering approximately RMB 1.825 billion and contributing investment income of approximately
+RMB 711 million from the disposal.
+√ Applicable □ Inapplicable
+(VI) Sales of Material Assets and Equity
+For details of the above, please refer to the "Independent Opinion of the Independent Directors of
+CYPC on Issuing Shares and, Purchasing Assets by Cash and Raising Supporting Funds as well as on
+Related Party Transactions by the Company" issued on the website of Shanghai Stock Exchange
+(http://www.sse.com.cn/) on July 1, 2022.
+the Company and the Counterparty sign the Material Assets Purchase Agreement of China Three
+Gorges Corporation, Yangtze River Three Gorges Investment Management Co., Ltd., Yunnan Provincial
+Energy Investment Group Co., Ltd., Sichuan Energy Industry Investment Group Co., Ltd., and China
+Yangtze Power Co., Ltd. with effective conditions, as well as the overall arrangement of the Board of
+Directors on this transaction.
+the Company and the Counterparty have signed the Supplemental Agreement
+to the Major Assets Purchase Agreement between China Three Gorges Group Company Limited,
+Yangtze River Three Gorges Investment Management Company Limited, Yunnan Energy Investment
+Group Company Limited, Sichuan Energy Investment Group Company Limited and China Yangtze
+Power Company Limited, with conditions, and the general arrangements of the Board of Directors in
+respect of the Transaction, and that the above agreements and arrangements are in compliance with the
+Company Law of the PRC, the Securities Law of the PRC, the Measures for the Administration of
+Securities Issuance by Listed Companies, the Measures for the Administration of Takeovers by Listed
+Companies and the Measures for the Administration of Major Assets Reorganisation of Listed
+Companies and other laws and regulations, departmental regulations and regulatory documents.
+7. It is agreed that
+6. This transaction is conducive to enhancing the core competitiveness and sustainable profitability
+of the Company, reducing related party transactions, and avoiding horizontal competition, which is
+conducive to the long-term development of the Company and in line with the interests of all
+shareholders of the Company.
+of
+cabl
+ot
+ds
+Pro CurrentS Date Disclosure
+e of busin
+ther ment nt
+O in ent
+rce ner
+the ess
+the mode
+E
+or
+inve
+5. The pricing principles involved in the issuance of shares and raising of matching funds from the
+counterparty in this transaction comply with the provisions of relevant laws, regulations and regulatory
+documents, and the pricing is fair and reasonable, without any damage to the interests of the Company
+and all shareholders
+targe
+accou of (if
+fun appli
+gre profit ue of index
+(if
+SS
+and or disclo any)
+as
+stee
+t
+is
+t
+n nt
+51733
+0
+4. he Proposal and Summary on the Report (draft) of the Issue of Shares and Payment of Cash to
+Purchase Assets and Raise Subscription Funds and Connected Transaction by China Yangtze Power Co.,
+Ltd. is formulated by the Company for this transaction is in compliance with the relevant laws and
+regulations and is feasible.
+2. The transaction is in compliance with the provisions of the Company Law of the People's
+Republic of China, Securities Law of the People's Republic of China, the Administrative Measures for
+the Material Asset Reorganizations of Listed Companies, the Provisions on Regulating Several Issues
+Concerning Material Asset Reorganizations of Listed Companies, the Measures for the Administration
+of Securities Issuance by Listed Companies and other laws, regulations and regulatory documents,
+and the proposal is reasonable and operable.
+Investments in private equity funds
+assets
+financial
+.00
+30,000 non-current
+00
+Other
+assets
+financial
+.00
+0
+0
+29,920 non-current
+0
+Theme ETF
+S
+Protection
+0.00
+n 40,000 -10,00
+fund .00
+Ow
+E Fund CSI
+√Applicable Not applicable
+As of 31 December 2022, the Company had invested in a total of 2 private equity funds with an
+accumulated investment balance of RMB273 million. The fund's investment direction is in industry
+chain-related fields.
+Investment in derivatives
+□ Applicable Not applicable
+the Company for deliberation. The relevant proposal of the transaction has been deliberated and
+approved at the 30th Meeting of the Fifth Board of Directors of the Company, and the related Directors
+have recused themselves from voting following the law. The convening, holding, and voting procedures
+of the meeting of the Board of Directors are in compliance with the provisions of laws, regulations, and
+the Articles of Association and the resolutions of the meeting of the Board of Directors are legal and
+effective.
+2022 Annual Report
+28
+1. The transaction constitutes a related party transaction, and the proposal and related motions of
+the transaction have been approved by us in advance before being submitted to the Board of Directors of
+Opinions of independent directors:
+After obtaining the approval of the CSRC in respect of this major asset reorganisation, the
+Company has actively promoted the implementation of the reorganisation in strict accordance with the
+relevant laws and regulations and has completed the transfer of 100% of the equity interest in Yunchuan
+on 10 January 2023, Announcement No. 2023-003.
+Details of the above transactions are set out in the relevant announcements published on the website
+of the Shanghai Stock Exchange (http://www.sse.com.cn/), announcement numbers: 2022-036,
+2022-037, 2022-047, 2022-070.
+7. The company shall report to CSRC in a timely manner if any material matters requiring
+disclosure under the laws and regulations or any material problems occur during the implementation
+process."
+6. This approval shall be valid for 12 months from the date of issuance.
+5.The company shall carry out the relevant procedures for the issue of shares in accordance with the
+relevant regulations.
+3. The transaction price of the underlying assets of this transaction will be based on the evaluation
+results determined in the evaluation report issued by the asset evaluation institution in accordance with
+the provisions of the Securities Law and filed by the competent state-owned assets supervision and
+administration institution. The pricing of the underlying assets is fair and reasonable and in compliance
+with the relevant laws and regulations, and no damage to the interests of the Company and other
+shareholders exists.
+4. The company shall comply with the information disclosure obligations in a timely manner in
+accordance with the relevant regulations.
+1. Approve the issue of 460,961,213 shares to China Yangtze River Three Gorges Co, 230,480,606
+shares to Yunnan Energy Investment Group Company Limited and 230,480,606 shares to Sichuan
+Energy Investment Group Company Limited for the purchase of relevant assets.
+On 14 November 2022, China Yangtze Power Co., Ltd received the Reply on Approving the
+Application of China Yangtze Power Co., Ltd to Purchase Assets and Raise Supporting Funds from
+China Yangtze River Three Gorges Group Company Limited and Other subsidiaries from the China
+Securities Regulatory Commission (CSRC Permit No. [2022] 2740). The approval is as follows;
+On 20 July 2022, the Second Extraordinary General Meeting of China Yangtze Power Co., Ltd.
+was held, at which the monition of Issuing Shares and Paying Cash to Purchase Assets and Raise
+Subscription Funds and Connected Transaction and other proposals relating to the transaction were
+considered and approved. Details of the above transactions are set out in the relevant announcement
+published on the website of the Shanghai Stock Exchange (http://www.sse.com.cn/), announcement
+number: 2022-045.
+On 19 July 2022, the State-owned Assets Supervision and Administration Commission of the State
+Council issued the Approval on Matters Relating to the Asset Restructuring and Supporting Financing of
+China Yangtze Power Co., Ltd (State-owned Assets Property Rights [2022] No. 328), which agreed in
+principle to the transaction.
+On 30 June 2022, the Third Meeting of the Sixth Session of the Board of Directors of China
+Yangtze Power Co., Ltd. was held to consider and approve the "Proposal and summary on the Report
+(draft) of the Issue of Shares and Payment of Cash to Purchase Assets and Raise Subscription Funds and
+Connected Transaction by China Yangtze Power Co., Ltd.", and other proposals relating to the
+transaction.
+On 30 June 2022, the Eighth Meeting of the Sixth Session of the Board of Directors of China
+Yangtze Power Co., Ltd. was held to consider and approve the "Proposal and summary on the Report
+(draft) of the Issue of Shares and Payment of Cash to Purchase Assets and Raise Subscription Funds and
+Connected Transaction by China Yangtze Power Co., Ltd.", and other proposals relating to the
+transaction.
+The subject assets of this transaction is 100% equity of Three Gorges Jinsha River Yunchuan
+Hydropower Development Co., Ltd. (hereinafter referred to as "Yunchuan Company"), which is jointly
+held by China Three Gorges Corporation (hereinafter referred to as "CTG"), Yangtze River Three
+Gorges Investment Management Co., Ltd. (hereinafter referred to as "Three Gorges Investment"),
+Yunnan Provincial Energy Investment Group Co., Ltd. (hereinafter referred to as "YEIG") and Sichuan
+Energy Industry Investment Group Co., Ltd. (hereinafter referred to as "SCEI", together with CTG,
+Three Gorges Investment and YEIG, collectively referred to as "counterparties" ). The main subsequent
+matters related to the Transaction are as follows:
+2022 Annual Report
+27
+4. Specific progress of material asset reorganization and integration during the reporting period
+√ Applicable Inapplicable
+2. Approve the issue of shares to raise matching funds of not more than RMB16,096,765,600.
+3. The company shall issue shares to purchase assets and raise matching funds in strict accordance
+with the proposal and relevant application documents submitted to CSRC.
+Nam Main Whe Invest Amou R. Jo Staten Sou Part
+equity
+Accounts
+River
+and
+tal
+Capi
+es
+Gorg
+ess;
+busin
+)
+(distri
+bution
+ted
+y
+Limi
+suppl
+nt
+power
+stme
+ess,
+Inve
+busin
+gy
+Powe
+r had
+made
+a
+paid-
+ent
+announcem
+Energ
+New
+ore
+Onsh
+es
+Gorg
+n to
+Three
+85.8
+millio
+Ener on
+n of
+RMB
+stme
+Inve
+contri
+es
+1
+Gorg
+capita
+e
+up
+Thre
+butio
+published
+e
+relevant
+no 2022 For details
+Dece
+fun Gorg
+m
+19/29 of
+As at
+31
+e
+n
+Ow Thre
+New 3,300, 33 no Lon
+y
+000,00 % g-ter
+establ 0
+Gorg ation
+gener
+e
+no
+Thre Power
+e
+dat
+et
+she
+ness
+busi
+transaction
+anc
+25
+2022 Annual Report
+ze
+Thre
+stme
+New missi
+the
+to
+Yangt
+gy,
+inve
+trans
+nt
+hore
+2022,
+Ener
+Ons ess,
+resolution,
+mber
+es
+equit ds
+ished
+busin
+es
+please refer
+value
+on
+website of
+26
+Securi Securit Abbreviation Sou Openi Gains Accumu Amou Amo Gains Carryi Accounting ☐
+492,369.22
+33,021.28
+59,920.00
+399,427.94
+of
+7,085.42
+35,308.65
+√Applicable Not applicable
+Portfolio investments
+180,439.29
+TOTAL 507,951.70 -38,532.66
+-2,728.93
+184.25
+Others 32,948.16
+Funds 80,000.00 -20,080.00
+charged purchased sold/redeemed Other End
+during the during the during the changes period
+period
+7,085.42
+35,308.65
+period
+ties
+ies
+Variet Code
+y
+the
+the
+during period
+end of
+at the
+ng
+value
+fair d in period d
+chang changes during g the invest
+es in include the perio ments
+S
+value
+on
+period
+fund value
+nt
+lated
+or
+ng
+book
+of
+rce
+purch sold
+ased durin on
+losses
+unt or
+2022 Annual Report
+losses fair
+the
+183,168.22
+Stocks
+techni
+ation
+gener
+power
+solar
+es;
+servic
+cal
+techni
+ation
+gener
+nt
+power
+wind
+ent number:
+2022-056.
+announcem
+cn/),
+w.sse.com.
+Exchange
+(http://ww
+Shanghai
+Stock
+the
+cal
+servic
+es
+2.
+period
+Amount
+Impairment Amount
+Accumulated
+value
+fair
+changes
+charged to
+equity
+during the
+fair value
+changes
+the period
+class
+balance of
+395,003.54 -18,636.92
+Asset
+Gains or
+losses on
+As of the end of 2022, the ending balance of investment in other equity instruments and other
+non-current financial assets of the Company was RMB 3.313 billion and 1.611 billion, respectively.
+√ Applicable Inapplicable
+ment
+Co.
+Invest
+y
+Financial assets at fair value
+3.
+□ Applicable Inapplicable
+Major non-equity investment
+Opening
+√ Applicable Inapplicable
+e
+By the end of 2022, the Company held a total of 63 equity stakes, with a cumulative original
+investment balance of about RMB 55 billion and an additional foreign investment of RMB 3.5 billion
+during the reporting period.
+18,558,099 20,832,228 -10.92%
+hydroelectricity
+TOTAL 18,558,099 20,832,228 -10.92%
+18,445,143 20,711,153 -10.94%
+18,445,143 20,711,153 -10.94%
+18,472,548 20,731,070 -10.89%
+18,472,548 20,731,070 -10.89%
+269.72
+269.72
+2.
+Information on electricity quantity, income, and cost in the reporting period
+√ Applicable Inapplicable
+Amo
+unt in
+Amo
+Power
+generat Year-on-
+Sales
+amount
+the
+same
+unt
+Propor
+tion of
+Chang
+in
+current
+same
+Unit: RMB 100 million Currency: RMB
+Amo
+unt
+of the
+Propor
+tion of
+amoun
+Domestic
+Propor
+tion of
+change
+in the
+amoun
+t of the
+current
+This year
+previous
+year
+(IV) Industry Operational Information Analysis
+√ Applicable □ Inapplicable
+21
+2022 Annual Report
+1.
+Power industry operational information analysis
+Information on electricity quantity and price in the reporting period
+√ Applicable □ Inapplicable
+Generated energy (10MWh)
+On-grid energy (10MWh)
+Sales amount (10MWh)
+On-grid price
+(RMB/MWh)
+Business area/
+type of
+This year
+generation
+The same
+period of
+previous
+year
+The same
+Year-on-Year
+(%)
+This
+year
+period of
+previous
+year
+Year-on-Year
+(%)
+This year
+The same
+period of
+Year-on-Year
+(%)
+period
+Туре
+ion
+with
+(%)
+to total
+perio
+cost
+previ
+the
+cost
+d
+(%) ous
+same
+(%)
+year
+22
+22
+period
+in the
+previo
+us year
+(%)
+2022 Annual Report
+Domestic
+18,558,
+18,472,
+435.9
+hydroelect
+ricity
+us year
+the
+total
+nt
+Year
+Year-on-
+Year
+e
+t
+(10M
+INCO
+ME
+perio
+d of
+the
+amoun
+perio
+compa
+(10M
+□ Applicable √ Inapplicable
+(%)
+(%)
+propor
+tion
+Cost items
+previo
+curre
+t to
+d in
+red
+Wh)
+the
+previ
+ous
+year
+Wh)
+Other descriptions
+4.
+□ Applicable Inapplicable
+√ Applicable Inapplicable
+Net cash flow from investing activities increased by RMB2,472 million year-on-year, mainly due to
+the decrease in external investments in the reporting period.
+(II) Explanation on Material Changes in Profits Resulted from Non-principal Activities
+□ Applicable √ Inapplicable
+(III) Analysis on Assets and Liabilities
+√ Applicable Inapplicable
+1.
+Information on assets and liabilities
+Item Name
+Amount at the end
+of the current
+period
+Proportion of
+ending amount
+of current
+period to total
+assets (%)
+Amount at the end
+of the previous
+period
+Proportion of
+final number
+of previous
+period to total
+assets (%)
+Unit: yuan Currency: RMB
+Changes in
+proportion of
+ending
+amount of
+current period
+to ending
+amount of
+previous
+period (%)
+Other
+834,628,652.38
+0.26
+628,719,306.50
+0.19
+32.75
+Receivables
+Other
+Current
+5. Cash flow
+□ Applicable √Inapplicable
+(4). Reasons for Significant Changes in the Composition of R&D Personnel and Impact on the
+Company's Future Development
+□ Applicable √Inapplicable
+2022 Annual Report
+Master's Degree
+Bachelor's degree
+Junior college
+Senior high school and below
+domestic companies (%)
+Educational Level of R&D Personnel
+Educational level
+Number
+Doctor's Degree
+19
+169
+249,852,773.42
+143
+2
+Age Composition of R&D Personnel
+Age composition
+Number
+34
+Under the age of 30 (excluding 30)
+Aged 30-40 (including 30 and excluding 40)
+Aged 40-50 (including 40 and excluding 50)
+Aged 50-60 (including 50 and excluding 60)
+60 and above
+175
+75
+52
+0
+(3). Description
+3
+-10.92
+0.08 3,032,334,387.33
+-91.76
+2.50 17,440,128,682.74
+5.31
+-53.00
+Liabilities
+Long-term
+0.00
+0.00 11,855,875,004.42
+3.61
+-100.00
+Payables)
+The closing balance of other receivables was RMB835 million, an increase of RMB206 million
+from the beginning of the period, mainly due to dividends declared but not yet paid by the investee.
+The closing balance of other current assets was RMB250 million, a decrease of RMB2,782 million
+from the beginning of the period, mainly due to the prepayment for equity investment in the previous
+year which was recognized as long-term equity investment in the current reporting period.
+The closing balance of other non-current assets was RMB245 million, representing an increase of
+RMB229 million from the beginning of the period, mainly due to pre-project costs and prepayment for
+construction work.
+The closing balance of accounts payable was RMB941 million, an increase of RMB258 million
+from the beginning of the period, mainly due to the increase in purchase payments.
+The closing balance of tax payable was RMB1,848 million, representing a decrease of RMB2,868
+million from the beginning of the period, mainly due to the decrease in electricity sales revenue and the
+corresponding decrease in tax payable during the reporting period.
+The closing balance of interest-bearing liabilities was RMB113,412 million, a decrease of
+RMB3,068 million from the beginning of the period, mainly due to the repayment of debts due.
+2. Overseas assets
+√ Applicable □ Inapplicable
+(1) Asset size
+Among them, offshore assets are RMB 45.056 billion, accounting for 13.77% of the total assets.
+(2) Notes to the high proportion of oversea assets
+□ Applicable √ Inapplicable
+3.
+Restrictions on major assets by the end of the reporting period
+of Non-current 8,196,293,261.01
+Current Portion
+-60.82
+1.44
+Assets
+Other
+Non-current
+244,581,674.83
+0.07
+15,586,434.83
+0.00
+1,469.20
+Assets
+20
+2022 Annual Report
+Short-term
+0.92
+26,752,360,688.10
+3.75
+117.22
+borrowings
+Accounts
+940,559,332.34
+0.29 682,732,769.54
+0.21
+37.76
+Payable
+Taxes Payable
+1,847,918,351.80
+0.56 4,716,410,703.94
+8.17 12,315,812,640.00
+1. Major equity investment
+-10.89
+548
+45,137,506.60
+355,326.91
+Gezhouba 220KV Switching Station
+Renovation
+43,079,364.15
+18,391,317.40
+SAN JUAN-BALNEARIOS
+105,309,133.00
+Transmission Line Project
+099
+31,098,757.04
+Transmission Line Project
+BALNEARIOS - MONTERRICO
+40,538,164.32
+Transmission Line Project tation
+86,051,033.74
+45,492,833.51
+-8,396,593.3
+86,051,033.74
+39,715,902.48
+107,004,822.9
+Three Gorges Left Bank Power Station
+Monitoring System Renovation
+101,773,761.70
+Ending Balance
+1,550,654,817.20
+Project Name
+Beginning
+amount
+Xiangjiaba Hydropower Project
+1,544,208,504.21
+Reconstruction of 170MW hydraulic
+167,921,168.2
+generator set in Gezhouba Hydropower
+Station
+133,218,875.50
+136,476,054.46
+6
+Gezhouba Power Station Hydro
+Generator Unit Renewal and Capacity
+Increase
+77,610,193.78
+14,516,266.17
+90,048,954.63
+2,077,505.32
+Hunan Leiyang Newly-built Organic
+Waste Resource Utilization Project with
+a Daily Capacity of 1000 Tons
+13,358,185.77
+0
+1,695,689.95
+Total amount of
+1,844.5
+on-grid electricity
+Percentage
+7.6%
+2,071.1
+-10.94%
+11.6%
+Decreased by 4%
+7. Operation of Electricity Selling Business
+√ Applicable Inapplicable
+In order to comply with the reform of the national power system, the Company and Three Gorges
+Capital jointly established Three Gorges Electric Power in June 2016, and launched electricity sales
+business on the platform of Three Gorges Electric Power. In 2022, the scope of electricity sales business
+mainly covered the southern power grid region (Guangdong, Yunnan), the eastern power grid region
+(Shanghai, Zhejiang, Anhui), and the central power grid region (Hubei, Sichuan). The company signed
+contracts with approximately 600 retail customers throughout the year, and for the first time in the
+Shanghai region, it achieved integrated sales and distribution, opening new channels for the transmission
+of clean energy from large hydropower sources. On this basis, we innovated and developed the
+"electricity sales +" model to explore potential customers for our smart and integrated energy business,
+and business models such as "electricity sales + energy-saving renovation", "electricity sales +
+distributed photovoltaic" and "electricity sales + energy storage" were widely recognised by the market.
