diff --git "a/China/17.China Yangtze Power_$100.53 B_Energy/2023/results.txt" "b/China/17.China Yangtze Power_$100.53 B_Energy/2023/results.txt"
new file mode 100644--- /dev/null
+++ "b/China/17.China Yangtze Power_$100.53 B_Energy/2023/results.txt"
@@ -0,0 +1,23953 @@
+period of
+last year
+(after-tax)
+Amount affected in minority
+shareholders' equity interest
+tax
+Trustee fee income achieved
+from the entrusted management
+Other non-operating revenue and
+expenses than the above items
+Other losses and profits
+conforming to the definition of
+extraordinary gains and losses
+Less: amount affected by income
+Income from the transaction with
+the bargain price losing fairness
+Profits and losses arising from
+contingencies irrelevant to the
+Company's normal business
+operation
+For cash-settled share-based
+payments, profits and losses
+arising from changes in the fair
+value of employee compensation
+payable after the vesting date
+Profits and losses arising from
+changes in the fair value of
+investment real estates by using
+the fair value model for
+subsequent measurement
+modification of equity incentive
+plan
+share-based payment expenses
+due to cancellation or
+requirements of tax revenue and
+accounting laws and regulations
+on the current profit and loss
+One-time confirmation of
+Influence made by the one-off
+adjustment of the current profit
+and loss according to
+etc.
+Total
+One-time expenses incurred by
+the Company due to the cessation
+of relevant business activities,
+such as the staffing expenditures,
+2,416,881,979.77
+9/308
+21,894,780.97
+Non-monetary assets exchange
+profit and loss
+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
+investment it acquired from the
+subsidiaries, associates and joint
+ventures was less than the
+investment it obtained
+force majeure factor, say,
+suffering from a natural disaster
+Reversal of depreciation reserves
+of receivables under independent
+impairment assessment
+Income arising from the fair
+value of net identifiable assets of
+the investee the enterprise should
+enjoy when the cost of
+Loss of various assets due to
+Profits and losses acquired from
+externally entrusted loans
+manage
+Profits and losses on the assets by
+entrusting others to invest or
+Debt restructuring profits and
+losses
+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 the
+holding of financial assets and
+financial liabilities by
+non-financial company and
+profits and losses arising from
+the disposal of financial assets
+and financial liabilities
+Payment for the use of state
+funds included in the current
+profit and loss and collected from
+non-financial business
+2023 Annual Report
+-354,730,302.69
+Three Gorges Renewable
+Refer(s)
+China Three Gorges Renewable (Group) Co., Ltd.
+10/308
+□ Applicable √ Inapplicable
+the Company identifies items not listed in the "Explanatory Announcement No. 1 on Information
+Disclosure of Companies Publicly Offering Securities - Non-recurring Profit and Loss" as non-recurring
+profit and loss items and the amount is significant, and the reasons for defining the non-recurring profit
+and loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies
+that Offer Securities to the Public - Non-recurring Profit and Loss" as recurring profit and loss items
+should be explained.
+2,131,578,884.21
+277,765.66
+-83,310,554.64
+2,333,571,425.13
+-269,260,363.06
+-294,712,063.20
+-5,190,015.87
+21,242,022.81
+152,725,238.50
+33,056,493.22
+33,056,493.22
+-22,158,605.33
+13,792,013.07
+16,052,151.55
+16,052,151.55
+9,037,094.33
+-210,401,632.70
+-354,730,302.69
+-5,190,015.87
+Construction Engineering
+Government subsidies included
+in the current profit and loss,
+except those are closely related to
+the Company's normal business
+operations, conforming to the
+State policies and regulations, are
+enjoyed in accordance with
+determined standards, and have a
+lasting impact on the Company's
+profits and losses.
+1,914,762,891.93
+6,051,820,087.04
+4,925,929,447.43 12,959,987,709.68
+3,570,493,979.61
+5,715,125,015.74
+12,641,778,084.74
+5,269,144,988.22
+3,612,922,772.00
+to shareholders of the
+Listed Company
+Net profit attributable
+to shareholders of the
+listed company net of
+non-recurring profits
+or losses
+Net profit attributable
+26,880,240,634.80 20,256,437,611.33
+15,577,428,445.37
+28,334,415,096.76
+15,397,466,574.25
+December)
+(October-
+Q3
+(July-September)
+Q2
+(April-June)
+Q1
+(January-March)
+Q4
+Unit: yuan Currency: RMB
+IX. 2023 Principal Financial Data in Quarters
+□ Applicable √ Inapplicable
+(III) Explanation on differences between foreign and domestic accounting standards:
+□ Applicable √ Inapplicable
+Operating revenues
+Profit and loss of non-current
+assets disposal, including the
+write-off of asset impairment
+provisions
+Net cash flows from
+operating activities
+17,508,342,539.32
+-384,901,812.61
+-384,901,812.61
+-214,436,086.72
+1,599,400.00
+5,055,279.91
+5,055,279.91
+2,336,992.46
+564,829,216.07
+663,080,606.55
+663,080,606.55
+205,702,336.58
+7,577,578,299.69
+2023 Annual Report
+Amount in 2021
+Before
+adjustment
+After adjustment
+items
+Amount in 2023
+Non-recurring profits or losses
+Amount in 2022
+Unit: yuan Currency: RMB
+X. Items of Non-recurring Profits and Losses and the Relevant Amounts
+√ Applicable Inapplicable
+Explanation of discrepancy between quarterly data and previously disclosed accounting period data
+□ Applicable Inapplicable
+11,298,384,505.98
+8/308
+China Three Gorges
+Corporation
+to
+Refer(s)
+XII. Responsibility Statement
+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, 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 report referred to aboveand 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.
+3/308
+2023 Annual Report
+Contents
+Section I
+Definitions
+Section II
+Section III
+Company Profile and Major Financial Indexes.
+Discussion and Analysis by Management.
+Section IV
+□ Applicable Inapplicable
+Corporate governance.
+Section VI
+Important Matters
+Section VII
+Environmental and Social Responsibility.
+Changes in Shares and Shareholders.
+………..
+Section VIII
+Preferred Shares
+......
+Section IX
+Section X
+Relevant Information of Corporate Bonds....
+Section V
+Financial Report ......
+Miscellaneous
+the Company has already elaborated possible risks in this report. Please refer to the related contents
+in VI. Discussion and Analysis by the Company on Future Development of the Company of Section III
+Discussion and Analysis by Management.
+Company abbreviation: CYPC
+China Yangtze Power Co., Ltd.
+2023 Annual Report
+1/308
+2023 Annual Report
+I.
+Important Notes
+This announcement contains the English translation of the Chinese version of "China Yangtze
+Power Power Co., LTD. Annual Report of 2023” as published on the website of the Shanghai
+Stock Exchange, and is provided for your reference only. In case of discrepancy between the
+Chinese version and the English version, the Chinese version shall prevail.
+II. Da Hua Certified Public Accountants (Special General Partnership) has provided the
+Company with a standard and unqualified auditor's report.
+IV. Ma Zhenbo, the Company responsible person, Zhan Pingyuan, person in charge of accounting
+work, and Zhang Na, leading member of the accounting body (accountant in charge)
+guarantee the truth, accuracy and integrity of financial report in the annual report.
+V. Profit Distribution Plan or Capital Reserves Share Capitalization Plan for the reporting
+period, adopted by the Board of Directors via resolution.
+Based on the total share capital of 24,468,217,716 shares at the end of 2023, a cash dividend of
+8.20 yuan (tax included) will be distributed for every 10 shares, and a total cash dividend of
+20,063,938,527.12 yuan (tax included) will be distributed, there will be no conversion of capital reserve
+funds into share capital in 2023. This plan will be submitted to the 2023 Annual General Meeting of
+Shareholders for review.
+XI.
+VI. Forward-looking risk statement
+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.
+VII.
+Whether the Controlling Shareholder of the Company or its related parties have
+misappropriated the Company's funds for purposes other than for business?
+No
+VIII. Is there any external guarantee that violates the prescribed decision-making procedures?
+No
+IX. Whether more than half of the directors fail to warrant the truthfulness, accuracy and
+completeness of the contents contained in the semi-annual report disclosed by the Company?
+No
+2/308
+2023 Annual Report
+X. Major Risk Warning
+√Applicable Not Applicable
+.............
+.11
+.37
+Refer(s)
+China Three Gorges Corporation
+to
+Company, the Company and
+Refer(s)
+China Yangtze Power Co., Ltd.
+CYPC
+to
+Three Gorges Finance
+Refer(s)
+Three Gorges Finance Co., Ltd.
+CTG
+to
+Refer(s)
+Three Gorges Capital Holdings Co., Ltd.
+to
+Three Gorges Development
+Refer(s)
+Three Gorges Investment
+Three Gorges Construction
+to
+Yangtze Three Gorges Technology & Economy
+Development Co., Ltd.
+Refer(s) Yangtze Three Gorges Investment Management Co.,
+to
+Ltd.
+Three Gorges Capital
+to
+China Electricity Council
+Refer(s)
+56
+.64
+84
+92
+.93
+109
+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.
+4/308
+2023 Annual Report
+I. Definitions
+Section I 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)
+China Securities Regulatory Commission
+to
+CEC
+(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
+□ 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
+During the reporting period, the Company experienced a business merger under the same control,
+and corresponding retrospective adjustments were made to the financial data during the comparative
+period.
+Type of
+stock/depository
+V. Stock Profile/Depository Receipts
+Stock exchange website where the
+Company discloses its annual report
+Place for preparing the annual report
+Media and website on which the
+Company discloses its annual report
+IV. Information Disclosure and Place for Preparation
+cypc@cypc.com.cn
+https://www.cypc.com.cn
+100033
+22th Floor, Focus Place B, 19 Financial Street, Xicheng District, Beijing
+Changed registered address on August 11, 2010: Tower B, No. 1 Yuyuantan
+South Road, Haidian District, Beijing;
+Changed registered address on February 3, 2004: Tower B, Focus Place, No.
+19, Financial Street, Xicheng District, Beijing;
+receipts
+A-shares
+Primarily registered address on November 4, 2002: No. 25, Guangqumen
+Inner Avenue, Chongwen District, Beijing;
+Company website
+Zip code of Company
+Business address
+Company business
+address
+address
+Historical changes in the
+Company's registered
+address
+A Brief Introduction to Basic Information
+Company registered
+cypc@cypc.com.cn
+010-58688898
+010-58688900
+22th Floor, Focus Place B, 19
+Financial Street, Xicheng District,
+Beijing
+Tower B, No. 1 Yuyuantan South Road, Haidian District, Beijing
+Gao Zhen
+GDR
+VI. Other Related Information
+Unit: yuan Currency: RMB
+Increase &
+2022
+VII. Principal Accounting Data and Financial Index in the Last Three Years
+(I) Principal Accounting Data
+2023 Annual Report
+6/308
+Hao Lijiang and Shen Yanbo
+12/F, Building 7, No. 16, Xisihuan Zhonglu,
+Haidian District, Beijing
+Da Hua Certified Public Accountants (Special
+General Partnership)
+Names of the
+Signing CPAs
+engaged by the Company
+Accountants (domestic)
+Stock exchange on
+which the shares are
+listed
+Shanghai Stock
+Exchange
+London Stock
+Exchange
+Office address
+Name
+CYPC
+China Yangtze Power
+Co., Ltd.
+600900
+CYPC
+Security code
+Stock abbreviation
+Stock Profile
+Room 2215, Focus Place B, 19 Financial Street, Xicheng
+District, Beijing
+http://www.sse.com.cn
+China Securities Journal (www.cs.com.cn), Shanghai
+Securities News (www.cnstock.com), Securities Times
+(www.stcn.com)
+Certified Public
+Securities representative
+cypc@cypc.com.cn
+010-58688898
+Refer(s)
+GDR
+to
+Yunnan Provincial Energy Investment Group Co., Ltd.
+Refer(s)
+YEIG
+to
+Sichuan Energy Industry Investment Group Co., Ltd.
+Refer(s)
+SCEI
+Luz del Sur S.A.A, a Peruvian company of power
+distribution and sales
+Global Depository Receipts
+to
+LDS Company
+to
+Three Gorges Electric Energy Co., Ltd.
+Refer(s)
+Three Gorges Electric Energy
+to
+CYPC Capital Holding Co., Ltd.
+Three Gorges Jinsha River Yunchuan Hydropower
+Development Co., Ltd.
+Refer(s)
+CYPC Capital
+to
+Refer(s)
+to
+Section II
+Company Profile and Major Financial Indexes
+010-58688900
+Beijing
+22th Floor, Focus Place B, 19
+Financial Street, Xicheng District,
+Xue Ning
+Board secretary
+III.
+E-mail
+Fax
+Tel.
+Full name
+Contact address
+II. Contact and Contact Information
+refer to the Announcement on Mr. Lei Mingshan ceasing to be the Chairman of the Board of Directors of
+the Company published by the Company on the Shanghai Stock Exchange website (www.sse.com.cn).
+2023 Annual Report
+5/308
+Note: Mr. Lei Mingshan, the former chairman of the Company, resigned on March 15, 2024, and Mr.
+Ma Zhenbo, the vice chairman, now performs the duties of chairman on his behalf. For details, please
+Ma Zhenbo
+CYPC
+China Yangtze Power Co.,Ltd.
+长江电力
+中国长江电力股份有限公司
+Legal Representative of the Company
+English Abbreviation of company name
+English Name of the Company
+Abbreviation of Chinese name
+I. Company Information
+Chinese name of the Company
+decrease
+2023 Annual Report
+in this
+same
+1.1132
+Diluted earnings per share
+0.9370
+0.9697
+1.1132
+Basic earnings per share
+(RMB/share)
+last year (%)
+2021
+Increase & decrease
+in this period over
+the same period of
+Before
+adjustment
+After
+adjustment
+0.9697
+2023
+2022
+(II) Principal Financial Indexes
+328,563,281,639.20
+-1.13
+327,268,285,047.33
+578,453,569,418.28
+571,942,544,909.29
+Total assets
+Company
+of the Listed
+181,063,819,486.27
+Principal financial indexes
+-11.57
+0.9370
+1.1553
+√Applicable Inapplicable
+Description on major accounting data and financial indexes in past three years at the end of
+reporting period
+13.71
+Increased by 2.36%
+11.77
+11.77
+14.13
+Weighted mean ROE (%) net
+of non-recurring profits and
+losses
+14.92
+Increased by 4.20%
+11.73
+14.81
+9.32
+1.0615
+19.52
+0.9407
+0.9407
+1.1242
+Basic earnings per share net
+of non-recurring profit and
+loss (RMB/share)
+Weighted average ROE (%)
+2023 Annual Report
+7/308
+(RMB/share)
+1.1553
+14.81
+13.52
+185,488,250,616.82
+227,672,712,353.16
+201,330,025,517.69
+Net profit
+Company
+the Listed
+26,272,998,503.24
+14.81
+21,309,033,980.94
+23,725,915,960.71
+27,238,970,860.70
+shareholders of
+attributable to
+Net profit
+attributable to
+55,646,253,991.83
+52,060,482,557.85
+68,863,128,424.25
+78,111,573,265.75
+revenues
+Operating
+period of
+last year
+(%)
+Before adjustment
+After adjustment
+2021
+2023
+Principal
+accounting data
+13.43
+shareholders of
+the Company
+27,508,231,223.76
+End of 2021
+(%)
+to
+same
+the end of
+this period
+over the
+end of the
+Increase &
+decrease at
+35,732,461,733.26
+48.86
+After adjustment Before adjustment
+End of 2023
+End of 2022
+30,912,732,230.12
+to shareholders
+Net assets
+attributable
+43,476,502,138.14
+64,718,720,441.75
+from operating
+activities
+Net cash flows
+profit or loss
+non-recurring
+net of
+24,141,419,619.03
+28.59
+21,392,344,535.58
+21,392,344,535.58
+period
+over the
+Refer(s)
+Yunchuan Company
+12/F, Block B, Fukai
+Building, No. 19
+Financial Street,
+Rectification
+of irregular
+use of raised
+Unit: yuan Currency: RMB
+N/A
+0
+3,000,000,000
+3,000,000,000
+funds (if
+any)
+2003 Corporate
+Bonds of China
+Three Gorges
+Corporation
+Unused
+amount
+Amount used
+Total raised funds
+Name of bond
+4. Use of raised funds at the end of the reporting period
+√ Applicable Inapplicable
+□ Applicable √ Inapplicable
+Operation of the
+special account
+for raised funds
+(if any)
+2023 Annual Report
+Compliance of
+actual use of
+raised funds with
+the committed use,
+N/A
+94/308
+√ 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
+Other descriptions
+□ Applicable √ Inapplicable
+use plan and other
+agreement of
+fundraising
+instructions.
+5. Adjustment of credit rating results
+Other descriptions
+☐ Applicable √ Inapplicable
+Description of changing the use of the above-mentioned bond during the reporting period
+The funds raised by the 03 CTG Bond were all used for the construction of the Three Gorges
+Project. The Three Gorges Project completed all procedures for overall completion and acceptance in
+2020, and the construction work of the Three Gorges Project has been 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, guaranteed supply, 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 2023, the annual power generation capacity
+of the Three Gorges Hydropower Station was 80.271 billion kilowatt hours. Overall, the fundraising
+project of the above-mentioned bond was in good condition.
+The progress and operational benefits of using raised funds for construction projects
+√ Applicable Inapplicable
+Yes
+□ Applicable √ Inapplicable
+2023 Annual Report
+93/308
+Changes in the above intermediaries
+Liangmaqiao Road, Chaoyang
+District, Beijing
+Tower, No.48
+China Chengxin
+International Credit
+Da Hua Certified Public
+Accountants (Special
+General Partnership)
+CITIC Securities
+Company Limited
+CITIC Securities
+Floor 12, Building 7, No. 16,
+Xisihuan Middle Road, Haidian
+District, Beijing
+Office address
+3. Intermediaries providing services for bond issuance and duration business
+2. Trigger and implementation of issuer's or investor's choice clause, investor's protection clause
+□ Applicable Inapplicable
+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
+on August 1, 2023 for the period from August 1, 2022 to July 31, 2023, in
+accordance with the prospectus.
+of China Three Gorges
+Corporation
+2003 Corporate Bonds
+Name of bond
+Name of the
+intermediary
+11 The issuance date is the starting date of the public offering period.
+Building 5, Galaxy SOHO,
+Contact
+person
+Dongcheng District, Beijing
+Chaoyangmennei Street,
+Rating Co., Ltd.
+010-66428877
+Li Junyan
+010-58350011
+Names of the
+accountants as
+signatories
+Lijiang,
+Shen
+Yanbo
+Hao
+Yanjun
+Wang
+010-60838276
+Lin
+Luxiang,
+Tel.
+Hao Lijiang, Shen
+Yanbo
+√ Applicable □ Inapplicable
+Whether
+the
+Shanghai
+Stock
+3.35
+3,000,000,000
+2016/10/17 2026/10/17
+2016/10/14
+136762.SH
+Accredited
+investor
+16 CYPC
+bond 01
+Interest paid
+any)
+Risk of
+terminat
+ion of
+listing
+ms
+Trading
+mechanis
+t by
+investors (if
+2016 Corporate Bonds of China
+Yangtze Power Co., Ltd. (First
+Issue)
+Trading
+place
+Public
+transactions
+Exchange
+once a year with
+Interest paid
+at a time
+repaid when due
+the principal
+once a year with
+No
+the principal
+2,000,000,000
+2019/09/03 2019/09/04 2024/09/04
+155674.SH
+19 CYPC
+bond 02
+(Secound Issue)
+2019 Corporate Bonds of China
+Yangtze Power Co., Ltd.
+3.80
+Current
+(%)
+t rate
+About other situations of corporate bonds
+7.
+irrevocable for 03 CTG
+bonds
+No
+and several guarantee
+liabilities which were
+Guarantee
+□ Applicable Inapplicable
+China Three Gorges
+Corporation was
+responsible for the joint
+Whether the change
+has been approved
+Reason
+for
+change
+After
+change
+change
+occurred
+situation
+Implementation
+by the authority
+Debt service
+mode
+95/308
+(II) Corporate Bonds
+Bond balance
+Maturity
+date
+on
+Issue date 12 Value date
+Code
+Name of bond
+Impact of the
+change on the
+equity of bond
+investors
+arrangemen
+Interes
+Adequacy
+Unit: yuan Currency: RMB
+2023 Annual Report
+1. Basic information of corporate bonds
+√ Applicable Inapplicable
+Abbreviati
+Payment of interest and cash of bonds during the reporting period
+□ Applicable √ Inapplicable
+Overdue outstanding bonds
+China Three Gorges Corporation
+The controlling shareholder and its persons acting in concert hold a total of 54.90% of the
+shares.
+China Yangtze Power Co., Ltd
+(II) Other Information about Controlling Shareholders and Actual Controllers
+□ Applicable √ Inapplicable
+(III). 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
+√ Applicable Inapplicable
+□ Applicable √Inapplicable
+□ Applicable Inapplicable
+V. Explanation on the Restriction in Reduction of Shares
+□ Applicable Inapplicable
+VI. The Specific Implementation of Share Repurchases during the Reporting Period
+□ Applicable √ Inapplicable
+□ Applicable √ Inapplicable
+IV. Other Corporate Shareholders Holding More than 10% of Shares
+Section VIII Preferred Shares
+Block diagram of property right and control relationship between the Company and the
+actual controllers
+☐ Applicable √ Inapplicable
+91/308
+Equty Status of other domestic and
+foreign listed companies of share
+controlling or participation in the
+reporting period
+2023 Annual Report
+application services; Import & export of goods and technology
+and their agency; Domestic tourism business.
+China Nuclear Power Holding Co., Ltd. holds 50 million shares,
+accounting for 0.26%. Hubei Energy Group Co., Ltd. holds
+1,021.10 million shares, accounting for 15.66%. Bank of Beijing
+5.
+Co., Ltd. holds 398.23 million shares, accounting for 1.88%.
+CDB Financial Leasing holds 687.024 million shares, with a
+shareholding ratio of 5.43%. Three Gorges Energy holds
+8,040.9466 million shares, with a shareholding ratio of 28.09%.
+Power Investment, Industry and Finance holds 260.9402 million
+shares, with a shareholding ratio of 4.85%.
+□ Applicable √ Inapplicable
+3. Special statement for the condition that the Company has no actual controller
+√
+□ Applicable Inapplicable
+4.