+The business models of "electricity sales + energy storage" have been widely recognised by the market,
+effectively enhancing the stickiness of quality customers, and broadening the new mode of electricity
+sales business.
+8.
+Other descriptions
+□ Applicable Inapplicable
+(V). Investment Analysis
+Overall analysis on foreign equity investment
+√ Applicable Inapplicable
+transactions
+market-oriented
+-41.65%
+239.5
+5
+31,695,374.08 596,617.04
+42,107,893.21
+1,569,728.89
+6.
+Market-oriented Transaction of Electricity
+√ Applicable Inapplicable
+Current year (100
+Other
+decreases
+Previous year (100
+24
+2022 Annual Report
+GWh)
+GWh)
+Total amount of
+electricity
+in
+139.7
+Year-on-year Changes
+Unit: yuan Currency: RMB
+INDUSTRIALES-INGENIEROS 60KV
+Transfer to
+fixed assets
+57.96 2.03
+TOTAL
+18,558,
+099
+-10.92
+18,472,
+548
+435.9
+487.5
+169.
+-10.89
+-10.57
+58.25
+9
+2
+01
+3.
+2022 Annual Report
+23
+23
+2.03
+Current Year
+6,446,312.99
+165.6
+4
+165.6
+4
+01
+57.96
+169.
+Increase in the
+58.25
+Wudongde Power Station's power generation equipment utilization hours were 3595.00 hours, a
+decrease of 17.58% year-on-year; the plant electricity consumption rate was 0.0825%, an increase of
+0.0145% year-on-year.
+Baihetan Power Station had 4,036.21 hours of power generation equipment utilization; the plant
+electricity consumption rate was 0.1620%.
+9
+5.
+Information on the capital expenditures
+√ Applicable Inapplicable
+In the reporting period, the Company's fixed assets investment was RMB 2.021 billion, including the
+purchase of fixed assets of RMB 97 million and infrastructure investment of RMB 1.924billion.
+Important constructions in progress are as follows:
+Xiangjiaba Power Station's power generation equipment utilization hours were 5,501.27 hours, an
+increase of 3.36% year-on-year; the plant electricity consumption rate was 0.0633%, a decrease of
+0.0043% year-on-year.
+Gezhouba Power Station's power generation equipment utilization hours were 6,675.11 hours, a
+decrease of 8.47% year-on-year; the plant electricity consumption rate was 0.1409%, an increase of
+0.0077% year-on-year.
+Xiluodu Power Station had 4,609.46 hours of power generation equipment utilization, an increase
+of 4.36% year-on-year; the plant electricity consumption rate was 0.1527%, an increase of 0.0004%
+year-on-year.
+√ Applicable Inapplicable
+Generating efficiency analysis
+4.
+In January 2023, the Company completed the acquisition of Wudongde and Baihetan hydropower
+plants (a total of 26,200 MW), increasing the Company's controllable installed hydropower capacity to
+71,795MW.
+Up to the end of 2022, the Company had 45,595MW of installed capacity. Among them, the
+Company had 45,495MW of domestic installed capacity and 100MW of foreign installed capacity.
+√ Applicable Inapplicable
+Installed capacity analysis
+487.5
+2
+-10.57
+Depreciation, various financial
+charges, etc.
+In 2022, the power generation equipment utilization hours of Three Gorges Power Station was
+3,565.30 hours, a decrease of 23.47% year-on-year, and the plant electricity consumption rate was
+0.0903%, an increase of 0.0187% year-on-year.
+Hydropower
+Ltd.
+Development Co.,
+779,739.00
+Energy Co., Ltd.
+Reaches
+Jinsha River Middle
+Yunnan Huadian
+440,615.54
+(VIII) Structured Entities Controlled by the Company
+10.87
+Sichuan Chuantou
+745,417.98
+18.59
+23.00
+□ Applicable √ Inapplicable
+According to the CEC's forecast, the domestic economy is expected to pick up overall, pulling up
+the growth rate of electricity consumption demand and other factors, the national social electricity
+consumption is expected to be 9.15 trillion kilowatt hours in 2023, an increase of about 6% year-on-year.
+There are uncertainties in the power supply and demand situation, with some regions experiencing tight
+power supply and demand during peak periods such as peak summer and peak winter.
+2022 Annual Report
+Financing plan: Closely follow the market situation and policies, strengthen the analysis and
+research ability, take advantage of the company's high credit rating both inside and outside the country,
+accurately grasp the issuance window, preferably select financing tools, broaden financing channels,
+innovate financing methods, enrich financing varieties, combine the company's capital needs,
+scientifically formulate financing strategies, optimize the company's capital structure and strive to
+reduce financing costs.
+Investment plan: value creation-oriented, adhere to the focus on the main responsibility of the main
+business, around clean energy, intelligent integrated energy, industrial chain upstream and downstream
+and other business development direction, active and steady strategic investment. We will also promote
+the rotation of equity assets, strengthen active market value management, and fully exploit the value of
+the stock of equity by considering the trend of the capital market. We will continue to promote the
+construction of a water, wind, and storage energy base in the lower reaches of the Jinsha River and
+vigorously carry out the investment and construction of pumped storage power stations, so as to promote
+the good development of the Company in the 14th Five-Year Plan and make important contributions to
+the sustained growth of the Company's scale and performance.
+SDIC Power
+Holdings Co., Ltd.
+less than 136 billion cubic metres and the total amount of incoming water from the Three Gorges
+reservoir is not less than 500 billion cubic metres, and that the distribution of incoming water during the
+year is conducive to power generation.
+2022 Annual Report
+33
+Power generation plan: In 2022, the annual power generation capacity of the Company's terraced
+power stations will be 158,581 million kWh (excluding the Wudongde and Baihetan hydropower
+stations acquired in January 2023) due to factors such as the severe dryness of water coming from the
+upper reaches of the Yangtze River in the second half of the year and the storage of water in the new
+upstream power stations, etc. In 2023, with the total amount of water coming from the Wudongde
+reservoir not less than 136 billion cubic metres and the Three Gorges reservoir not less than In 2023, the
+annual power generation plan for the six basin-tiered power stations owned by the Company will be
+306.4 billion kWh, provided that the total amount of incoming water from the Wudongde reservoir is not
+√ Applicable □ Inapplicable
+During the "14th Five-Year Plan", the Company will further consolidate, deepen and expand the
+new development model. First, in terms of the industry chain, the Company will promote
+power generation and sales of electricity to achieve an effective extension of the industry chain. Second,
+in terms of the energy structure, the Company will develop it into hydro-wind-photovoltaic storage and
+multi-energy complementary, to build an integrated development pattern of hydro-wind-photovoltaic
+storage. Third, in terms of the business form, the Company will continue to strengthen the development
+of integrated smart energy, and expand from the power generation side to the customer-side integrated
+services. Fourth, in terms of the development of regional, the Company will transfer the production
+system advantages into new advantages to participate in international cooperation and competition, and
+continue to expand internationally while strengthening the domestic business.
+During the "14th Five-Year Plan", the Company will adhere to the new concept of development,
+build a new development pattern, actively serve the national carbon peak and neutrality strategies, the
+Yangtze River economic belt and other major national strategic deployment, unswervingly
+promote market-oriented reform, digital transformation, international expansion, further consolidate the
+leading position in the world hydropower industry, and strive to create a world-class
+clean energy listed company with the core of hydropower.
+√ Applicable Inapplicable
+(II)Company's Development Strategy
+The "14th Five-Year Plan" is a key period for the country to build a new development pattern and
+transform its energy and power structure. According to the "14th Five-Year Plan" for renewable energy
+development, China's renewable energy development will present a new pattern of large-scale and
+high-quality development. Optimize the development mode, promote storage and consumption, give full
+play to the green and low-carbon advantages of renewable energy, lead the direction of energy
+production and structural transformation, and provide strong support to achieve the goal of "carbon
+peaking and carbon neutrality". According to the requirements of the Plan, the proportion of installed
+renewable energy and the total amount of power generation are expected to continue to increase in 2023.
+As a renewable energy source, hydropower is safe, stable, clean, efficient, and flexible in operation,
+and is highly compatible with the national energy strategy. The large hydropower plants operated and
+managed by the Company are all key national energy projects and backbone power sources for the
+"west-east transmission", and their scope of consumption involves two major power grids, three regions
+and 12 provinces and cities. With the further deepening of the electricity market reform, the value of
+hydropower in terms of energy, reliability, flexibility, and green environment will be given full play and
+the Company's competitiveness will be further enhanced.
+2. Renewable energy development, promote green low-carbon transformation.
+1. National electricity supply and demand is expected to be in overall tight balance in 2023.
+√ Applicable Inapplicable
+VI. Discussion and Analysis by the Company on Future Development of the Company
+(I)Industrial Pattern and Development Trend
+32
+Marketing plan: In 2023, in the face of the increasingly complex electricity market environment,
+marketing will take large-scale hydropower as the fundamental and continuously consolidate the
+electricity marketing model; take pioneering innovation as the driving force to comprehensively enhance
+the coverage of marketing business; take green development as the opportunity to strive to cash in on the
+comprehensive benefits of the Company's power stations. In line with the development requirements of
+the power system reform, we will rely on the competitive advantages of large hydropower in the market,
+take into account the short-term and long-term benefits of electricity sales, and cash in on the
+comprehensive benefits of large hydropower on the basis of ensuring its consumption; we will continue
+to deepen and explore the "large hydropower + new energy + pumped storage + electricity sales +
+integrated energy +... ..." clustered marketing model, give full play to the company's big hydropower
+brand effect, and combine with the opportunity to optimize and improve the policy related to green
+power green certificate, research and explore the path of big hydropower and new energy green value
+realization.
+Ltd.
+Investment, construction and operation management of energy
+project dominated by power production; development and
+operation of new energy project, power supporting products and
+information, and consulting services; and investment and
+operation of railway and traffic system automation as well as
+intelligent control product, optical fiber, optical cable and other
+high-tech industries.
+35
+In strict accordance with the requirements of the Company Law, the Securities Law, the Code of
+Governance for Listed Companies and other laws and regulations, the Company has continuously
+improved the corporate governance structure of the Company, established and improved the corporate
+governance structure with the "three meetings and one layer" of the shareholders' meeting, the Board of
+Directors, the Supervisory Committee and the management as the core, giving full play to the role of the
+Board of Directors The Board of Directors will "set strategy, make decisions and prevent risks", and the
+management will "plan operation, grasp implementation and strengthen management", so as to
+√ Applicable Inapplicable
+Explanation on the Corporate Governance
+Corporate governance
+I.
+Section IV
+□ Applicable Inapplicable
+VII. Description for Situation and Cause that the Company Did Not Disclose According to the
+Criterion Due to Inapplicable Criteria or Special Causes Concerning the State Secret and
+Business Secret
+□ Applicable √ Inapplicable
+□ Applicable √Inapplicable
+(V)Others
+The Company establishes a standardised investment management system, conducts pre-project
+research, due diligence and feasibility studies, and critically reviews and judges' factors such as
+investment direction, work procedures, investment return indicators and potential risks. Continuously
+pay attention to changes in the domestic and overseas capital and financial markets, strengthen research
+on trends in exchange rates and interest rates in relevant regions, and select suitable window periods for
+investment. Explore innovative management models and mechanisms to ensure flexible and efficient
+project follow-up management
+2022 Annual Report
+Against the backdrop of slowing global economic growth and domestic economic restructuring, the
+Company's outbound investments are affected by various factors such as changes in domestic and
+international political, economic, and capital markets and intensified market competition, which make
+outbound investments more difficult and investment returns may be lower than expected. After the
+completion of the investment, there are differences in geography, culture, systems and thinking, and the
+M&A projects also face certain control and cultural integration risks.
+The company will strengthen the core capacity of large hydropower marketing, establish a sound
+institutional mechanism and organizational guarantee, hold fast to the status of large hydropower market
+main body, and consolidate the basic plate of large hydropower revenue. Around the market
+development direction, deep plowing the power market, explore the "big hydropower + new energy +
+pumped storage + electricity sales + intelligent integrated energy + ." cluster marketing model,
+promote the delivery and receiving end of the market water and scenery integrated marketing. Combine
+with policies related to green power and green certificates, research and explore the exploration of the
+green value of large hydropower and new energy. Create a community of interests and win-win
+cooperation with customer-related parties to expand market space and establish long-term and stable
+cooperation relationships.
+Under the reform of the power system further deepened by the country, and the deepening and
+promotion of the medium- and long-term trading, auxiliary service market, and spot market, the
+Company needs to face the impact of external environment uncertainty.
+as the focus of control and management, and to press home the main responsibility for safety
+management. We will carry out in-depth special work such as the year of strengthening safety
+management and production safety inspection, continuously improve the dual prevention mechanism,
+summarise, and promote management experience, continuously improve safety management and form a
+long-term mechanism for risk control. Continue to promote innovative research and application of
+results in safety production, reduce and eliminate safety risks with the help of technological innovation
+3. Risks of power markets
+2022 Annual Report
+34
+The company will continue to take the five major safety risks of major personal injury and death,
+flooding of plants, extensive power outages, major equipment and facility damage, and network security
+All the company's terraced power stations are located on the main stream of the Yangtze River and
+are responsible for several tasks such as supply and flood control, with complex operating conditions.
+The large capacity and number of units in the power stations, the variety of equipment and the long
+operating cycle make it difficult to manage the operation of the equipment, and the responsibility for
+dam safety management is heavy. New businesses, such as pumped storage and new energy, have a wide
+range of locations, and the management boundary is constantly extended, so safety risk prevention and
+control face new challenges.
+2. Risks of work safety
+The Company will pay close attention to the influence of meteorological change on the water and
+rain regimen and strengthen the cooperation with the hydrological and meteorological and engineering
+construction units to propel the perfection of the reservoir information sharing mechanism in the upper
+Yangtze River basin, constantly increase the forecast and analysis ability of water and rain regimen,
+carry out in-depth joint dispatching of cascade reservoirs in the river basin, coordinate the needs of flood
+control, power generation, shipping, and water replenishment, and make the most of comprehensive
+benefits in the cascade water control project.
+The giant hydropower stations of the Company are distributed in the middle and upper reaches of
+the Yangtze River, and the generation capacity is closely related to the water from the Yangtze River.
+The uncertainty of water from the basin and the water storage of new hydropower projects in the upper
+reaches may have a certain impact on the power production and generation capacity of the Company.
+1. Risks of water inflow from the Yangtze River
+√ Applicable Inapplicable
+(IV)Possible Risks
+4. Risks of investment control
+Basin cascade planning and preliminary work; investment,
+construction and management of power stations; operation
+regulation and dispatching of power stations in the basin;
+production and sale of electric energy; procurement of water
+conservancy and hydropower materials and equipment;
+technical advisory services of water conservancy and
+hydropower engineering.
+effectively safeguard the interests of all shareholders. Since 2016, the Board of Directors of the Company
+has achieved a majority of external directors (including independent directors), accounting for 12 out of
+15 director seats, or 80%, including 5 independent directors, and the professional fields of directors
+cover corporate management, finance and finance, strategic investment, power production, energy
+planning, etc., forming rich diversity and better checks and balances.
+In 2022, the Company held 37 general meetings, meetings of the Board of Directors and ad hoc
+committees and meetings of the Supervisory Committee, and considered and passed a total of 177
+motions, with a 100% approval rate. In strict accordance with the Company Law and the Articles of
+Association, the Company completed the renewal of the Board of Directors and the Supervisory
+Committee and the improvement of the Special Committee of the Board of Directors. The Board of
+Directors and Supervisors performed their duties adequately and established "three reports"
+(pre-reporting, daily reporting and reporting on important matters), "two surveys" (regular research and
+special research) and "one closed loop" (reporting - implementation - re-reporting). In conjunction with
+the renewal of the Board of Directors and the Supervisory Committee, a total of 19 directors and
+supervisors were organised to participate in the training for directors organised by the Beijing Listed
+Companies Association, the training for sole directors of the SSE and the training for junior directors,
+etc.; the corporate governance system, such as the Management System of Fund Raising, was timely
+revised to promote the standardised operation of the Company; information disclosure was true, accurate,
+complete, timely and fair, and the Company was awarded the Shanghai Stock Exchange's Information
+Disclosure System. During the reporting period, the Company was awarded the "Model Enterprise of
+State-owned Enterprise Governance" by the State-owned Assets Supervision and Administration
+Commission of the State Council and the "2022 Best A-share Company of the Year" by the China
+Securities Regulatory Commission. During the reporting period, the Company was awarded the "Best
+Governance Practice of A-share Listed Companies in 2022".
+Investment, construction, operation and management of energy
+projects based on electricity production; development and
+operation of new energy projects, high technology and
+environmental protection industries; development and operation
+of power ancillary products and information and consultancy
+services.
+services; development, construction, design and operation
+management of distribution power system; engineering survey
+and design; installation (repair and test) of power facilities;
+power technology development, technology transfer, technology
+consultation and technology services; sales and leasing of
+electric power materials; power project development; distributed
+energy comprehensive utilization service; integrated energy
+service integrating power supply, gas supply, water supply and
+heat supply; production, processing and sales of roasted
+manganese, manganous carbonate, silicon-manganese alloy and
+manganese-iron alloy
+Power generation; power supply, sales and
+Development, construction, and operation of hydropower
+stations, thermal power plants, and various types of power
+plants, clean energy development, power transmission and
+transformation projects, organization of power (thermal)
+production and sales, construction of water conservancy and
+hydropower projects, installation, repair and test of power
+facilities, fabrication and installation of hydraulic metal
+structures, machinery manufacturing, processing and repair,
+engineering measurement, economic and technical consultation
+in power finance, property management, hotel management,
+catering services, domestic trade, staff internal training.
+Industrial investment; equity investment; asset management;
+investment consulting.
+Power construction, energy, energy conservation,
+comprehensive utilization of resources and related projects,
+development of raw materials, high technology and export
+earning projects related to energy construction, investment and
+operation.
+the use of natural gas; solar photovoltaic power supply systems
+Research, development and design of solar photovoltaic power
+supply systems; engineering project management services;
+energy conservation technology promotion services;
+environmental protection technology promotion services;
+technical consultation and technical services in the field of
+renewable energy; municipal facilities management; technical
+services (excluding permitted items).
+191,214.29
+788,237.78
+491,203.83
+2022 Annual Report
+Electric Power Co.,
+20.12
+Conservancy and
+The Company has made it a primary premise and a basic standard of governance and operation to
+govern the Company in accordance with the law and not to cross the red line, and has fully integrated the
+requirements of compliance with the law into all aspects of corporate decision-making and operation,
+throughout all business areas, all management levels and all jobs.
+Gorges Water
+Co., Ltd.
+714,285.71
+10.00
+Capital Holdings
+Three Gorges
+Ltd.
+11.36
+Electric Power Co.,
+The situation that the Controlling Shareholder, the Actual Controller, and other companies under
+their control are engaged in the same or similar business as the Company, the impact of the horizontal
+competition or significant changes in the horizontal competition on the Company, solutions taken,
+progress and the follow-up solutions
+□ Applicable √ Inapplicable
+II. Specific measures taken by the Controlling Shareholder and the Actual Controller to ensure
+the independence of the Company's assets, personnel, finance, departments, and business, as
+well as the solutions, work schedule, and follow-up work plan made to affect the
+independence of the Company
+□ Applicable √ Inapplicable
+Whether there are material differences between corporate governance and the provisions of laws,
+administrative regulations, and China Securities Regulatory Commission on the governance of listed
+companies; if so, the reasons should be given.
+Chongqing Three
+(III)Operating Plan
+19.35
+12.20
+(Hong Kong)
+Co., Ltd.
+Three Gorges
+Jinsha River
+Chuanyun
+100
+3,400,000.00 12,040,180.53 8,029,185.03
+Hydropower
+1,088,670.
+90
+Development
+Co., Ltd.
+Three Gorges
+Power Co.,
+70
+200,000.00 210,454.23
+191,963.94
+1,955.52
+Ltd.
+CYPC
+Investment
+100
+Management
+Co., Ltd.
+500,000.00
+532,661.13
+528,710.60 -32,326.96
+82,692.55
+4,222,125.76 2,758,854.97
+USD$154
+million
+International
+Directors/
+2022 Annual Report
+(VII) Analysis of Main Holding Companies and Joint-stock Companies
+√ Applicable □ Inapplicable
+At the end of the reporting period, there are 27 subsidiaries included in the scope of the Company's
+consolidated financial statements, refer to "Section X Financial Report, III. Company Profile, 2. Scope
+of Consolidated Financial Statements"; there are 53 joint ventures, associates and subsidiaries in total,
+refer to "Section X Financial Report, VII. Notes to the key items in the Consolidated Financial
+Statements, 17. Long-term Equity Investment”. The company's major subsidiaries and major joint-stock
+companies are as follows:
+1. Analysis on main subsidiaries
+Name
+Shareholding
+proportion
+(%)
+Registered
+Capital
+Total assets
+Net assets
+Net
+Income
+CYPC
+Xinneng Co.,
+Ltd.
+CYPC
+Energy
+100
+300,000.00
+340,104.92
+339,966.39
+-25,349.81
+Investment
+Co., Ltd.
+China
+Yangtze
+Power
+100
+Yichang
+100
+700,000.00
+403,726.99
+Hubei Energy Group
+Co., Ltd.
+Three Gorges
+Finance Co., Ltd.
+Guangzhou
+Development Group
+Incorporated
+Business scope
+maintenance and testing of
+power transmission, power
+supply and receiving power
+facilities. General items: energy
+storage technology services;
+engineering management
+services; technical services,
+technology development,
+technology consulting,
+technology exchange,
+technology transfer, technology
+promotion.
+Electricity supply. General
+projects: energy conservation
+management services, sales
+agents, information consulting
+services (excluding licensing
+information consulting
+services). Technical services,
+technology development,
+technical consulting,
+technology exchange,
+technology transfer, technology
+promotion, comprehensive
+energy management services
+and contract energy
+management services in the
+field of power science and
+technology
+Monetary Unit: RMB 10,000
+Shareholding Registered
+2. Analysis on main joint-stock companies
+ratio (%)
+Capital
+650,744.95
+III. Introduction to General Meeting of Shareholders
+500,000.00
+15.35
+354,405.55
+Business scope
+Energy investment, development, management, and other
+business permitted by national policy.
+Providing financial and financing consultancy, credit
+authentication and related consulting and agency services to
+member units; assisting member units in the collection and
+payment of transactions; providing guarantees to member units;
+handling entrusted loans and entrusted investments among
+member units; accepting and discounting bills to member units;
+handling internal transfers and settlements among member units
+and the design of corresponding settlement and liquidation
+plans; taking deposits from member units; It handles loans and
+financial leasing to member units; engages in interbank lending;
+issues finance company bonds upon approval; underwrites
+corporate bonds of member units; invests in equity in financial
+institutions; invests in marketable securities; buyer's credit and
+financial leasing of member units' products; and other
+businesses approved by the China Banking Regulatory
+Commission.
+Commodity retail trade except for licensed and approved items);
+wholesale trade of goods (except for licensed and approved
+items); investment of enterprises' own capital; business
+management services (except for licensed items); management
+of corporate headquarters; wholesale of coal and products;
+wholesale of petroleum products (except for refined oil products
+and dangerous chemicals); retail of electrical equipment; retail
+of general mechanical equipment; technology development for
+31
+Shenergy Group
+Company Limited
+29.11
+Guangxi Guiguan
+Name
+12,436.28
+399,789.51
+2,301.52
+30
+Monetary Unit: RMB 10,000
+Business scope
+Hydroelectric power
+generation; power generation
+business, power transmission
+business, power supply
+(distribution) business General
+projects: investment activities
+with own funds; energy storage
+technology services; biomass
+energy technology services
+Development, investment and
+operation of overseas power
+projects, and equity investment
+in related industries.
+Hydropower development,
+construction, investment,
+operation and management;
+clean energy development and
+investment; professional and
+technical services for clean
+energy.
+Developmen, construction,
+design and operation
+management of power
+distribution and sales system;
+electricity sales and services;
+development, consultation,
+transfer and service of electric
+power technology; carrying,
+repairing and testing power
+Securities investment,
+consulting. General projects:
+investment management,
+industrial investment, venture
+capital, information consulting
+services (excluding licensing
+information consulting
+services), business
+management, social and
+economic consulting
+services.
+10,409.33
+Power generation business,
+power transmission business,
+business; installation,
+2022 Annual Report
+Name
+Shareholding
+proportion
+(%)
+Registered
+Capital
+Total assets
+Net assets
+Net
+Income
+CYPC Sales
+Ltd.
+100
+100,000.00
+15,204.62
+power supply (distribution)
+Session
+number of
+meeting
+2020-11/2
+Query index of resolutions at
+the named websites
+Director
+Male
+56
+2021-05
+0
+0
+No
+Su Tianpeng
+Director
+Su Jinsong
+Male
+2022-03
+0
+0
+No
+Zhao Yan
+Director
+Female 53
+2016-05
+0
+43
+0
+Yes
+0
+Chairman Male
+Deputy
+Chairman
+61
+2018-12
+Male
+59
+2018-07
+Zhang Xingliao
+General
+Male
+0
+51
+122.38
+No
+020-10
+Managers
+Hu Weiming
+Director
+Male
+58
+2022-03
+0
+Ma Zhenbo
+No
+Director
+Independe
+Director
+Independe
+16.75
+Yan Hua
+nt
+Male
+68
+2017-11
+0
+No
+No
+Director
+Independe Male
+69
+2022-03
+0
+0
+13.00
+No
+39
+Holding
+date
+Huang Delin
+Hong Meng
+0
+2017-03
+Male
+43
+2022-03
+0
+0
+No
+Zhang Biyi
+nt
+Male
+0
+69
+0
+16.75
+No
+Director
+Independe
+16.75
+Wen Bingyou
+nt
+Male
+68
+2017-03
+Lei Mingshan
+0
+122.70
+38
+Applicable Inapplicable
+Explanation of general meeting:
+☐ Applicable Inapplicable
+√
+Restoration of voting rights by preferred shareholders requesting to convene an extraordinary general
+meeting.
+persons to fully handle matters relating
+to the issue of shares and payment of
+cash to purchase assets and raise
+matching funds by the Company
+12. Proposal on the Company's
+Dividend Return Plan for Shareholders
+for the Next Three Years (2022-2024)
+13. Proposal to request the
+shareholders' meeting to authorize the
+Board of Directors and its authorized
+2022 Annual Report
+11. Proposal on the Impact of the
+Transaction on the Company's Dilution
+of Immediate Return and Measures to
+Fill in the Amount".
+8. Proposal to Issue Shares and Pay
+Cash to Purchase Assets and Raise
+Matching Funds in Compliance with
+Article 43 of the "Measures for the
+Administration of Major Assets
+Reorganization of Listed Companies
+6. Proposal to Issue Shares and Pay
+Cash to Purchase Assets and Raise
+Matching Funds in Compliance with
+Article 4 of the Regulations Governing
+Certain Issues of Material Asset
+Reorganization of Listed Companies
+7. Proposal on the Issue of Shares and
+Payment of Cash to Purchase Assets
+and Raise Matching Funds in
+Compliance with Article 11 of the
+Regulations Governing the
+Reorganization of Major Assets of
+Listed Companies
+5. Proposal to enter into the agreement
+relating to the transaction
+2022 Annual Report
+37
+www.sse.com.cn
+Announcement No: 2022-031
+July 20, Exchange:
+2022
+Website of Shanghai Stock
+9. Proposal on the Issue of Shares and
+Payment of Cash to Purchase Assets
+and Raise Matching Funds Not
+Constituting a Restructuring Listing
+under Article 13 of the Measures for
+the Administration of Major Assets
+Reorganization of Listed Companies
+10. Proposal to approve the audit
+report, asset evaluation report and pro
+forma review report in relation to the
+Transaction
+4. Proposal on the Report on the Issue
+of Shares and Payment of Cash to
+Purchase Assets and Raise Matching
+Funds and Connected Transaction
+(Draft) of China Yangtze Power
+Company Limited" and its summary
+IV. Directors, Supervisors, and Senior Executives
+√ Applicable Inapplicable
+Unit: share
+in the
+reporting
+Total pre-tax
+compensation
+acquired from
+the Company
+period (RMB
+year
+year
+Causes
+for
+changes
+Increase or
+decrease of
+stocks
+within the
+(I) Changes in Shareholding and Compensation of Directors, Supervisors, and Senior Executives Currently in Office and Leaving Posts in the Reporting
+Period
+Number
+of shares
+held at
+the end of
+held at the
+Number
+of shares
+Ending
+date of
+tenure
+Starting
+date of
+tenure
+Age
+Gender
+Position
+(Note)
+Full name
+beginning
+of year
+Whether
+3. Proposal to Issue Shares and Pay
+Cash to Purchase Assets and Raise
+Matching Funds Constituting a
+Connected Transaction
+1. Proposal to Issue Shares and Pay
+Cash to Purchase Assets and Raise
+Matching Funds and Related
+Transaction
+Announcement No: 2022-031
+www.sse.com.cn
+Exchange:
+Website of Shanghai
+May 25,
+2022
+Meeting of
+Shareholder
+Annual
+General
+Announcement No.: 2022-014
+s 2022
+ry General
+Meeting of
+2022
+The followings were reviewed and
+approved:
+www.sse.com.cn
+March 10, 2022
+Website of Shanghai Stock
+Exchange:
+March
+Extraordina 9, 2022
+First
+Meeting resolution
+Date to
+disclose
+resolutions
+published
+36
+2. Proposal on the Company's
+compliance with the conditions for the
+issue of shares and payment of cash to
+purchase assets and raise matching
+funds
+Second
+Extraordina
+ry General
+Meeting of
+2022
+Stock
+The followings were reviewed and
+approved:
+13. Proposal on the formulation of
+the "Management System for
+External Donations" of the Company
+14. Proposal on Adjusting the Standard
+of Allowance for Independent
+Directors of the Company
+11. Proposal to Issue Debt Financing
+Instruments in the Interbank Market
+12. Proposal on the Issuance of
+Corporate Bonds
+10. Proposal to Renew the
+Framework Agreement on Financing
+Business with Three Gorges Finance
+(Hong Kong) Limited
+9. Proposal to Renew the Financial
+Services Framework Agreement
+with Three Gorges Finance Co.
+8. Proposal to carry out short-term
+fixed income investments for the
+year 2022
+No
+7. Proposal on the Company's
+external guarantee plan for the year
+2022 Annual Report
+6. Proposal on the Appointment of
+Internal Control Auditors for the
+Year 2022
+3. Report on the Financial Accounts
+of the Company for the Year 2021
+4. Profit Distribution Plan of the
+Company for the Year 2021
+2. Report on the Work of the
+Supervisory Committee of the
+Company for the Year 2021
+1. Report on the Work of the Board
+of Directors of the Company for the
+Year 2021
+The followings were reviewed and
+approved:
+2. Proposal for the renewal of the Fifth
+Session of the Supervisory Committee
+of the Company
+1. Proposal for the Change of the
+Fifth Session of the Board of
+Directors of the Company
+July 21, 2022
+May 26, 2022
+5. Proposal on the Appointment of
+the Financial Reporting Auditor for
+the Year 2022
+receiving
+compensation
+2022
+0
+0
+from related
+parties of the
+Company
+10,000)
+Yes
+0
+0
+Hong Meng
+Zhang Biyi
+Wen
+Bingyou
+Yan Hua
+Huang Delin
+Huang Feng
+Zeng Yi
+Director, bachelor's degree, Senior Engineer. He successively held the posts of Assistant to the President of Yunnan Provincial Energy Investment
+Group Co.,Ltd., General Manager of Yunnan Provincial Power Investment Co., Ltd., President and Chief Operating Officer of Beijing CPCEP
+Energy Conservation and Environmental Protection Technology Co., Ltd., Chairman of Yunnan Provincial Power Investment Co., Ltd. He is
+currently General Manager of the Equity Management Center of Yunnan Provincial Energy Investment Group Co., Ltd.
+Director, PhD.in Finance.He successively held the posts of the Customer Manager of Shanghai Sub-branch of Shanghai Pudong Development Bank,
+the Investment Manager, Deputy Manager, and Department Head of the Direct Investment Business Division of Ping An Asset Management Co.,
+Ltd. He is currently the Senior Managing Director (Administrative Director) of Direct Investment Business Division of Ping An Asset Management
+Co.,Ltd.
+Master's degree in Science and a Master's degree in Business Administration, Financial Risk Manager (FRM) certification., Portfolio Manager at
+Taikang Asset Management Co., Ltd., Manager at Deloitte Management Consulting Co., Ltd., General Manager of Asset Management Center at
+Sunshine Insurance Group Corporation Limited, Assistant General Manager and Chief Risk Officer at Sunshine Asset Management Co., Ltd, Vice
+General Manager, Director, and Board Secretary at Sunshine Asset Management Co., Ltd.
+2022 Annual Report
+Director, Master of Accounting (Ph.D. in progress), Senior Accountant, National Accounting Leader (Reserve) of the Ministry of Finance, Certified
+Public Accountant, Certified Tax Agent, US Certified Management Accountant. He successively held the posts of the Deputy Manager, Deputy
+Manager, Deputy Director (presiding over the work), and Director of the Financial Assets Department of China National Nuclear Power Co., Ltd.,
+and the Chief Accountant of China Nuclear Industry Huaxing Construction Co., Ltd. He is currently the Deputy Director of the Finance Department
+of China National Nuclear Corporation
+Independent Director and Senior Accountant. He successively held the posts of Deputy General Manager, Chief Accountant of China Shipbuilding
+Industry Corporation (CSIC).
+Independent Director and Senior Engineer. He successively held the posts of Director of China Dongfang Electric Corporation.
+Independent Director and Senior Economist. Held the posts of General Manager Assistant of Commercial Aircraft Corporation of China, Ltd
+Independent Director and Senior Engineer. He successively held the posts of Deputy General Manager of Wuhan Iron and Steel (Group)
+Corporation
+Independent Director and Senior Engineer. He successively held the posts of Deputy General Manager, and concurrently Deputy Director of the
+Expert Academic Committee of China International Engineering Consulting Corporation. He is currently the Deputy Director of Expert Academic
+Committee of China International Engineering Consulting Corporation
+Chairman of the Board of Supervisors, Senior Accountant. He successively held the posts of Deputy Director and Director of Finance Department
+of Dongfang Electric Co., Ltd., Director of Assets and Finance Department of both Dongfang Electric Corporation and Dongfang Electric Co., Ltd.,
+43
+2022 Annual Report
+Mo Jinhe
+Xia Ying
+Director of Audit Department of both Dongfang Electric Corporation and Dongfang Electric Co., Ltd., and Director and General Manager of
+Dongfang Electric Group Finance Co., Ltd. He is currently the Chief Accountant of China Three Gorges Corporation.
+Zhao Yan
+Su Tianpeng
+2022 Annual Report
+Director, Master of Engineering and Senior Engineer. He successively held the posts of General Manager of Three Gorges Mechanical and
+Electrical Engineering Technology Co., Ltd., General Manager of China Three Gorges Construction Management Co., Ltd. and General Manager of
+Hu Weiming Three Gorges Mechanical and Electrical Engineering Technology Co., Ltd. He is currently the General Manager of China Three Gorges
+Construction Engineering Corporation.
+2022-01
+0
+(Resigned
+TOTAL
+0
+0
+16,000
+16,000
+1,373.69
+Yes
+Su Jinsong
+No
+Full name
+Lei
+Mingshan
+Ma Zhenbo
+Zhang
+Xingliao
+Main Work Experiences
+Chairman, Master's degree, Senior Economist. Assistant General Manager, Deputy General Manager (official rank) at China International
+Engineering Consulting Corporation, member of the party group and Deputy General Manager at China International Engineering Consulting
+Corporation, Deputy Director (official rank) of the Inspection Division and Director of the Fund Planning Division at the Three Gorges Project
+Corporation under the State Council, Deputy Director and member of the Party Group of the Three Gorges Project Corporation under the State
+Council, Vice Minister and member of the Party Group of the Ministry of Water Resources. Chairman and Party Secretary of China Three Gorges
+Corporation.
+Vice Chairman, Master of Engineering and Senior Engineer. Director of Gezhouba Power Plant, Director of Three Gorges Power Plant, Deputy
+General Manager of the Company, Director of the Human Resources Department of China Three Gorges Corporation and Director of the Retired
+Worker Management Office. He is currently the General Manager Assistant of China Three Gorges Corporation, Vice Chairman of the Company.
+Director, General Manager, Master of Management, Senior Accountant, and Certified Public Accountant. He has served as Deputy Manager of the
+Financial Department of the Company, Deputy Manager of the Financial Department of the Company and the Deputy General Manager and Chief
+Financial Officer of Hubei Daye Nonferrous Metals Co. Ltd, Deputy Manager of the Financial Department of the Company as well as the
+Vice-Chairman of the Board of Supervisors of Hubei Daye Nonferrous Metals Co. Ltd, Deputy Chief Economist of the Company as well as
+Director, Deputy General Manager and Chief Accountant of Hubei Qingneng Real Estate Group Co. Ltd, Deputy Director of the Asset Finance
+42
+Supervisor, Bachelor's Degree in Accounting, Senior Economist, Senior Auditor, and International Certified Internal Auditor. He successively held
+the posts of Chief Accountant of Hainan Power Grid Company, Deputy Director of Financial Department of China Southern Power Grid Co., Ltd.
+and Chief Accountant of Guangdong Power Grid Co., Ltd. He is currently the first-class employee, deputy general manager and chief accountant of
+Guangdong Power Grid Co., Ltd.
+Department, Deputy Director (in charge) and Director of China Three Gorges Corporation, General Manager of Three Gorges Finance Co., Ltd. He
+is currently the Director, General Manager of the Company
+No
+Supervisor with a bachelor's degree and Senior Engineer. She has successively served as Deputy Director and Director of the Capital Market Office
+of the Capital Operation Department of China National Petroleum Corporation. Now he is a full-time director and supervisor of the Finance
+Department of China National Petroleum Corporation.
+Supervisor and Senior Accountant. He has successively served as the deputy director and the head of the finance department of Sichuan Tianhua
+Co., Ltd., the head of assets finance department of Sichuan Chemical Industry Holding (Group) Co., Ltd., and the head of the financial assets
+Sheng Xiang department (settlement center) of Sichuan Energy Industry Investment Group Co., Ltd. He is currently the Deputy Chief Accountant and the Head
+of Financial Assets Department (Settlement Center) of Sichuan Energy Industry Investment Group Co, Ltd
+Teng
+Weiheng
+(II) Service status of directors, supervisors, and senior executives currently in office and leaving
+posts in the reporting period
+1.
+Conditions on service in shareholder unit
+√ Applicable Inapplicable
+Name of
+employees
+Lei
+Mingshan
+Ma Zhenbo
+Name of the unit of
+shareholders
+China Three Gorges
+Corporation
+the unit of
+shareholders
+Board Chairman
+Position held in
+2022 Annual Report
+Starting date of
+tenure
+2018-08
+2020-06
+General
+Hu
+Weiming
+Su Jinsong
+Corporation
+Yunnan Provincial Energy
+Investment Group Co., Ltd.
+China Three Gorges
+Corporation
+Manager's
+Assistant
+China Three Gorges
+Construction Engineering
+Ending date
+of tenure
+46
+2022 Annual Report
+Applicable √ Inapplicable
+Ma Zhitao
+Huang Xun
+Lu Jinsong
+Zhan
+Pingyuan
+Supervisor, with a master's degree He has successively served as the manager of the investment department of Anhui Guofu Industry Investment
+Fund Management Co., Ltd., the head of the institutional business department of Essence Securities Co., Ltd. Yunnan Branch, and the deputy
+general manager of the capital management center (the management office of directors and supervisors) of Yunnan Provincial Energy Investment
+Group Co., Ltd. and the deputy general manager of the capital management center of Yunnan Provincial Energy Investment Group Co., Ltd. He is
+currently the General Manager of the Capital Management Center of Yunnan Provincial Energy Investment Group Co., Ltd.