+Description of the changes in the Company's control rights during the reporting period
+2. Natural person
+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
+92/308
+Section IX
+Trading
+mechanis
+ms
+Risk of
+terminat
+ion of
+listing
+2003
+Corporate
+Annual
+Trading
+place
+Nationwide
+Inter-bank
+Bonds of
+China Three
+03 CTG 038006.IB;
+bond
+2003/8/1 2003/8/1 2033/8/1
+3,000,000,000
+4.86
+interest
+2023 Annual Report
+(%)
+Intere
+st rate
+Relevant Information of Corporate Bonds
+I. Enterprise Bonds, Corporate Bonds and Debt Financing Instrument of Non-financial
+Enterprises
+√ Applicable Inapplicable
+(I) Corporate bonds
+√ Applicable □ Inapplicable
+1.
+Debt service
+mode
+Basic Information of Corporate Bonds
+Name of bond
+Abbrev
+iation
+Code
+Issue
+date11
+Value Maturity
+date
+date
+Bond balance
+Unit: yuan Currency: RMB
+September 18, 1993
+China Three Gorges Corporation
+Liu Weiping
+Main businesses
+Join
+0
+0
+General account holds
+139,880,290 shares
+0.57
+Corporation
+Proportion(
+%)
+Sunshin Life
+Jili
+Quit
+0
+0
+General account holds
+95,047,176 shares
+0.39
+Insurance Co., Ltd. -
+endowment
+Total quantity
+Total quantity
+the Company's countermeasures against the risk of termination of bond listing
+□ Applicable √ Inapplicable
+maturity
+ns
+No
+Public
+transactio
+bond
+market/
+Shanghai
+Stock
+Exchange
+Proportion
+(%)
+Corporation
+China National
+Petroleum
+2023 Annual Report
+period
+returned
+at the end of the period
+payment with
+principal
+repayment at
+insurance products
+Number of shares held by the top ten shareholders with limited selling rights and the conditions of sale
+restriction
+√ Applicable □ Inapplicable
+shareholders' related relationships or
+concerted actions
+230,480,606 February 20, 2024
+Sales
+restrictions
+Lock-in period
+until February
+2, 2026
+Lock-in period
+until February
+19, 2024
+Lock-in period
+230,480,606 until February
+19, 2024
+China Three Gorges Corporation is the controlling shareholder of the
+Company. It is not known whether there is any related relationship or
+concerted action relationship between other shareholders.
+Explanation of the above-mentioned
+(III) Strategic investor or general legal entity becoming top ten shareholders due to rights issue
+√ Applicable Inapplicable
+(I) Controlling Shareholders
+1.
+Legal person
+√ Applicable □ Inapplicable
+Name
+Head of unit or legal representative
+Date of establishment
+IV. Controlling Shareholders and Actual Controllers
+Investment Group Co., Ltd
+3
+Yunnan Provincial Energy
+Availability of limited shares for
+listing and trading
+Unit: share
+S/N
+Name of restricted shareholders
+Number of
+limited shares
+held
+Available trading
+time
+Added number
+of shares that
+can be listed
+and traded
+460,961,213 February 3, 2026
+460,961,213
+1
+China Three Gorges Corporation
+2
+Sichuan Energy Industry Investment
+Group Co., Ltd.
+230,480,606 February 20, 2024
+230,480,606
+repaid when due
+at a time
+Interest paid
+once a year with
+1,500,000,000
+1,500,000,000
+0
+Normal
+N/A
+Yes
+investors)
+2,000,000,000
+Normal
+N/A
+Yes
+500,000,000
+500,000,000 0
+Normal
+2,000,000,000 0
+N/A
+d)(for professional
+professional investors)
+China Yangtze Power Co.,
+Ltd. publicly issued Green
+corporate bonds in 2022
+(First Issue) (variety I) (for
+professional investors)
+China Yangtze Power Co.,
+Ltd. publicly issued Green
+corporate bonds in 2022
+(First Issue) (variety II) (for
+professional investors)
+China Yangtze Power Co.,
+Ltd. publicly issued Green
+corporate bonds in 2022
+(Second
+500,000,000 0
+Normal
+N/A
+Yes
+(first Issue) (variety II)
+China Yangtze Power Co.,
+Issue)(Sustainability-Linke
+corporate bonds in 2021
+(First Issue) (for
+professional investors)
+China Yangtze Power Co.,
+Ltd. publicly issued
+corporate bonds in 2021
+(Second Issue) (for
+Ltd. publicly issued Green
+500,000,000
+Yes
+2,000,000,000 0
+Securities Building, No.
+26 Machang Road,
+43rd Floor, GF
+Floor 6, Tower A,
+Fengming International
+Building, No. 22
+Fengsheng Hutong,
+Xicheng District, Beijing
+Floor 33, Tower 2,
+Guomao Building, No. 1
+Jianguomenwai Street,
+Chaoyang District,
+Beijing
+Liangmaqiao Road,
+Chaoyang District,
+Beijing
+Tower, No.48
+Da Hua Certified
+Public Accountants
+(Special General
+Partnership)
+6. Implementation and change of guarantee, debt repayment plan and other debt paying
+guarantee measures during the reporting period and their impact
+Beijing DeHeng Law
+Offices
+GF Securities Co.,
+Ltd.
+China International
+Capital Corporation
+Huatai United
+Securities Co., Ltd.
+CITIC Securities
+Company Limited
+Tel.
+Contact person
+China Securities Co.,
+Ltd.
+2,000,000,000
+☐ Applicable √Inapplicable
+□ Applicable Inapplicable
+Normal
+N/A
+Yes
+1,500,000,000
+1,500,000,000 0
+Normal
+Other descriptions
+N/A
+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
+√
+Yes
+corporate bonds in 2020
+Ltd. publicly issued
+China Yangtze Power Co.,
+020-66338087
+Lei Yiming, Ding
+Mingchao
+010-56052044
+Wang Huakun
+010-52682888
+Hao Lijiang, Shen
+Yanbo
+Zhan Jinghui, Guo
+Qingyu
+Hao Lijiang, Shen
+Yanbo
+4.
+Use of raised funds at the end of the reporting period
+√ Applicable Inapplicable
+Yang Siyi
+010-66428877
+Operation of
+010-58350011
+Unus
+010-65051166
+010-56839358
+Xicheng District, Beijing
+Floor 12, Building 7, No.
+16, Xisihuan Middle
+Road, Haidian District,
+Beijing
+Building 5, Galaxy
+SOHO,
+signatories
+China Chengxin
+International Credit
+Chaoyangmennei Street,
+Chen Xiaodong, Li
+Weibin
+Rating Co., Ltd.
+Beijing
+Changes in the above intermediaries
+□ Applicable √ Inapplicable
+Lin Luxiang, Wang
+Yanjun
+010-60838276
+Wang Xinliang, He
+Zeyu
+Dongcheng District,
+Name of bond
+Total raised funds
+Amount used
+Normal
+N/A
+Yes
+Ltd. (First Issue)
+China Yangtze Power Co.,
+Ltd. publicly issued
+0
+corporate bonds in 2019
+2,000,000,000
+0
+Normal
+N/A
+Yes
+(Second Issue)
+Tianhe District,
+Guangzhou City,
+Guangdong Province
+9th Floor, Taikang
+Group Building,
+Building 1, No. 16
+3,000,000,000
+3,000,000,000
+China Yangtze Power Co.,
+ed
+amou
+nt
+the special
+account for
+raised funds
+(if any)
+99/308
+Unit: yuan Currency: RMB
+Rectification
+of irregular
+use of raised
+funds (if
+any)
+Compliance of
+actual use of raised
+funds with the
+committed use, use
+plan and other
+agreement of
+fundraising
+instructions.
+2016 Corporate Bonds of
+2023 Annual Report
+Names of the
+accountants as
+Jinghui Street, Chaoyang
+District, Beijing
+CITIC Securities
+Name of the
+intermediary
+12 The issuance date is the starting date of issuance under the current bond network.
+2,000,000,000 3.05
+188971.SH 2021/11/08 2021/11/09 2024/11/09
+21 CYPC
+bond 1
+China Yangtze Power Co., Ltd.
+publicly issued corporate bonds
+in 2021 (Second Issue) (for
+professional investors)
+CYPC 1
+96/308
+the principal
+1,500,000,000
+188243.SH 2021/06/17 2021/06/18 2026/06/18
+G21
+China Yangtze Power Co., Ltd.
+publicly issued Green corporate
+bonds in 2021 (First Issue) (for
+professional investors)
+bond 02
+the principal
+3.73
+3.70
+2023 Annual Report
+China Yangtze Power Co., Ltd.
+G22
+500,000,000 2.88
+CYPC 1
+2025/01/18
+185240.SH 2022/01/17 2022/01/18
+G22
+China Yangtze Power Co., Ltd.
+publicly issued Green corporate
+bonds in 2022 (First Issue)
+(variety I) (for professional
+investors)
+China Yangtze Electric Power
+Co., Ltd. publicly issue scientific
+and technological innovation
+corporate bonds (first phase) to
+professional investors in 2024
+publicly issued Green corporate
+Yangtze Power Co., Ltd.
+investors)
+(variety II) (for professional
+bonds in 2022 (Second Issue)
+publicly issued Green corporate
+bonds in 2022 (Second Issue)
+(sustainability-linked) (for
+professional investors)
+185241.SH
+500,000,000
+20 CYPC
+Exchange
+transactions
+Public
+Accredited
+investor
+Shanghai
+Stock
+NNN
+repaid when due
+at a time
+at a time
+Interest paid
+once a year with
+repaid when due
+once a year with
+Interest paid
+at a time
+repaid when due
+the principal
+163097.SH 2020/01/07 2020/01/08 2025/01/08
+No
+Stock
+2020 Corporate Bonds of China
+Yangtze Power Co., Ltd. (first
+Issue) (variety II)
+1 investor
+No
+Public
+transactions
+Professiona
+Shanghai
+Stock
+Exchange
+Shanghai
+No
+Professiona
+1 investor
+Shanghai
+Stock
+Exchange
+Exchange
+No
+Public
+transactions
+Accredited
+investor
+Public
+transactions
+2022/01/17 2022/01/18
+2027/01/18
+2,000,000,000 3.19
+97/308
+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 9, 2023 for the period from January 8, 2022 to January 7, 2023, in accordance with the prospectus. (if the interest
+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 on October 17, 2023 for the period from October 17, 2022 to October 16, 2023, in accordance with 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 from September 4, 2022 to September 3, 2023 to investors on September 4, 2023, in accordance with 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 and principal from January 8, 2022 to January 7, 2023 to investors on January 9, 2023, in accordance with the prospectus.(if the
+interest payment date falls on a holiday, it will be postponed to the first business day thereafter)
+No
+Public
+transactions
+Professiona
+1 investor
+2023 Annual Report
+Shanghai
+Stock
+Exchange
+Public
+transactions
+Professiona
+1 investor
+Shanghai
+No
+Public
+transactions
+Professiona
+1 investor
+No
+No
+(Variety II)
+China Yangtze Power Co., Ltd. publicly
+issued Green corporate bonds to professional
+investors in 2022 (First Issue) (variety I)
+China Yangtze Power Co., Ltd. publicly
+issued Green corporate bonds to professional
+investors in 2022 (Second Issue) (variety II)
+China Yangtze Power Co., Ltd. publicly
+issued Green corporate bonds to professional
+investors in 2022 (Second
+Issue)(Sustainability-Linked)
+Intermediaries providing services for bond issuance and duration business
+ฟ
+3.
+2. Trigger and implementation of issuer's or investor's choice clause, investor's protection clause
+□ Applicable Inapplicable
+2023 Annual Report
+98/308
+China Yangtze Power Co., Ltd. publicly
+issued Green corporate bonds in 2021 (First
+Issue) (for professional investors)
+China Yangtze Power Co., Ltd. publicly
+issued corporate bonds in 2021 (Second Issue)
+(for professional investors)
+The interest-bearing period of the bonds from June 12, 2023 to October 19, 2023. During the reporting period, the Company has paid the
+interest and principal from June 12, 2023 to October 19, 2023 to investors on October 20, 2023, in accordance with the prospectus.
+The interest-bearing period of the bonds from January 18, 2022 to January 17, 2027. During the reporting period, the Company has paid
+interest to investors on January 18, 2023 for the period from January 18, 2022 to January 17, 2023, in accordance with the prospectus.
+The interest-bearing period of the bonds from January 18, 2022 to January 17, 2025. During the reporting period, the Company has paid
+interest to investors on January 18, 2023 for the period from January 18, 2022 to January 17, 2023, in accordance with the prospectus.
+The interest-bearing period of the bonds from November 9, 2021 to November 8, 2024. During the reporting period, the Company has paid
+interest from November 9, 2022 to November 8, 2023 to investors on November 9, 2023, in accordance with the prospectus.
+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 19, 2023 for the period from June 18, 2022 to June 17, 2023, in accordance with the prospectus.(if the interest payment date
+falls on a holiday, it will be postponed to the first business day thereafter)
+payment date falls on a holiday, it will be postponed to the first business day thereafter)
+China Yangtze Power Co., Ltd. publicly issue
+short-term scientific and technological
+innovation corporate bonds to professional
+investors in 2023 (First Issue)
+The interest-bearing period of the bonds from May 20, 2022 to May 19, 2025. During the reporting period, the Company has paid interest to
+investors on May 22, 2023 for the period from May 20, 2022 to May 19, 2023, in accordance with the prospectus.(if the interest payment date
+falls on a holiday, it will be postponed to the first business day thereafter)
+Public
+transactions
+1 investor
+Professiona
+repaid when due
+at a time
+Interest paid
+the principal
+once a year with
+repaid when due
+at a time
+Interest paid
+repaid when due
+at a time
+Interest paid
+once a year with
+the principal
+once a year with
+the principal
+once a year with
+the principal
+Interest paid
+CYPC 3
+2025/05/20
+2022/05/20
+185778.SH 2022/05/19
+G22
+CYPC 2
+1,500,000,000 2.78
+repaid when due
+Shanghai
+Stock
+Exchange
+Shanghai
+Stock
+Exchange
+Description of the payment of interest and cash
+China Yangtze Power Co., Ltd. publicly
+issued 2020 corporate bonds (First Issue)
+2016 Corporate Bonds of China Yangtze
+Power Co., Ltd. (First Issue)
+China Yangtze Power Co., Ltd. publicly
+issued corporate bonds in 2019 (Second Issue)
+China Yangtze Power Co., Ltd. publicly
+issued 2020 corporate bonds (First Issue)
+(Variety I)
+Name of bond
+Payment of interest and cash of bonds during the reporting period
+√ Applicable □ Inapplicable
+□ Applicable √Inapplicable
+Overdue outstanding bonds
+the Company's countermeasures against the risk of termination of bond listing
+□ Applicable √Inapplicable
+at a time
+2.70
+2,000,000,000
+2024/03/13 2034/03/13
+240703.SH 2024/03/12
+24 CYPC
+K1
+Stock
+Exchange
+Office address
+2,000,000,000
+Gorges
+√
+□ Applicable Inapplicable
+7. About other situations of corporate bonds
+ฟ
+□ Applicable Inapplicable
+100/308
+120303.SH
+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, 2023 for the period from March 15, 2022 to March 14, 2023, in accordance with the prospectus.
+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
+from August 9, 2022 to August 8, 2023 to investors on August 9, 2023, in accordance with the prospectus.
+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 from September 14, 2022 to September 13, 2023 to investors on September 14, 2023, in accordance with 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
+investors the interest and remaining principal from December 5, 2022 to December 4, 2023 on December 5, 2023, in accordance with the
+prospectus.
+Description of the payment of interest and cash
+2023 ultra-short-term financing bonds (First
+Issue) of China Yangtze Power Co., Ltd.
+2022 short-term financing bonds (Second
+Issue) of China Yangtze Power Co., Ltd.
+2022 short-term financing bonds (First Issue)
+of China Yangtze Power Co., Ltd.
+2022 medium-term notes (Second Issue) of
+China Yangtze Power Co., Ltd. (variety I)
+2022 medium-term notes (Second Issue) of
+China Yangtze Power Co., Ltd. (variety II)
+2022 green medium-term notes (First Issue) of
+China Yangtze Power Co., Ltd.
+2022 medium-term notes (First Issue) of
+China Yangtze Power Co., Ltd.
+2020 Medium-term Notes (First Issue) of
+China Yangtz Power Co., Ltd. (epidemic
+prevention and control bond)
+2021 medium-term notes (First Issue) of
+China Yangtze Power Co., Ltd.
+2020 Medium-term 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 the
+interest and principal from March 16, 2022 to March 15, 2023 to investors on March 16, 2023, in accordance with the prospectus.
+2019 Medium-term Notes (Second Issue) of
+China Yangtze Power Co., Ltd.
+2019 Medium-term Notes (First Issue) of
+China Yangtze Power Co., Ltd.
+2018 Medium-term Notes (First Issue) of
+China Yangtze Power Co., Ltd.
+2015 Medium-term Notes (First Issue) of
+China Yangtze Power Co., Ltd.
+Name of bond
+2021 medium-term notes (Second Issue) of
+China Yangtze Power Co., Ltd.
+(sustainability-linked)
+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 17, 2023 for the period from April 15, 2022 to April 14, 2023, in accordance with the prospectus. (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 March 10, 2022 to March 9, 2025. During the reporting period, the Company has paid interest
+to investors on March 10, 2023 for the period from March 10, 2022 to March 9, 2023, in accordance with 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 interest
+from May 10, 2022 to May 9, 2023 to investors on May 10, 2023, in accordance with the prospectus.
+2023 Annual Report
+105/308
+The interest-bearing period of the bonds is from July 14, 2023 to November 9, 2023. During the reporting period, the Company has paid the
+interest and principal from July 14, 2023 to November 9, 2023 to investors on November 10, 2023, in accordance with the prospectus.
+The interest-bearing period of the bonds is from July 13, 2023 to August 10, 2023. During the reporting period, the Company has paid the
+interest and principal from July 13, 2023 to August 10, 2023 to investors on August 11, 2023, in accordance with the prospectus.
+The interest-bearing period of the bonds is from July 13, 2023 to September 10, 2023. During the reporting period, the Company has paid the
+interest and principal from July 13, 2023 to September 10, 2023 to investors on September 11, 2023, in accordance with the prospectus.
+The interest-bearing period of the bonds is from January 9, 2023 to April 18, 2023. During the reporting period, the Company has paid the
+interest and principal from January 9, 2023 to April 18, 2023 to investors on April 19, 2023, in accordance with the prospectus.
+The interest-bearing period of the bonds is from January 10, 2023 to April 19, 2023. During the reporting period, the Company has paid
+interest and principal from January 10, 2023 to April 19, 2023 to investors on April 20, 2023, in accordance with the prospectus.
+The interest-bearing period of the bonds is from January 11, 2023 to May 20, 2023. During the reporting period, the Company has paid the
+interest and principal from January 11, 2023 to May 20, 2023 to investors on May 22, 2023, in accordance with the prospectus. (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 January 9, 2023 to May 18, 2023. During the reporting period, the Company has paid interest
+and principal from January 9, 2023 to May 18, 2023 to investors on May 19, 2023, in accordance with the prospectus.
+2023 ultra-short-term financing bonds (Eighth
+Issue) of China Yangtze Power Co., Ltd.
+2023 ultra-short-term financing bonds (Sixth
+Issue) of China Yangtze Power Co., Ltd.
+2023 ultra-short-term financing bonds
+(Seventh Issue) of China Yangtze Power Co.,
+Ltd.
+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 10, 2023 for the period from April 9, 2022 to April 8, 2023, in accordance with the prospectus. (if the interest payment date
+falls on a holiday, it will be postponed to the first business day thereafter)
+2023 ultra-short-term financing bonds (Fourth
+Issue) of China Yangtze Power Co., Ltd.
+2023 ultra-short-term financing bonds (Third
+Issue) of China Yangtze Power Co., Ltd.
+2023 ultra-short-term financing bonds (Fifth
+Issue) of China Yangtze Power Co., Ltd.
+2023 Annual Report
+104/308
+The interest-bearing period of the bonds is from January 4, 2023 to February 12, 2023. During the reporting period, the Company has paid the
+interest and principal from January 4, 2023 to February 12, 2023 to investors on February 13, 2023, in accordance with the prospectus.
+The interest-bearing period of the bonds is from November 23, 2022 to September 3, 2023. During the reporting period, the Company has paid
+the interest and principal from November 23, 2022 to September 3, 2023 to investors on September 4, 2023, in accordance with the
+prospectus.
+The interest-bearing period of the bonds is from August 29, 2022 to August 28, 2027. During the reporting period, the Company has paid
+interest to investors on August 29, 2023 for the period from August 29, 2022 to August 28, 2023, in accordance with the prospectus.
+The interest-bearing period of the bonds is from November 16, 2022 to November 15, 2023. During the reporting period, the Company has
+paid the interest and principal from November 16, 2022 to November 15, 2023 to investors on November 16, 2023, in accordance with the
+prospectus.
+The interest-bearing period of the bonds is from March 10, 2022 to March 9, 2027. During the reporting period, the Company has paid interest
+to investors on March 10, 2023 for the period from March 10, 2022 to March 9, 2023, in accordance with the prospectus.
+Payment of interest and cash of bonds during the reporting period
+√ Applicable □ Inapplicable
+The interest-bearing period of the bonds is from January 6, 2022 to January 5, 2025. During the reporting period, the Company has paid
+interest to investors on January 6, 2023 for the period from January 6, 2022 to January 5, 2023, in accordance with the prospectus.
+2023 ultra-short-term financing bonds
+(Second Issue) of China Yangtze Power Co.,
+Ltd.
+2023 Annual Report
+Overdue outstanding bonds
+□ Applicable √ Inapplicable
+22 CYPC
+MTN002B
+transa No
+ctions
+NH
+Public
+1 investors
+in the
+national
+inter-bank
+bond
+market
+Institutiona
+bond
+market
+inter-bank ctions
+transa No
+Public
+national
+1 investors
+in the
+Institutiona
+bond
+market
+inter-bank ctions
+transa No
+Public
+102280472.IB 2022/03/08 2022/03/10 2027/03/10
+1,000,000,000
+3.44
+the
+principal
+repaid
+2. Trigger and implementation of issuer's or investor's choice clause, investor's protection clause
+□ Applicable Inapplicable
+□ Applicable Inapplicable
+√
+the Company's countermeasures against the risk of termination of bond listing
+a time
+when due at
+Power Co., Ltd.
+principal
+repaid
+103/308
+China Yangtze
+1,000,000,000
+132280079.IB 2022/08/25 2022/08/29 2027/08/29
+the
+22 CYPC
+GN001
+(First Issue) of
+medium-term notes
+when due at
+k bond
+market
+2.80
+3.
+Name of the
+intermediary
+Intermediaries providing services for bond issuance and duration business
+Use of raised funds at the end of the reporting period
+4.