+Employee Supervisor, Bachelor of Law, Political Worker. He successively held the posts of Director of the Second Division of the Discipline
+Inspection and Supervision Department of China Three Gorges Corporation, Secretary of the Committee for Discipline Inspection and Deputy
+Manager of Three Gorges Tourism Development Co., Ltd., and Secretary of the Committee for Discipline Inspection of Yangtze Ecology and
+Environment Co, Ltd He is now secretary of the Company's Discipline Inspection Commission
+Employee Supervisor, Master of Engineering, Senior Political Worker. He successively held the posts of Director of the Employee Management
+Division of the Human Resources Department of the Company, Director for the Management Office of Retired Employees of the Company, Deputy
+Director of the Management Office for Retirees (Management Office of Retired Employees) of the Company, and the Deputy Manager, Manager,
+and Director of Human Resources Department of the Company. He is currently the Deputy Director of the Three Gorges Power Plant.
+Employee Supervisor, Master of Engineering and Senior Engineer. He successively held the posts of Director of Monitoring / Automatic Equipment
+Management of Production Management Department of Xiangjiaba Power Plant, Deputy Director and Director of Electrical Maintenance
+Department of Xiangjiaba Power Plant, Assistant Director and concurrently Director of Electrical Maintenance Department of Xiangjiaba Power
+Plant, Deputy General Manager of Three Gorges Jinsha River Chuanyun Hydropower Development Co., Ltd. He is currently the General Manager
+of Three Gorges Jinsha River Chuanyun Hydropower Development Co, Ltd
+Chief Financial Officer, Doctor of Management, Senior Accountant and Senior International Financial Controller. He successively held the posts of
+the Director of the Asset and Finance Department of CWE Investment Corporation, the Director of the Asset and Finance Department, the Chief
+Accountant and concurrently Director of the Asset and Finance Department, the Chief Accountant and concurrently Chairman of the Labor Union
+of Three Gorges International Energy Investment Group Co., Ltd., and the Chief Financial Officer and General Counsel of the Company. Currently,
+44
+2022 Annual Report
+Xie Jun
+Chen Hui
+Ran Yichuan
+Liu Haibo
+Xue Ning
+Pan Jing
+he is the Chief Financial Officer of the Company.
+Deputy General Manager, Master of Management and Senior Engineer. He successively held the posts of Deputy Director, Director of the Electrical
+Maintenance Department of Three Gorges Power Plant, Deputy Director of the Three Gorges Electrical and Mechanical Installation Project
+Department of the Electrical and Mechanical Engineering Department of China Three Gorges Corporation, Deputy Director of Three Gorges Power
+Plant, Preparatory Team Deputy Leader of Yangtze Three Gorges Power Distribution and Sales Co., Ltd., General Manager of Three Gorges Power
+Co., Ltd. Now he is the Deputy General Manager of the Company.
+The Deputy General Manager of Three Gorges Power Plant, Master of Engineering, Senior Engineer. He has served as Deputy Director of
+Production Technology Department of Three Gorges Power Plant; the Head of Production Management Department, Deputy Chief Engineer and
+Deputy Director of Production Management Department, of Xiluodu Hydropower Plant Preparation Office; Deputy Chief Engineer and Deputy
+Director of Production Management Department, as well as Chief Engineer and Director of Production Management Department of Xiluodu
+Hydropower Plant; Deputy Head of Wudongde and Baihetan Power Production Preparation Group; Director of Baihetan Power Plant Preparation
+Office; Director of Three Gorges Power Plant. He is currently the Deputy General Manager of the Company and concurrently Director of Three
+Gorges Power Plant.
+The Deputy President and concurrently Chief Engineer, Master of Management, Senior Engineer He successively held the posts of Deputy Director
+of the Mechanical and Hydraulic Maintenance Department of Three Gorges Power Plant, Deputy Chief Engineer of Three Gorges Power Plant,
+Technical Head of Jinsha River Project Preparation Group, Head of Production Management Department of Xiluodu Hydropower Plant Preparation
+Office, Deputy Director of Xiluodu Mechanical and Electrical Installation Project Department of Mechanical and Electrical Engineering
+Department of China Three Gorges Corporation; Deputy Director, Director of Xiluodu Hydropower Plant, and Chief Engineer of the Company. He
+is currently the Deputy General Manager and Chief Engineer of the Company
+Vice President and Party Committee Deputy Secretary of Baihetan Power Plant, bachelor's degree, senior engineer, Deputy Director of the Three
+Gorges Power Plant Operations Department, Deputy Manager of the Production Planning Department, Deputy Manager of the Production
+Technology Department (in charge of work), Deputy Director of the Three Gorges Cascade Dispatching Department, Director of the Production
+Technology Department, Deputy Director of the Baihetan Power Plant Construction Office (in charge of work), Deputy Plant Manager of the
+Baihetan Power Plant (in charge of work), Plant Manager and Party Committee Secretary of the Baihetan Power Plant, and is currently the Vice
+President and Party Committee Deputy Secretary of the company as well as the Plant Manager of Baihetan Power Plant.
+Secretary of the Board of Directors, Master of Management, Master of Business Administration, Senior Engineer. He successively held the posts of
+Director of the Board of Directors' Office, Deputy Director (presiding) and Director of the Andes Project Office of the Company. He is currently the
+secretary of the Company's board of directors, the president of China Yangtze Power International (Hongkong) Co., Limited., and the director of the
+Andes Project Office and Foreign Affairs Office.
+General Counsel and Chief Compliance Officer, bachelor's degree in Law and the title of Senior Economist, Secretary of the General Manager's
+Office (Party Affairs and Mass Work Department), Deputy Manager of the General Manager's Office (Legal Affairs Office), Manager (Director) of
+the Enterprise Management Department (Audit Department, Legal Affairs Office), and Director of the company's Enterprise Management
+Department (Legal Affairs Office). currently serving as the company's General Counsel and Chief Compliance Officer.
+Other information
+45
+◎
+2018-12
+61
+Employee
+Superviso
+r
+Male
+Director
+(Resigned
+Zhang Chongjiu
+nt
+Independe
+0
+2022-03
+2018-07
+57
+(Resigned Male
+Zhao Qiang
+Director
+0
+2022-03
+2016-05
+57
+(Resigned Male
+Zhou Chuangen
+Director
+0
+2022-03
+2021-05
+59
+70
+(Resigned Male
+70
+2022-03
+Employee
+Superviso
+Hu Yang
+r
+Female 55
+2019-08
+2022-01
+49
+Board
+CYPC Investment
+Management Co., Ltd.
+units
+in other
+41
+Director
+2022-03
+2015-10
+75
+General Manager
+Male
+nt
+Lv Zhenyong
+Independe
+0
+2015-05
+Wang Shiping
+Director
+0
+2022-12
+51
+Male
+Manager
+Deputy
+General
+Manager
+Board
+Liu Haibo
+No
+3.75
+0
+0
+No
+Employee
+Superviso
+Chen Yanshan
+r
+Male
+49
+49
+2019-08
+2022-01
+0
+(Resigned
+(Resigned
+No)
+Yang Xingbin
+0
+Xue Ning
+Pan Jing
+Male
+2022-03
+2018-12
+52
+(Resigned Male
+He Hongxin
+Director
+2022-10
+2016-05
+57
+(Resigned Male
+Zong Renhuai
+Male
+Director
+2022-03
+58
+(Resigned Male
+Guan Jielin
+Director
+Counsel
+2022-05
+Female 50
+Secretary
+Chief
+Legal
+2022-01
+49
+2023-04
+2020-12
+2020-11
+2023-03
+Officer)
+2021-04
+n and Chief
+Executive
+Director, General
+Manager
+Director(Chairma
+Ltd.
+Yangtze Andes Holding Co.,
+Limited (platform company
+and operating company in
+Peru)
+Director
+Pingyuan
+Zhan
+Pingyuan
+Zhan
+Pingyuan
+Zhan
+Pingyuan
+CYPC Investment
+Management Co., Ltd.
+CYPC Capital Holding Co.,
+Ltd.
+Zhan
+2019-09
+Chairman and
+2019-11
+Chairman of the
+International (Hong Kong)
+Co., Ltd.
+Zhan
+Pingyuan
+Director/
+China Yangtze Power
+Holdings Co., Ltd.
+Pingyuan
+2020-12
+Director
+Three Gorges Capital
+Zhan
+General Manager
+2020-09
+Chairman and
+President
+SDIC Power Holdings Co.,
+2022 Annual Report
+48
+Executive
+Ltd.
+2018-06
+Supervisor
+China Tendering and Bidding
+Public Service Platform Co.,
+Xia Ying
+2018-05
+Director
+Dalian Petrochina Shipping
+Co., Ltd.
+Xia Ying
+Co., Ltd.
+2017-08
+Supervisor
+Xia Ying
+Gas Development Co., Ltd.
+Petro China Hainan Sales
+2017-04
+PetroChina Karamay
+2021-12
+Xia Ying
+2022-02
+2022-01
+Legal
+Representative,
+Yunnan Green Energy
+Industry Group Co., Ltd.
+Teng
+Weiheng
+2019-10
+Director
+Co., Ltd.
+Yunnan Yunwei Company
+Limited
+Teng
+Weiheng
+Weiheng
+2019-04
+Director
+Energy Investment Group
+Teng
+Yunnan Provincial
+Petrochemical Co., Ltd.
+Director
+Board
+Xie Jun
+Three Gorges Electric Energy
+Co., Ltd.
+Chairman and
+CYPC International Energy
+Operations Co., Ltd.
+2021-10
+Director
+International Power
+Xue Ning
+China Three Gorges
+Peru)
+CEO)
+2022-04
+(Chairman and
+Director
+Yangtze Andes Holding Co.,
+Limited (platform company
+and operating company in
+Xue Ning
+Xue Ning
+2022-11
+Investment (Hainan) Co.,
+2023-01
+3.75
+Conditions
+on service
+Pan Jing
+2020-09
+Supervisory
+Chairman of the
+Co., Ltd.
+CEO
+2021-12
+International (Hong Kong)
+Xue Ning
+Chairman and
+China Yangtze Power
+Ltd.
+CEO
+2021-12
+Director
+2019-11
+CYPC Capital Holding Co.,
+Ltd.
+CYPC Xinneng Co., Ltd.
+Xie Jun
+2020-12
+ExecutiveDirector
+CYPC Sales Ltd.
+Xie Jun
+Ltd.
+Electric Power (Group) Co.,
+2022-11
+Chairman
+Xie Jun
+Water Conservancy and
+Chongqing Three Gorges
+2021-12
+Chairman
+Executive director
+Director
+2021-05
+Chen Hui
+Xue Ning
+2020-06
+Director
+Shenergy Company Limited
+Liu Haibo
+Development Co., Ltd.
+2022-09
+Vice Chairman
+Hydropower Technology
+Ran
+Yichuan
+Beijing Zhongshuike
+Co., Ltd.
+2021-12
+Director
+International (Hong Kong)
+China Yangtze Power
+Xia Ying
+Sichuan Changning Natural
+Limited
+Teng
+General Manager
+Yunnan Provincial
+Accountant
+Deputy Chief
+Sichuan Energy Industry
+Investment Group Co., Ltd.
+Xiang
+Sheng
+Center)
+(Settlement
+2018-09
+& Assets
+Department
+Sichuan Energy Industry
+Investment Group Co., Ltd.
+Xiang
+Sheng
+Energy Investment Group
+2022-09
+of Capital
+Weiheng
+2.
+shareholders
+47
+Ltd.
+2020-12
+Director
+Three Gorges Finance Co.,
+of
+in the unit
+on service
+Conditions
+Zhan
+Pingyuan
+Center
+Management
+Co., Ltd.
+2022-03
+Conditions on service in other units
+2020-12
+Petroleum
+Zhao Yan
+Manager
+2014-12
+Deputy General
+Sunshine Asset Management
+Co., Ltd.
+Zhao Yan
+Department
+Business
+Investment
+2022-08
+Senior Managing
+Director of Direct
+Ping An Asset Management
+Co., Ltd.
+Su
+Tianpeng
+manager
+Center General
+Sunshine Life Insurance Co.,
+First-level
+employee, Deputy
+General Manager,
+Chief Accountant
+Full-time Director
+and Supervisor
+Head of Financial
+Director
+Ltd.
+China National
+Corporation
+Xia Ying
+Guangdong Power Grid Co.,
+Ltd.
+Mo Jinhe
+2020-12
+Chief Accountant,
+China Three Gorges
+Corporation
+Zeng Yi
+Department
+the Finance
+Corporation
+2021-07
+Deputy Director of
+China National Nuclear
+Hong Meng
+2015-06
+Equity
+Management
+√ Applicable □ Inapplicable
+Name of
+Director
+Ansteel Group Corporation
+Yan Hua
+Corporation Limited
+2019-11
+Director
+Yan Hua
+China State Shipbuilding
+2020-02
+Director
+Yunnan Coal Industry Group
+Co, Ltd
+Su Jinsong
+Development Co., Ltd.
+2021-03
+Director
+2019-07
+Benzilan Hydropower
+Huang
+Feng
+Director
+2017-03
+Supervisor
+Xia Ying
+Jinzhou Port Company
+Co., Ltd.
+2013-09
+Director
+Mo Jinhe
+Champion Property Insurance
+Finance Co., Ltd.
+2013-08
+Director
+Mo Jinhe
+China South Power Grid
+2021-06
+Dongfang Electric Co., Ltd.
+2022 Annual Report
+Su Jinsong
+2021-03
+Hu
+Weiming
+Committee
+2009
+Vice Chairman
+Hydropower Engineering
+Hydraulic Machinery Special
+Weiming
+Hu
+China Society for
+Ending date
+of tenure
+tenure
+other units
+Name of other units
+Starting date of
+Position held in
+employees
+China Society for Electrical
+Engineering
+Guodian Jinsha River
+Member
+China Society for
+Director
+Co, Ltd
+Hydropower Development
+Su Jinsong
+Guodian Jinsha River Xulong
+2021-08
+Deputy Chairman
+Hydropower INC
+Su Jinsong
+Huaneng Lancang River
+Ninth Council
+2022
+Director
+Hydropower Engineering
+Hu
+Weiming
+2018
+0
+0
+No
+2021-06
+0
+0
+Yes
+rs
+Mo Jinhe
+Superviso
+Male 58 2
+2015-05
+0
+No
+r
+Xia Ying
+Superviso
+Female 53
+52
+Board of Male
+Superviso
+Zeng Yi
+of the
+(Resigned
+2022 Annual Report
+nt
+Director
+Independe
+13.00
+Huang Feng
+2017-05
+nt
+66
+2022-03
+0
+0
+No
+Director
+Chairman
+Male
+0
+0
+No
+supervisor
+No
+16,000
+16,000
+2022-01
+Female 45
+94.82
+Lu Jinsong
+Employee
+No
+0
+2022-01
+56
+90.09
+56
+supervisor
+Huang Xun
+Male
+Employee
+No
+r
+Superviso
+Sheng Xiang
+Male
+58
+2018-12
+0
+r
+0
+r
+Superviso
+Teng Weiheng
+Male
+40
+2019-08
+0
+No
+NNN
+Ma Zhitao
+Officer
+106.24
+Xie Jun
+General
+Male
+53
+2020-10
+Deputy
+0
+Deputy
+105.84
+Chen Hui
+General
+Male
+47
+No
+2020-10
+No
+2019-04
+Employee
+34.74
+Male
+48
+2022-01
+0
+0
+0
+supervisor
+Chief
+104.82
+Zhan Pingyuan
+Financial Male
+50
+Yes
+No
+Manager
+Deputy
+0
+No
+94.96
+No
+0
+Manager
+0
+0
+0
+0
+0
+No
+Yes
+Yes
+No
+98.46
+No
+0
+109.83
+Ran Yichuan
+Male
+53
+2021-10
+0
+No
+General
+103.02
+40
+2022 Annual Report
+0
+102.04
+No
+NNN
+40
+1
+Time(s)
+Times
+Failed
+Independ of
+ent Suppose
+Director
+Directo
+Name
+of
+Time(s)
+Attendance at the Board Meetings
+e at
+Sharehold
+Attendanc
+(I) About Directors' Attendance at the Board Meeting and General Meeting of Shareholders
+VI. About Directors' Performance of Duties
+7. Proposal on Appointing Mr. Liu Haibo as the Company's
+Deputy General Manager.
+Proposal on Promoting the Tenure System and Contract
+Management of the Company's Senior Executives in 2022.
+Proposal on Establishing the Company's Technology
+Innovation Department.
+Proposal on Revising the 'Fund Raising Management System'
+of the Company.
+ers'
+Meeting
+to
+attend
+He
+or not
+Proposal on Revising the 'General Manager Work Rules' of the
+Company.
+ce
+e at
+Sharehold
+in
+person
+for two
+s) of
+Absen
+d
+Attenda
+ation
+r
+Telecommunic
+Time(s) of
+Attendanc
+Time(
+of
+Time(s) of
+Attendance via
+of
+attenda
+nce in
+nce at
+the
+Board
+of
+Director
+Attenda
+Entruste
+6.
+0
+4.
+Proposal on Disposing of China Construction Bank H Shares at
+an Opportune Time.
+3.
+2. Proposal on Changing the Floor Price of 42.99% Equity of QN
+Energy Group.
+Proposal on Participating in the Establishment of Three Gorges
+Onshore New Energy Investment Company.
+1.
+The followings were reviewed and approved
+Approved the Proposal on the Audit Report and Review Report for
+this Restructuring and Period.
+3. Proposal on Issuing Risk Continuity Assessment Report for
+Three Gorges Finance Co., Ltd.
+Proposal on the 2021 Remuneration and 2019-2021 Term
+Incentive Cash-out Scheme for Senior Management of the
+Company
+2022 Interim Report and Summary of the Company
+2.
+1.
+No
+ers'
+n
+The followings were reviewed and approved
+1. Proposal on Optimizing and Adjusting the Company's Relevant
+Departmental Settings.
+2. Proposal on Establishing Yangtze Power Yichang Branch.
+The followings were reviewed and approved
+3.
+1. Proposal on Adjusting the Company's Board Committees.
+2. Proposal on Formulating the 'Board-Authorized
+Decision-making Plan' for the Company.
+The followings were reviewed and approved
+3. Proposal to change Changdian New Energy (Zhangye)
+Company to a wholly-owned subsidiary of Yangtze Power.
+4. Proposal to elect a new director for the company.
+5. Proposal to revise the Implementation Measures for
+Implementing the Three Major Governance Systems and One
+Major Decision-making System of the company.
+2022 Annual Report
+December
+16, 2022
+of the Sixth Board
+of Directors
+5.
+The 14th meeting
+Proposal on participating in the equity restructuring of the
+Caiziba Pumped Storage Project Company in Fengjie County
+and establishing a holding subsidiary.
+28, 2022
+2.
+October
+The company's third quarter report for 2022.
+1.
+The 13th meeting
+of the Sixth Board
+of Directors
+54
+person
+nce
+success
+ive
+times?
+No
+1
+Meng
+Zhang
+Yes
+16
+0
+8
+0
+No
+0
+Biyi
+Wen
+Bingyo
+8
+4
+7
+10
+0
+ng
+Zhao
+No
+16
+15
+8
+1
+0
+No
+0
+Yan
+Hong
+No
+14
+Yes
+16
+8
+0
+0
+0
+No
+0
+Delin
+Huang
+Yes
+No
+14
+7
+1
+0
+No
+0
+Feng
+7
+No
+7
+Yes
+0
+No
+0
+u
+Huang
+Yes
+16
+8
+8
+0
+0
+No
+0
+Hua
+Huang
+14
+Hongxi
+0
+7
+0
+No
+2
+Zhenbo
+Zhang
+Xinglia
+2
+No
+14
+8
+1
+0
+No
+2
+15
+8
+13
+15
+Meeting
+S
+Lei
+Mingsh
+No
+15
+10
+8
+5
+0
+No
+0
+an
+Ma
+No
+Guan
+No
+13
+13
+13
+8
+0
+0
+Jinsong
+NO
+No
+0
+55
+2022 Annual Report
+Su
+Tianpe
+No
+14
+12
+15
+2
+No
+g
+1
+0
+0
+Jielin
+No
+1
+Hu
+Weimin
+No
+13
+13
+7
+0
+No
+0
+Su
+7
+Proposal on the current issuance of shares, payment of cash to
+15. Proposal on the company's stock price fluctuations.
+16. Proposal on requesting the authorization of the shareholders'
+meeting to the board of directors and its authorized personnel to
+handle all matters related to the current issuance of shares,
+payment of cash to purchase assets, and raising of matching funds.
+17. Proposal on convening the second interim shareholders'
+meeting of 2022.
+Change of term of
+office
+Guan Jielin
+Director
+Resigned
+Work Adjustment
+Zong Renhuai
+Resigned
+Director
+Work Adjustment
+Change of term of
+Zhang Chongjiu
+Independent Director
+Resigned
+office
+Resigned
+Lyu Zhenyong
+Director
+office
+Supplement
+Change of term of
+He Hongxin
+Director
+Resigned
+office
+Zhao Qiang
+Change of term of
+Director
+Resigned
+office
+Change of term of
+Zhou Chuan'gen
+Director
+Resigned
+Wang Shiping
+Appointed
+Independent Director
+Change of term of
+office
+Zhan Pingyuan
+General Counsel
+Resigned
+No longer part-time
+(V) Explanation on the Punishment from the Securities Regulatory Institutions in the Last Three
+Years
+Applicable Inapplicable
+Work Adjustment
+√
+□ Applicable √ Inapplicable
+V.
+Board Meetings during the Reporting Period
+Session number of
+meeting
+Holding
+(VI) Miscellenaous
+Resigned
+Resigned
+Li Shaoping
+Change of term of
+Hu Yang
+Employee supervisor
+Resigned
+office
+Change of term of
+Board secretary
+Chen Yanshan
+Resigned
+office
+Yang Xingbin
+Employee supervisor
+Resigned
+Change of term of
+office
+Employee supervisor
+date
+General Counsel
+Supplement
+Reasons for change
+Change of term of
+office
+Full name
+Title
+Changes
+Guan Jielin
+Director
+√ Applicable □ Inapplicable
+Elected
+Hu Weiming
+Director
+Elected
+office
+Change of term of
+Su Tianpeng
+Director
+Change of term of
+Elected
+Change of Director, Supervisor and Senior Management of the Company
+Ma Zhenbo RMB1,227,000; Zhang Xingliao RMB1,223,800; Guan
+Jielin RMB1,098,300; Zhan Pingyuan RMB1,048,200; Xie Jun
+RMB1,062,400; Chen Hui RMB1,058,400; Ma Zhitao RMB
+900,900; Ran Yichuan RMB1,030,200; Liu Haibo RMB1,020,400;
+Xue Ning RMB 984,600; Pan Jing RMB949,600; Huang Xun RMB
+948,200; Lu Jinsong RMB347,400; Zhang Biyi RMB167,500; Wen
+Bingyou RMB167,500, Yan Hua RMB167,500. Huang Delin
+RMB130,000; Huang Feng RMB130,000; Zhang Chongjiu RMB
+37,500, Lü Zhenyong RMB37,500.
+2022 Annual Report
+(III)
+Compensation of Directors, Supervisors and Senior Management
+√ Applicable □ Inapplicable
+Decision-making process
+compensation of
+supervisors
+management
+The total remuneration was RMB 13,736,900.
+and
+Decision-making process of the
+remuneration for directors,
+supervisors, and
+management personnel
+senior
+Compensation Paid to Directors,
+Supervisors and Senior Managers
+Total Compensation Paid to all
+the Directors, Supervisors and
+(IV)
+The remuneration for independent directors is executed in
+accordance with the standards determined by the shareholders'
+meeting. The remuneration for employee representative supervisors
+is determined according to the company's compensation-related
+system based on their positions and job performance in the
+company, while other supervisors do not receive remuneration from
+the company. The remuneration for senior management personnel
+is executed in accordance with the "Measures for the
+Administration of Remuneration for Senior Management
+Personnel".
+The remuneration for Independent Directors was paid according to
+the standard determined by the General Meeting of Shareholders.
+The Employee Representative Supervisor was paid according to the
+of Company's salary system and its incumbency and work
+directors, performance evaluation in the Company, and other supervisors
+senior collected no salary from the Company. The Remuneration and
+Appraisal Committee of the Board of Directors formulate the
+remuneration payment standard and payment plan for senior
+executives, which shall be implemented after being approved by the
+Board of Directors.
+Pan Jing
+office
+Change of term of
+Director
+Change of term of
+Lu Jinsong
+Employee supervisor
+Elected
+office
+50
+office
+2022 Annual Report
+Xue Ning
+Vice General Manager
+Board secretary
+Appointed
+Supplement
+Appointed
+Liu Haibo
+Hong Meng
+Elected
+office
+Change of term of
+Elected
+Huang Delin
+Independent Director
+office
+Change of term of
+Elected
+Huang Feng
+Employee supervisor
+Independent Director
+Elected
+office
+Change of term of
+Ma Zhitao
+Employee supervisor
+Elected
+Huang Xun
+office
+Change of term of
+The followings were reviewed and approved:
+Meeting resolution
+1.
+8.
+First Quarter Report for 2022
+9.
+The 6th meeting of
+the Sixth Board of
+Directors
+May 27,
+2022
+The 7th meeting of
+the Sixth Board of
+Directors
+Financial Budget Report for 2022
+June 22,
+2022
+Proposal on Convening the 2021 Shareholders' Meeting
+The proposal to appoint Ms. Pan Jing as the Chief Legal Advisor of
+the company was approved
+The followings were reviewed and approved:
+1. Proposal to amend the Outbound Guarantee Management
+Measures of the company
+2. Proposal to amend the Capital Management Measures of the
+company
+The 8th meeting of
+the Sixth Board of
+Directors
+3. Proposal to formulate the Senior Management Personnel
+Selection Management Measures (Trial) of the company
+7.
+6.
+Work Report of General Manager for 2021 and Work Plan for
+2022
+Work Report of the Board of Directors for 2021
+2.
+3.
+Financial Final Account Report for 2021
+Social Responsibility Report for 2021
+The 5th meeting of
+April 28,
+4.
+Profit Distribution Plan for 2021
+2022
+5.
+Annual Report for 2021
+the Sixth Board of
+Directors
+1.
+4. Proposal to formulate the Total Salary Management Measures
+(Trial) of the company
+1.
+of the Sixth Board
+of Directors
+The 12th meeting
+of the Sixth Board
+of Directors
+August 30,
+2022
+September
+22, 2022
+The 11th meeting
+September
+28, 2022
+purchase assets, and raising of matching funds meeting the
+provisions of Article 43 of the Management Measures for Major
+Asset Restructuring of Listed Companies.
+10. Proposal on the current issuance of shares, payment of cash to
+purchase assets, and raising of matching funds not constituting the
+restructuring and listing as stipulated in Article 13 of the
+Management Measures for Major Asset Restructuring of Listed
+Companies.
+11. Proposal on approving the relevant audit reports, asset
+evaluation reports, and preparation and review reports for this
+transaction.
+12. Proposal on the independence of the evaluation agency, the
+reasonableness of the evaluation assumptions and premises, the
+relevance of the evaluation methods and objectives, and the
+fairness of the evaluation pricing.
+13. Proposal on the impact of this transaction on the diluted
+immediate returns of the company and the measures to be taken to
+fill the gap.
+14. Proposal on the company's shareholder dividend return plan for
+the next three years (2022-2024).
+October
+17, 2022
+The followings were reviewed and approved:
+The 10th meeting
+of the Sixth Board
+of Directors
+The 9th meeting of
+Proposal on the issuance of shares, payment of cash to
+purchase assets, and the raising of matching funds, as well as
+related party transactions.
+2. Proposal on the company meeting the conditions for issuing
+shares, paying cash to purchase assets, and raising matching funds.
+3. Proposal on the current issuance of shares, payment of cash to
+purchase assets, and raising of matching funds constituting a
+related party transaction.
+4. Proposal on the draft report and summary of the China Yangtze
+Power Co., Ltd. Issuance of Shares, Payment of Cash to Purchase
+Assets, and Raising of Matching Funds and Related Party
+Transaction Plan.
+Proposal on signing relevant agreements for this transaction.
+Proposal on the current issuance of shares, payment of cash to
+purchase assets, and raising of matching funds meeting the
+provisions of Article 4 of the Regulations on the Standardization
+of Major Asset Restructuring of Listed Companies.
+7. Proposal on the completeness, compliance, and effectiveness of
+the legal documents submitted for the current issuance of shares,
+payment of cash to purchase assets, and raising of matching funds
+in accordance with the legal procedures.
+8.
+the Sixth Board of
+Directors
+9.
+Wang
+53
+June 30,
+2022
+5.
+6.
+2022 Annual Report
+Proposal on the current issuance of shares, payment of cash to
+purchase assets, and raising of matching funds meeting the
+provisions of Article 11 of the Management Measures for Major
+Asset Restructuring of Listed Companies.
+The following proposals were approved:
+The followings were reviewed and approved:
+Management System
+51
+2022 Annual Report
+The First Meeting
+of the Sixth Board
+of Directors
+March 10,
+2022
+The Second
+Meeting of the
+Sixth Board of
+Directors
+Proposal on convening the first extraordinary general meeting
+March 31,
+2022
+April 22,
+of the Sixth Board
+2022
+of Directors
+The Fourth
+Meeting of the
+Sixth Board of
+Directors
+April 27,
+2022
+The Third Meeting
+of shareholders in 2022.
+2.
+The following proposals were approved:
+Proposal to revise the Internal Audit Management System of
+the Company.
+The 32st Meeting
+of the Fifth Board
+January
+27, 2022
+of Directors
+The 33st Meeting
+of the Fifth Board
+of Directors
+1. Proposal on the election of the fifth board of directors of the
+Company.
+February
+18, 2022
+3.
+Proposal on the 2021 Annual Internal Audit Report of the
+Company.
+Proposal on the 2022 Annual Internal Audit Work Plan of the
+Company.
+4. Proposal on the 2021 Compliance Management Report of the
+Company.
+5. Proposal on the Comprehensive Risk Assessment Results for
+2022 of the Company.
+6. Proposal to adjust the Company Secretary of the Board of
+Directors.
+2.
+14. Proposal on Adjusting the Allowance Standard for Independent
+Directors of the Company.
+The followings were reviewed and approved:
+2. Proposal to Elect Ma Zhenbo as the Vice Chairman of the Sixth
+Board of Directors of the Company
+Proposal on the Company's Investment Plan for 2022
+Proposal on the Company's External Guarantee Plan for 2022
+6. Proposal on the Company's Plan for Fulfilling Social
+Responsibility Projects in 2022
+7.
+8.
+Proposal on the Company's Routine Related Party Transactions
+for 2022
+Proposal on Conducting Short-Term Fixed-Income Investments
+5.
+for 2022
+10. Proposal on Renewing the Financing Business Framework
+Agreement with China Three Gorges Finance (Hong Kong) Co.,
+Ltd.
+11. Proposal on Matters Related to the Issuance of Debt Financing
+Instruments on the Interbank Market
+12. Proposal on Issuing Corporate Bonds
+52
+2022 Annual Report
+13. Proposal on Formulating the Company's Donation
+9. Proposal on Renewing the Financial Services Framework
+Agreement with China Three Gorges Finance Co., Ltd.
+1. Proposal to Elect Lei Mingshan as the Chairman of the Sixth
+Board of Directors of the Company
+4.
+2. Proposal on Engaging the Audit Institution for the 2022
+Financial Report
+3. Proposal to Determine the Composition of the Strategic and
+Environmental Committee of the Sixth Board of Directors
+4. Proposal to Determine the Composition of the Audit
+Committee of the Sixth Board of Directors
+5. Proposal to Determine the Composition of the Compensation
+and Assessment Committee of the Sixth Board of Directors
+6. Proposal to Appoint Mr. Zhang Xingliao as the General
+Manager of the Company
+7. Proposal to Appoint Mr. Zhan Pingyuan as the Chief Financial
+Officer of the Company
+8. Proposal to Appoint Mr. Xie Jun, Mr. Chen Hui, and Mr. Ran
+Yichuan as Vice General Managers of the Company
+9. Proposal to Appoint Mr. Xue Ning as the Secretary of the
+Board of Directors of the Company.
+3. Proposal on Engaging the Audit Institution for the 2022
+Internal Control Audit
+The following proposals have been approved for deliberation:
+Proposal on the 2021 Compensation of Senior Management
+Personnel of the Company
+3.
+Proposal on the 2022 Annual Salary Budget Plan of the
+Company
+Approved the Proposal on Publicly Listing and Transferring the
+Equity of Qingneng Group
+The followings were reviewed and approved:
+1.
+Report on the Internal Control Evaluation of the Company for
+the Year 2021
+2. Proposal on Advancing the Term System and Contract
+Management of Senior Management Personnel of the Company in
+2022
+No
+Zhou
+1
+as Related Transactions of the Company"
+2. Proposal regarding the "Identification of
+Related Transactions in the Issuance of
+Shares and Payment of Cash to Purchase
+Assets and Raise Matching Funds in the
+Company"
+3. Proposal regarding the "Report (Draft)
+on the Issuance of Shares and Payment of
+Cash by China Yangtze Power Co., Ltd. to
+Purchase Assets and Raise Matching Funds,
+and Related Transactions, and its Summary"
+4. Proposal regarding the "Agreements
+Related to the Transaction"
+5. Proposal regarding the "Approval of the
+Audit Reports, Asset Evaluation Reports
+and Review Reports Related to the
+Transaction"
+6. Proposal regarding the "Independence of
+the Valuation Agency, Reasonableness of
+Valuation Assumptions, Relevance of
+Valuation Methods and Objectives, and
+Fairness of Valuation Pricing"
+7. Proposal regarding the "Diluted
+Immediate Return Impact of the Transaction
+on the Company and Remedial Measures"
+8. Proposal regarding the "Plan for
+Shareholder Dividends and Returns for the
+Next Three Years (2022-2024)" of the
+company.
+the third meeting of the Audit Committee of
+the 6th Board of Directors approved the
+proposal regarding the "Audit Report and
+Review Report for the Current Restructuring
+Period".
+The fourth meeting of the Audit Committee of
+the 6th Board of Directors approved the
+proposal regarding the "Establishment of
+China Three Gorges Land-Based New Energy
+Investment Co., Ltd."
+October
+21,2022
+The Fifth Meeting of the Audit Committee of
+the Sixth Session of the Board of Directors
+considered and approved:
+Transformation of Fengjie County Caiziba
+Pumping and Storage Project Company and
+the Establishment of Additional Holding
+Subsidiary
+The proposal was
+submitted to the
+Board of Directors for
+review.
+The proposal was
+submitted to the Board
+of Directors for review.
+The proposal was
+submitted to the Board
+of Directors for review.
+(3) The Remuneration and Appraisal Committee held three meetings during the reporting period
+Meeting contents
+Proposal to Participate in the Equity
+Holding
+date
+September
+27, 2022
+2022 Annual Report
+5. Proposal on the "2022 External
+Guarantee Plan" of the company.
+6. Proposal to hire a financial report
+auditing agency for 2022.
+7. Proposal to hire an internal control
+auditing agency for 2022.
+8. Proposal on the "2022 Daily Related
+Party Transactions" of the
+company.
+9. Proposal to renew the "Financial
+Services Framework Agreement" with
+Three Gorges Finance Co., Ltd.
+10. Proposal to renew the "Financing
+Business Framework Agreement" with
+Three Gorges Finance (Hong Kong) Co.,
+Ltd.
+11. "2021 Audit Committee Work Report" of
+the company. These proposals were
+submitted to the Board of Directors for
+review.
+The second meeting of the Audit Committee
+of the 6th Board of Directors approved the
+following proposals:
+September
+21, 2022
+1.
+57
+Important comments and
+suggestions
+These proposals were
+submitted to the Board
+of Directors for review.
+It is agreed to submit the
+proposal of this Meeting
+to the Board of Directors
+for deliberation.
+The proposals were
+submitted to the
+Board of Directors for
+review.
+Other
+performance
+of duties
+Proposal regarding the "Issuance of
+Shares and Payment of Cash to Purchase
+Assets and Raise Matching Funds, as well
+March
+The first meeting of the 6th Board of Directors'
+30th,
+The first meeting of the Sixth Board of
+Directors' Strategy and ESG Committee
+approved the following:
+1.Report on the Implementation of the "14th
+Five-Year Plan" Development Plan of the
+Company
+Report on the Completion of Environmental
+Protection Work in 2021 and Work Plan for
+2022
+The second meeting of the Sixth Board of
+Directors' Strategy and ESG Committee
+approved the following:
+1. Proposal on Issuing Shares and Paying
+Cash to Purchase Assets and Raise
+Supporting Funds, as well as Related Party
+Transactions
+2. Proposal on <China Yangtze Power Co.,
+Ltd.'s Share Issuance and Cash Payment to
+Purchase Assets and Raise Supporting Funds
+and Related Party Transactions Report
+(Draft) and its Summary
+Proposal on Signing Agreements Related to the
+Transaction
+(5) Details of matters in question
+Meeting contents
+□ Applicable √ Inapplicable
+It is agreed to submit
+the proposal of this
+Meeting to the Board
+It is agreed to submit
+the proposal of this
+Meeting to the Board
+of Directors for
+deliberation.
+VIII. Description of the Company's Risks Found by the Board of Supervisors
+ฟ
+Other
+performance
+of duties
+The Board of Supervisors has not raised any objection to the supervision issues during the reporting
+period.
+59
+2
+Important comments
+and suggestions
+June 30,
+2022
+March 30,
+2022
+Holding
+date
+2022
+Remuneration and Assessment Committee
+approved the following proposals:
+Important comments
+and suggestions
+It is agreed to submit
+the proposal of this
+Meeting to the Board
+Other
+performance
+of duties
+58
+2022 Annual Report
+August
+29th,
+2022
+15th,
+2022
+1.Proposal on the 2021 Compensation of Senior
+Management of the Company.
+2. Proposal on Promoting the Tenure System
+and Contract Management of the Company's
+Senior Executives in 2022.
+3. Proposal on the 2022 Total Salary Budget of
+the Company.
+The second meeting of the Compensation and
+Appraisal Committee of the 6th Board of
+Directors approved the proposal "Proposal on
+the Compensation of Senior Management
+Personnel for 2021 and the Implementation
+Plan of Incentives for the 2019-2021 Term".
+The third meeting of the Compensation and
+Appraisal Committee of the 6th Board of
+December Directors approved the proposal "Proposal on
+Promoting the Implementation of Term-based
+and Contract-based Management for the
+Company's Senior Management Personnel in
+2022".
+of Directors for
+deliberation
+It is agreed to submit
+the proposal of this
+Meeting to the Board
+of Directors for
+deliberation.
+It is agreed to submit
+the proposal of this
+Meeting to the Board
+of Directors for
+deliberation.
+(4). The Strategy and ESG Committee held 2 meetings during the reporting period
+"2022 Financial Budget Report" of the
+company.
+"2021 Annual Report" of the company.
+"2021 Internal Control Evaluation
+Report" of the company.
+□ Applicable √ Inapplicable
+3.
+Zhao
+No
+2
+1
+No
+0
+Qiang
+Zhang
+en
+Chongji
+2
+0
+No
+u
+Lv
+Zhenyo
+Yes
+2
+Yes
+0
+No
+0
+"2021 Financial Statements Report" of
+the company.
+1
+1
+No
+0
+Shiping
+Zong
+Renhua
+No
+12
+6
+6
+0
+No
+0
+i
+Chuang
+No
+1
+1
+0
+0
+No
+Remuneration and
+Appraisal Committee
+Strategy and Environment
+Committee
+Member name
+Zhang Biyi, Wen Bingyou, Yan Hua, Huang Delin, Huang Feng
+Wen Bingyou, Zhang Biyi, Yan Hua, Huang Delin, Huang Feng
+Lei Mingshan, Ma Zhenbo, Zhang Xingliao, Zhang Biyi, Wen
+Bingyou, Yan Hua
+(2) The Audit Committee held 6 meetings during the reporting period
+Holding
+date
+Auditing Committee
+January
+26, 2022
+2022
+June 30,
+2022
+Meeting contents
+The 11th meeting of the 5th Audit Committee
+of the Board of Directors approved the
+following proposals:
+1. Proposal to revise the "Internal Audit
+Management System" of the company.