+☐ Applicable √Inapplicable
+Changes in the above intermediaries
+District, Beijing
+Street, Dongcheng
+Chaoyangmennei
+SOHO,
+Building 5, Galaxy
+Beijing
+Haidian District,
+Middle Road,
+No. 16, Xisihuan
+Rating Co., Ltd.
+International Credit
+China Chengxin
+Da Hua Certified
+Public Accountants
+(Special General
+Partnership)
+√ Applicable Inapplicable
+Yang Siyi
+010-66428877
+Unuse
+N/A
+0
+3,000,000,000
+3,000,000,000
+2015 Medium-term
+Notes (First Issue) of
+China Yangtze Power
+Yes
+the committed
+use, use plan and
+other agreement
+of fundraising
+instructions.
+Compliance of
+actual use of
+raised funds with
+010-58350011
+of irregular
+use of raised
+funds (if
+any)
+Unit: yuan Currency: RMB
+Operation of
+the special
+account for
+raised funds
+(if any)
+t
+amoun
+Amount used
+Total raised funds
+Name of bond
+d
+Rectification
+ฟ
+Hao Lijiang, Shen
+Yanbo
+Floor 12, Building 7,
+China Construction
+Bank Corporation
+Bank of China
+Limited
+Commercial Bank of
+China Limited
+Industrial and
+China Merchants
+Bank Co., Ltd
+China Limited
+010-85109688
+Liu Zhaoying
+Contact person
+Tel.
+accountants as
+signatories
+Names of the
+Inner Street,
+Agricultural Bank of
+No.69 Jianguomen
+Office address
+national
+China Minsheng
+Banking Corp., Ltd.
+Beijing DeHeng Law
+Offices
+Dongcheng
+District, Beijing
+22/F, China
+010-52682888
+Wang Huakun
+010-58560971
+Shu Chang
+010-67594029
+Fu Yubin
+Xicheng District,
+Beijing
+25 Financial Street,
+Hao Lijiang, Shen
+Yanbo
+010-66592749
+010-66108574
+Li Jianing
+0755-88026130
+Tian Yuzuo
+2 Fuxingmennei
+Street, Xicheng
+District, Beijing
+12/F, Block B, Fukai
+Building, No. 19
+Financial Street,
+Xicheng District,
+Beijing
+Avenue, Futian
+District, Shenzhen
+55 Fuxingmennei
+Street, Xicheng
+District, Beijing
+1 Fuxingmennei
+Street, Xicheng
+District, Beijing
+Tower, 2016 Shennan
+Merchants Bank
+Xun Yamei
+1 investors
+in the
+inter-bank ctions
+bond
+market
+19 CYPC
+MTN002
+Issue) of China
+ctions
+inter-bank
+No
+transa
+national
+Public
+NH
+1 investors
+in the
+Institutiona
+bond
+market
+inter-bank ctions
+transa No
+Public
+nisms
+listing
+101901055.IB 2019/08/07 2019/08/09 2024/08/09
+the
+1,960,000,000
+2.72
+Yangtze Power Co.,
+Ltd.
+3.07
+2,500,000,000
+102000681.IB 2020/04/13 2020/04/15 2025/04/15
+the
+20 CYPC
+MTN002
+Institutiona
+bond
+market
+g
+mecha
+Interest
+paid once a
+year with
+when due at
+Issue) of China
+Notes (Second
+2020 Medium-term
+k bond
+market
+principal
+repaid
+Ltd.
+Yangtze Power Co.,
+a time
+Risk of
+termination of
+Tradin
+national
+the
+15 CYPC
+MTN001
+2015 Medium-term
+Notes (First Issue)
+of China Yangtze
+Power Co., Ltd.
+Trading
+place
+Debt
+service
+mode
+Interest
+rate (%)
+Bond balance
+Maturity
+date
+101554062.IB 2015/09/10 2015/9/14 2025/9/14
+n
+Code
+Name of bond
+Abbreviatio
+1. Basic information of debt financing instrument for non-financial enterprises
+(III) Debt Financing Instrument for Non-financial Enterprises in the Inter-bank Bond Market
+√ Applicable Inapplicable
+2023 Annual Report
+101/308
+2023 Annual Report
+Issue date Value date
+principal
+repaid
+3,000,000,000
+principal
+repaid
+1 investors
+in the
+Institutiona
+nt by
+investors
+(if any)
+arrangeme
+Adequacy
+National
+inter-ban
+k bond
+market
+National
+inter-ban
+4.50
+year with
+Interest
+a time
+when due at
+year with
+Interest
+paid once a
+Unit: yuan Currency: RMB
+Notes (Second
+2019 Medium-term
+paid once a
+Institutiona
+National
+inter-ban
+k bond
+market
+2021 medium-term
+principal
+repaid
+the
+a time
+Interest
+paid once a
+year with
+2022 green
+Ltd.(variety II)
+Yangtze Power Co.,
+Issue) of China
+Notes (Second
+2022 Medium-term
+when due at
+Ltd.(variety I)
+k bond
+market
+principal
+repaid
+Yangtze Power Co.,
+3.09
+2,000,000,000
+102280471.IB 2022/03/08 2022/03/10 2025/03/10
+when due at
+a time
+Interest
+paid once a
+N/A
+transa No
+Public
+national
+1 investors
+in the
+Institutiona
+National
+inter-ban
+k bond
+market
+National
+inter-ban
+the
+National
+inter-ban
+inter-ban
+National
+paid once a
+year with
+Interest
+a time
+Interest
+paid once a
+year with
+a time
+year with
+k bond
+market
+22 CYPC
+MTN002A
+Issue) of China
+Notes (Second
+transa
+Public
+1 investors
+in the
+national
+inter-bank
+bond
+market
+National
+inter-ban
+when due at
+principal
+repaid
+Interest
+paid once a
+year with
+a time
+No
+d)
+3.40
+1,000,000,000
+102100945.IB 2021/05/06 2021/05/10 2024/05/10
+21 CYPC
+MTN002
+(Sustainabil
+ity-linked)
+(Sustainability-linke
+Yangtze Power Co.,
+Ltd.
+Issue) of China
+notes (Second
+the
+when due at
+ctions
+1 investors
+2022 Medium-term
+2.90
+2,500,000,000
+102280019.IB 2022/01/04 2022/01/06 2025/01/06
+22 CYPC
+MTN001
+2022medium-term
+notes (First Issue)
+of China Yangtze
+Power Co., Ltd.
+2023 Annual Report
+102/308
+Institutiona
+bond
+market
+ctions
+inter-bank
+k bond
+No
+transa
+national
+Public
+in the
+market
+106/308
+2023 Annual Report
+2019 Medium-term
+Quick ratio
+0.12
+0.29
+-58.86
+Assets-liabilities ratio (%)
+62.88
+55.74
+12.81
+EBITDA-total debts ratio
+5.59
+5.70
+-2.02
+Times of interest earned
+3.54
+3.49
+1.29
+Times of cash interest earned
+6.42
+5.25
+22.30
+EBITDA interest protection
+-58.34
+0.30
+0.12
+Liquidity ratio
+7.
+2023 Annual Report
+Other information of debt financing instrument for non-financial enterprises
+□ 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
+(V) The Overdue Status of Interest-bearing Debts Except for Bonds at the End of the Reporting
+Period
+□ 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
+5.04
+(VII) The Company's Accounting Data and Financial Indexes in the Latest Two Years as of the
+End of the Reporting Period
+Major indexes
+2023
+2022
+Unit: yuan Currency: RMB
+Increase or decrease
+of the current period
+over last year (%)
+Net profit after deducting
+non-recurring profits and
+27,508,231,223.76
+21,392,344,535.58
+28.59
+losses
+√ Applicable Inapplicable
+107/308
+4.99
+multiples
+For information on the carrying amount of CYPC's operating costs, please refer to Note 7(61) The
+109/308
+2023 Annual Report
+consolidated financial statements.
+The Company incurred operating costs totaling 32.943 billion yuan in 2023, consisting primarily of
+depreciation expenses of fixed assets used for production, fiscal charges, etc.; such amounts were
+material to the consolidated financial statements. For above reasons, we identified accuracy of the
+operating cost as a key audit matter.
+2. How our audit addressed the key audit matter
+Our audit procedures in relation to the accuracy of operating costs included the following:
+(1) Understand and evaluate the design of management's internal controls related to cost
+recognition and conduct controls testing;
+(2) Field observation and monitoring of important fixed assets for production;
+(3) Obtain the procurement contract, check the business content, main contract terms and
+settlement methods, and compare them with the actual cost policy implemented by CYPC;
+(4) 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;
+(5) 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 accounts;
+(6) Cut-off testing for cost transactions recorded before and after the balance sheet date;
+(7) Evaluating the appropriateness of related disclosures made by the management.
+Based on the audit procedures performed, management's judgment regarding the accuracy of operating
+costs can be supported by the evidence we obtained.
+IV. Other Information
+The management of CYPC is responsible for other information. Other information includes
+information covered in 2023 Annual Report of CYPC, except the financial statements and our auditor's
+report.
+Our audit opinion on the financial statements does not include other information, and we neither
+express any form of authentication opinion for other information.
+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.
+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.
+110/308
+1. Description of the matter
+We determined that operating cost accuracy is a key audit matter that needs to be communicated in
+the audit report.
+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
+Loan repayment rate (%)
+100
+100
+Interest coverage rate (%)
+100
+100
+II. Convertible Corporate Bond
+□ Applicable Inapplicable
+108/308
+2023 Annual Report
+1.04
+Section X
+I.
+Auditor's Report
+√ Applicable Inapplicable
+To All the Shareholders of China Yangtze Power Co., Ltd.:
+I. Auditor's Opinion
+DHSZ[2024]0011014725
+Co., Ltd.
+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, 2023, 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.
+II. Basis for Auditor's Opinion
+We conducted our audit in accordance with both International Standards on Auditing ("ISAS")
+issued by the International Auditing and Assurance Standards Board (the "IAASB") and China
+Standards on Auditing for Chinese Certified Public Accountants. 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 CYPC in accordance with the International
+Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants
+(including International Independence Standards) (the "IESBA Code”), and we have fulfilled our other
+ethical responsibilities of the code. We believe that the audit evidence we have obtained is sufficient and
+appropriate to provide a basis for our audit opinion.
+Financial Report
+□ Applicable Inapplicable
+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, 2023, 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.
+6. Implementation and change of guarantee, debt repayment plan and other debt paying
+guarantee measures during the reporting period and their impact
+of China Yangtze
+Power Co., Ltd.
+2021 medium-term
+notes (First Issue) of
+2,500,000,000
+2,500,000,000
+0
+N/A
+N/A
+Yes
+China Yangtze
+Power Co., Ltd.
+2021 medium-term
+notes (Second Issue) of
+China Yangtze Power
+Co., Ltd.
+1,000,000,000
+1,000,000,000
+0
+N/A
+N/A
+Yes
+Yes
+N/A
+N/A
+0
+√
+Notes (First Issue) of
+3,000,000,000
+3,000,000,000
+0
+N/A
+N/A
+Yes
+China Yangtze Power
+Co., Ltd.
+2019 Medium-term
+(sustainability-linked)
+Notes (Second Issue)
+2,000,000,000
+0
+N/A
+Yes
+of China Yangtze
+Power Co., Ltd.
+2020 Medium-term
+Notes (Second Issue)
+2,500,000,000
+2,500,000,000
+2,000,000,000
+2022 medium-term
+N/A
+2,500,000,000
+Co., Ltd. (variety II)
+2022 medium-term
+Green notes (First
+Issue) of China
+1,000,000,000
+1,000,000,000
+0
+N/A
+N/A
+Yes
+Yangtze Power Co.,
+Ltd.
+The progress and operational benefits of using raised funds for construction projects
+□ Applicable Inapplicable
+Other descriptions
+☐ Applicable Inapplicable
+5.
+Adjustment of credit rating results
+□ Applicable √Inapplicable
+Other descriptions
+notes (First Issue) of
+☐ Applicable √ Inapplicable
+China Yangtze Power
+Yes
+Description of changing the use of the above-mentioned bond during the reporting period
+□ Applicable √ Inapplicable
+N/A
+0
+2,500,000,000
+N/A
+N/A
+N/A
+Yes
+Power Co., Ltd.
+2022 medium-term
+notes (Second Issue) of
+2,000,000,000
+2,000,000,000
+China Yangtze
+N/A
+N/A
+Yes
+China Yangtze Power
+0
+Co., Ltd. (variety I)
+2022 medium-term
+notes (Second Issue) of
+1,000,000,000
+0
+1,000,000,000
+(1) Portion of other comprehensive
+income to be reclassified as profit or
+loss under equity method
+104,028,510.66
+9,010,438.14
+1,659,070,206.38
+322,341,262.61
+(4) Change in fair value of the
+2.Other comprehensive income
+company's credit risk
+-144,480,864.87
+-32,068,696.88
+(2) Change in fair value of other
+-73,218,504.78
+-41,835,215.80
+to be reclassified as profit or loss
+debt instruments
+(7) Others
+income
+(I) Basic earnings per share
+-186,316,080.67
+VIII. Earnings per Share:
+(II) Total comprehensive income
+attributable to non-controlling
+interests
+(I) Total comprehensive income
+attributable to the owners of the
+parent company
+VII. Total Comprehensive Income
+(II)Other comprehensive income
+attributable to non-controlling
+interests (net of tax)
+1,555,041,695.72
+328,460,747.29
+financial statements in foreign
+currencies
+(6) Translation differences of
+flow hedge
+-15,129,922.82
+(5) Gain or loss on effective cash
+(4) Credit impairment provision
+from other debt investments
+(3) Financial assets that can be
+reclassifies as other comprehensive
+-105,287,201.66
+operation (net loss to be presented
+1.Other comprehensive income
+not to be reclassified as profit or loss
+(1) Changes in remeasured defined
+benefit obligations or net assets
+2.Profit or loss from termination
+with "-")
+1.Profit or loss from continuous
+(I) Classified according to operating continuity
+presented with “-”)
+4,664,143,516.41
+of operation (net loss to be
+4,456,574,981.37
+27,956,404,928.10 25,101,915,143.63
+76
+Less: income tax expenses
+presented with “-”)
+29,766,058,660.04
+32,412,979,909.47
+(II) Diluted earnings per share
+V. Net Profit (net loss to be
+2023 Annual Report
+presented with “-”)
+1.Attributable to the owners of
+attributable to the owners of parent
+company (net of tax)
+118/308
+1,472,754,125.71
+2,367,236,548.79
+396,121,248.09
+217,054,060.95
+1,375,999,182.92
+(II) Classified according to attribution of the ownership
+717,434,067.40
+27,956,404,928.10 25,101,915,143.63
+(I) Other comprehensive income
+VI. Other Comprehensive Income
+After Tax
+2.Attributable to non-controlling
+interests (net loss to be presented with
+"-")
+presented with "-")
+parent company (net loss to be
+27,238,970,860.70 23,725,915,960.71
+179,067,187.14
+Add: Other incomes
+28,352,526,176.19
+23,995,849,141.85
+Investment income (loss to
+2,315,770.21
+3,705,868.54
+77,995,274.77
+66,390,868.00
+24,052,842,562.79
+3,446,846,821.85
+Including: Interest expenses
+Interest income
+3,394,717,400.16
+5,358,073,713.06
+Financial expenses
+expenses
+81,268,744.45
+5,399,109,912.74
+449,188,551.19
+be presented with "-")
+3,642,355,737.85
+-19,243,346.07
+Loss on impairment of assets
+(loss to be listed with "-")
+-220,305.14
+1,110,852.01
+Loss on impairment of credits
+Including: Investment income
+value (loss to be presented with “-”)
+Gain from changes in fair
+(loss to be presented with “-”)
+Net exposure to hedging gains
+of financial assets at amortized cost
+from associates and joint ventures
+Gains on derecognition
+3,080,789,762.34
+-15,791,300.30
+Research and development
+expenses
+667,068,278.90
+January to December 2023
+Income Statement of Parent Company
+Head of Accounting: Zhan Pingyuan Head of Accounting Agency:
+2023 Annual Report
+Head of Company: Ma Zhenbo
+Zhang Na
+119/308
+Company Name: China Yangtze Power Co., Ltd.
+The business combination under the same control during the current period, the net profit realized
+by the party to be combined before the combination was: RMB 0.00, and the net profit realized by the
+party to be combined during the previous period was: RMB 3,452,452,191.42.
+2,270,481,606.00
+1.1132
+1.1132
+896,501,254.54
+27,456,024,921.65 25,198,670,086.42
+27,469,151,692.42
+0.9697
+0.9697
+Unit: yuan Currency: RMB
+Item
+I. Operating Revenue
+678,250,892.02
+General and administrative
+expenses
+45,380,997.48
+37,909,318.08
+8,665,057,879.50
+366,769,380.24
+423,964,111.67
+Taxes and surcharges
+Selling and distribution
+7,656,807,606.45
+4
+Less: Operating Cost
+2022
+21,428,471,903.12
+2023
+21,473,570,778.74
+4
+Note XIX
+894,482,423.08
+(2) Portion of other comprehensive
+income not to be reclassified as profit
+or loss under equity method
+(3) Change in fair value of
+investment from other equity
+instruments
+578,453,569,418.28
+2,783,624.47
+624,749,050.11
+Dividends payable
+Including: Interest payable
+332,030,853.09
+2,027,998,432.91
+31,751,543,386.67
+35,887,456,989.50
+41
+Other payables
+1,313,100,292.99
+367,536,489.54
+2,512,931,010.73
+Taxes payable
+39
+Employee benefits payable
+Securities underwriting
+Securities brokering
+banks and other financial
+institutions
+40
+33,217,087.18
+Fees and commissions
+payable
+Non-current liabilities:
+91,751,118,323.71
+3,230,604,702.92
+1,717,762,447.92
+143,871,094,361.83
+Total current liabilities
+44
+Other current liabilities
+within one year
+26,642,382,136.83
+48,048,632,647.39
+43
+Non-current liabilities due
+Held-for-sale liabilities
+payable
+Reinsurance accounts
+Deposits from customers,
+Reserve of insurance contract
+agreements to repurchase
+8,760,834.09
+Current liabilities:
+-250,094,682.60
+571,942,544,909.29
+Total Assets
+551,364,177,205.29
+554,248,014,458.47
+Short-term borrowings
+Total non-current assets
+426,888,959.32
+30
+Other non-current assets
+273,574,114.88
+540,882,285.46
+29
+244,581,674.83
+32
+53,985,432,819.58
+26,752,360,688.10
+14,932,731.05
+Contractual liabilities
+Advances from customers
+55,482,159.19
+949,955,129.91
+40,772,218.98
+1,295,637,007.14
+36
+Accounts payable
+Notes payable
+Derivative financial liabilities
+trading
+Financial liabilities held for
+other financial institutions
+Placements from banks and
+bank
+Borrowings from central
+Financial assets sold under
+Deferred tax assets
+Long-term borrowings
+Bonds payable
+Surplus reserve
+1,815,518.95
+1,786,297,242.20
+2,002,638,310.52
+771,620.16
+58
+Special reserve
+59
+57
+Less: Treasury shares
+96,299,421,111.09
+63,490,865,604.91
+55
+Capital reserve
+Perpetual bonds
+Other comprehensive income
+24,967,736,455.15
+24,967,736,455.15
+General risk provision
+Total liabilities and
+256,017,409,137.19
+212,298,820,390.72
+Total owners' equity
+28,344,696,784.03
+10,968,794,873.03
+Non-controlling interests
+attributable to parent company
+227,672,712,353.16
+201,330,025,517.69
+Total owner's equity
+81,875,582,795.77
+86,399,795,810.95
+60
+Retained earnings
+Including: Preferred shares
+45
+Other equity instruments
+24,468,217,716.00
+2023 Annual Report
+114/308
+payable
+Long-term employee benefits
+Long-term payables
+620,996,116.15
+Provisions
+577,045,537.38
+Lease liabilities
+Perpetual bonds
+Including: Preferred shares
+190,246,706,722.40
+37,620,231,630.91
+186,690,130,706.94
+25,835,606,999.89
+46
+47
+56,720,903.03
+Deferred incomes
+Deferred tax liabilities
+53
+Paid-in capital
+Owners' equity:
+322,436,160,281.09
+359,643,724,518.57
+Total liabilities
+liabilities
+230,685,041,957.38
+215,772,630,156.74
+Total non-current
+Other non-current liabilities
+8,178,437.54
+2,138,289,001.46
+50,640,048.92
+11,623,647.69
+2,601,502,361.81
+29
+22,741,859,230.00
+63,085,397.48
+38,711,665.32
+28
+trading
+Financial assets held for
+financial institutions
+Due from banks and other
+Settlement reserve
+10,638,044,864.92
+Derivative financial assets
+December 31, 2022
+7,778,439,308.63
+1
+Cash at bank and on hand
+Current assets:
+December 31, 2023
+Note VII
+Unit: yuan Currency: RMB
+Notes receivable
+Accounts receivable
+Receivables financing
+Other receivables
+reinsurance contract
+Reserve receivable for
+receivable
+Reinsurance premium
+Premiums receivable
+76,589,245.11
+77,013,625.36
+15,227,668,604.93
+8,510,343,962.88
+5
+278,144.44
+21,113,693.72
+8
+Advances to suppliers
+Item
+Including: Interest receivable
+Company Name: China Yangtze Power Co., Ltd.
+Consolidated Balance Sheet
+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.
+2023 Annual Report
+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
+111/308
+3. Evaluate the appropriateness of the Management's selection of accounting policies and the
+rationality of accounting estimates as well as related disclosures.
+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.
+1. Identify and assess the risks of material misstatement of the consolidated 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.
+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.
+We exercised professional judgment and maintained professional skepticism in performing our
+audit in accordance with Auditing Standards. At the same time, we also carried out the following work:
+VI. Auditor's Responsibilities for the Audit of the Consolidated Financial Statements
+The governance is responsible for supervising CYPC's financial reporting process.
+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
+2023 Annual Report
+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 the Auditing Standards for Certified Public
+Accountants of China 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.
+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 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.
+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).
+2023 Annual Report
+Financial Statements
+II.
+April 26, 2024
+SHEN Yanbo
+112/308
+Accountants:
+China Beijing
+China Certified Public
+HAO Lijiang
+(Engagement Partner)
+China Certified Public
+Accountants:
+(Special General Partnership)
+Dahua Certified Public Accountants
+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.