+2. Proposal on the "2021 Internal Audit
+Work Report" of the company.
+Proposal on the "2022 Internal Audit Work
+Plan" of the company.
+0
+1.
+April 26,
+Name of special
+committee
+The 1st meeting of the 6th Audit Committee
+of the Board of Directors approved the
+following proposals:
+8
+0
+ng
+2022 Annual Report
+Explanation on Failure to Attend in Person at the Board Meeting for Two Successive Times
+□ Applicable √ Inapplicable
+Times of Board Meeting(s) Convened Within the
+Year
+Wherein: Time(s) of On-Site Meeting(s)
+Time(s) of Meeting(s) Convened via
+Telecommunication
+2.
+□ Applicable √ Inapplicable
+16
+56
+(II) Objection to the Company's related issues raised by directors
+(1). Membership of special committees under the Board
+8
+√ Applicable □ Inapplicable
+VII. Special Committees under the Board
+□ Applicable √ Inapplicable
+(III) Miscellenaous
+2022 Annual Report
+(IV) Measures and effects to reduce carbon emissions during the reporting period
+√ Applicable Inapplicable
+Actively ensure downstream water replenishment to meet water intake demand. In 2022, affected
+by continuous drought in summer and autumn, the water inflow of the Yangtze River basin was
+extremely low. While meeting flood control and power generation, the company fully guaranteed
+downstream water intake demand, and the ecological flow assurance rate
+Carry out biodiversity protection work in depth. In 2022, the company focused on the protection
+and breeding of rare and unique fish species in the lower reaches of the Jinsha River. The company,
+together with relevant units, carried out artificial propagation of five fish species, including
+roundmouthed copper fish, Yangtze sturgeon, red lip fish, rock carp, and thick-jawed bream. In the year,
+a total of 8 batches of rare and unique fish were propagated, and about 2.085 million fertilized eggs and
+about 1.03 million fry were produced, an increase of about 62% compared to the previous year. The
+overall breeding scale was significantly improved, and the production capacity of key breeding species
+continued to increase. At the same time, the company organized two release activities. In the national
+"Fish Release Day" breeding and release activity in 2022, about 303,000 young Yangtze sturgeons with
+a length of 8-10 cm were released, exceeding the release task of young Yangtze sturgeons required by
+the "Yangtze Sturgeon (Psephurus gladius) Rescue Action Plan (2018-2035)". In the autumn release
+activity, 396,000 fish of six species including Yangtze sturgeon, roundmouthed copper fish, and
+thick-jawed bream were released, which greatly refreshed the company's record of self-breeding and
+release scale, providing important ecological and environmental support for the hydropower
+development in the lower reaches of the Jinsha River.
+role in maintaining the ecological function of the main stream of the Yangtze River.
+Type of carbon reduction measures taken (such as
+using clean energy for power generation, using carbon
+reduction technologies in production processes,
+developing new products that aid in carbon reduction,
+etc.)
+take any measures to reduce carbon emissions or not
+Amount of CO2 equivalent emissions reduced (in
+tons)
+Comprehensive implementation of environmental risk management and investigation. The
+company comprehensively identifies 877 general environmental factors and 4 important environmental
+factors such as wastewater, solid waste, and noise in the jurisdictional area, formulates control measures
+and management plans, and continues to do a good job of environmental monitoring and inspection
+supervision. During the reporting period, the company organized the implementation of the "Yangtze
+River Protection Law" benchmarking self-inspection, cascading hydropower station on-site supervision,
+and special inspections of hazardous waste and sewage automatic monitoring facilities. All problems
+found were rectified, and risk control lists such as the "Hazardous Waste Management Regulations,"
+"Hazardous Waste Catalog," and "Hazardous Waste Management Guidebook" were formulated to
+regulate the entire process of hazardous waste management and achieve closed-loop management of
+environmental protection.
+Fully play the comprehensive ecological benefits of large hydropower. During the reporting period,
+the cascading hydropower stations of the company successively carried out ecological scheduling such
+as "layered water intake" and "artificial flood peak", and conducted a total of 17 hydrological and
+ecological scheduling experiments, which was the highest in recent years. Monitoring data showed that
+the ecological scheduling experiments created suitable hydrological and hydraulic conditions, and the
+spawning amount of the four major Chinese sturgeons in the Yangtze River showed an upward trend,
+effectively exerting the ecological benefits of the cascading reservoir group and playing a significant
+Related information was as follows:
+The company is an environmentally friendly enterprise that highly values the construction of
+ecological civilization and focuses on the comprehensive ecological and environmental benefits of
+hydropower stations. It has made positive contributions in preventing and controlling pollution,
+protecting biodiversity, improving water ecology, and providing ecological water replenishment for
+downstream areas.
+√ Applicable □ Inapplicable
+(III) Relevant information that is conducive to ecological protection, pollution prevention, and
+environmental responsibility fulfillment
+ฟ
+□ Applicable √ Inapplicable
+Reasons for not disclosing other environmental information
+64
+√ Applicable Inapplicable
+The company's cascade hydropower stations continue to play an active and efficient role in
+reducing pollution and carbon emissions. In 2022, the four cascade power stations under the company's
+ownership produced 1855.81 billion kilowatt-hours of clean electricity, which is equivalent to replacing
+about 55.9527 million tons of standard coal in comparison to coal-fired power generation. This has
+reduced carbon dioxide emissions by approximately 153.6611 million tons, sulfur dioxide emissions by
+approximately 18,700 tons, and nitrogen oxide emissions by approximately 28,200 tons, contributing
+positively to energy supply security, ecological protection, haze prevention, and climate change
+mitigation. The company has set a positive example to help China achieve its goal of peak carbon
+emissions and carbon neutrality.
+153,661,059
+During the construction of HPPs, based on the actual conditions of the requisitioned area and
+resettlement area of the hydropower plant, we helped the resettled people to move to areas with
+relatively better living conditions, and provided agricultural resettlement, compound resettlement,
+old-age security resettlement, annual monetary compensation resettlement, and other production
+resettlement methods to help resettled people start a new life.
+Prior to the construction of HPPs, we carried out a survey on the impact of the resettlement community
+and prepared the Detailed Rules for the Investigation of the Physical Indicators of the Resettlement in
+the Feasibility Study Report Phase of the Hydropower Station, to fully understand the production and
+living conditions of the resettled people. We carried out investigation and analysis of the environmental
+capacity of the resettled people, selected sites for the relocation of market towns and new sites for rural
+settlements. We planned rural settlements and prepared the Plan for Resettlement to ensure that the
+resettlement can be carried out in an orderly manner.
+3.
+2.Inhabitants Resettlement
+Company have prioritized procurement and investment in the local regions to facilitate the local
+economic development.
+Company have prioritized hiring employees in Hubei Province, especially in the areas of the Three
+Gorges, and Jinsha River reservoir. Strong supports were given to the employment of local college
+graduates, helping the children of resettled people in the reservoir area to find jobs.
+1.Contribution to Regional Development
+Community Co-construction
+yes
+The company combines its own development with social sustainable development, constantly promotes
+community development and progress as well as actively takes part in social welfare undertakings and
+pays back society with responsibilities, wisdom and sincerity.
+2022 Annual Report
+65
+Company adhere to our social responsibility philosophy of "Harmony and wealth creation, dedication to
+society and green growth" by establishing and perfecting the social responsibility organization system
+with the company's social responsibilty leadership group as the core, and mobilizing employees and
+√ Applicable Inapplicable
+Separately disclose a social responsibility report, sustainable development report, or ESG
+report or not
+1.
+II. Social Responsibility
+Promoting carbon reduction through clean
+energy generation.
+business partners from supply chains to fullfill our social responsibilities, thus creating a cultural
+environment and a pattern with CYPC's characteristics to undertake our responsibilities.
+Social Responsibility Philosophy
+Section V
+In 2022, the company did not experience any environmental pollution incidents, environmental
+violation penalties, or environmental disputes. The company strictly abides by environmental regulations,
+fully fulfills its corporate responsibilities, and completes all environmental work with high quality.
+Internal control auditor's report disclosed or not: Yes
+XVI.
+XV.
+Tianjian Certified Public Accountants LLP has audited the effectiveness of internal control over the
+Company's 2022 Annual Financial Report and issued the 2022 Internal Control Auditor's Report of the
+Company. The full text was disclosed on the website of the Shanghai Stock Exchange at
+http://www.sse.com.cn.
+√ Applicable Inapplicable
+About the Internal Control Audit Report
+XIV.
+□ Applicable Inapplicable
+Management Control over the Subsidiaries During the Reporting Period
+XIII.
+□ Applicable Inapplicable
+Description of material.t defects in internal control in the reporting period
+During the reporting period, the Company continued to conduct the standardized operation and
+further improved its internal control system. The Company updated relevant systems promptly around
+business development, revised 84 systems throughout the year, and optimized business processes
+simultaneously, to effectively enhance the effectiveness of internal control.
+√ Applicable Inapplicable
+period
+After the construction of HPPs, we increased our efforts to aid the construction of projects around the
+dam area, encouraged local immigrants to find employment, helped them solve difficulties in work and
+life, and promoted the stability and prosperity of the immigrants.
+Establishment and Implementation of Internal Control System during the Reporting
+Type of opinion on the auditor's report on internal control: Standard unqualified opinion
+Rectification of Problems Identified in the Self-inspection over the Company's Special
+Governance Measures
+N/A.
+Miscellenaous
+2. Disclosure of other environmental information with reference to heavy pollution units
+√ Applicable Inapplicable
+□ Applicable √ Inapplicable
+1. Administrative penalties imposed on environmental problems
+√ Applicable □ Inapplicable
+on the environmental protection of companies
+pollution units
+(II) Explanations
+(I) Explanations on the environment protection of the Company belonging to the heavy pollution
+units as prescribed by the environment protection department and its major subsidiaries
+□ Applicable √ Inapplicable
+The company's main business is hydroelectric power generation. There is no industrial wastewater
+or waste gas emissions during the electricity production process. Hydroelectric power effectively
+replaces the use of fossil fuels, significantly reducing atmospheric pollutants and greenhouse gas
+emissions, and has good ecological and environmental benefits. In 2022, a total of 310,200 tons of
+domestic sewage were treated, achieving a 100% compliance rate. 219.78 tons of hazardous waste were
+disposed of in compliance with regulations
+2022 Annual Report
+7,821.87
+yes
+Was environmental protection funding
+invested during the reporting period (Unit: ten
+thousand yuan)
+been established or not
+Have environmental protection mechanisms
+I. Environmental Information
+Environmental and Social Responsibility
+□ Applicable √ Inapplicable
+63
+Public Service
+RMB)
+1.Medical Charity
+(I)
+I. Performance of Commitment Matters
+Important Matters
+Section VI
+2022 Annual Report
+68
+Thirdly, the company took the responsibility of helping and increase the investment in assistance
+work. Based on the coordinated development of the company's hydropower business and the
+construction of the reservoir area, the company coordinated and promoted the precise assistance and
+public welfare charity work in the reservoir area of Wudongde, Baihetan, Xiluodu, Xiangjiaba, Three
+Gorges and Gezhouba six power stations, helped the economic construction and livelihood protection of
+the reservoir area, created a good production and operation environment for electricity production while
+accelerating the long-term development of the reservoir area. The donated funds and projects cover
+infrastructure help, education help, health help, industrial help and many other aspects, promoting the
+economic and livelihood development of the reservoir area and creating a good external environment for
+power production. At the same time, the company gradually shifted its focus from concentrating
+resources on poverty alleviation to comprehensively promoting the rural revitalization strategy, focusing
+on education support, cultural and sports development, infrastructure construction and new business
+development, solidly promoting the construction of the Three Gorges Middle School in Leibo County,
+the renovation of Xiba Construction Road in Yichang City, the construction of the rural revitalization
+park in Guyang County and scholarships for Peruvian colleges and universities, carrying out corporate
+open days, donations to schools and cleft lip and palate children We also carry out public welfare
+activities such as corporate open days, donations to schools and rescue for children with cleft lip and
+palate, send warmth with good deeds, offer love to society, and consistently contribute to social
+governance, increase social welfare and create social value.
+Secondly, the company innovates work measures to ensure that rural revitalization takes root. It
+helped Wushan and Fengjie counties to introduce 54.75 million yuan in assistance funds and attracted
+205 million yuan in investment, continuously expanding the depth of assistance. The company
+purchased agricultural and sideline products from the assisted areas totaling 8.8 million yuan and
+assisted local residents to increase their income by helping to purchase agricultural and sideline products
+worth 53.07 million yuan for the Yiling District government and other units. Three production
+workshops for industrial assistance were built, seven demonstration points for rural revitalization were
+created, and two poverty-stricken villages were paired for poverty alleviation with grassroots branches,
+continuously improving the level and effectiveness of assistance work. 3,558 grassroots cadres and
+skilled personnel were trained, and the talent revitalization strategy of the two counties was continuously
+promoted. At the same time, the company carried out pre-feasibility study and analysis of new energy
+and pumped storage projects in the support areas to help upgrade the rural industrial structure and energy
+transformation, and enhance the endogenous power of industrial development in the relevant districts
+and counties.
+Firstly, the company focuses on rural revitalization and promotes various targeted poverty
+alleviation projects. Throughout the year, 26 targeted poverty alleviation projects were implemented in
+Wushan and Fengjie counties, with a donation of 150 million yuan. The construction of Three Gorges
+characteristic towns in Wushan and Fengjie counties was carried out, and a smart and modern, industry
+prospering characteristic town with green and low-carbon integration was gradually created through the
+construction of distributed photovoltaics, a smart dispatching center, and a digital rural management
+platform, effectively promoting rural revitalization. A number of assistance projects were launched to
+build a modern rural industrial system, such as the return-to-hometown entrepreneurship park, poverty
+alleviation workshops, and smart parks, driving local employment and industrial development. A series
+of inclusive health assistance projects were implemented, such as medical improvement, cochlear
+implant engineering, and the Tongzhou project, benefiting nearly 20,000 people in the assisted
+population.
+strategy, combines the characteristics of hydropower industry involving many immigrants, remote and
+poor areas, and close relationship with the production order of power stations, actively fulfills its social
+responsibility, continuously strengthens the support and assistance to the targeted help counties and the
+surrounding areas of power station reservoirs, keeps watch and help each other with the help areas, helps
+build livable, workable and beautiful villages, and promotes sustainable economic and social
+development in the reservoir area.
+2022 Annual Report
+67
+The year of 2022 is the year of the 20th Congress of the Communist Party of China, and also the
+year of consolidating and expanding the achievements of poverty eradication to the comprehensive rural
+revitalization strategy transformation struggle. Yangtze River Power always insists on practicing its
+original intention and mission in benefiting the people, deeply implements the rural revitalization
+√ Applicable Inapplicable
+Detailed description:
+Assistance in industry development, employment,
+education, medical care, infrastructure construction,
+introduction of assistance funds, consumption assistance,
+deployment of officials, etc.
+alleviation through industry development,
+employment, education, etc.)
+Commitment Matters of the Company's Actual Controllers, Shareholders, Related Parties, Purchasers, the Company and Other Related Parties in
+the Reporting Period or Lasting to the Reporting Period
+√ Applicable □ Inapplicable
+Background
+Commitment
+related to material
+XII.
+Yes
+No
+long-term
+effective
+August 9,
+2009,
+69
+In the Report on the Material Assets Purchase and Related
+Transaction of China Yangtze Power Co., Ltd., the China
+Three Gorges Corporation and the Company made relevant
+appointment and promise: 1. Considering the related
+disposal formalities for parts of land of Three Gorges
+Development Company were not yet handled, China Three
+Gorges Corporation and the Company agreed that when
+related transaction conditions were OK, China Three Gorges
+Corporation would sell 100% of the Three Gorges
+Development equity it held to the Company, and the
+Company promised to purchase the preceding equity; 2. In
+accordance with the related appointment in the Agreement
+on Material Asset Reorganization Transaction and the Three
+Gorges Debt Take-on Agreement signed by the Company
+with China Three Gorges Corporation, the Company
+consented to inherit the issuer's rights and obligations as
+stated in each bond issuance document of China Three
+Gorges Corporation No.99, No.01, No.02 and No.03 issues
+of Three Gorges debts from zero hour on the exercise date
+and take on the outstanding principal of each bond of target
+Three Gorges debts up to zero hour on the exercise date and
+the accrual interest payable of each bond from the latest
+interest payment date to zero hour on the exercise date, and
+performed timely
+and strictly
+Forms of Assistance (such as poverty
+Whether the
+commitment is
+Time and
+deadline
+Commitment content
+CTG
+Asset injection
+Committed
+party
+Commitment
+type
+reorganization
+asset
+Whether
+deadline for
+performance is
+provided
+Company have been committed to social welfare undertakings such as supporting the socially
+disadvantaged groups and providing educational aid. Public welfare activities of Happy Smile, Charity
+Sunshine Class, Clean Package for Women, and Warm Winter Action have been carried out to solve
+social problems with our unremitting efforts.
+21,000
+In-kind Donations (10,000
+Specific details of the company's social responsibility work
+2.
+For more details, please refer to the 2022 Environmental, Social and Governance Report of
+the Company disclosed in July.
+Company carry out measures like research and application of key technologies for environmental
+protection and reduce the impact of production activities on ecological environment of the basin
+Company advocate green production and operation mode, implement green operation, green dispatching
+and maintenance, and strive to build green enterprises with low energy consumption and less emission
+2. Protect biodiversity
+1. Energy saving and emission reduction
+Low-carbon and environmental protection
+Company have established one-to-one assistance partnership with 55 poor households in Miaohe Village
+of Zigui County and Lianhe Village of Pingshan County, and established a regular mechanism to offer
+them caring packages and supplies.
+4.Partner Assistance
+2022 Annual Report
+66
+Company have launched the "Clean Package for Women" donation activity to safeguard women's
+health.
+Company have carried out "Warm Winter Action” to send warmth and care packages to poor students.
+3.Special Care
+Company have established the CYPC's "Charity Sunshine Class”, donated a total of RMB 1.25 million,
+and subsidized 200 extremely poor and excellent students.
+Company have established special scholarships in five universities including Chongqing University,
+Three Gorges University, and Sichuan University to help more than 1,200 impoverished students from
+the reservoir area pursue their dreams of higher education.
+2.Education Support
+Company have carried out the Happy Smile charity project for 13 consecutive years. As of the end of
+2020, the project has successfully helped more than 600 poor children with cleft lips and palates to have
+surgery for free.
+√ Applicable Inapplicable
+Donations and Public Welfare Projects
+Total Investment (10 thousand RMB)
+Fund Donation (10 thousand RMB)
+Donation of Materials (10 thousand
+RMB)
+15,000
+Capital (10,000 RMB)
+15,000
+Total Investment (10,000 RMB)
+Revitalization Projects
+Number/Content
+Poverty Alleviation and Rural
+√ Applicable □ Inapplicable
+Number of Beneficiaries
+Revitalization
+□ Applicable √ Inapplicable
+Detailed description:
+26,000
+2.94
+34,198.42
+34,201.36
+Quantity/Details
+Number of Beneficiaries
+III. Specific Conditions of Consolidation and Expansion of Poverty Alleviation and Rural
+□ Applicable Inapplicable
+21,309,033,980.94
+(IV) About the establishment and implementation of the evaluation system and incentive
+mechanism for senior management in the reporting period
+28
+Master
+Bachelor
+1,641
+3,361
+Junior college
+2,393
+327
+TOTAL
+7,750
+Technical secondary school diploma and below
+(The numbers in the second column are for Changdian International's overseas subsidiaries and cannot
+be completely unified in terms of caliber.)
+(II) Remuneration Compensation policy
+√ Applicable Inapplicable
+The Company carried out the income distribution system based on post value and oriented by
+performance and market, established the remuneration incentive and constraint system of a
+multidimensional set of incentives co-exiting. The post salary standard was verified by job requirements
+and scope of work responsibility. The performance wage income and other bonus income were honored
+in line with the unit and employee performance assessment. The company strengthened incentives for
+market-oriented business units, technical innovation, special contributions, and important work, and
+further improved the differentiated salary allocation strategy.
+The company implements a budget management system for total wage expenditures in its power
+generation units, with a focus on production and business performance and value creation, and
+establishes a linkage mechanism between wage and performance. Based on the annual production and
+business targets, economic performance, and human resources management requirements, the company
+carries out overall management and control of personnel size and total wage expenditures for each
+subsidiary. Each subsidiary formulates corresponding compensation policies based on its own
+production and business characteristics to maintain its market competitiveness and flexible and efficient
+advantages.
+(III)
+Training plan
+√ Applicable □ Inapplicable
+The "number of employees in the main subsidiaries" includes employees in the Company's domestic and foreign
+subsidiaries.
+60
+2022 Annual Report
+In 2022, the company continues to implement the new concept, strategy, and measures for talent
+development in the new era, closely centered around the development strategy of "consolidating large
+hydropower at a high level and expanding new space with high quality," firmly implementing the
+talent-driven enterprise strategy, scientifically carrying out talent development work, and promoting the
+formation of a good pattern of "talent leading development."
+Firstly, comprehensive top-level design for talent development will be done. The company will
+improve the work system of talent development, which integrates overall planning, hierarchical
+management, and categorized implementation, strengthen the plan and budget management of education
+and training, and ensure the implementation of employee education and training. Secondly, the
+foundation of skilled technical talents will be consolidated. The company will introduce the Opinion on
+Establishing the System of Selecting and Managing Skilled Workers (Trial Implementation), improve
+the mechanism for selecting, appointing, managing, motivating, and assessing skilled workers, organize
+and carry out the first large-scale employee occupational skill level certification, and more than 30
+employees in the company have obtained an upgrade in their occupational skill level. Thirdly, the
+construction of the management talent team will be accelerated. Based on the resources of "One School
+and Four Institutes" of the Central Organization Department and the State-owned Assets Supervision
+and Administration Commission's cadre education center, the company will regularly carry out training
+programs such as special-topic selection and network learning on key work tasks to continuously
+improve the ability of cadres to perform their duties and their management level. The company will
+organize and implement key talent projects, such as the "Cruise Plan-Mini MBA Training" and the
+"Sailing Plan-Youth Talent Development Program," to reserve compound young talents with both power
+production background and market-oriented new business knowledge for new business development.
+Finally, the company will continue to strengthen the training of scientific and technological innovation
+talents. It will give full play to the role of research platforms and incubators such as Hubei Province's
+key laboratory, strengthen internal and external scientific research cooperation and exchanges, use key
+scientific research projects to promote the construction of innovative teams, and actively cultivate a
+group of influential industry-leading talents. The company will also organize scientific and technological
+innovation training, cultivate an innovative awareness for all employees, stimulate innovative
+enthusiasm, and enhance innovation vitality.
+(IV) Labor outsourcing
+□ Applicable Inapplicable
+PhD
+Quantity (headcount)
+Education background
+7,750
+ฟ
+2022 Annual Report
+IX. Employees of the Parent Company and Main Subsidiaries at the End of the Reporting Period
+(I) Employee status
+Number of employees on active duty in the parent
+company
+Number of employees on active duty in the main
+subsidiary companies
+Number of employees on duty in total*
+Number of retired employees for which the parent
+company and major subsidiaries are responsible
+for expenses.
+3,755
+39952
+7750
+X.
+1,490
+Type of professions
+Production personnel
+Number of professional persons
+3,622
+Sales personnel
+254
+Technical personnel
+Financial personnel
+Administrative personnel
+TOTAL
+Category of educational background
+3,202
+174
+498
+Professional composition
+Profit Distribution or Capital Reserve Capitalizing Plan
+other than the heavy
+√ Applicable Inapplicable
+attributable to ordinary shareholders of the listed
+company in the consolidated financial statements:
+(%)
+94.29
+0
+20,092,277,840.10
+94.29
+XI. The Company's Equity Incentive Plan, Employee Shareholding Plan or other Employee
+Incentives and Influence
+(I)
+Relevant incentive matters already disclosed in the temporary bulletin and without progress
+or changes of subsequent execution
+□ Applicable √ Inapplicable
+(II)
+Information on incentives not disclosed in the temporary bulletin or with subsequent
+Progress
+Equity incentive
+Percentage of total dividend amount to net profit
+□ Applicable √ Inapplicable
+□ Applicable √Inapplicable
+Employee shareholding plan
+62
+2022 Annual Report
+ฟ
+☐ Applicable Inapplicable
+Other incentive measures
+√
+□ Applicable Inapplicable
+(III) Equity incentives granted to the directors and senior management during the reporting
+period
+□ Applicable √Inapplicable
+(I) Development, Implementation or Adjustment of Cash Dividends Policy
+Other descriptions
+Total dividend amount (including tax)
+62
+Net profit attributable to ordinary shareholders of
+clear and definite. The relevant decision-making procedures and mechanisms are complete.
+Independent directors expressed clear opinions, the opinions and demands of small and medium
+shareholders were fully expressed, and their legitimate rights and interests were protected.
+The profit distribution of the Company complies with the provisions of the Articles of Association
+and requirements of the resolutions of the general meeting. The dividend standards and proportions are
+the listed company in the consolidated financial
+statements for the reporting period
+Percentage of net profit attributable to ordinary
+shareholders of the listed company in the
+consolidated financial statements: (%)
+Amount of cash used for share repurchase
+included in cash dividends
+To further standardize the Company's cash dividends, increase the transparency of cash dividends,
+and earnestly safeguard the legal rights and interests of investors, the Company issued the
+Announcement on Soliciting Opinions of Investors on the Matters Relevant to the 2022 Profit
+Distribution Plan on February 28, 2023 in accordance with the requirements of the Guide for
+Supervision of Listed Companies No. 3—Cash Dividend Distribution of Listed Companies (Rev. 2022)
+issued by CSRC, collected opinions and suggestions from investors on the Company's 2022 profit
+distribution plan, and reported to the audit committee of the board of directors. The Company
+formulated and implemented the 2022 Annual Profit Distribution Plan in strict accordance with the
+Articles of Association, which stipulates that "the cash dividend for the annual profit distribution from
+2021 to 2025 shall not be lower than 70% of the net profit
+(II) Special Description of Cash Dividend Policy
+√ Applicable Inapplicable
+2022 Annual Report
+Whether it complies with the provisions of the Articles of Association or the
+requirements of resolutions of the general meeting of shareholders
+Whether the dividend standards and proportions are definite and clear
+Whether the relevant decision-making processes and mechanisms are complete
+Whether the independent directors perform their duties and play their due role
+Whether the minority shareholders have the opportunity to fully express their opinions
+and demands and whether their legitimate rights and interests are adequately protected
+√Yes No
+√Yes No
+√Yes No
+√Yes No
+√Yes No
+61
+□ Applicable √ Inapplicable
+Cash dividend amount (including tax)
+(III) The payoff in the reporting period and profit of the parent company available for
+distribution to the shareholders was positive, but in case of no Stock Cash Dividend
+Distribution Plan presented, the Company should, in detail, disclose the cause, as well as the
+purpose and use plan of the undistributed profit.
+20,092,277,840.10
+Number of shares transferred from capital reserve
+per 10 shares
+0
+8.533
+Dividend per 10 shares (including tax)
+Number of bonus shares per 10 shares
+□ Applicable √ Inapplicable
+(IV) Profit distribution and capital reserve fund transfer to increase capital stock during the
+reporting period.
+Unit: RMB Yuan
+0
+2022 Annual Report
+yes
+yes
+no
+Exchange, the Company is a related party of the listed
+company and Three Gorges Investment. Except for the
+aforementioned situation, there is no relationship between
+the Company and the independent financial advisor, asset
+appraisal agency, accounting firm, law firm, and other
+securities service agencies of this transaction and other
+counterparties except for Three Gorges Investment.
+2. The Company and related enterprises controlled by the
+Company will exercise the Company's director and
+shareholder rights in accordance with relevant laws and
+regulations such as the Company Law, the listed
+company's Articles of Association, and the related party
+transaction decision-making system. When voting on
+related party transactions involving the Company in the
+board of directors and shareholders' meeting, they will
+fulfill the obligation of abstaining from voting.
+3.After the completion of this transaction, the Company and
+other enterprises controlled by the Company will minimize
+and avoid related party transactions with the listed
+company. When conducting related party transactions that
+are truly necessary and cannot be avoided, they will ensure
+fair operations based on market principles and fair prices,
+and perform the related party transaction procedures and
+information disclosure obligations in accordance with
+relevant laws, regulations, rules, normative documents,
+and the listed company's Articles of Association. The
+Company guarantees that it will not harm the legitimate
+rights and interests of the listed company and other
+shareholders through related party transactions.
+4. The Company promises not to use the controlling
+shareholder status of the listed company to harm the
+legitimate interests of the listed company and other
+shareholders.
+yes
+Commitment on no active reduction plan: From the date of
+resumption of trading after this transaction to the completion
+of the transaction, the Company has no active reduction
+plan. Except for passive reduction due to the approval of the
+exchangeable corporate bonds by regulatory authorities and
+the addition of guaranteed shares due to the exchange of
+exchangeable corporate bonds for cash dividends, the
+Company will not actively reduce the shares of the listed
+company. The aforementioned shares include the listed
+company shares held by the Company before this transaction
+and the derivative shares formed due to stock dividends,
+bonus issues, and other reasons during the aforementioned
+period.
+June 30, 2022
+to February
+3,2023
+74
+1. The Company is a controlling shareholder of the listed
+company and one of the counterparties of this transaction,
+Yangtze Three Gorges Investment Management Co., Ltd.
+(hereinafter referred to as "Three Gorges Investment").
+According to the Company Law of the People's Republic
+of China, the Securities Law of the People's Republic of
+China, and the Stock Listing Rules of the Shanghai Stock
+activities with the ability to conduct the market-oriented,
+independent and persistent operation. 2. Ensuring no unfair
+interference would be made in operational activities of the
+listed company. 3. Ensuring the Company would avoid any
+business of substantial competition with the listed company.
+4. Ensuring to reduce and avoid any related transaction
+between the Company and other enterprises controlled by
+the Company and the listed company as much as possible. It
+ensured that when the related transaction was really needed
+but unable to be avoided, it would conduct the fair operation
+according to the market-based principle and fair price and
+perform the trading procedure and obligation of information
+disclosure according to the provisions of the related laws and
+regulations, normative documents and CYPC Articles of
+Association
+CTG
+Joint
+Actors
+5. The Company will eliminate non-operating use of the
+listed company's funds and assets. Without the approval of
+CTG and
+Effective
+from June
+2022,
+long-term
+validity
+75
+yes
+Inter-Industry
+Competition
+2022 Annual Report
+2.Ensuring that directors, supervisors, and senior
+1. Ensuring that senior management personnel of listed
+companies work full-time in the listed company and
+receive compensation, and do not hold positions other than
+directors or supervisors in enterprises controlled by the
+promisor or any of its other companies, except for party
+positions.
+I. Ensuring the Independence of Personnel in Listed
+Companies:
+violation of this commitment.
+2022 Annual Report
+CTG
+Other
+Resolving
+no
+76
+3. The Company guarantees to compensate the listed
+company and its subsidiaries for any losses or expenses
+suffered or incurred by them as a result of the Company's
+2. To avoid substantial same-industry competition between
+the Company and other enterprises directly or indirectly
+controlled by the Company and listed companies and their
+subsidiaries, the Company promises not to engage,
+participate, or assist others in any form (including but not
+limited to joint venture, cooperation, joint operation,
+investment, merger, entrusted operation, etc.), directly or
+indirectly, in any business or other operating activities that
+have substantial competition relationship with the business
+conducted by the listed company and its subsidiaries, and
+will make every effort to ensure that other enterprises
+controlled by the Company comply with the same
+obligations as the Company's commitment.
+1. The Company and other enterprises directly or indirectly
+controlled by the Company are currently not engaged in
+any business that constitutes substantial competition with
+the main business of Yangtze Power, nor are they directly
+or indirectly operating, or operating for others in any form,
+including but not limited to investment control, equity
+participation, joint venture, cooperation or any other form
+of business that constitutes substantial competition with
+the main business of Yangtze Power.
+6. This commitment is effective once made and will remain
+in effect for the period during which the Company holds
+shares of the listed company and is recognized as a related
+party of the listed company in accordance with relevant
+regulations, and cannot be changed or revoked.
+the shareholders' meeting, the Company will not require
+the listed company to provide any form of guarantee to the
+Company and other enterprises controlled by the
+Company.
+CTG
+2022 Annual Report
+Effective
+from June
+2022,
+long-term
+validity
+Resolving
+Related
+Transactions
+CTG
+73
+1. After this transaction was over, the related party
+transaction between this Company and other enterprises
+controlled by this Company and the listed company would
+be reduced and avoided as much as possible. When the
+related party transaction was really needed but unable to be
+evaded, it ensured to conduct fair operation according to the
+marketization principle and fair price, and perform the
+procedure of related party transaction and obligation of
+information disclosure according to the provisions of such
+normative documents as the related laws, regulations and
+rules and CYPC Articles of Association. The Company
+guaranteed it would not damage the legal rights and interests
+of the listed company and other shareholders through the
+related party transaction. 2. The Company was committed
+not to use the controlling shareholder's position of the listed
+company to damage the legal rights and interests of the listed
+company and other shareholders. 3. The Company would put
+a complete end to the behavior of non-operational
+occupation of the funds and assets of the listed company,
+and not ask the listed company to provide any form of
+guarantee for the Company and other enterprises controlled
+by the Company without the approval of the General
+Meeting. 4. The Company guaranteed to compensate the
+listed company and its subordinated companies for the loss
+or expense suffered or generated because this Company
+violated this commitment.
+lower than RMB 0.65 per share. For the annual profit
+distribution in 2021-2025, the cash dividend would not be
+offered as per not lower than 70% of the net profits realized
+in those years.
+2022 Annual Report
+management personnel of listed companies are elected,
+replaced, appointed, or dismissed in accordance with laws,
+regulations, normative documents, and the company's
+articles of association, and do not violate the law by
+intervening in the personnel appointment and removal of
+listed companies beyond the board of directors and
+shareholders' meeting.
+competition
+horizontal
+Solution of
+CTG
+Solution of
+related party
+transaction
+Yes
+Yes
+2017-2026
+70
+Promised to perform the honoring obligation according to
+ensurethe terms and conditions as originally stated in each
+bond issuance document of target Three Gorges debts
+starting from the exercise date. China Three Gorges
+Corporation undertook that if the investors asked China
+Three Gorges Corporation to continue performing the
+honoring obligation, China Three Gorges Corporation would
+carry out the relevant honoring obligation to this part of
+investors; 3. China Three Gorges Corporation promised that
+as for the plant & buildings without obtaining the ownership
+certificate in the target assets transferred to the Company in
+material asset reorganization, in the circumstances of
+meeting the State policies, legislation, and requirements and
+having conditions of registration, China Three Gorges
+Corporation would, in time, help CYPC and related
+company carry out the procedures of title registration with
+CYPC and related company as the obligee for the
+above-mentioned plant & buildings. If China Yangtze Power
+and related companies suffered from any loss because the
+above-mentioned plant & building failed to go through the
+formalities of title registration, China Three Gorges
+Corporation would make compensations therefore; 4. China
+Three Gorges Corporation promised that as for the deposits
+China Yangtze Power and its subordinated subsidiaries left
+with Three Gorges Finance Co., Ltd. after China Yangtze
+Power conducted the material asset reorganization, if the
+insolvency of Three Gorges Finance Co., Ltd. resulted in the
+loss of China Yangtze Power and its subordinated
+subsidiaries, China Three Gorges Corporation would make
+equal amount compensation for the loss in cash according to
+the audit results within 30 days from receiving the notice.
+After successfull execution of the current majer assets
+reorganization, the Company proposed to amend the Articles
+of Association. The Company would conduct cash dividend
+for the annual profit distribution in 2016-2020 as per not
+CYPC
+2022 Annual Report
+Dividend
+1. Now, the Company and other enterprises directy or
+indirectly controlled by the Company had been neither
+engaged in any business of forming the substantial
+competition with the CYPC principal activities nor operated
+or operated for others any business of forming the
+71
+November
+2015,
+long-term
+effective
+No
+company through legal procedures without exception, and
+not interfere with the listed company Board of Directors
+and General Meetings in exercising official powers and
+making decision of personnel appointment or removal. II. It
+guaranteed the independence and integrity of the listed
+company assets. 1. Ensuring the listed company would
+possess the operation-related business system and
+independent and complete assets. 2. Ensuring there would
+not exist in the listed company the fund and assets were
+occupied non-operationally by the Company and its related
+party. III. It guaranteed the financial autonomy of the listed
+company. 1. Ensuring the listed company would establish
+the independent finance department and independent
+financial calculating system with standard and independent
+financial accounting system. 2. Ensuring the listed
+company would open an independent account with the bank
+and not share the bank account with the Company and its
+related party. 3. Ensuring the listed company financial staff
+would not hold concurrent job in the Company and its
+related party. 4. Ensuring the listed company would pay tax
+independently according to law. 5. Ensuring the listed
+company would be able to make independent financial
+decision, and the Company and its related party would not
+interfere in the fund utilization of the listed company. IV. It
+guaranteed the independence of the listed company
+institutions 1. Ensuring the listed company would establish
+and perfect the corporate governance structure and possess
+the independent and complete institutional framework. 2.
+Ensuring General Meeting, Board of Directors, independent
+directors, Board of Supervisors and senior executives would
+exercise official powers according to laws and regulations
+and CYPC Articles of Association. V. It guaranteed the
+service independence of the listed company. 1. Ensuring the
+listed company would possess the assets, personnel, aptitude
+and capabilities to carry independently out operating
+2022 Annual Report
+Yes
+NN
+No
+November
+2015,
+long-term
+effective
+72
+legal persons (hereinafter collectively referred to as the "the
+Company and its related party”. See the currently effective
+Listing Rules to determine the specific scope). 2. Ensuring
+the complete independence among the labor, personnel and
+wage management of the listed company and the Company
+and its related party. 3. The Company would recommend a
+director, supervisor andother senior executives to the listed
+Other
+substantial competition with the CYPC principal activities
+directly or in a form of investment in shareholding,
+participation, joint venture, joint operation or any other
+forms. 2. To avoid the substantial horizontal competition
+between the Company and other enterprises controlled by
+the Company and the listed company and its subordinated
+companies, the Company was committed not to work on,
+participate in or assist others to take up any business of the
+substantial competition with the operations engaged in by
+the listed company and its subordinated companies or other
+operating activities directly or indirectly in any forms
+(including, but not limited to those manners ofjoint venture,
+cooperation, joint operation, investment, mergers and
+entrusted management by itself or with others), and would
+try its best to urge other enterprises controlled by the
+Company to abide by the same obligations as the
+commitment issues of the Company. 3. The Company
+guaranteed to compensate the listed company and its
+subordinated companies for the loss or expense suffered or
+generated because the Company violated this commitment.
+I. Ensure the independence of listed company personnel 1.
+Ensuring that senior executives, Manager, Deputy General
+Manager, Chief Financial Officer (CFO), Secretary to the
+Board of Directors of the listed company would take office
+with the listed company in full time and collect
+compensations without exception, and take no other position
+than a director or supervisor in the Company and its
+related natural person, affiliated enterprises, associated
+CTG
+Others
+Yes
+No
+N.
+long-term
+effective
+November
+2015,
+Yes
+2022 Annual Report
+3. Ensuring that the personnel relations and labor relations of
+listed companies are independent of the promisor and its
+controlled enterprises.
+February 3,
+2023 -
+February 2,
+2026
+1. Ensuring that listed companies and their controlled
+subsidiaries have independent and complete assets.
+II. Ensuring the Independence and Integrity of Assets in
+Listed Companies:
+Yes
+79
+The company promises that for the consideration shares
+obtained through this transaction, we will not transfer them
+within 36 months after the end of the issuance of this
+transaction, except for transfer permitted by applicable laws
+and regulations. If the closing price of the listed company's
+stock is lower than the issuance price of our subscription
+shares for 20 consecutive trading days within 6 months after
+the completion of this transaction, or if the closing price at
+the end of the 6-month period is lower than the issuance
+price of our subscription shares, our company voluntarily
+agrees to automatically extend the lock-up period for the
+consideration shares obtained through this transaction for an
+additional 6 months based on the original lock-up period.