+December 31, 2023
+Dividends receivable
+301,159,472.92
+329,572,999.35
+4,759,852,623.02
+22
+Construction in progress
+450,480,026,644.17
+444,899,373,807.92
+21
+3,033,854,755.93
+Fixed assets
+103,479,850.76
+20
+Investment properties
+assets
+1,611,389,626.19
+1,663,300,964.65
+101,238,293.84
+Productive biological assets
+113/308
+Oil and gas assets
+Long-term deferred expenses
+1,081,106,204.00
+1,136,419,113.59
+27
+Goodwill
+88,053,467.73
+655,490,732.10
+22,219,407,020.53
+164,029,769.41
+726,256,734.58
+23,781,537,379.40
+Development expenditures
+26
+Intangible assets
+25
+Right-of-use assets
+2023 Annual Report
+19
+Other non-current financial
+investments
+3,312,302,551.08
+Total current assets
+Other current assets
+one year
+Non-current assets due within
+Held-for-sale assets
+11,348,594.37
+Contractual assets
+567,385,580.82
+586,548,003.46
+10
+Inventories
+under agreements to resell
+Financial assets purchased
+120,305,200.00
+120,305,200.00
+13
+571,942,544,909.29
+408,563,789.48
+17,694,530,450.82
+Non-current assets:
+3,270,244,969.53
+18
+Other equity instruments
+investments
+67,166,066,218.63
+71,684,283,644.31
+17
+Long-term equity
+Long-term receivables
+Other debt investments
+1,034,000,503.90
+1,052,752,691.20
+14
+Debt investments
+Loans and advances
+249,852,773.42
+27,089,392,212.99
+578,453,569,418.28
+owners' equity
+Head of Company: Ma Zhenbo
+Zhang Na
+Cash surrender amount
+Net expenses of claim
+expenses
+Interest expenses
+Fees and commissions
+Including: Operating cost
+II. Total Operating Cost
+commission income
+settlement
+Handling charges and
+Interest income
+Including: Operating revenue
+I. Total Operating Revenue
+Item
+Company Name: China Yangtze Power Co., Ltd.
+January to December 2023
+Premium earned
+Net provisions for insurance
+liability reserves
+Policy dividend expenses
+Reinsurance expenses
+117/308
+29,524,219,483.64
+42,365,629,059.16
+49,445,205,037.45
+32,942,554,525.43
+61
+68,863,128,424.25
+68,863,128,424.25
+2022
+78,111,573,265.75
+61
+78,111,573,265.75
+2023
+Note VII
+Unit: yuan Currency: RMB
+Consolidated Income Statement
+2023 Annual Report
+Head of Accounting: Zhan Pingyuan Head of Accounting Agency:
+243,611,612,379.88
+Capital reserve
+Perpetual bonds
+Including: Preferred shares
+Other equity instruments
+22,741,859,230.00
+24,468,217,716.00
+73,924,633,386.92
+Paid-in capital
+104,738,613,115.99
+149,427,486,748.37
+Total liabilities
+liabilities
+68,802,009,774.78
+73,253,806,168.78
+Owners' equity:
+59,682,327,450.43
+Less: Treasury shares
+Other comprehensive income
+312,899,887,286.96
+owners' equity
+Total liabilities and
+138,872,999,263.89
+163,472,400,538.59
+Total owners' equity
+31,410,256,750.40
+40,157,516,908.11
+22,934,762,401.97
+22,934,762,401.97
+Retained earnings
+Surplus reserve
+Special reserve
+2,103,793,431.09
+1,987,270,125.59
+Head of Company: Ma Zhenbo
+Zhang Na
+Taxes and surcharges
+62
+1,601,621,053.93
+(loss to be listed with "-")
+-6,953,114.41
+-2,410,743.13
+71
+-385,326,649.11
+-162,878,350.58
+Loss on impairment of assets
+70
+value (loss to be presented with “-”)
+Loss on impairment of credits
+Gain from changes in fair
+(loss to be presented with "-")
+Net exposure to hedging gains
+(loss to be presented with “-”)
+of financial assets at amortized cost
+Gain on foreign exchange
+70
+72
+-42,490,035.23
+-268,376,214.19
+80,847,429.60
+888,155,810.78
+75
+Less: Non-operating expenses
+74
+Add: Non-operating income
+presented with "-")
+30,388,024,085.68
+33,220,288,290.65
+III. Operating Profit (loss to be
+(loss to be presented with “-”)
+-52,126,114.24
+6,336,590.98
+73
+Gains on disposal of assets
+(loss to be listed with “-”)
+from associates and joint ventures
+Gains on derecognition
+3,534,235,036.26
+4,231,318,849.65
+Including: Investment income
+89,655,150.76
+788,922,297.30
+65
+Research and development
+expenses
+1,537,855,652.43
+1,363,314,584.28
+64
+General and administrative
+expenses
+172,538,067.61
+192,385,627.70
+63
+Selling and distribution
+1,459,994,248.37
+expenses
+Total non-current
+Financial expenses
+12,556,406,948.81
+be presented with “-”)
+4,600,135,961.66
+4,750,167,222.45
+68
+Investment income (loss to
+3,170,850.88
+5,195,377.86
+67
+Add: Other incomes
+204,183,022.42
+239,117,604.62
+9,801,292,339.97
+12,738,346,150.84
+Including: Interest expenses
+Interest income
+9,581,366,456.35
+66
+IV. Profit Before Taxes (loss to be
+Other non-current liabilities
+4,822,288.70
+839,414,646.64
+investments
+123,552,579,867.99
+193,192,500,494.88
+3
+Long-term equity
+Long-term receivables
+investments
+Other debt investments
+147,563,864.45
+34,539,166,585.08
+2023 Annual Report
+Debt investments
+Non-current assets:
+Total current assets
+Other current assets
+93,091,713.49
+31,155,602,819.87
+Other equity instruments
+Other non-current financial
+assets
+628,119,534.85
+550,792,127.44
+Right-of-use assets
+Oil and gas assets
+Productive biological assets
+596,807,446.95
+83,898,848,901.09
+80,090,052,265.48
+462,520,852.69
+Construction in progress
+Fixed assets
+Investment properties
+277,112,153.50
+499,682,430.34
+2,848,667,611.91
+2,747,501,596.00
+one year
+Intangible assets
+Non-current assets due within
+Contractual assets
+trading
+Financial assets held for
+4,220,288,136.98
+1,829,840,233.39
+Cash at bank and on hand
+Current assets:
+Derivative financial assets
+Unit: yuan Currency: RMB
+December 31, 2022
+Note XIX
+Item
+Company Name: China Yangtze Power Co., Ltd.
+December 31, 2023
+Balance Sheet of Parent Company
+Head of Accounting: Zhan Pingyuan Head of Accounting Agency:
+December 31, 2023
+Notes receivable
+Accounts receivable
+1,690,958,940.86
+201,514,284.04
+199,590,695.76
+Inventories
+24,764,734,955.29
+30,620,305,200.00
+Dividends receivable
+Including: Interest receivable
+25,300,941,979.37
+10,411,724.31
+4,863,269.68
+30,666,349,580.94
+2
+Other receivables
+Advances to suppliers
+Receivables financing
+1,329,354,981.68
+Held-for-sale assets
+308,131,732.05
+271,569,128.96
+Development expenditures
+Non-current liabilities:
+35,936,603,341.21
+76,173,680,579.59
+Total current liabilities
+3,008,978,955.49
+Other current liabilities
+Long-term borrowings
+within one year
+25,442,780,165.75
+Non-current liabilities due
+Held-for-sale liabilities
+Dividends payable
+Including: Interest payable
+1,247,878,948.32
+6,905,126,757.29
+Bonds payable
+Including: Preferred shares
+Perpetual bonds
+Deferred tax liabilities
+2023 Annual Report
+Deferred incomes
+Provisions
+payable
+Long-term employee benefits
+116/308
+573,619,182.19
+519,564,483.55
+35,583,163,020.91
+23,977,304,749.89
+31,956,400,000.00
+47,912,700,000.00
+Long-term payables
+Lease liabilities
+823,822,829.72
+Other payables
+354,656,687.24
+641,414,584.50
+Short-term borrowings
+Total non-current assets
+Total Assets
+Current liabilities:
+179,137,636.50
+142,430,174.13
+Other non-current assets
+61,781,310.15
+202,534,621.61
+Deferred tax assets
+60,225,039.51
+31,483,814.25
+Long-term deferred expenses
+Goodwill
+81,160,928.60
+133,090,593.01
+278,360,720,701.88
+3,084,932.96
+685,742,638.72
+212,456,009,560.01
+243,611,612,379.88
+Taxes payable
+117,891,397.60
+124,844,309.31
+Employee benefits payable
+Contractual liabilities
+Advances from customers
+1,482,159.19
+123,630,736.09
+56,771,700.40
+Accounts payable
+Notes payable
+Derivative financial liabilities
+trading
+Financial liabilities held for
+24,176,957,699.99
+49,084,046,989.91
+312,899,887,286.96
+(loss to be listed with "-")
+115/308
+771,989.16
+120/308
+28,838,827,430.25 29,510,229,595.63
+2,148,553,518.57
+1,685,103,028.93
+28,838,827,430.25 29,510,229,595.63
+30,523,930,459.18 31,658,783,114.20
+2.Profit or loss from termination of
+1.Profit or loss from continuous
+operation (net loss to be presented
+with "-")
+presented with “-”)
+IV. Net Profit (net loss to be
+presented with “-”)
+Gains on disposal of assets
+Less: income tax expenses
+31,845.94
+344,102,368.14
+758,269.37
+328,398,901.95
+Add: Non-operating income
+Less: Non-operating expenses
+32,002,853,636.40
+30,851,571,091.76
+66
+(loss to be presented with "-")
+II. Operating Profit (loss to be
+presented with “-”)
+5,592,369.05
+III. Profit Before Taxes (loss to be
+(II) Owners' contribution and
+withdrawal
+(I) Total comprehensive income
+11,921,097,577.37
+2,977,968,948.10
+1,815,518.95
+1,448,179,165.03
+241,671,653.39
+1. Ordinary share contributed by
+8,943,128,629.27
+owners
+1,472,754,125.71
+equity instruments holders
+3. Share-based payment recorded
+in owners' equity
+1,467,381,437.78
+23,725,915,960.71
+25,198,670,086.42
+5,600,000,000.00
+5,600,000,000.00
+2,270,481,606.00
+2,422,440,000.00
+27,469,151,692.42
+2. Capital contributed by other
+5,784,080,854.12
+24,726,064,801.76
+244,096,311,559.82
+under
+reclassified as profit or loss
+-30,938,244.97
+-76,361,895.11
+comprehensive income not to be
+(2) Portion of other
+assets
+defined benefit obligations or net
+to be reclassified as profit or loss
+(1) Changes in remeasured
+-54,624,288.57
+III. Increase/decrease in the year of
+2022 (decrease to be presented
+with "-")
+-152,236,407.04
+20,657,211.48
+-115,810,312.87
+V. Other Comprehensive Income
+After Tax
+2023 Annual Report
+with "-")
+operation (net loss to be presented
+318,915,804.42
+8,022,440,000.00
+80,427,403,630.74
+218,729,583,723.89 25,366,727,835.93
+1.Other comprehensive income not
+5,600,000,000.00
+(III) Profit distribution
+8,022,440,000.00
+-5,372,687.93
+-5,372,687.93
+1,786,297,242.20
+1,815,518.95
+48,539,538.16
+-46,724,019.21
+241,671,653.39
+-22,283,109,483.61
+-22,041,437,830.22 -1,723,212,578.19
+-23,764,650,408.41
+2023 Annual Report
+241,671,653.39
+1,815,518.95 24,967,736,455.15
+Head of Accounting: Zhan Pingyuan Head of Accounting Agency: Zhang Na
+Company Name: China Yangtze Power Co., Ltd.
+Statement of Changes in Owners' Equity of Parent Company
+January to December 2023
+Item
+I. Balance at December 31, 2022
+2023
+-22,041,437,830.22
+-22,041,437,830.22 -1,723,212,578.19
+-23,764,650,408.41
+-241,671,653.39
+5,600,000,000.00 2,422,440,000.00
+96,299,421,111.09
+Head of Company: Ma Zhenbo
+127/308
+4. Others
+equity method
+1. Appropriation for surplus
+reserves
+2. Appropriation for general risk
+provisions
+3. Distribution to owners
+4. Others
+(IV) Transfer within owners' equity
+184,080,854.12
+1. Capital reserves transfer to
+2. Surplus reserves transfer to
+paid-in capital
+3. Recover loss by surplus reserve
+4.Changes in remeasured defined
+benefit obligations or net assets
+5.Transfer other comprehensive
+income to retained earnings
+6. Others
+(V) Special reserve
+1. Current year accrued
+2. Current year utilised
+(VI) Others
+IV. Balance at December 31, 2022
+22,741,859,230.00
+paid-in capital
+(3) Change in fair value of
+(4) Change in fair value of the
+-75,874,511.93
+3,138,575,662.67
+16,790,687,263.22
+3,346,294,697.71
+14,759,789,231.64
+Payments of taxes
+10,214,938,090.63
+12,512,870,985.71
+74,759,142,644.86
+96,826,866,994.52
+531,760,078.03
+2,946,593,976.34
+4,285,513.80
+586,942,968.83
+78
+71,280,788,590.49
+96,235,638,511.89
+2022
+2023
+Payments for policy dividends
+Payments to and for employees
+Payments for compensation
+under original insurance contract
+Net increase of due from banks
+and other financial institutions
+Payments for interests, fees and
+commissions
+Net increase in deposits with
+Central Bank and other financial
+institutions
+Net increase in loans and
+advances to customers
+services
+from operating activities
+Payments for goods and
+Payments for other operating
+78
+1,489,191,637.71
+1,138,439,490.20
+units
+Proceeds from disposal of
+subsidiaries and other business
+Proceeds from disposal of fixed
+assets, intangible assets and other
+long-term assets
+investments
+122/308
+1,740,104,203.83
+2,150,467,314.51
+114,400,141,415.41
+74,103,029,742.51
+Proceeds from return of
+Subtotal of cash inflows
+investments
+II. Cash Flows from Investing Activities:
+operating activities
+43,476,502,138.14
+64,718,720,441.75
+Net cash flows from
+from operating activities
+31,282,640,506.72
+32,108,146,552.77
+Subtotal of cash outflows
+activities
+Proceeds from disposal of
+activities
+Proceeds from other operating
+Refund of taxes
+(II) Diluted earnings per share
+(I) Basic earnings per share
+VI. Total Comprehensive Income
+VIII. Earnings per Share:
+(7) Others
+financial statements in foreign
+currencies
+(6) Translation differences of
+flow hedge
+(5) Gain or loss on effective cash
+(4) Credit impairment provision
+from other debt investments
+(3) Financial assets that can be
+reclassifies as other comprehensive
+income
+Head of Company: Ma Zhenbo
+Agency:Zhang Na
+debt instruments
+reclassified as profit or loss under
+equity method
+comprehensive income to be
+75,281,500.05
+36,426,094.17
+be reclassified as profit or loss
+(1) Portion of other
+2.Other comprehensive income to
+company's credit risk
+5,372,687.93
+instruments
+-23,686,043.60
+(2) Change in fair value of other
+investment from other equity
+36,426,094.17
+28,723,017,117.38
+securities brokering
+Net increase in repurchasing
+Net cash received from
+Net increase of replacement
+from banks and other financial
+institutions
+Proceeds from interests, fees
+and commissions
+Net increase in the insured's
+deposits and investment
+Net amount of reinsurance
+business
+Net increase in placements
+from other financial institutions
+Proceeds from premiums of
+original insurance contract
+Net increase in loans from
+Central Bank
+Net increase in deposits from
+customers, banks and other
+financial institutions
+rendering of services
+75,281,500.05
+Proceeds from sales of goods or
+Item
+Note VII
+2023 Annual Report
+Unit: yuan Currency: RMB
+121 / 308
+Company Name: China Yangtze Power Co., Ltd.
+January to December 2023
+Consolidated Cash Flow Statement
+Head of Accounting: Zhan Pingyuan Head of Accounting
+29,530,886,807.11
+I. Cash Flows from Operating Activities:
+5,372,687.93
+48,539,538.16
+-46,724,019.21
+184,080,854.12
+778,079.55
+II. Balance on January 1, 2022
+22,741,859,230.00
+III. Increase/decrease in the year of 2022
+(decrease to be presented with "-")
+(I) Total comprehensive income
+(II) Owners' contribution and withdrawal
+1. Ordinary share contributed by owners
+2. Capital contributed by other equity
+instruments holders
+3. Share-based payment recorded in owners'
+equity
+4. Others
+(III) Profit distribution
+1. Appropriation for surplus reserves
+2. Appropriation for general risk provisions
+3. Others
+(IV) Transfer within owners' equity
+1. Capital reserves transfer to paid-in capital
+2. Surplus reserves transfer to paid-in capital
+3. Recover loss by surplus reserve
+4.Changes in remeasured defined benefit
+Others
+Add: Changes in accounting policies
+Corrections of errors in prior period
+22,741,859,230.00
+Balance at December 31, 2021
+-20,092,277,840.10
+-20,092,277,840.10
+712,992.63
+712,992.63
+-2,425.07
+22,934,762,401.97
+40,157,516,908.11
+126,976,141.64
+-126,976,141.64
+91,982,484.90
+obligations or net assets
+163,472,400,538.59
+Other comprehensive
+Capital reserve
+Special reserve
+Surplus reserve
+Retained earnings
+Total owners' equity
+treasury
+income
+Others
+129/308
+Less:
+5.Transfer other comprehensive income to
+retained earnings
+Others
+11,154,440,599.15
+20,657,211.48
+29,510,229,595.63
+29,530,886,807.11
+-4,261,467.19
+-4,261,467.19
+2,103,793,431.09
+19,428,890.15
+-19,428,890.15
+Head of Accounting: Zhan Pingyuan Head of Accounting Agency:Zhang Na
+10,973,053,232.60
+130/308
+-18,541,437,830.22
+-18,541,437,830.22
+-18,541,437,830.22
+4,261,467.19
+4,261,467.19
+19,428,890.15
+-19,428,890.15
+164,991,622.26
+22,934,762,401.97
+31,410,256,750.40
+-18,541,437,830.22
+-20,092,277,840.10
+16,395,744.29
+20,437,203,517.80
+(V) Special reserve
+1. Current year accrued
+2. Current year utilised
+(VI) Others
+IV. Balance at December 31, 2022
+22,741,859,230.00
+Head of Company: Ma Zhenbo
+shares
+bonds
+59,517,335,828.17
+127,718,558,664.74
+2023 Annual Report
+2,087,397,686.80
+22,934,762,401.97
+20,437,203,517.80
+127,718,558,664.74
+59,517,335,828.17
+164,991,622.26
+2,087,397,686.80
+164,991,622.26
+59,682,327,450.43
+22,934,762,401.97
+shares
+-20,092,277,840.10
+-16,272,312,928.67
+-126,976,141.64
+shares
+22,741,859,230.00
+59,682,327,450.43
+128/308
+2,103,793,431.09
+22,934,762,401.97
+31,410,256,750.40
+138,872,999,263.89
+2023 Annual Report
+Add: Changes in accounting policies
+Others
+Corrections of errors in prior period
+II. Balance on January 1, 2023
+III. Increase/decrease in the year of 2023
+(decrease to be presented with "-")
+(I) Total comprehensive income
+22,741,859,230.00
+1,726,358,486.00
+59,682,327,450.43
+14,242,305,936.49
+2,103,793,431.09
+22,934,762,401.97
+31,410,256,750.40
+Others
+138,872,999,263.89
+income
+shares
+2,593,598.50
+Proceeds from other investing
+activities
+1,945,658.07
+-1,167,578.52
+50,485,196.23
+-47,891,597.73
+7,481,840.74
+191,562,694.86
+81,875,582,795.77
+227,672,712,353.16
+28,344,696,784.03
+Preferred Perpetual
+bonds
+256,017,409,137.19
+Other equity instruments
+Less:
+Other comprehensive
+Paid-in capital
+Capital reserve
+treasury
+Special reserve
+Surplus reserve
+Retained earnings
+Total owners' equity
+Unit: yuan Currency: RMB
+1,815,518.95
+-116,523,305.50
+24,599,401,274.70
+earnings
+6. Others
+(V) Special reserve
+1. Current year accrued
+2. Current year utilised
+(VI) Others
+IV. Balance at December 31, 2023
+(Continued)
+-16,272,312,928.67
+-712,992.63
+5.Transfer other comprehensive income to retained
+-712,992.63
+24,468,217,716.00
+73,924,633,386.92
+1,987,270,125.59
+Other equity instruments
+Item
+Paid-in capital
+Preferred
+Perpetual
+2022
+126,976,141.64
+91,984,909.97
+8,747,260,157.71
+obligations or net assets
+3. Recover loss by surplus reserve
+-115,810,312.87
+28,838,827,430.25
+28,723,017,117.38
+(II) Owners' contribution and withdrawal
+1,726,358,486.00
+14,150,321,026.52
+15,876,679,512.52
+1. Ordinary share contributed by owners
+1,726,358,486.00
+30,422,633,955.19
+4. Changes in remeasured defined benefit
+32,148,992,441.19
+3. Share-based payment recorded in owners'
+equity
+4. Others
+(III) Profit distribution
+1. Appropriation for surplus reserves
+2. Appropriation for general risk provisions
+3. Others
+(IV) Transfer within owners' equity
+1. Capital reserves transfer to paid-in capital
+2. Surplus reserves transfer to paid-in capital
+2. Capital contributed by other equity
+instruments holders
+from investing activities
+Payments for acquisition of
+investments
+Payments for acquisition and
+III. Increase/decrease in the year of
+256,017,409,137.19
+227,672,712,353.16 28,344,696,784.03
+81,875,582,795.77
+24,967,736,455.15
+1,815,518.95
+1,786,297,242.20
+96,299,421,111.09
+22,741,859,230.00
+II. Balance on January 1, 2023
+Others
+Business combinations under
+common control
+period
+Corrections of errors in prior
+Add: Changes in accounting
+policies
+256,017,409,137.19
+227,672,712,353.16 28,344,696,784.03
+81,875,582,795.77
+24,967,736,455.15
+1,815,518.95
+1,786,297,242.20
+2023 (decrease to be presented
+with "-")
+1,726,358,486.00
+-32,808,555,506.18
+216,341,068.32
+395,372,000.00
+32,148,992,441.19
+-47,939,463,558.81
+-31,163,535,540.32 -16,775,928,018.49
+28,352,526,176.19
+896,501,254.54
+27,456,024,921.65
+27,238,970,860.70
+2. Capital contributed by other
+30,422,633,955.19
+96,299,421,111.09
+1,726,358,486.00
+1. Ordinary share contributed by
+-32,889,894,026.32
+1,726,358,486.00
+(II) Owners' contribution and
+withdrawal
+217,054,060.95
+(I) Total comprehensive income
+-43,718,588,746.47
+-26,342,686,835.47 -17,375,901,911.00
+4,524,213,015.18
+-1,043,898.79
+owners
+22,741,859,230.00
+I. Balance at December 31, 2022
+bonds
+Owners' equity attributable to the Company
+January to December 2023
+Consolidated Statement of Changes in Owner's Equity
+Company Name: China Yangtze Power Co., Ltd.
+2023 Annual Report
+125/308
+Head of Company: Ma Zhenbo Head of Accounting: Zhan Pingyuan Head of Accounting
+Agency: Zhang Na
+cash equivalents
+4,220,288,136.98
+1,829,840,233.39
+2023
+VI. Ending balance of cash and
+7,002,485,878.73
+4,220,288,136.98
+Add: Beginning balance of cash
+equivalents
+-2,782,197,741.75
+-2,390,447,903.59
+V. Net increase in cash and cash
+equivalents
+31,935.80
+-62,770.37
+and cash equivalents
+32,544,364,441.19
+Unit: yuan Currency: RMB
+Other
+shares
+Others
+Preferred Perpetual
+provision
+income
+shares
+Paid-in capital
+Total owners' equity
+interests
+Subtotal
+Less:
+Retained earnings
+Surplus reserve
+Special reserve
+comprehensive
+treasury
+Capital reserve
+Other equity instruments
+Item
+Other
+Non-controlling
+General
+risk
+equity instruments holders
+3. Share-based payment recorded
+in owners' equity
+Surplus reserve
+Special reserve
+General risk
+Total owners' equity
+Non-controlling
+interests
+Other
+comprehensive
+Capital reserve
+Perpetual
+bonds
+shares
+Preferred
+Retained earnings
+Paid-in capital
+Other equity instruments
+Item
+2022
+Owners' equity attributable to the Company
+(Continued)
+81,411,407.80
+212,298,820,390.72
+10,968,794,873.03
+201,330,025,517.69
+86,399,795,810.95
+24,967,736,455.15
+Less: treasury
+771,620.16
+Other
+shares
+II. Balance on January 1, 2022
+53,808,088,671.12
+37,665,764,237.62 16,142,324,433.50
+3,659,221,869.79
+406,542,367.83
+33,600,000,000.00
+Others
+Business combinations under
+common control
+Corrections of errors in prior
+period
+Add: Changes in accounting
+policies
+Subtotal
+190,288,222,888.70
+181,063,819,486.27
+76,768,181,760.95
+24,319,522,433.93
+318,915,804.42
+56,915,340,256.97
+22,741,859,230.00
+I. Balance at December 31, 2021
+income
+Others
+provision
+9,224,403,402.43
+IV. Effect of exchange rate
+changes on cash and cash
+2,002,638,310.52
+24,468,217,716.00
+2. Surplus reserves transfer to
+paid-in capital
+paid-in capital
+1. Capital reserves transfer to
+(IV) Transfer within owners' equity
+-24,212,032,433.38
+-1,496,564,020.30
+-22,715,468,413.08
+-22,715,468,413.08
+-24,212,032,433.38
+-80,483,828,000.00
+3. Recover loss by surplus reserve
+-63,312,527,981.51 -17,171,300,018.49
+-22,715,468,413.08 -1,496,564,020.30
+126/308
+-63,312,527,981.51
+4. Others
+3. Distribution to owners
+provisions
+2. Appropriation for general risk
+reserves
+1. Appropriation for surplus
+(III) Profit distribution
+4. Others
+-22,715,468,413.08
+63,490,865,604.91
+4.Changes in remeasured defined
+benefit obligations or net assets
+5.Transfer other comprehensive
+income to retained earnings
+6. Others
+1. Current year accrued
+IV. Balance at December 31, 2023
+75,312.73
+81,336,095.07
+-2,425.07
+81,338,520.14
+(VI) Others
+324,987,890.11
+-326,018,228.38
+760,181.29
+-746,620.77
+-325,271,607.61
+324,227,708.82
+(V) Special reserve
+-1,030,338.27
+-1,043,898.79
+-325,271,607.61
+324,227,708.82
+-1,043,898.79
+712,992.63
+712,992.63
+-712,992.63
+-712,992.63
+2023 Annual Report
+2. Current year utilised
+13,560.52
+Subtotal of cash inflows
+financing activities
+35,257,173,077.97
+130,227,497,806.58
+224,324,700,899.37
+V. Net increase in cash and cash
+equivalents
+IV. Effect of exchange rate
+changes on cash and cash
+financing activities
+Net cash flows from
+from financing activities
+Subtotal of cash outflows
+equivalents
+activities
+12,144,735,080.24
+65,216,717,718.08
+78
+Payments for other financing
+subsidiaries
+1,724,524,259.43
+1,114,815,709.39
+34,646,322,332.41
+35,672,380,743.88
+83,436,440,393.93
+123,435,602,437.41
+-54,802,283,942.93
+-31,568,531,116.29
+27,542,956.08
+141,690,153.90
+I. Cash Flows from Operating Activities:
+2022
+2023
+Note XIX
+Item
+Unit: yuan Currency: RMB
+Company Name: China Yangtze Power Co., Ltd.
+January to December 2023
+Cash Flow Statement of Parent Company
+Head of Accounting: Zhan Pingyuan Head of Accounting
+98,658,966,690.29
+10,628,364,964.92
+2023 Annual Report
+Head of Company: Ma Zhenbo
+Agency: Zhang Na
+VI. Ending balance of cash and
+cash equivalents
+and cash equivalents
+123/308
+10,280,519,646.37
+10,628,364,964.92
+Add: Beginning balance of cash
+347,845,318.55
+-2,862,005,556.29
+7,766,359,408.63
+169,522,416,956.44
+non-controlling interests of
+dividends, profit to
+activities
+11,295,775.87
+78
+Payments for other investing
+601,993,748.44
+115,432,281,989.81
+76,239,748,510.66
+12,469,721,762.97
+12,232,564,467.80
+116,211,483,671.45
+Subtotal of cash outflows
+76,268,321,715.71
+5,592,027.34
+78
+138,872,999,263.89
+37,035,446.81
+6,964,001.35
+2023 Annual Report
+of investment in subsidiaries and
+other business units
+Net increase in pledge loans
+Net payments for acquisitions
+intangible assets and other
+long-term assets
+construction of fixed assets,
+34,202,605.40
+Proceeds from sales of goods or
+89,074,306,726.90
+from investing activities
+Including: Distribution of
+distribution or interest
+Payment for dividends, profit
+from financing activities
+Repayments of borrowings
+Subtotal of cash inflows
+96,720,000.00
+78
+90,631,526,690.29
+152,980,239,996.01
+Proceeds from borrowings
+Proceeds from other financing
+activities
+127,913,299,528.65
+2,427,440,000.00
+non-controlling interests of
+subsidiaries
+Including: Proceeds from
+8,027,440,000.00
+16,445,456,960.43
+Proceeds from investors
+III. Cash flows from financing activities:
+-11,701,815,857.20
+investing activities
+-12,805,985,011.19
+Net cash flows from
+395,372,000.00
+rendering of services
+Refund of taxes
+24,243,922,177.00
+Proceeds from investors
+III. Cash flows from financing activities:
+investing activities
+-3,777,735,938.15
+-53,014,586,358.11
+Net cash flows from
+94,750,330,195.34
+135,591,760,575.64
+2023 Annual Report
+from investing activities
+16,050,084,960.43
+Subtotal of cash outflows
+Payments for other investing
+Net payments for acquisitions
+of investment in subsidiaries and
+other business units
+investments
+124/308
+93,176,379,781.97
+134,463,471,144.49
+1,573,950,413.37
+1,128,289,431.15
+90,972,594,257.19
+82,577,174,217.53
+activities
+Payments for acquisition of
+Proceeds from borrowings
+49,600,000,000.00
+Net cash flows from
+from financing activities
+60,687,007,693.90
+93,322,911,882.46
+Subtotal of cash outflows
+activities
+122,632,432.46
+121,254,756.62
+Payments for other financing
+distribution or interest
+112,530,000,000.00
+22,007,975,261.44
+Payment for dividends, profit
+38,556,400,000.00
+67,672,700,000.00
+Repayments of borrowings
+from financing activities
+49,600,000,000.00
+128,580,084,960.43
+Subtotal of cash inflows
+activities
+Proceeds from other financing
+25,528,957,125.84
+-11,087,007,693.90
+long-term assets
+Payments for acquisition and
+686,551,243.93
+823,309,105.07
+Payments for other operating
+7,891,710,471.98
+4,381,480,154.03
+Payments of taxes
+1,701,636,009.03
+1,323,045,849.78
+Payments to and for employees
+services
+activities
+2,429,363,910.98
+Payments for goods and
+24,791,775,590.42
+24,509,547,600.97
+Subtotal of cash inflows
+137,307,552.95
+265,625,423.97
+from operating activities
+activities
+Proceeds from other operating
+24,654,468,037.47
+2,614,684,345.17
+construction of fixed assets,
+intangible assets and other
+Subtotal of cash outflows
+9,142,519,454.05
+from investing activities
+Subtotal of cash inflows
+Proceeds from other investing
+activities
+Proceeds from disposal of
+subsidiaries and other business
+units
+assets, intangible assets and other
+long-term assets
+22,010,866.22
+572,481.22
+Proceeds from disposal of fixed
+1,477,947,387.98
+15,980,967,979.04
+from operating activities
+investments
+investments
+89,472,636,002.99
+66,595,633,757.27
+Proceeds from disposal of
+II. Cash Flows from Investing Activities:
+activities
+12,082,513,954.50
+15,367,028,146.92
+Net cash flows from operating
+12,709,261,635.92
+Proceeds from return of
+2,268,630.00
+90,515,340,256.97
+22,741,859.230.00
+5. Materiality criteria determination method and selection basis
+The single amount accounts for more than 1.5% of
+the consolidated net assets.
+The book value of long-term equity investments
+accounts for more than 1.5% of consolidated net
+assets.
+The net assets of non-wholly-owned subsidiaries
+account for more than 1.5% of the consolidated net
+assets and the amount of minority shareholders'
+equity is more than 1 billion yuan.
+more than
+The budget amount of a single project
+1 billion yuan.
+The amount of a single item accounts for more
+than 0.1% of the consolidated total assets.
+The amount of a single item accounts for more
+than 0.1% of the consolidated total assets.
+The amount of a single item accounts for more
+than 0.1% of the consolidated total assets.
+The amount of a single item accounts for more
+than 0.1% of the consolidated total assets.
+Materiality criteria
+Important cash related to investing activities
+Important joint ventures or associates
+Important non-wholly owned subsidiaries
+Important construction in progress
+Important other payables aged more than 1 year
+Important accounts payable aged more than 1 year
+year
+Important dividends receivable aged more than 1
+Important prepayments aged more than 1 year
+Item
+√ Applicable □ Inapplicable
+6. Accounting Treatment for Business Combinations
+√ Applicable Inapplicable
+A.
+2
+statements
+7. Judgment criteria for control and preparation method of consolidated financial
+2023 Annual Report
+135 / 308
+Any acquisition related costs, such as audit fees, legal fees, valuation fees and other general
+administrative costs, are recognized in profit or loss in the period in which the costs are incurred. The
+transaction costs of issuance of equity instrument or debt instrument as part of the consideration paid for
+the acquisition shall be accounted for the initial recognized amounts of such instruments.
+D. Acquisition related costs
+In a business combination achieved in stages, if multiple transactions can be 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.
+At the acquisition date, the identified assets acquired and the liabilities assumed are recognized at their
+fair value. The difference between the fair value and its carrying amount is recognized in profit or loss.
+The Company recognizes the difference between the merger cost and the fair value share of the
+acquiree's identifiable net assets obtained in the merger as goodwill; if the merger cost is less than the
+fair value share of the acquiree's identifiable net assets acquired in the merger, the fair value of the
+acquiree's identifiable assets, liabilities and contingent liabilities acquired and the measurement of the
+merger costs will first be reviewed, if the merger cost is still less than the fair value share of the
+acquiree's identifiable net assets obtained in the merger after review, it will be included in the current
+profit and loss.
+C. Business Combinations (Other Than Transactions Between Entities Under Common Control)
+The company participating in the merger are not ultimately controlled by the same party or the same
+parties before and after the merger, and it is a business merger not under the same control.
+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 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.
+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.
+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.
+Transactions Between Entities Under Common Control
+2023 Annual Report
+B.
+134/308
+A transaction is uneconomic when being viewed in isolation, while economic when considered
+with other transactions.
+4)
+3 The occurrence of one transaction depends on the occurrence of at least one another
+transaction;
+These transactions can achieve a complete business result only as a whole;
+These transactions are made at the same time or with consideration for each other's influence;
+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.
+The company participating in the merger are ultimately controlled by the same party or the same parties
+before and after the merger, and the control is not temporary. It is a business merger under the same
+control.
+2023 Annual Report
+133/308
+The Company uses Renminbi (“RMB") as its reporting currency.
+5. CYPC Investment Management Co., Ltd. (hereinafter referred to as "CYPC Investment").
+4. Three Gorges Electric Energy Co., Ltd. (hereinafter referred to as "Three Gorges Electric
+Energy").
+3. Three Gorges Jinsha River Chuanyun Hydropower Development Co., Ltd. (hereinafter referred
+to as "Chuanyun Company").
+2. China Yangtze Power International (Hongkong) Co., Ltd. (hereinafter referred to as "CYPC
+International").
+1. CYPC Capital Holding Co., Ltd. (Former name: Beijing Yangtze Power Innovation Investment
+Management Co., Ltd., hereinafter referred to as CYPC Capital);
+The company holds an enterprise legal person business license No. 91110000710930405L issued
+by the State Administration for Industry and Commerce. The company's registered address: Building B,
+No. 1, Yuyuantan South Road, Haidian District, Beijing. Headquarters address: 22nd Floor, Building B,
+Fukai Building, No. 19 Financial Street, Xicheng District, Beijing. The company's controlling
+shareholder is China Three Gorges Corporation, and the company's main subsidiaries include:
+As of December 31, 2023, the company has issued a total of 24,468,217,716 shares, with a share
+capital of RMB 24,468,217,716.
+Investment Group Co., Ltd. and Yunnan Provincial Energy Investment Group Co., Ltd. as share-based
+payment consideration for the purchase of 100% equity interest in Three Gorges Jinsha River Yunchuan
+Hydropower Development Co., Ltd.; In April 2023, the Company issued 804,436,061 ordinary shares of
+RMB to a total of 19 specific parties, including China Merchants Securities Company Limited, to raise
+matching funds. The nominal value of each of the aforesaid shares was RMB1. Upon completion of the
+issue, the total share capital of the Company was changed to 24,468,217,716 shares.
+2023 Annual Report
+131/308
+6. CYPC Xinneng Co., Ltd. (hereinafter referred to as "Xinneng Company ").
+In January 2023, with the approval of the China Securities Regulatory Commission, the Company
+issued a total of 921,922,425 shares to China Three Gorges Corporation, Sichuan Energy Industry
+On March 25, 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.
+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 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.
+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.
+1. Organization
+√ Applicable Inapplicable
+Company Profile
+General Information of the Company
+I.
+III.
+2023 Annual Report
+On October 19, 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.
+7. CYPC Sales Co., Ltd. (hereinafter referred to as "Sales company").
+8.Three Gorges Jinsha River Yunchuan Hydropower Development Co., Ltd.(hereinafter referred to
+as "Yunchuan company").
+9. Fengjie Caiziba Pumped Storage Clean Energy Company Limited (hereinafter referred to as
+"Caiziba Company").
+4. Foreign Currencies
+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.
+√ Applicable □ Inapplicable
+3. Operating Cycle
+2. Accounting Period
+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.
+□ Applicable √ Inapplicable
+Specific Accounting Policies and Accounting Estimates Reminder:
+Significant Accounting Policies and Accounting Estimates
+V.
+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.
+√ Applicable □ Inapplicable
+2. Going Concern
+The company's financial statements are prepared on the going concern basis.
+1. Basic Of Preparation
+Basic Of Preparation
+There are 43 entities included in the consolidation scope for the current period. Please refer to Note
+IX Equity in Other Entities for details. Compared with the previous period, the number of entities
+included in the scope of consolidated financial statements in this period increased by 17 and decreased
+by 1, please refer to Note VIII Changes in Consolidation Scope for details.
+2023 Annual Report
+IV.
+132/308
+2. Scope of Consolidated Financial Statements
+11. CYPC (Xiuning) Energy Development Co., Ltd. (hereinafter referred to as "Xiuning
+Company").
+10. CYPC (Zhangye) Energy Development Company Limited (hereinafter referred to as "Zhangye
+Company").
+√ Applicable Inapplicable
+A. Judgment criteria for control
+The fiscal year of the Company is from January 1st to December 31st of the Gregorian calendar.
+The Company makes a judgment on whether to control the investee based on comprehensive
+consideration of all relevant facts and circumstances. Once changes in relevant facts and
+circumstances lead to changes in the relevant elements involved in the definition of control, the
+company will reassess. Relevant facts and circumstances mainly include:
+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 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.
+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.
+Translation of Foreign Currency Financial Statements
+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. The difference between the
+translated carrying amount in the local currency and the original carrying amount in the local currency is
+treated as a change in fair value (including changes in foreign exchange rates) and recognized in profit
+or loss or other comprehensive income.
+At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at
+the rates prevailing at that date. Exchange differences arising from special foreign-currency borrowings
+are recognized in profit or loss, except for exchange differences arising from special foreign-currency
+borrowings relating to the acquisition and construction of assets eligible for capitalization, which are
+treated in accordance with the principle of capitalization of borrowing costs. Non-monetary items that
+are measured in terms of historical cost in a foreign currency are not retranslated.
+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.
+A. Foreign Currency Transaction
+10. Foreign Currency Transaction and Translation of Foreign Currency Financial Statements
+√ Applicable Inapplicable
+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.
+11. Financial Instruments
+9. Cash and Cash Equivalents
+138/308
+Its expenses, including its share of any expenses incurred jointly.
+5.
+its share of the revenue from the sale of the output by the joint operation;
+4
+its revenue from the sale of its share of the output arising from the joint operation;
+3
+its liabilities, including its share of any liabilities incurred jointly;
+2.
+its assets, including its share of any assets held jointly;
+2023 Annual Report
+The Company recognizes in relation to its interests in a joint operation:
+√ Applicable Inapplicable
+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
+Control means that the investor has power over the investee, enjoys variable returns by participating
+in the investee's relevant activities, and has the ability to use its power over the investee to affect the
+amount of its returns.
+140/308
+The Company recognizes interest income on such financial assets using the effective interest method.
+If the financial asset that the cash flows to be generated at a specified date will consist solely of
+payments of principal and interest based on the amount of principal outstanding, and the business model
+for managing the financial asset is based on the objective of collecting the contractual cash flows as well
+as the objective of selling the financial asset, the Company classifies the financial asset as a financial
+asset at fair value through other comprehensive income.
+2 Financial assets at fair value through other comprehensive income
+(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.
+(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;
+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:
+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.
+① Financial assets at amortized cost
+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 Company reclassifies financial assets when and only when its business model for managing those
+assets changes.
+Fair value through profit or loss ("FVTPL").
+Fair value through other comprehensive income ("FVOCI");
+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.
+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.
+financial instrument (for example, prepayment, extension, call, and similar options) but shall not
+consider the expected credit losses.
+2023 Annual Report
+139/308
+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 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.
+Accounting Treatment for Joint Operation
+Financial assets and financial liabilities are recognized when the Company becomes a party to the
+contractual provisions of the instrument.
+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 operation refers to a
+joint arrangement in which the joint venture party enjoys the relevant assets of the arrangement and
+assumes the relevant liabilities of the arrangement.A joint venture is a joint arrangement in which the
+parties only have rights to the net assets of the arrangement.
+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.
+Increase in subsidiaries or businesses
+2023 Annual Report
+136/308
+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.
+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 party's financial statements.
+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.
+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.
+C. Consolidation Principals
+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 Scope
+(6 Investors' relationships with other parties.
+return.
+5 Whether the investor has the ability to use its power over the investee to affect the amount of its
+Whether the investor enjoys variable returns through participation in the investee's related
+activities.
+The investee's relevant activities and how decisions are made regarding the relevant activities.
+Whether the rights enjoyed by the investor currently enable it to dominate the relevant activities
+of the investee.
+4.
+3
+2.
+The purpose of establishment of the investee.
+B.
+1
+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 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.
+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.
+In preparing the consolidated financial statements, the Company shall treat the whole company 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 the Company.
+Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the
+policies adopted by the Company.
+(3) Purchase of non-controlling interests in existing subsidiaries
+Classification of Joint Arrangement and Accounting Treatment for Joint Operation
+√ Applicable □ Inapplicable
+2 Disposal of subsidiaries or businesses
+8.
+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.
+(4) Disposal of ownership interests in existing subsidiaries without loss of control
+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.
+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.
+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.
+A transaction is uneconomic when being viewed in isolation, while economic when considered
+with other transactions.
+A. Classification of Joint Arrangement
+d.
+The occurrence of one transaction depends on the occurrence of at least one another transaction;
+b. These transactions can achieve a complete business result only as a whole;
+These transactions are made at the same time or with consideration for each other's influence;
+a.
+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:
+2023 Annual Report
+137/308
+(2) Step Disposal
+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 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.
+(1) General Procedure
+C.
+Applicable Not applicable
+15. Other receivables
+14. Receivables financing
+Applicable Not applicable
+□ Applicable Not applicable
+13. Accounts receivable
+2023 Annual Report
+12. Notes receivable
+there is an intention to settle on a net basis or realize the asset and settle the liability
+simultaneously.
+there is a legally enforceable right to offset the recognized amounts; and
+16. Inventory
+Financial assets and liabilities are offset and the net amount reported in the statement of financial
+position when:
+□ Applicable √ Not applicable
+√ Applicable Inapplicable
+The Company adopts perpetual inventory system.
+√ Applicable □ Inapplicable
+A.
+Classification
+Inventories are assets that are held for sale in the ordinary course of business; in the 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.
+B. Measurement
+Inventories shall be recognized at cost upon acquisition. The cost of inventories comprises costs of
+purchase, costs of conversion and other costs incurred in bringing the inventories to their present
+location and condition. Costs of inventories may be calculated using the weighted average method.
+C.
+Inventory System
+147/308
+D. Amortization method for low-value consumables and packaging materials
+Low-value consumables and packaging materials are amortized in full upon consumption.
+Recognition standards and accrual methods for inventory depreciation provisions
+G. Offsetting Financial Instruments
+Classification, Measurement, Inventory System, Amortization method for low-value consumables
+and packaging materials
+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.
+(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;
+146/308
+2023 Annual Report
+√ Applicable □ Inapplicable
+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.