+After the completion of this transaction, during the share
+lock-up period, any newly added shares of the listed
+company that our company obtains through this transaction
+due to stock dividend or capital increase shall also comply
+1. The company promises that for the shares of the listed
+company that we hold before the completion of this
+transaction, we will not transfer them within 18 months
+after the completion of this transaction, including but not
+limited to public transfer through the securities market,
+transfer by agreement, or other direct or indirect transfer
+methods (except for the passive reduction caused by the
+approval of the convertible corporate bonds by regulatory
+authorities and the addition of guaranteed shares due to the
+exchange of convertible corporate bonds for cash
+dividends). During the share lock-up period, any shares
+that are correspondingly increased due to the listed
+company's stock dividend or capital increase shall also
+comply with the aforementioned share lock-up
+arrangement.
+substantial same-industry competition or unfair related
+transactions exist or occur.
+2022 Annual Report
+Shares
+CTG
+Restricted
+78
+3.Committing to maintaining the business independence of
+the listed company after this issuance is completed, and no
+1. Ensuring that listed companies have independent assets,
+personnel, qualifications, and capabilities for conducting
+business activities, and have the ability to operate
+independently and continuously in the market.
+2.Except for exercising shareholder rights, ensuring that the
+promisor does not intervene in the business activities of
+the listed company.
+V. Ensuring the Business Independence of Listed
+Companies:
+Yes
+1. Ensuring that listed companies establish a sound corporate
+governance structure with independent and complete
+organizational structures, which are completely separated
+from the promisor's structures. The offices and production
+and operation places of the listed companies are entirely
+separate from those of the promisor and its controlled
+enterprises.
+2. Ensuring that the shareholder meeting, board of directors,
+independent directors, supervisory board, general manager,
+and other entities of listed companies exercise their powers
+independently in accordance with laws, regulations, and
+the company's articles of association. The promisor will
+not intervene directly or indirectly in the decision-making
+and operation of the listed company beyond the
+shareholder meeting.
+2. Ensuring that listed companies independently open bank
+accounts and do not share bank accounts with the
+77
+Effective
+from June
+2022,
+long-term
+validity
+no
+1. Ensuring that listed companies establish an independent
+financial department and independent financial accounting
+system with standardized and independent financial
+accounting policies.
+2022 Annual Report
+IV. Ensuring the Independence of Institutions in Listed
+Companies:
+yes
+2. Except for normal business transactions, ensuring that the
+promisor does not violate regulations by occupying the
+funds, assets, and other resources of the listed company.
+III. Ensuring the Financial Independence of Listed
+Companies:
+3. Ensuring that financial personnel of listed companies do
+not hold concurrent positions and receive remuneration in
+the promisor or its controlled enterprises.
+promisor.
+4. Ensuring that listed companies can make independent
+financial decisions, and the promisor will not interfere
+with the use of listed companies' funds.
+N/A
+No
+Joint
+General
+guarante
+37,155,212.7
+e
+Associated
+enterprises
+Yes
+N/A
+No
+Septembe Septemb| Septemb
+r 2021
+er 2021 er 2036
+161,468,000.
+00
+NO
+N/A
+General
+guarante
+Novembe Novemb Novemb
+r 2019 er 2019 er 2025
+Taohuajia
+ng Nuclear
+Power Co.,
+Ltd.
+Yangtze
+Intelligent
+Distribute
+d Energy
+Co., Ltd.
+Corporat ry
+ion
+Gorges subsidia
+Three
+China
+Co., Ltd.
+No
+NO
+No
+2022 Annual Report
+Yes Venture
+Company
+198,623,212.70
+161,468,000.00
+198,623,212.70
+Description of guarantee
+Description of possible liability for satisfaction (the guarantee not yet
+due)
+Total amount of above three guarantees (C+D+E)
+net assets by 50% (E)
+Amount of the portion with the total amount of guarantee exceeding
+Amount of debt guarantee provided directly or indirectly for the
+guarantee with the asset-liability ratio exceeding 70% (D)
+and their related party (C)
+Amount of the guarantee provided for shareholders, actual controllers
+N/A
+0.10
+88
+198,623,212.70
+198,623,212.70
+Total guarantee amount (A+B)
+Total guarantee amount (including the guarantee to subsidiaries)
+Total balance of guarantee to subsidiaries at the end of reporting
+period (B)
+Total amount incurred of the guarantee to subsidiaries in the reporting
+period
+Guarantee of the Company and its subsidiaries on subsidiaries
+Total balance of the guarantee at the end of reporting period (A)
+(excluding the guarantee to the subsidiaries)
+Total amount incurred of the guarantee in the reporting period
+(excluding the guarantee to the subsidiaries)
+(CTG)
+Proportion of total guarantee amount to the Company net assets (%)
+Where:
+e
+XI. Explanations on the Honesty Condition of The Company and Its Controlling Shareholders and
+Actual Controllers in the Reporting Period
+Hunan
+√
+Applicable Inapplicable
+VII. Facing the Risk of Delisting
+(I) Causes of the delisting risk warning
+□ Applicable √ Inapplicable
+(II) Countermeasures planned to be taken by the Company
+About changed employment of the accounting firm during the audit
+☐ Applicable Inapplicable
+□ Applicable
+Inapplicable
+VIII. Relevant Matters of Bankruptcy Reorganization
+□ Applicable √ Inapplicable
+IX. Major Litigation and Arbitration Matters
+The Company had significant litigations or arbitrations in the current year. √ The Company had no
+significant litigations or arbitrations in the current year.
+(III) Circumstances and reasons for delisting
+X. Penalty to and Rectification of the Listed Company and Its Directors, Supervisors, Senior
+Management, Controlling Shareholders and Actual Controllers Due to Suspected Violation of
+Laws and Regulations
+On May 25th, 2022, the general meeting of shareholders approved the proposal "Appointment of
+Internal Control Audit Firm for the Year 2022" and decided to re-appoint Tianjian Certified Public
+Accountants (Special General Partnership) as the Company's internal control audit firm for the year of
+2022.
+√ Applicable Inapplicable
+6
+accounting firm
+Name
+Unit: RMB 10,000 Currency: RMB
+Existing accounting firm
+Da Hua Beijing Certified Public
+Accountants LLP
+Accounting firm for internal Tianjian Certified Public Accountants
+control and audit
+On May 25th, 2022, the general meeting of shareholders approved the proposal "Appointment of
+Internal Control Audit Firm for the Year 2022" and decided to appoint Da Hua Certified Public
+Accountants (Special General Partnership) as the Company's annual audit firm for the year of 2022.
+LLP
+83
+Remuneration
+38. 16
+305
+1
+2022 Annual Report
+Employment and dismissal of accounting firms
+□ Applicable √ Inapplicable
+√
+□ Applicable Inapplicable
+3. Matters not disclosed in the temporary bulletin
+□ Applicable √ Inapplicable
+4.
+Where the performance is agreed, the achievements during the reporting period shall be
+disclosed
+□ Applicable √ Inapplicable
+(III) Major Related Party Transactions of Joint Investments Abroad
+□ Applicable √ Inapplicable
+1. Matters already disclosed in the temporary bulletin and without progress or changes of
+subsequent execution
+Summary of matters
+On September 30, 2022, the company disclosed the
+"Announcement on Participation in the Establishment of Inner
+Mongolia Three Gorges Onshore New Energy Investment Co.,
+Ltd. and Related Transactions". The company, together with its
+controlling shareholder China Three Gorges Corporation's holding
+subsidiaries Three Gorges Energy and Three Gorges Capital, and
+its wholly-owned subsidiary Three Gorges Investment, jointly
+established Inner Mongolia Three Gorges Onshore New Energy
+Investment Co., Ltd. (tentative name, subject to registration
+approval). Inner Mongolia Three Gorges Onshore New Energy
+plans to have a registered capital of RMB 10 billion, with the
+company subscribing for RMB 3.3 billion in monetary capital and
+corresponding to a 33% equity stake.
+Query index
+For details of the
+transaction, please refer to
+the relevant
+announcement issued on
+the website of the Shanghai
+Stock Exchange
+(http://www.sse.com.cn/),
+with an announcement No.:
+2022-057.
+2. Matters already disclosed in the temporary bulletin but with progress or changes of
+subsequent execution
+√ Applicable □ Inapplicable
+2. Matters already disclosed in the temporary bulletin but with progress or changes of
+subsequent execution
+□ Applicable √ Inapplicable
+Matters already disclosed in the temporary bulletin and without progress or changes of
+subsequent execution
+XII. Major Related Party Transactions
+(I) Related party transaction relevant to daily management
+1. Matters already disclosed in the temporary bulletin and without progress or changes of
+subsequent execution
+□ Applicable √Inapplicable
+2. Matters already disclosed in the temporary bulletin but with progress or changes of
+subsequent execution
+√ Applicable Inapplicable
+Disclosure: The company issued shares and paid cash to purchase assets and raised matching funds,
+which constitutes a related transaction as the counterparty, China Three Gorges Group, is a controlling
+shareholder of the company, and Three Gorges Investment is a wholly-owned subsidiary of China Three
+84
+2022 Annual Report
+Gorges Group, while Zong Renhuai, a senior executive of SCEI, served as a director of the company in
+the past 12 months. For details of the transaction, please refer to the "Report on the Issuance of Shares,
+Payment of Cash to Purchase Assets, Raising Matching Funds, and Related Transactions of CYPC."
+published on the website of the Shanghai Stock Exchange (http://www.sse.com.cn/) on November 15,
+2022, in accordance with relevant rules and regulations, this constitutes a related party transaction under
+the Stock Listing Rules.
+Follow-up progress: After obtaining approval from the China Securities Regulatory Commission for this
+major asset restructuring, the company has actively promoted the implementation of the restructuring in
+strict accordance with relevant laws and regulations. On January 10, 2023, the transfer of 100% equity
+of YEIG was completed according to the provisions. For more information, please refer to the
+"Announcement on the Progress of the Implementation of Major Asset Restructuring" published on the
+website of the Shanghai Stock Exchange (http://www.sse.com.cn/) on January 11, 2023, with the
+announcement number of 2023-003.
+3. Matters not disclosed in the temporary bulletin
+□ Applicable √ Inapplicable
+(II) Related Party Transactions Accrued from the Assets or Equity Acquisition and Sales
+1.
+Audit period of domestic
+accounting firm
+305
+for domestic
+The Company promises that the consideration shares
+obtained through this transaction shall not be transferred
+within 12 months from the end of this transaction issuance
+81
+February 3,
+2023 -
+February 2,
+Yes
+Yes
+2022 Annual Report
+This commitment is effective from the date of its execution
+and is irrevocable. If the Company violates the above
+commitment and causes losses to the listed company or its
+investors, the Company is willing to bear the compensation
+liability for the listed company or its investors in accordance
+with the law.
+(hereinafter referred to as the "share lock-up period"), except
+for transfers permitted by laws and regulations. After the
+completion of this transaction, the shares newly acquired by
+the Company in the listed company due to stock dividends,
+capitalization of reserve, and other reasons during the share
+lock-up period shall also comply with the above share
+lock-up arrangement. If the Company's lock-up period
+commitment for the shares obtained through this transaction
+does not match the latest regulatory opinions of the China
+Securities Regulatory Commission and the Shanghai Stock
+Exchange, the Company will make corresponding
+adjustments to this commitment letter and implement it
+according to the regulatory opinions of the China Securities
+Regulatory Commission and the Shanghai Stock Exchange.
+After the expiration of the above lock-up period, the
+Company will conduct share trading activities in accordance
+with relevant regulations of the China Securities Regulatory
+Commission and the Shanghai Stock Exchange.
+2024.
+Effective
+from August
+2001.
+long-term
+validity
+Solving
+Other
+commitments
+To avoid potential same-industry competition issues, the
+controlling shareholder of the Company, China Three
+Gorges Corporation Limited, issued a "Commitment Letter
+to Avoid Same-Industry Competition" before the Company's
+IPO, promising that China Three Gorges Corporation
+Limited would not directly or indirectly engage in business
+in China or overseas that constitutes or may constitute
+competition with the Company's main business as stated in
+its business license during its tenure as the Company's
+controlling shareholder, and would urge its affiliates not to
+operate businesses in China or overseas that may directly or
+indirectly compete with the Company's main business.
+3. If the Company needs to compensate the listed company
+with shares, after the shareholders' meeting of the listed
+company has approved the resolution on the repurchase
+and subsequent cancellation of compensation shares for
+the corresponding year, the Company will cooperate with
+the listed company to complete the specific procedures for
+targeted repurchase and cancellation of the shares that
+should be compensated for in the current period in
+accordance with the notice and repurchase price of the
+listed company within the prescribed time limit. If the
+Company needs to compensate in cash, the Company will
+pay the required compensation amount to the designated
+bank account of the listed company within the time limit
+notified by the listed company.
+any shortfall. Matters related to compensation amount,
+compensation method, and other issues should comply
+with the regulatory rules such as the "Guidelines for the
+Application of Regulatory Rules - No.1 for Listed
+Companies" issued by the China Securities Regulatory
+Commission. Specifically, the number of shares to be
+compensated by the Company in the current year = (the
+year-end impairment amount of Kunming Property in the
+current year × 70%) / the issue price of the shares issued in
+this transaction - the total number of shares that the
+Company has already compensated for during the
+impairment compensation period.
+2022 Annual Report
+89
+Other
+CTG
+2022 Annual Report
+with the aforementioned share lock-up arrangement. If our
+company's share lock-up period commitment based on the
+shares obtained through this transaction is not consistent
+with the latest regulatory opinions of the China Securities
+Regulatory Commission and the Shanghai Stock Exchange,
+our company will make corresponding adjustments to and
+execute this commitment letter according to the regulatory
+opinions of the China Securities Regulatory Commission
+and the Shanghai Stock Exchange. After the expiration of
+the aforementioned share lock-up period, our company will
+conduct share trading activities in accordance with the
+relevant regulations of the China Securities Regulatory
+Commission and the Shanghai Stock Exchange.
+Commitment letter regarding the provision of impairment
+compensation for related assets:
+1. The Company will use the year of completion of this
+transaction and the following two accounting years as the
+impairment compensation period.
+2. Within four months after the end of each accounting year
+during the impairment compensation period, the Company
+agrees that an accounting firm meeting the conditions for
+engaging in securities and futures-related businesses as
+stipulated in the Securities Law of the People's Republic of
+China will conduct an impairment test on Kunming
+Property. If the year-end value of Kunming Property
+during any accounting year of the impairment
+compensation period is lower than its assessed value at the
+time of this transaction, the Company will compensate for
+the difference (i.e., the year-end impairment amount)
+based on the proportion of equity in Yunchuan Company
+held jointly by the Company and China Yangtze Power
+Co., Ltd. (i.e., 70%). The Company will compensate using
+the shares issued by the listed company to the Company in
+this transaction (hereinafter referred to as "the shares
+issued in this transaction"), and if necessary, using cash for
+80
+September
+21,
+2022-Decem
+ber 31, 2025
+Yes
+Yes
+Restricted shares
+YEIG,
+SCEI
+same-industry
+competition
+□ Applicable √ Inapplicable
+CTG
+22
+V. Analytical descriptions of the Company on the causes and influence of the Accounting Policy,
+Accounting Estimate Alterations or Major Accounting Error Correction
+(I) Analytical descriptions of the Company on the causes and influence of the accounting policy
+and accounting estimate alterations
+□ Applicable √ Inapplicable
+(II) Analytical descriptions of the company on the causes and influence of major accounting error
+correction
+□ Applicable √ Inapplicable
+(III) Communication with former accounting firms
+□ Applicable √ Inapplicable
+□ Applicable √ Inapplicable
+□ Applicable √ Inapplicable
+VI. Employment and Dismissal of Accounting Firms
+Name of domestic accounting
+firm
+Previous accounting firm
+Shine Wing Certified Public
+Accountants LLP
+Remuneration
+(IV) Other notes
+IV. Explanations of the Company's Board on the "Nonstandard Auditor's Report" provided by the
+Accounting Firm
+□ Applicable √ Inapplicable
+III. Illegal Guarantee
+No
+NN
+Yes
+2022 Annual Report
+(II)
+If a profit forecast can be carried out for the Company's assets or its projects, and the
+reporting period is still in the period of profit forecast, the Company shall explain whether
+the assets and projects can realize the original profit forecast and the reasons
+Has realized Not realized √ Inapplicable
+(III) Completion of performance
+impairment assessment
+□ Applicable √ Inapplicable
+commitments
+and their impact on
+goodwill
+II. Non-operating Funds Occupied by Controlling Shareholders and Other Related Parties During
+the Reporting Period
+□ Applicable √ Inapplicable
+82
+China Inside
+Yangtze the
+Power Compan
+y
+85
+Related party
+2022 Annual Report
+Note: As of December 31, 2022, the Company's comprehensive credit line of Three Gorges Finance Co.,
+Ltd. is RMB 60 billion, including a loan limit of RMB 60 billion; the signed and existing loan contract
+amount is RMB 22 billion, with an actual withdrawal of RMB 8 billion;
+4. Other descriptions
+□ Applicable Inapplicable
+(VI) Others
+□ Applicable Inapplicable
+86
+XIII. Major Contracts and Its Implementation
+1.
+Trusteeship
+□ Applicable Inapplicable
+2.
+Contracting
+□ Applicable √ Inapplicable
+(I) Trusteeship, Contracting and Leasing Events
+3. Leasing
+shareholders of the
+Company
+6,000,000.00
+800,000.00
+3.
+Credit business or other financial business
+√ Applicable Inapplicable
+Unit: RMB 10,000 Currency: RMB
+Related party
+Relationship of
+related parties
+2,200,000.00
+Business
+type
+Actual amount
+incurred
+Legal person
+Three Gorges
+controlled by
+controlling
+Finance Co., Ltd.
+Credit
+business
+Total amount
+□ Applicable Inapplicable
+87
+(II) Guarantee
+any)
+Guarante Whether
+e has
+the
+been
+guarante
+performe e is
+Amou
+nt Counter-guarant
+overrid
+the
+related
+parties
+Relationsh
+ip of
+es
+ee
+e
+compan
+date)
+d or not overdue
+related
+parties
+guarantee
+d
+are
+Types of Collater
+guarante al (if
+To
+e date
+(agreeme From
+nt signing
+√ Applicable Inapplicable
+2022 Annual Report
+External guarantee (excluding the guarantee to subsidiaries)
+Unit: yuan Currency: RMB
+Relation
+Whether
+between
+Guarante
+Name of
+Guarant
+guarant
+or and
+or
+listed
+the
+Guarantee
+d
+Guaranteed
+amount
+1,370,000.00 1,010,000.00 1,580,000.00
+6,000,000.00 /
+TOTA
+L
+China in the
+same period
+Total deposit
+amount for the
+period
+Total withdrawal
+Ending
+amount for the
+period
+balance
+by controlling
+shareholders of the
+Company
+Beginning
+balance
+3,000,000.00
+11,458,682.50
+11,458,682.50 711,556.09
+821,627.72
+11,458,682.50
+11,458,682.50
+711,556.09
+821,627.72
+deposit limit
+Daily maximum
+Accrual of the period
+Three Gorges
+Finance Co.,
+Ltd.
+TOTAL
+3. Matters not disclosed in the temporary bulletin
+√
+□ Applicable Inapplicable
+(IV)Related Party Credit And Debt
+See notes to 2022 Financial Statement “Related Party and Related Party Transaction" for details
+(V) Financial business between the Company and related financial companies, holding financial
+companies and related parties
+□ Applicable □ Not applicable
+1.
+Deposit business
+√ Applicable Inapplicable
+Relationship of related
+parties
+Unit: RMB 10,000 Currency: RMB
+Legal person controlled
+2022 Annual Report
+2.
+√ Applicable Inapplicable
+Gorges by
+Finance controlling
+the
+6,000,000.00
+benchmark
+loan interest
+rate of the
+1,370,000.00
+Legal person
+controlled
+1,010,000.00 1,580,000.00 800,000.00
+shareholders
+People's
+Ltd.
+of the
+Bank of
+Company
+Co.,
+Three
+Lower than
+period
+Unit: RMB 10,000 Currency: RMB
+Accrual of the period
+Relationship
+Related
+party
+Range of loan
+of related
+parties
+Loan limit
+interest rate
+Beginning
+balance
+Total loan
+amount for the
+period
+Total repayment
+Ending balance
+amount for the
+Loan business
+86