+(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;
+(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;
+(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 notes
+b.
+Accounts receivable
+2023 Annual Report
+Portfolio 1: Hydropower receivables
+Portfolio 3: Receivables of Peruvian Companies
+Portfolio 4: Receivables of other businesses
+c.
+Other receivables
+Portfolio 1: Dividends receivable
+Portfolio 2: Receivables of Peruvian Companies
+Portfolio 3: Receivables of other businesses
+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.
+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.
+(4)
+Write-off policy
+Portfolio 2: New energy subsidy portfolio
+At the balance sheet date, after a comprehensive checking, inventories are measured at the lower of cost
+and net realizable value, or the provision for decline in value is adjusted. Net realizable value of finished
+goods, merchandise and materials for sell and other inventories that are available for sell directly is the
+estimated selling price in the ordinary course of business less the estimated costs of completion, the
+estimated costs necessary to make the sale and relevant taxes. In the process of normal production and
+business operation, net realizable value of materials held for use in the production is the estimated
+selling price of the finished goods less the estimated costs of completion, the estimated costs necessary
+to make the sale and relevant taxes. The net realizable value of inventories held for the execution of sales
+contracts or labor contracts shall be calculated on the ground of the contract price. If an enterprise holds
+more inventories than the quantities subscribed in the sales contract, the net realizable value of the
+excessive part of the inventories shall be calculated based on the general sales price.
+The Company holding an investment that is accounted for in accordance with "ASBE22
+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.
+The combination categories and basis for determining inventory depreciation provisions according
+to the combination, and the basis for determining the net realizable value of different types of
+inventory
+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.
+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
+149/308
+2023 Annual Report
+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.
+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.
+The initial cost of equity investment acquired through cash payment shall be measured at the purchase
+price and other directly attributable expenditures.
+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.
+C.
+Accounting Treatment for Changes in Interests or Influences
+(1) Previously applied fair value method and will now apply equity method
+-
+Financial
+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.
+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.
+(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 the Company's share of the net assets measured at fair value and
+150/308
+145/308
+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.
+An enterprise shall recognize provision for decline in value of inventories on the basis of each item of
+inventories. For inventories with large quantity and relatively low unit prices, the provision for decline in
+value of inventories shall be recognized according to the categories of inventories. For the inventories
+related to the series of products manufactured and sold in the same area, and of which the final use or
+purpose is identical or similar thereto, and if it is difficult to measure them by separating them from
+other items, the provision for decline in value of inventories shall be recognized on a combination basis.
+If the factors causing any write-down of the inventories have disappeared, the amount of write-down
+shall be recovered and be reversed from the provision for decline in value of inventories that have been
+recognized. The reversed amount shall be included in profit or loss in the current period.
+② Equity investment acquired through other forms
+A. Initial Cost
+Applicable √Not applicable
+The calculation method and basis for determining the net realizable value of each warehouse age
+combination based on the inventory age confirmation
+□ Applicable √Not applicable
+17. Contract Assets
+√ Applicable Inapplicable
+Recognition methods and standards for contract assets
+√ Applicable Inapplicable
+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.
+Determination method and accounting treatment method of expected credit loss of contract assets
+√ Applicable □ Inapplicable
+148/308
+2023 Annual Report
+The Company's determination method and accounting treatment method of expected credit losses on
+contract assets are detailed in Note 11. F Impairment of Financial Instruments.
+Refer to Note VI for equity investments acquired through business combinations.
+Combination categories and determination basis for bad debt provisions based on combinations of
+credit risk characteristics
+Account aging calculation method based on aging confirmation credit risk characteristic
+combination
+□ Applicable √Not applicable
+Judgment criteria for single provision based on the determination of individual provision for bad
+debts
+Applicable √Not applicable
+18. Non-current Assets or Disposal Groups Held for Sale
+□ Applicable √Not applicable
+Recognition standards and accounting treatment methods for non-current assets or disposal
+groups classified as held for sale
+Applicable Not applicable
+Determination standards and presentation methods for discontinued operations
+□ Applicable √Not applicable
+19. Long Term Equity Investments
+√ Applicable Inapplicable
+□ Applicable √Not applicable
+The Company uses both individual and collective assessment basis for the purpose of impairment
+assessment. This includes information about past events, current conditions and forecasts of future
+or
+(③
+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.
+2 Other financial liabilities
+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:
+financial liabilities at FVTPL; or
+financial liabilities that arise when a transfer of a financial asset does not qualify for
+derecognition or when the continuing involvement approach applies; or
+rate.
+financial guarantee contracts and commitments to provide a loan at a below-market interest
+on initial recognition it is part of a portfolio of identified financial instruments that the
+Company manages together and has a recent actual pattern of short-term profit-taking; or
+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.
+Derecognition of Financial Instruments
+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.
+142/308
+2023 Annual Report
+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.
+D. 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:
+C.
+2.
+it has been acquired principally for the purpose of repurchasing it in the near term; or
+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.
+Measurement and recognition of ECL
+2023 Annual Report
+Changes in fair value are recognized in other comprehensive income, except for interest income,
+impairment losses and exchange differences, which are recognized in profit or loss. When such financial
+assets are derecognized, the cumulative gain or loss previously recognized in other comprehensive
+income is transferred from other comprehensive income and recognized in profit or loss for the current
+period.
+Notes and accounts receivable measured at fair value through other comprehensive income are presented
+as receivables financing, and other such financial assets are presented as other debt investments, of
+which: other debt investments maturing within one year from the balance sheet date are presented as
+non-current assets maturing within one year, and other debt investments with original maturities of less
+than one year are presented as other current assets.
+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 reports such financial assets in the item of Financial assets held for trading and other
+non-current financial assets according to their liquidity.
+A financial liability is classified as held for trading if:
+(5) Financial assets designated at fair value through profit or loss
+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.
+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.
+B.
+Classification and Subsequent Measurement of Financial Liabilities
+141/308
+2023 Annual Report
+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.
+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.
+The subsequent measurement of financial liabilities depends on their classification as follows:
+Financial liabilities at FVTPL
+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').
+3.
+(3) Financial assets designated at fair value through other comprehensive income
+if the Company retains substantially all the risks and rewards of ownership of the financial asset,
+it shall continue to recognize the financial asset;
+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.
+For financial assets that have objective evidence of impairment at the reporting date ("Stage 3"),
+the Company recognizes lifetime ECL.
+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.
+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
+144/308
+2023 Annual Report
+Company shall measure the loss allowance at an amount equal to 12-month ECL at the current reporting
+date.
+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.
+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 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.
+② 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;
+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;
+it is becoming probable that the borrower will enter bankruptcy or other financial
+reorganization;
+the disappearance of an active market for that financial asset because of financial difficulties;
+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.
+For 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;
+3
+The following list of information may be relevant in assessing changes in credit risk:
+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.
+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:
+2.
+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.
+-
+2023 Annual Report
+143/308
+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 trade or notes receivables, contract assets, and lease receivables, the Company shall recognize a loss
+allowance based on lifetime ECL at each reporting date.
+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).
+F. Impairment of financial instruments
+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;
+The fair value of a financial instrument at initial recognition is normally the transaction price.
+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. Examples of markets in which
+inputs might be observable for financial instruments include exchange markets, dealer markets, brokered
+markets and principal-to-principal markets.
+E. Fair Value of Financial Instruments
+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.
+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.
+5.00-50.00
+After recognition as an asset, an item of fixed assets 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 fixed assets 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.
+Fixed assets formed by using the the special reserve are written off against the special reserve at the cost
+of the fixed assets, and accumulated depreciation of the same amount is recognized, and the fixed assets
+are not depreciated in subsequent periods.
+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.
+Subsequent Cost
+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 recognize in the carrying amount of an item of fixed assets the costs of the
+day-to-day servicing of the item. Rather, these costs are recognized in profit or loss as incurred.
+3 Impairment of fixed assets
+Please refer to Note 27. Impairment of long-term assets for details on the impairment testing method and
+impairment provision method for fixed assets.
+④
+Derecognition
+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.
+The cost of a self-constructed construction in progress is consisted of the necessary expenditures
+incurred for bringing the asset to the expected conditions for intended use, including material costs,
+labor costs, the relevant taxes and fees paid, the borrowing costs that should be capitalized, and the
+indirect costs that should be apportioned. The Company measures construction in progress according to
+project classification.
+√ Applicable Inapplicable
+The expenditures before construction in progress is ready for its intended use shall be transferred to
+fixed assets. When the construction reaches its working condition but not yet settled the final account, its
+cost should be transferred to fixed assets at the estimated amount, and depreciation is made consequently
+according to Group's depreciation method. After final account of the project has been settled, the Group
+bases on actual cost to adjust on previous estimated amount of the project, but is not required to adjust
+depreciation retrospectively.
+154/308
+12.50-20.00
+Please refer to Note 27. Impairment of long-term assets for details on the impairment testing method and
+impairment provision method for construction in progress.
+23. Borrowing Cost
+√ Applicable Inapplicable
+A. Borrowing Costs Eligible for Capitalization
+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 qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its
+intended use or sale.
+22. Construction in Progress
+2023 Annual Report
+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.
+its share of the investee's carrying value shall be accounted for as gains or losses at the date significant
+influence is lost.
+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
+Joint Control and Significant Influence
+E.
+(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.
+recognized in other comprehensive income in relation to that subsidiary shall be reclassified to
+profit or loss at the date control is lost.
+2023 Annual Report
+151/308
+(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
+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, 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.
+(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.
+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:
+(4) A transaction is uneconomic when being viewed in isolation, while economic when considered
+with other transactions.
+(3) The occurrence of one transaction depends on the occurrence of at least one another
+transaction;
+(1) 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;
+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:
+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.
+D. Disposal of long-term equity investments
+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.
+(5) Previously consolidated and will now apply fair value 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.
+(4) Previously consolidated and will now apply equity method
+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.
+2023 Annual Report
+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:
+If the ownership of the leased asset can be reasonably confirmed to be acquired at the expiration of lease
+term, the depreciation shall be carried out within the remaining service life of the leased asset; otherwise,
+the depreciation shall be carried out within the remaining lease term or the service life of the leased asset,
+whichever is shorter. For the right-of-use assets with provision for depreciation, depreciation shall be
+made according to the above-mentioned principles on the basis of the book value after deduction of
+provision for depreciation in the future period.
+it incurs expenditures for the asset;
+(1) Method of valuation, useful life, impairment testing
+√ Applicable □ Inapplicable
+Intangible assets are identifiable non-monetary assets without physical substance, including land use
+rights, computer software, patents, and franchises.
+A.
+Measurement at Recognition
+The cost of a purchased intangible asset comprises the purchase price, relevant taxes and other directly
+attributable expenditures. Where the payment of purchase price for intangible assets is delayed beyond
+the normal credit conditions, which is of financing intention, the cost of intangible assets shall be
+determined on the basis of the current value of the purchase price.
+When the intangible assets acquired from debt recombination and the intangible assets are used for debt
+liquidation, the book value shall be determined on the basis of the fair value. The difference between the
+book value of the debt to be restructured and the fair value of the intangible assets that used for debt
+liquidation transferred into the current profit or loss.
+If the non-monetary assets transaction is commercial in nature and the fair value of the changed in assets
+or changed out assets can be reliably measured, the book value of each received assets shall be
+determined on the basis of the fair value of each changed out assets, except it has strong evidence that
+156/308
+2023 Annual Report
+26. Intangible Assets
+fair value of changed in assets is more reliably. Where any non-monetary assets transaction does not
+meet the conditions as prescribed above, the carrying amount and relevant tax payable of the assets
+surrendered shall be the cost of the assets received and no profit or loss is recognized.
+The cost of self-developed intangible assets shall include: consumed material relevant to development of
+intangible asset, labor cost, registration fee, the amortization of other patent right and concession, the
+interest cost that satisfy the conditions of capitalization, and the total expenditures incurred during the
+period from the time when it meets the intended use are realized.
+B.
+Measurement after Recognition
+The Company shall assess whether the useful life of an intangible asset is finite or indefinite at the
+acquisition date.
+①Intangible assets with finite useful lives
+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.
+The following table presents estimated useful lives for the Company's intangible assets:
+Categories
+Software
+20. Investment Properties
+The intangible assets that the combining party obtains in a business combination under common control
+shall be measured on the basis of their carrying amount in the combined party. The intangible assets that
+the combining party obtains in a business combination not under the common control shall be measured
+on the basis of their fair values.
+B.
+□ applicable √not applicable
+The company determines whether the right-of-use assets have been impaired in accordance with the
+provisions of "Accounting Standards for Business Enterprises No. 8 - Asset Impairment" and conducts
+accounting treatment for the identified impairment losses. For details, please refer to Note 27.
+Impairment of long-term assets.
+it incurs borrowing costs; and
+it undertakes activities that are necessary to prepare the asset for its intended use or sale.
+Commencement and Cessation of Capitalization
+The capitalization period refers to the period from the start of capitalization of borrowing costs to the
+cessation of capitalization, excluding the period during which capitalization of borrowing costs is
+suspended.
+Capitalization of borrowing costs stops when the purchased, constructed or produced assets that satisfy
+the capitalization conditions reach the intended use or sale status.
+When part of the items in the acquisition, construction or production of assets eligible for capitalization
+are completed and can be used independently, the capitalization of borrowing costs for this part of the
+assets should stop.
+If the various parts of the assets purchased, constructed or produced are completed separately, but can
+only be used or sold externally after the overall completion, the capitalization of borrowing costs shall
+stop when the overall completion of the assets is completed.
+C.
+Suspension of Capitalization
+Where the acquisition and construction or production of a qualified asset is suspended abnormally
+and the suspension period lasts for more than 3 months, the capitalization of the borrowing costs is
+suspended. If the suspension is a necessary step for making the qualifying asset under acquisition
+and construction or production ready for the intended use or sale, the capitalization of the
+borrowing costs continues. The borrowing costs incurred during such period shall be recognized as
+expenses, and recorded in the profit or loss for the current period, until the acquisition and
+construction or production resumed.
+Interest expenses on special borrowings (net of the interest income from depositing the not-yet-used
+borrowed funds in bank or the return on investment acquired from temporary investment of the
+not-yet-used borrowed funds) and their auxiliary expenses shall be capitalized before the assets
+purchased, constructed or produced that meet the capitalization conditions reach the intended usable or
+salable state.
+25. Oil and gas assets
+The amount of interest that should be capitalized on general borrowings is calculated and determined
+based on the weighted average of the asset disbursements that exceed the portion of the special
+borrowings multiplied by the capitalization rate of the occupied general borrowings. The capitalization
+rate is calculated and determined based on the weighted average interest rate of general borrowings.
+2023 Annual Report
+If there is a discount or premium on the borrowing, the amount of discount or premium that should be
+amortized in each accounting period shall be determined according to the actual interest rate method,
+and the interest amount of each period shall be adjusted.
+24. Right-of-use Assets
+√ Applicable □ Inapplicable
+The Company initially measures the right-of-use assets at cost. The cost includes the following:
+(1) Initial measurement amount of lease liabilities;
+(2) Deducted amount related to the enjoyed lease incentive if there is a lease incentive for the lease
+payment made on or before the commencement of the lease term;
+(3) Initial direct cost incurred;
+(4) Costs expected to be incurred for dismantling and removing the leased asset, restoring the site
+where the leased asset is located or restoring the leased asset to the state agreed in the leasing terms
+(except those incurred for the production of inventory).
+After the start date of a lease term, the Company uses the cost model for subsequent measurement of
+right-of-use assets.
+155/308
+Cost value model:
+8-50
+An investment property is measured initially at cost. The cost of a purchased investment property
+comprises its purchase price, related taxes and fees, and other directly attributable expenditures. The cost
+of a self-constructed investment property consists of all necessary expenditures incurred for bringing the
+asset to working condition for its intended use.
+Fixed assets in Peruvian Companies are depreciated on a straight-line basis at the following rates:
+Others
+8.08-33.33
+0-3
+3-12
+Straight-line
+Equipment and
+Office
+Facilities
+9.70-33.33
+153/308
+0-3
+Straight-line
+Transportation
+Equipment
+3.03-20.00
+0-3
+5-32
+Straight-line
+Machinery and
+Plant
+1.94-12.50
+3-10
+0-3
+2023 Annual Report
+Categories
+Ownership Right in Parking Lot
+1.00-5.00
+Annual
+Depreciation
+Rate (%)
+Estimated
+Residual Rate
+(%)
+Deprecation
+2-20
+Straight-line
+Others
+Facilities
+5-8
+Depreciation
+Straight-line
+Equipment
+5-60
+Straight-line
+Machinery and
+20-100
+Straight-line
+Buildings and Plant
+(year)
+Term for
+Deprecation
+Method
+Transportation
+Investment property is property held to earn rentals or for capital appreciation or for both. It includes a
+land use right that is leased out; a land use right held for transfer upon capital appreciation; and a
+building that is leased out.
+Straight-line
+Buildings
+2023 Annual Report
+152/308
+For details on the impairment testing method and impairment provision method for Investment
+Properties, please refer to Note 27. Impairment of long-term assets.
+1.25
+(Amortization) Rate
+(%)
+Annual Depreciation
+Annual Depreciation
+(Amortization) Rate
+(%)
+1.94-12.50
+Perpetual
+80
+Estimated Residual
+Rate (%)
+When an investment property is changed to an owner-occupied property, it is transferred to fixed asset
+or intangible asset at the date of the change. When an owner-occupied property is changed to be held to
+earn rentals or for capital appreciation, the fixed asset or intangible asset is transferred to investment
+property at the date of the change. The book value of the property prior to the transfer is the entire
+amount after the transfer.
+Estimated Useful
+Life (YRS)
+Buildings
+Categories
+B. Peru Companies
+Buildings
+Categories
+0-3
+Estimated Residual
+Rate (%)
+Estimated Useful
+Life (YRS)
+8-50
+A. CYPC
+Subsequent measurement of investment properties is under the cost model. Investment properties are
+depreciated or amortized using the straight-line method based on their costs less estimated residual
+values over their estimated useful lives. The estimated useful lives, residual values ratio and annual
+depreciation ratio are as following:
+Land
+Buildings and
+An investment property is derecognized on disposal or when the investment property is permanently
+withdrawn from use and no future economic benefits are expected from its disposal. When an
+investment property is sold, transferred, retired or damaged, the Group recognizes the amount of any
+proceeds on disposal net of the carrying amount and related taxes in profit or loss for the period.
+A. Recognition
+Annual
+Depreciation Rate
+(%)
+1.67-2.50
+40-60
+Straight-line
+Dam Related
+Estimated
+Residual Rate (%)
+Term for
+Deprecation (year)
+Depreciation
+Method
+Categories
+√ Applicable □ Inapplicable
+1.67-20.00
+21. Fixed assets
+Depreciation method
+(4) If payment of an item of fixed assets 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.
+(3) The cost of an item of fixed assets 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.
+(2) The cost of a self-constructed item of fixed assets comprises any directly attributable
+expenditures of bringing it to its location and working condition for its intended use.
+(1) The cost of an acquired item of fixed assets 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.
+An item of fixed assets that qualifies for recognition as an asset shall be measured at its cost.
+Initial measurement
+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.
+fixed assets 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 fixed assets shall be recognized as an asset if, and only if:
+Recognition of fixed assets
+√ Applicable Inapplicable
+B.
+Estimated Useful Life (year)
+D. Calculation method of capitalized amount of borrowing costs
+40-50
+2023 Annual Report
+159/308
+Defined contribution plans of the Company are payments for the employee's endowment insurance,
+unemployment insurance and annuity according to relevant local government regulations. These
+payments are recognized as liabilities, included in the profit or loss or related assets cost of the period in
+which the employees provide services.
+Post-employment benefits are classified as defined contribution plan and defined benefit plan.
+Post-employment benefits are benefits paid after the retirement or termination of employment
+relationship, except those are short-term compensations and termination benefits.
+√ Applicable Inapplicable
+Post-Employment Benefits
+B.
+Short-term employee benefits are benefits paid within 12 months subsequent to the accounting period
+which the employee provided services, except layoff benefits. Short-term compensations actually
+incurred are recognized as liabilities during the accounting period when the employee renders services to
+the Company. Employee benefits are recognized to profit or loss in the current period or allocated to
+related cost of assets based on different beneficiaries.
+Short-Term Employee Benefits
+√ Applicable Inapplicable
+A.
+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.
+30. 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.
+√ Applicable Inapplicable
+C. Termination Benefits
+√ Applicable Inapplicable
+Termination benefits are the compensations paid to employees when the Company terminates the
+employment relationship with employees prior to the expire of the employment contracts or provides
+compensations as an offer to encourage employees to accept voluntary layoffs. When the Company
+provides termination benefits, the employment benefit liabilities generated from termination benefits are
+recognized to profit or loss in the current period on the early date of the followings: 1) when the
+Company cannot unilaterally revoke the termination benefit due to termination of employment
+relationship or lay off proposals; 2) when the Company confirms and recognizes related costs or
+expenses incurred for restructuring of termination benefits.
+The Company offers early retirement benefit for the employees who accept the internal retirement
+arrangement. Early retirement benefit refers to the wages and social insurance paid for the employees
+who do not attain the statutory retirement age and being approved by the Company's management team
+for retirement. The Company will pay such retirement benefit for the early retired employee from the
+date of early retirement to date where statutory retirement age is attained. The basis of accounting
+treatment for early retirement benefits shall be the same as the termination benefits.
+3-4
+160/308
+If the expenditure incurred for estimated liability is expected to be compensated by the third party, and
+the receipt of the payment can be confirmed, the amount of compensation shall be recognized separately
+as the asset. The amount of compensation recognized shall not exceed the carrying amount of the
+estimated liability.
+When the required expenditure does not have a continuous range (or scope) or all the outcomes within
+this range are not equally likely to occur although there is a continuous range, or the contingency is
+related to an individual item, the best estimate is determined in accordance with the most likely amount;
+where the contingency involves several items, the best estimate is determined as per all possible
+outcomes and their associated probabilities.
+If the required expenditure has a continuous range (or scope) and all the outcomes within this range are
+equally likely to occur, the best estimate is determined in accordance with the middle estimate of the
+range, that is, the average of the lower and upper limits.
+The best estimates are treated separately in the following situations:
+The provision shall be measured at the most appropriate estimation of the possible expenditure incurred
+to fulfill obligations.
+29. Contract Liability
+B. Measurement
+A. Recognition
+√ Applicable Inapplicable
+31. Provisions
+Other long-term employee benefits are all employee benefits except for short-term employee benefits,
+post-employment benefits and termination benefits.
+√ Applicable Inapplicable
+Other Long-Term Employee Benefits
+D.
+When the obligation related to a contingency is a current obligation borne by the company, and the
+performance of the obligation is likely to result in an outflow of economic benefits, and the amount of
+the obligation can be measured reliably, it is recognized as a provision.
+Long-term deferred expenses refer to expenses have been paid but are required to amortize in the current
+period and in subsequent period over more than one year. Long-term deferred expenses are amortized on
+the straight-line basis over the expected benefit period.
+Provisions are initially recognized at the most appropriate estimation of obligations by considering
+related risks, uncertainties and time value of money etc. Where the time value of money is of great
+influence, the best estimate is recognized through the discount of relevant future cash outflows.
+28. Long-term Deferred Expenses
+Internally Generated Intangible Assets arising from the Development Phase
+B.
+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 for the production of new or substantially improved materials, devices, products, processes,
+systems or services before the start of commercial production or use.
+Research phase: Research is an original and planned investigation undertaken with the prospect of
+gaining new scientific or technical knowledge and understanding.
+A. Internally Generated Intangible Assets
+2023 Annual Report
+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 of the following have been demonstrated:
+157/308
+For details on the impairment testing method and impairment provision method for intangible assets,
+please refer to Note 27. Impairment of long-term assets.
+If the beneficial period of the intangible asset is not foreseeable, it shall be recognized as intangible
+assets with infinite useful life.Intangible assets with indefinite useful lives are mainly franchise rights of
+Peruvian companies. At the end of each accounting year, the Company reviews the estimated useful lives
+of intangible assets with indefinite useful lives and performs impairment testing. For intangible assets
+with indefinite service life, the company is not amortized during the holding period, and the life of the
+intangible assets is reviewed at the end of each period. If it is still uncertain after re-examination at the
+end of the period, impairment testing will continue to be performed in each accounting period.
+30-40
+At the end of each period, the company reviews the service life and amortization method of intangible
+assets with limited service life. If there is any difference from the original estimate, make corresponding
+adjustments.
+The useful life of software and other intangible assets in Peruvian Companies is estimated to be five
+years.
+Ownership Right in Land
+√ Applicable Inapplicable
+(2) Scope of collection of R&D expenditures and related accounting treatment methods
+√ Applicable □ Inapplicable
+2
+(2) Intangible assets with finite useful life
+5
+(3)
+When performing an impairment test on goodwill, the book value of goodwill is allocated to the asset
+group or combination of asset groups that are expected to benefit from the synergistic effect of the
+business combination. When conducting impairment tests on relevant asset groups or asset group
+combinations that contain goodwill, if there is any sign of impairment in the asset groups or asset group
+combinations related to goodwill, first conduct an impairment test on the asset group or asset group
+combination that does not contain goodwill, calculate the recoverable amount, and compare it with the
+relevant book value to confirm the corresponding impairment loss. Then conduct an impairment test on
+the asset groups or combinations of asset groups that contain goodwill, and compare the book value of
+these relevant asset groups or combinations of asset groups (including the book value of the apportioned
+goodwill) with their recoverable amounts, if the recoverable amount of the relevant asset group or
+combination of asset groups is lower than its book value, the impairment loss of goodwill shall be
+recognized.
+2023 Annual Report
+158/308
+If the measurement results of the recoverable amount show that the recoverable amount of the long-term
+asset is lower than its book value, the book value of the long-term asset shall be written down to the
+recoverable amount, the written-down amount is recognized as asset impairment loss, included in the
+current profit and loss, and the corresponding asset impairment provision is withdrawn at the same time.
+Once the asset impairment loss is confirmed, it cannot be reversed in the subsequent accounting period.
+After the asset impairment loss is confirmed, the depreciation or amortization expenses of the impaired
+asset will be adjusted accordingly in the future period, so that the asset can systematically amortize the
+adjusted book value of the asset (deducting the estimated net residual value) within the remaining
+service life of the asset.
+The estimate of the recoverable amount of an asset is determined based on the higher of the net amount
+after deducting the disposal costs from its fair value and the present value of the estimated future cash
+flow of the asset.
+If there are signs of impairment of a long-term asset, its recoverable amount is estimated on the basis of
+an individual asset; if it is difficult to estimate the recoverable amount of an individual asset, the
+recoverable amount of the asset group to which the asset belongs is determined based on it.
+Goodwill and intangible assets with indefinite service life formed due to business combination shall be
+tested for impairment every year regardless of whether there is any sign of impairment.
+27. Impairment of Long-term Assets
+Expenditures in the development phase that do not meet the above conditions are included in the current
+profits and losses when incurred.If it is impossible to distinguish between expenditures in the research
+stage and expenditures in the development stage, all R&D expenditures incurred will be included in the
+current profit and loss. The cost of intangible assets formed by internal development activities only
+includes the total expenditure incurred from the time when the capitalization conditions are met to the
+time when the intangible assets reach their intended use, no adjustments will be made to expenditures
+that have been expensed and included in profits and losses before the same intangible asset reaches the
+capitalization conditions during the development process.
+its ability to measure reliably the expenditure attributable to the intangible asset during its
+development.
+the availability of adequate technical, financial and other resources to complete the
+development and to use or sell the intangible asset;
+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;
+the intention to complete the intangible asset and use or sell it;
+√ Applicable Inapplicable
+the technical feasibility of completing the intangible asset so that it will be available for use or
+sale;
+2,027,998,432.91
+Taxes payable
+332,030,853.09
+Employee benefits payable
+Securities brokering
+Securities underwriting
+Contractual liabilities
+agreements to repurchase
+Financial assets sold under
+8,760,834.09
+8,760,834.09
+Other payables
+Advances from customers
+Deposits from customers,
+banks and other financial
+institutions
+31,751,543,386.67
+33,217,087.18
+332,030,853.09
+2,027,998,432.91
+31,751,543,386.67
+Including: Interest payable
+Fees and commissions
+payable
+Dividends payable
+Reinsurance accounts payable
+33,217,087.18
+Held-for-sale liabilities
+Non-current liabilities due
+26,642,382,136.83
+26,642,382,136.83
+within one year
+Other current liabilities
+3,230,604,702.92
+3,230,604,702.92
+55,482,159.19
+949,955,129.91
+Total Assets
+Accounts payable
+1,081,106,204.00
+Total current liabilities
+Long-term deferred expenses
+63,085,397.48
+63,085,397.48
+Deferred tax assets
+273,574,114.88
+435,553,094.65
+161,978,979.77
+Other non-current assets
+244,581,674.83
+244,581,674.83
+Total non-current assets
+551,364,177,205.29
+551,526,156,185.06
+161,978,979.77
+578,453,569,418.28
+55,482,159.19
+Notes payable
+Derivative financial liabilities
+trading
+Financial liabilities held for
+other financial institutions
+949,955,129.91
+Placements from banks and
+26,752,360,688.10
+26,752,360,688.10
+Short-term borrowings
+Current liabilities:
+161,978,979.77
+578,615,548,398.05
+Borrowings from central bank
+91,751,118,323.71
+2) Gains or losses arising from fair value fluctuations in the residual value of assets are attributable to
+the lessee.
+Non-current liabilities:
+1,081,106,204.00
+1) If the lessee cancels the lease, the loss caused by the cancellation of the lease to the lessor shall be
+borne by the lessee.
+If a lease has one or more of the following signs, the company may also classify it as a finance lease:
+(5) The property of the leased assets is special, and only the lessee can use them if there is no major
+modification.
+(4) At the inception date of the lease, the present value of the lease receipts approximates the fair
+value of the leased asset.
+If a lease has one or more of the following situations, the company usually classifies it as a finance lease:
+(1) At the expiration of the lease term, ownership of the leased asset passes to the lessee.
+(2) The lessee has the option to purchase the leased asset, and the purchase price is low enough
+compared with the fair value of the leased asset when the option is expected to be exercised, so it can
+be reasonably determined that the lessee will exercise the option on the lease commencement date.
+(3) Ownership of the asset is not transferred, but the lease term covers the majority of the useful life of
+the leased asset.
+On the commencement date of the lease, the Group classifies the lease into finance lease and operating
+lease. Finance leases is a kind of lease in which almost all risks and rewards regarding the ownership of
+the leasing assets are actually transferred despite whether the ownership is transferred finally. Operating
+lease refers to the lease other than finance leases.
+⑪ Classification of Leases
+A. Accounting treatment of the company as a lessor
+√ Applicable □ Inapplicable
+Lease classification standards and accounting treatment methods as a lessor
+The company does not recognize right-of-use assets and lease liabilities for short-term leases and
+low-value asset leases. The relevant lease payments are included in the relevant asset costs or current
+profits and losses according to the straight-line method or other systematic and reasonable methods
+during each period of the lease term.
+The short-term lease is the lease that does not include a purchase option and has a term of no more than
+12 months. Low-value asset leases refer to leases with a lower value when the individual leased assets
+are brand new.
+√ Applicable Inapplicable
+As a lessee, the judgment basis and accounting treatment method for simplified treatment of
+short-term leases and low-value asset leases
+√ Applicable Inapplicable
+38. Leases
+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 difference can be utilized.
+B.
+Recognition of Deferred Tax Liabilities
+A deferred tax liability shall be recognized for all taxable temporary differences, except to the extent that
+the deferred tax liability arises from:
+C.
+the initial recognition of goodwill;
+3) The lessee has the ability to continue the lease to the next period at rents well below market levels.
+(2) Accounting treatment for finance leases
+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);
+Net amount of the deferred tax assets and deferred tax liabilities shall be recorded if following
+conditions are satisfied
+The Company has a legally enforceable right to set off current tax assets and current tax
+163/308
+2023 Annual Report
+liabilities; and
+the deferred tax asset and deferred tax liability is referred to the same income tax of the same
+taxpayer levied by taxation authority or referred to different taxpayers. In the period when
+every substantial deferred tax asset or deferred tax liability reversed, the taxpayers involved
+shall settle in net amount of the current income tax asset and current income tax liability or
+recognize asset and liquidate debt simultaneously.
+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.
+91,751,118,323.71
+164/308
+The Company recognizes the finance leases receivables for finance leases and derecognizes the finance
+leases assets on the commencement date of the lease.
+Reserve of insurance contract
+Long-term borrowings
+190,246,706,722.40
+Bonds payable
+37,620,231,630.91
+190,246,706,722.40
+37,620,231,630.91
+Including: Preferred shares
+Lease liabilities
+Long-term payables
+The amount expected to be paid based on the residual value of the guarantee provided by the
+company.
+To the extent that the lease term reflects that the Company will exercise the option to terminate
+the lease, the lease payments include payments required to exercise the option to terminate the
+lease;
+Lease payments include the exercise price of the purchase option if the Company is reasonably
+certain that the option will be exercised;
+Variable lease payments that depend on an index or rate;
+The fixed payment amount and the actual fixed payment amount after deducting the amount
+related to the lease incentive;
+(3)
+(2)
+The Company initially measures lease liabilities based on the present value of the unpaid lease payments
+on the start date of the lease term. When calculating the present value of lease payments, the Company
+uses the interest rate implicit in the lease as the discount rate; if the interest rate implicit in the lease
+cannot be determined, the Company's incremental borrowing rate used as the discount rate. Lease
+payments include:
+When the Group initially measures the financial lease receivables,, the sum of the unguaranteed residual
+value and the present value of the unreceived lease receivables discounted at the interest rate implicit in
+the lease is taken as the entry value of the financial lease receivable. Lease receipts include:
+(1) Fixed payments and substantive fixed payments after deducting relevant amounts of lease
+incentives;
+(2) Variable lease payments that depend on an index or rate;
+(3) When it is reasonably certain that the lessee will exercise the purchase option, the lease receipts
+include the exercise price of the purchase option;
+(4) When the lease term reflects the fact that the lessee will exercise the option to terminate the lease,
+the lease receipts include the payment required by the lessee to exercise the option to terminate the
+lease;
+(5) The residual value of the guarantee provided to the lessor by the lessee, a party related to the
+lessee, and an independent third party with the financial capacity to perform the guarantee obligation.
+The Company calculates and recognizes interest income in each lease term at a fixed periodic rate. The
+variable lease payment which is not included in the measurement of net lease investment is included in
+the current profits and losses when it actually occurs.
+2023 Annual Report
+3
+The Company adopts the straight-line method or other systematic and reasonable methods to recognize
+the lease receipts of operating leases as rental income during each period of the lease term; the occurred
+initial direct cost related to the operating lease shall be capitalized, amortized within the lease term
+according to the same base with the recognition of rental income, and included in the current profits and
+losses by stages. The variable lease payment obtained related to the operating lease and not included in
+the lease receipts is included in the current profit and loss when it actually occurs.
+B. Accounting treatment of the company as a lessee
+On the start date of the lease period, except for short-term leases and low-value asset leases that apply
+simplified treatment, the company recognizes right-of-use assets and lease liabilities for leases.
+For details of the accounting policies for right-of-use assets, please refer to Note 24 of this note.
+C.
+Lease liability
+Accounting treatment for operating leases
+Goodwill
+249,852,773.42
+27,089,392,212.99
+88,053,467.73
+685,742,638.72
+157,029,883.70
+B. Changes in Significant Accounting Estimates
+□ applicable √not applicable
+166/308
+Amounts reported after
+adjustment on January 1,
+2023
+218,811,193.85
+842,772,522.42
+C.
+2023 Annual Report
+First-time implementation of new accounting standards or interpretations of standards, etc.
+from 2023 onwards involves adjustments to the financial statements at the beginning of the
+year of first implementation.
+√ Applicable Inapplicable
+Reasons for adjusting the financial statements at the beginning of the
+year.
+Deferred tax liabilities
+From 1 January 2023, the Company has implemented the required accounting treatment of "Accounting
+Standards Interpretation No. 16 (CaiKuai[2022] No. 31) "Accounting for Deferred Income Taxes
+Associated with Assets and Liabilities Arising from a Single Transaction to Which the Initial
+Recognition Exemption Doesn't Apply".
+Item
+Current assets:
+December 31, 2022
+January 1, 2023
+Unit: yuan Currency: RMB
+Adjustments
+Cash at bank and on hand
+10,638,044,864.92
+10,638,044,864.92
+Settlement reserve
+Due from banks and other
+financial institutions
+Financial assets held for
+trading
+Notes receivable
+Consolidated Balance Sheet
+157,029,883.70
+61,781,310.15
+Deferred tax assets
+165/308
+The Company recognizes deferred tax assets arising from deductible temporary differences to the extent
+that it is more likely than not that taxable income will be available against which the deductible
+temporary differences can be utilized and against which deductible losses and tax credits can be carried
+forward to future years. However, deferred income tax assets arising from the initial recognition of assets
+or liabilities in transactions with the following characteristics will not be recognized:(1) The transaction
+is not a business combination; (2) When the transaction occurs, it neither affects accounting profits
+nor taxable income or deductible losses.
+2023 Annual Report
+The company calculates the interest expense of the lease liability in each period during the lease term
+based on a fixed discount rate, and includes it in the current profit and loss or related asset costs.
+Variable lease payments that are not included in the measurement of lease liabilities should be included
+in the current profit and loss or related asset costs when actually incurred.
+39. Other Changes in Significant Accounting Policies and Accounting Estimates
+√Applicable Inapplicable
+Safety Production fee
+The safety production fees withdrawn by the company in accordance with national regulations are
+included in the cost of related products or current profits and losses, and are also recorded in the "special
+reserve" account. When using the withdrawn safety production fee, if it is an expense, it will be directly
+deducted from the special reserve. If fixed assets are formed, the expenditure incurred shall be collected
+through the "construction in progress" account, and shall be recognized as fixed assets when the safety
+project is completed and reaches the intended usable state; At the same time, the special reserve is offset
+according to the cost of forming fixed assets, and the accumulated depreciation of the same amount is
+recognized. This fixed asset will no longer be depreciated in future periods.
+40. Changes in Significant Accounting Policies and Accounting Estimates
+A. Changes in Significant Accounting Policies
+√ Applicable Inapplicable
+In December 2022, the Ministry of Finance ("MOF") issued Interpretation No. 16 of the Accounting
+Standards for Business Enterprises ("ASBE") (Caijing [2022] No. 31), hereinafter referred to as
+"Interpretation No. 16", and the Company has implemented Interpretation No. 16, "Accounting for
+Deferred Taxes Related to Assets and Liabilities Arising from Individual Transactions to which the
+Initial Recognition Exemption Does Not Apply", as stipulated by the regulations from 1 January 2023.
+For lease liabilities and right-of-use assets recognized at the beginning of the earliest period for which
+Interpretation No. 16 is first applied for the presentation of financial statements that give rise to taxable
+temporary differences and deductible temporary differences as a result of the application of
+Interpretation No. 16, the Company adjusts the cumulative effect to the opening related financial
+statement items at the beginning of the earliest period for the presentation of financial statements in
+accordance with Interpretation No. 16 and Accounting Standard for Business Enterprises (ASBJ) No. 18,
+"Income Taxes".
+In accordance with Interpretation No. 16, the Company retrospectively adjusted the related items in the
+consolidated and parent company comparative financial statements as follows:
+Consolidated financial Amount originally reported on
+statement items
+Deferred tax assets
+Deferred tax liabilities
+items
+Cumulative impact amount
+Amount originally reported on
+January 1, 2023
+Parent company
+financial statement
+(Continued)
+2,300,267,981.23
+Derivative financial assets
+435,553,094.65
+161,978,979.77
+161,978,979.77
+Cumulative impact amount
+2,138,289,001.46
+273,574,114.88|
+January 1, 2023
+Amounts reported after
+adjustment on January 1,
+2023
+278,144.44
+278,144.44
+Accounts receivable
+Other debt investments
+Long-term receivables
+Long-term equity investments
+67,166,066,218.63
+Other equity instruments
+3,312,302,551.08
+67,166,066,218.63
+3,312,302,551.08
+investments
+Other non-current financial
+1,611,389,626.19
+1,611,389,626.19
+assets
+167/308
+2023 Annual Report
+Investment properties
+Fixed assets
+101,238,293.84
+Development expenditures
+22,219,407,020.53
+22,219,407,020.53
+Intangible assets
+655,490,732.10
+655,490,732.10
+1,034,000,503.90
+Right-of-use assets
+Productive biological assets
+450,480,026,644.17
+3,033,854,755.93
+101,238,293.84
+3,033,854,755.93
+Construction in progress
+450,480,026,644.17
+Oil and gas assets
+88,053,467.73
+1,034,000,503.90
+249,852,773.42
+27,089,392,212.99
+15,227,668,604.93
+15,227,668,604.93
+Receivables financing
+Advances to suppliers
+Premiums receivable
+Reinsurance premium
+receivable
+Reserve receivable for
+reinsurance contract
+76,589,245.11
+76,589,245.11
+Other receivables
+329,572,999.35
+329,572,999.35
+Including: Interest receivable
+Dividends receivable
+120,305,200.00
+120,305,200.00
+Loans and advances
+Non-current assets:
+Total current assets
+Other current assets
+one year
+Non-current assets due within
+Debt investments
+Long-term employee benefits
+Contractual assets
+567,385,580.82
+567,385,580.82
+Inventories
+under agreements to resell
+Financial assets purchased
+Held-for-sale assets
+A. Recognition of Deferred Tax Assets
+620,996,116.15
+√ Applicable Inapplicable
+31,155,602,819.87
+93,091,713.49
+Total current assets
+Other current assets
+one year
+Non-current assets due within
+Held-for-sale assets
+Contractual assets
+201,514,284.04
+201,514,284.04
+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.
+24,764,734,955.29
+24,764,734,955.29
+Dividends receivable
+93,091,713.49
+31,155,602,819.87
+Including: Interest receivable
+25,300,941,979.37
+Other receivables
+10,411,724.31
+10,411,724.31
+Advances to suppliers
+Receivables financing
+1,329,354,981.68
+1,329,354,981.68
+Accounts receivable
+Notes receivable
+trading
+Financial assets held for
+trading
+Financial assets held for
+25,300,941,979.37
+Non-current assets:
+Debt investments
+Other debt investments
+Long-term deferred expenses
+Goodwill
+81,160,928.60
+81,160,928.60
+Development expenditures
+271,569,128.96
+271,569,128.96
+Intangible assets
+628,119,534.85
+628,119,534.85
+Right-of-use assets
+Oil and gas assets
+Productive biological assets
+596,807,446.95
+596,807,446.95
+Construction in progress
+83,898,848,901.09
+169/308
+2023 Annual Report
+Long-term receivables
+Long-term equity investments
+Other equity instruments
+investments
+Other non-current financial
+assets
+4,220,288,136.98
+Investment properties
+123,552,579,867.99
+2,848,667,611.91
+123,552,579,867.99
+2,848,667,611.91
+277,112,153.50
+277,112,153.50
+83,898,848,901.09
+Fixed assets
+60,225,039.51
+4,220,288,136.98
+Current assets:
+96,299,421,111.09
+Capital reserve
+Perpetual bonds
+Including: Preferred shares
+Other equity instruments
+22,741,859,230.00
+22,741,859,230.00
+Paid-in capital
+Owners' equity:
+322,436,160,281.09 322,598,139,260.86 161,978,979.77
+Total liabilities
+liabilities
+161,978,979.77
+230,847,020,937.15
+96,299,421,111.09
+230,685,041,957.38
+2,300,267,981.23
+8,178,437.54
+8,178,437.54
+2,138,289,001.46
+50,640,048.92
+50,640,048.92
+2023 Annual Report
+Total non-current
+Other non-current liabilities
+Deferred tax liabilities
+Deferred incomes
+Provisions
+payable
+168/308
+620,996,116.15
+161,978,979.77
+Less: Treasury shares
+Other comprehensive income
+1,786,297,242.20
+Adjustments
+January 1, 2023
+December 31, 2022
+Item
+Unit: yuan Currency: RMB
+Balance Sheet of Parent Company
+161,978,979.77
+578,615,548,398.05
+578,453,569,418.28
+owners' equity
+Total liabilities and
+28,344,696,784.03
+256,017,409,137.19
+256,017,409,137.19
+Total owners' equity
+28,344,696,784.03
+Non-controlling interests
+attributable to parent company
+1,786,297,242.20
+Special reserve
+1,815,518.95
+1,815,518.95
+Surplus reserve
+24,967,736,455.15
+Cash at bank and on hand
+24,967,736,455.15
+Retained earnings
+81,875,582,795.77
+81,875,582,795.77
+Total owner's equity
+227,672,712,353.16
+227,672,712,353.16
+General risk provision
+60,225,039.51
+Inventories
+61,781,310.15
+2023 Annual Report
+161/308
+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; and
+the costs relate directly to a contract or to an anticipated contract that the entity can specifically
+identify;
+(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:
+A. Costs to Fulfil a Contract
+√ Applicable Inapplicable
+35. Contract Costs
+□ Applicable √Not applicable
+(2) Differences in accounting policies for revenue recognition due to the use of different
+operating models for the same type of business
+For each performance obligation satisfied over time, the Company shall recognize 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.
+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.
+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.
+3
+√ Applicable Inapplicable
+34. Revenue
+□ Applicable Not applicable
+33. Other financial instruments such as preference shares and perpetual debentures
+□ Applicable Not applicable
+32. Share-based payments
+2023 Annual Report
+Perpetual bonds
+170/308
+157,029,883.70
+157,029,883.70
+68,959,039,658.48
+104,895,642,999.69
+68,802,009,774.78
+104,738,613,115.99
+157,029,883.70
+3,084,932.96
+842,772,522.42
+3,084,932.96
+685,742,638.72
+(1) Disclose accounting policies adopted for revenue recognition and measurement by
+business type
+the costs are expected to be recovered.
+The Company shall present contract costs in the statement of financial position under “Inventory" or
+"Other Non-current Assets", depending on whether their amortization period are longer than twelve
+months.
+B.
+37. Deferred tax assets and deferred tax liabilities
+If the recognized government grant is required to be refunded, the carrying amount of the asset shall be
+adjusted when the carrying amount is offset at initial recognition; if there is a deferred income, the
+carrying amount of deferred income is off-set the excess is included in the current profit or loss; in other
+cases, directly included in the current profit or loss.
+Receipt of government subsidies related to interest discounts on policy-based preferential loans offsets
+related borrowing costs; If a loan with a preferential policy interest rate is obtained from the lending
+bank, the actual loan amount received is used as the entry value of the loan, and the relevant borrowing
+costs are calculated based on the principal of the loan and the preferential policy interest rate.
+The government grants related to daily activities should be included in other income or offset the
+relevant costs. The government grants that are not related to daily activities of enterprise should be
+recorded in non-operating income and expenses.
+Government grants related to income shall be recognized as deferred income, if the grant is a
+compensation for related expenses or losses to be incurred in subsequent periods, and shall be recorded
+in the current profit or loss or offset the relevant costs over the period in which the relevant costs or
+losses are recognized; If the grant is a compensation for related expenses or losses already incurred, the
+grant is recorded immediately in current profit or loss or offset the relevant costs.
+Government grants related to assets shall be recognized as deferred income or offset carrying amount of
+relevant assets, if it is recognized as deferred income, it will be accounted for in profit or loss on a
+reasonable and systematic basis within the useful life of the asset constructed or purchased.
+2023 Annual Report
+162/308
+Based on the nature of economic business, the company determines whether a certain type of
+government grant business should be accounted for using the gross method or the net method. Usually,
+the company only chooses one method for the same or similar government grant business, and uses this
+method consistently for the business.
+Accounting Treatment
+C.
+the government grant is a non-monetary asset, it shall be measured at fair value; if the fair value cannot
+be reliably obtained, it shall be measured at the nominal amount (RMB 1). Government grants measured
+at nominal amounts are directly included in current profit and loss.
+shall be measured at the amount received or receivable. If
+If the government grant is a monetary asset,
+At the end of the period, if there is evidence that the company can meet the relevant conditions
+stipulated in the financial support policy and is expected to receive financial support funds, the
+government subsidy will be recognized according to the receivable amount. In addition, government
+grants are recognized when they are actually received.
+B. Recognition
+Government grants shall be classified as grants related to assets and grants related to income according
+to subsidy objects stipulated in relevant government documents.
+Incremental Costs of Obtaining a Contract
+If the incremental cost incurred by the company to obtain the contract is expected to be recoverable, it is
+recognized as an asset as the cost of contract acquisition. Incremental cost refers to the cost (such as
+sales commissions) that would not have occurred the Group had not obtained the contract. If the
+amortization period is not more than one year, it shall be included in the current profit and loss when
+incurred.
+C.
+Amortization
+The above-mentioned assets related to the contract cost shall be amortized at the time when the
+performance obligation is fulfilled or according to the performance progress of the performance
+obligation, and included in the current profit and loss on the same basis as the recognition of the goods
+or service revenue related to the asset.
+D.
+Owners' equity:
+Impairment
+After the depreciation provision is made, if the depreciation factors in the previous period change, so
+that the difference between the above two items is higher than the book value of the asset, it will be
+reversed to the original asset depreciation provision and included in the current profit and loss. However,
+the book value of the assets reversed will not exceed the book value of the assets at the date of reverse
+assuming no provision for impairment is made.
+36. Government Grants
+√ Applicable Inapplicable
+Deferred tax assets
+A government grant means the monetary or non-monetary assets obtained free by the Company from the
+government. Government grants shall be classified as grants related to assets and grants related to
+income.
+If the book value of the above-mentioned assets related to the contract cost is higher than the difference
+between the remaining consideration that the company expects to obtain due to the transfer of the goods
+related to the asset and the estimated cost to be incurred for the transfer of the related goods, the excess
+part shall be provided for impairment, and recognized as asset impairment loss.
+Total non-current liabilities
+Total liabilities
+A. Types of Government Grants
+Deferred tax liabilities
+354,656,687.24
+Taxes payable
+117,891,397.60
+117,891,397.60
+Employee benefits payable
+Contractual liabilities
+Advances from customers
+1,482,159.19
+123,630,736.09
+123,630,736.09
+Accounts payable
+1,482,159.19
+Notes payable
+Derivative financial liabilities
+trading
+Financial liabilities held for
+24,176,957,699.99
+24,176,957,699.99
+Other non-current liabilities
+218,811,193.85
+157,029,883.70
+Other non-current assets
+179,137,636.50
+179,137,636.50
+354,656,687.24
+Total non-current assets
+Total Assets
+212,613,039,443.71
+157,029,883.70
+243,611,612,379.88
+157,029,883.70
+Current liabilities:
+Short-term borrowings
+212,456,009,560.01
+Other payables
+243,768,642,263.58
+1,247,878,948.32
+Deferred incomes
+1,247,878,948.32
+Provisions
+payable
+Long-term employee benefits
+Long-term payables
+573,619,182.19
+Lease liabilities
+Perpetual bonds
+Including: Preferred shares
+35,583,163,020.91
+35,583,163,020.91
+Bonds payable
+31,956,400,000.00
+31,956,400,000.00
+573,619,182.19
+Non-current liabilities:
+Long-term borrowings
+Including: Interest payable
+Held-for-sale liabilities
+Non-current liabilities due
+6,905,126,757.29
+Dividends payable
+within one year
+6,905,126,757.29
+Other current liabilities
+3,008,978,955.49
+3,008,978,955.49
+Total current liabilities
+35,936,603,341.21
+35,936,603,341.21
+Peru IGV Tax
+Actual generation capacity and
+water consumption
+Water Resources
+Tax
+Real Property Tax
+25%, 29.5%
+7.5%, 15%, 16.5%,
+Taxable profits
+Original value of properties and
+rental income
+2%
+Education
+Local Education
+Surcharge
+Corporate Income
+Tax
+Surcharge
+3%
+Total payment of value-added tax
+Tax
+7%, 5%
+Total payment of value-added tax
+Sales revenue of electricity and
+merchandise
+City Construction
+6%
+Total payment of value-added tax
+1.2%, 12%
+Three Gorges Jinsha River Yunchuan Hydropower
+Development Co., Ltd. *2
+18%
+Sales revenue of financial
+products
+16.5%
+7.5%
+15%
+Peruvian Companies
+Yangtze Andes Holding Co., Limited
+Ltd
+China Three Gorges International Power Operations Co.,
+CYPC International (Hong Kong) Limited
+Development Co., Ltd.*1
+Three Gorges Jinsha River Chuanyun Hydropower
+2023 Annual Report
+171/308
+25%
+Corporate Income Tax Rate
+The Company and all subsidiaries except for:
+Entity Name
+√ Applicable □ Inapplicable
+Applicable corporate income tax rate for the Company and its subsidiaries are shown below.
+Note*
+Refer to applicable
+rates for different
+entities below
+0.008Yuan/kWh,
+0.09Yuan/cubic meter,
+0.1Yuan/cubic meter
+services
+Special reserve
+Sales revenue of qualified
+31,410,256,750.40
+31,410,256,750.40
+Retained earnings
+22,934,762,401.97
+22,934,762,401.97
+Surplus reserve
+2,103,793,431.09
+2,103,793,431.09
+Other comprehensive income
+Less: Treasury shares
+59,682,327,450.43
+59,682,327,450.43
+Capital reserve
+Perpetual bonds
+Including: Preferred shares
+Other equity instruments
+22,741,859,230.00
+Paid-in capital
+22,741,859,230.00
+2023 Annual Report
+16.5%
+Total owners' equity
+3%, 6%,9%
+138,872,999,263.89
+Total liabilities and
+leasing services
+Value-Added Tax
+9%
+Sales revenue of real property
+13%, 3%
+Notes
+Tax Rate
+products, and non-real property
+leasing services
+Sales revenue of electricity,
+Tax Base
+Tax Type
+√ Applicable □ Inapplicable
+1. Main taxes and tax rates
+Taxes
+VI.
+☐ applicable √not applicable
+41. Miscellaneous
+owners' equity
+157,029,883.70
+243,768,642,263.58
+243,611,612,379.88
+138,872,999,263.89
+16.5%
+If provision for bad debts is made on the basis of the general model of expected credit losses, please
+refer to the disclosure of other receivables:
+Note 1: 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.
+Contract assets with doubtful debts provision by portfolio
+□ applicable √not applicable
+Instructions for contract assets with a single doubtful debts provision
+☐ applicable √not applicable
+Contract assets with a single doubtful debts provision
+☐ applicable √not applicable
+(3) Disclosure by method of bad debt accrual
+(2) Amount and reasons for significant changes in book value during the reporting period
+□ applicable Vnot applicable
+□ applicable √not applicable
+(1) Presentation of contract assets by category
+2023 Annual Report
+176/308
+Note 6. Contract assets
+□ applicable √not applicable
+Other notes
+None
+Other notes
+38,546,694.36
+81.34
+6,981,935,148.41
+6,981,935,148.41
+Total
+Transmission Company
+Ultra-High Voltage
+1.46
+□ applicable √not applicable
+Provision for bad debts based on the general expected credit loss model
+☐ applicable √not applicable
+Explanation of significant changes in the book balance of contract assets that have experienced changes
+in loss provisions during the current period:
+□ applicable √not applicable
+Receivables financing with a single doubtful debts provision
+□ applicable Vnot applicable
+(4) Disclosure by method of bad debt accrual
+□ applicable √not applicable
+(3) Receivables financing endorsed or discounted by the Company at the end of the period
+and not yet due at the balance sheet date
+☐ applicable √not applicable
+(2) Receivables financing pledged by the Company at the end of the period
+□ applicable √not applicable
+(1) Presentation of receivables financing by category
+Note 7. Receivables financing
+☐ applicable √not applicable
+125,220,928.74
+Other notes
+□ applicable √not applicable
+177/308
+Instructions for write-off of contract assets:
+□ applicable √not applicable
+Among them, the important write-off of contract assets
+□ applicable √not applicable
+(5) Actual write-off of contract assets during the period
+☐ applicable √not applicable
+Among them, the amount of recovery or reversal of bad debt provisions for the current period is
+important:
+☐ applicable √not applicable
+(4) Provision for bad debts
+□ applicable √not applicable
+2023 Annual Report
+125,220,928.74
+Grid Co., Ltd.
+China Southern Power
+Accounts receivable and contract assets of the top five ending balances by debtors
+√ Applicable □ Inapplicable
+5.
+□ applicable √not applicable
+Instructions for writing off accounts receivable:
+☐ applicable √not applicable
+Among them, the important write-off of accounts receivable
+☐ applicable √not applicable
+4. There were no actual write-offs of accounts receivable during the period
+None
+Other notes
+2023 Annual Report
+□ applicable √not applicable
+Name of unit
+significant:
+Including: the amount of bad debt provisions recovered or transferred back during the period is
+163,484.60
+62,465,618.51
+35,429,944.09
+23,327,959.29
+1,036,283.79
+163,484.60
+1,891,779.96
+25,143,894.46
+Total
+other businesses
+Receivables of
+Companies
+-2,852,218.96
+175/308
+Instructions for receivables financing with a single doubtful debts provision
+Closing balance
+Closing balance of
+of China
+3.48
+298,746,179.43
+298,746,179.43
+State Grid Corporation
+Central China Branch of
+Ltd.
+5,668,602.95
+3.77
+324,013,465.79
+324,013,465.79
+32,878,091.41
+Closing
+balance
+of
+contract
+assets
+6.13
+525,856,843.24
+State Grid Xinjiang
+Electric Power Co., Ltd.
+Yunnan Power Grid Co.,
+66.50
+5,708,097,731.21
+5,708,097,731.21
+State Grid Corporation of
+China
+Closing balance
+of bad debt
+provision
+and contract
+assets (%)
+closing
+balance of
+accounts
+receivable
+Proportion of
+the total
+Unit: yuan Currency: RMB
+accounts
+receivable and
+contract assets
+525,856,843.24
+25,143,894.46
+□ applicable √not applicable
+□ applicable √not applicable
+Total
+6.16
+4,742,043.71
+EL PACIFICO PERUANO-SUIZA CIA SEG Y
+REASEGUROS
+7.00
+5,388,830.76
+Changjiang Intelligent Construction Engineering
+Co., Ltd.
+10.39
+8,000,000.00
+15.91
+12,252,344.70
+25.66
+19,763,780.59
+total prepayments (%)
+As a percentage of
+Closing balance
+Bureau
+Liangshan Yi Autonomous Prefecture Finance
+China Three Gorges (Chengdu) E-commerce Co.,
+Ltd.
+REASEGUROS
+PACIFICO COMPAÑÍA DE SEGUROS Y
+Name of unit
+2023 Annual Report
+179/308
+Unit: yuan Currency: RMB
+50,146,999.76
+65.12
+Other notes
+None
+329,572,999.35
+209,267,799.35
+120,305,200.00
+Opening balance
+Unit: yuan Currency: RMB
+180/308
+120,305,200.00
+180,854,272.92
+301,159,472.92
+(3) Disclosure by method of bad debt accrual
+Closing balance
+☐ applicable Vnot applicable
+(2) Important Overdue Interest
+□ applicable √not applicable
+Top five prepayments with closing balances grouped by prepaid objects
+√ Applicable □ Inapplicable
+29.5%
+√ Applicable Inapplicable
+Other notes
+Total
+Other receivables
+Dividend receivable
+Interest receivable
+Items
+√ Applicable Inapplicable
+Items presentation
+Note 9. Other receivables
+□ applicable √not applicable
+Other notes
+Interest receivable
+2.
+None
+The note of advances to suppliers aged over one year and of significant amount:
+Ageing of
+√ Applicable Inapplicable
+Advances to suppliers are shown by ageing
+Note 8. Advances to suppliers
+☐ applicable √not applicable
+(8) Other notes
+□ applicable √not applicable
+(7) Increases and decreases in receivables financing during the current period and changes in
+fair value:
+☐ applicable √not applicable
+Write-off instructions:
+□ applicable √not applicable
+Important financing write-offs of receivables
+Closing balance
+□ applicable √not applicable
+None
+Other notes
+□ applicable √not applicable
+Among them, the amount of recovery or reversal of bad debt provisions for the current period is
+important:
+2023 Annual Report
+178/308
+□ applicable √not applicable
+(5) Provision for bad debts
+□ applicable √not applicable
+Explanation of significant changes in the book balance of contract assets that have experienced changes
+in loss provisions during the current period:
+☐ applicable √not applicable
+Provision for bad debts based on the general expected credit loss model
+(6) Actual write-off of receivables financing during the period
+Receivables financing with doubtful debts provision by portfolio
+Unit: yuan Currency: RMB
+accounts
+100.00
+76,589,245.11
+100.00
+77,013,625.36
+Total
+years
+0.03
+26,122.00
+More than 3
+7.29
+5,616,832.20
+2-3 years
+Opening balance
+1.52
+Proportion (%)
+1,167,930.88
+23.48
+18,080,795.39
+1-2 years
+75,421,314.23
+69.20
+53,289,875.77
+Amount
+Proportion (%)
+Amount
+Within 1 year
+98.48
+Peruvian
+(1) Classification of interest receivable
+38,974,174.62
+□ applicable √not applicable
+Among them, the amount of recovery or reversal of bad debt provisions for the current period is
+important:
+☐ applicable √not applicable
+(5) Provision for bad debts
+□ applicable Vnot applicable
+Explanation of significant changes in the book balance of notes receivable that have experienced
+changes in loss provisions during the current period:
+□ applicable √not applicable
+2023 Annual Report
+173/308
+Provision for bad debts based on the general expected credit loss model
+□ applicable Vnot applicable
+Notes receivable with doubtful debts provision by portfolio
+☐ applicable √not applicable
+Notes receivable with a single doubtful debts provision
+□ applicable √not applicable
+(4) Disclosure by method of bad debt accrual
+□ applicable Vnot applicable
+(3) Notes receivable endorsed or discounted by the Company at the end of the period and not
+yet due at the balance sheet date
+□ applicable √not applicable
+(2) Notes receivable pledged by the Company at the end of the period
+☐ applicable √not applicable
+(1) Presentation of notes receivable by category
+Note 4. Notes receivable
+9,679,900.00
+9,679,900.00
+(6) Actual write-off of notes receivable during the period
+□ applicable √not applicable
+Among them, the important write-off of notes receivable:
+□ applicable √not applicable
+8,572,809,581.39
+11,645,539.33
+107,467,405.07
+134,165,074.07
+133,184,056.53
+384,400,913.13
+7,801,946,593.26
+Closing balance
+Total
+years
+More than 5
+4-5 years
+Opening balance
+3-4 years
+1-2 years
+year
+Within 1
+Items
+√ Applicable □ Inapplicable
+Disclosure of receivables by age
+1.
+Note 5. Accounts receivable
+□ applicable √not applicable
+Other notes
+☐ applicable √not applicable
+Instructions for write-off notes receivable:
+2-3 years
+□ applicable √not applicable
+Note 3. Derivative financial assets
+☐ applicable √not applicable
+Note 1. Cash at bank and on hand
+Notes to the key items in the Consolidated Financial Statements
+VII.
+0.09 Yuan/cubic meter
+Wudongde
+Station
+0.09 Yuan/cubic meter
+0.1Yuan/cubic meter
+0.09 Yuan/cubic meter
+Baihetan Station
+Actual water consumption
+Xiangjiaba
+Station
+For
+production
+Water Resources
+Tax
+Xiluodu Station
+√ Applicable □ Inapplicable
+0.008 Yuan/kWh
+hydropower
+For
+Note
+Tax Base
+Category
+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. The tax collection standards for Chuanyun Company and Yunchuan Company are as
+shown in the following table:
+√ Applicable Inapplicable
+3. Miscellaneous
+☐ applicable √not applicable
+2. Tax benefits
+Note 2 According to the "Enterprise Income Tax Law of the People's Republic of China" and its
+implementation regulations, Caishui [2008] No. 46, Caishui [2008] No. 116, Guoshuifa [2009] No. 80
+and other documents, the business is in line with the "Catalogue of Enterprise Income Tax Preferences
+for Public Infrastructure Projects" (Caishui [2008] No. 46) (hereinafter referred to as the "Catalogue"),
+the investment and operation income of public infrastructure projects with specified scope, conditions
+and standards, starting from the tax year in which the project obtains the first production and operation
+income, the enterprise income tax is exempted from the first to the third year, and the enterprise income
+tax is halved from the fourth to the sixth year; at the same time, Yunchuan Company is applicable to the
+tax incentives for the Western Development. During the reporting period, Yunchuan Company's Baihetan
+Power Station is exempted from corporate income tax, and Wudongde Power Station pays corporate
+income tax at a half rate of 7.5%.
+Receivables of
+Net generation of
+electricity
+Unit: yuan Currency: RMB
+Opening balance
+Items
+Bank deposits
+Note 2. Financial assets held for trading
+12,079,900.00
+12,079,900.00
+Closing balance
+Total
+Security deposit
+Items
+Unit: yuan Currency: RMB
+As at 31 December 2023, the breakdown of the Company's monetary funds whose ownership is
+restricted is as follows; none of the remaining amounts are frozen, mortgaged or otherwise restricted.
+Other notes
+10,638,044,864.92
+1,713,282,449.05
+2,527,974,517.40
+Cash on hand
+7,778,439,308.63
+held overseas
+Including: total funds
+Total
+4,710,195.58
+4,135,792.89
+10,629,198,876.45
+Opening balance
+Unit: yuan Currency: RMB
+172/308
+4,306,799.61
+21,146,038.55
+7,752,986,470.47
+Closing balance
+Other monetary funds
+2023 Annual Report
+15,236,983,520.88
+Tax Type
+2.
+businesses
+163,484.60 0.08
+2.37
+203,265,517.35
+other
+Receivables of
+Companies
+1,219,590,498.04
+2.02
+25,143,894.46
+8.16
+1,244,734,392.50
+Total
+1,212,084,720.33
+23,327,959.29
+14.41
+1,235,412,679.62
+Peruvian
+Receivables of
+portfolio
+591,988,488.48
+6.18
+38,974,174.62
+7.36
+630,962,663.10
+subsidy
+1.89
+New energy
+8,572,809,581.39 100.00 62,465,618.51 0.73
+106,061,727.40
+34,393,660.30
+13,567,695.89
+2,261,282.62
+4,580,514.32
+New energy
+subsidy portfolio
+Closing
+balance
+transferred
+back
+Write-offs
+Accrual
+Movement during the period
+Recovered
+or
+Opening
+balance
+Category
+Unit: yuan Currency: RMB
+203,102,032.75
+8,510,343,962.88
+√ Applicable Inapplicable
+□ applicable √not applicable
+Explanation of significant changes in the book balance of accounts receivable that have experienced
+changes in loss provisions during the current period:
+☐ applicable √not applicable
+□ applicable √not applicable
+Accounts receivable with doubtful debts provision by portfolio
+☐ applicable √not applicable
+15,227,668,604.93
+0.16
+25,143,894.46
+15,252,812,499.39 100.00
+106,061,727.40
+0.70
+3. Provision
+receivables
+Other
+changes
+91.14
+Book value
+Propo
+rtion
+Amount
+Proport
+ion (%)
+n
+ion (%)
+Amount
+Amount
+Amount
+Book value
+Prop
+ortio
+Proport
+Provision for doubtful
+debts
+Opening balance
+Book balance
+Provision for doubtful
+debts
+Category
+Book balance
+Closing balance
+Accounts receivable with a single doubtful debts provision
+2023 Annual Report
+Unit: yuan Currency: RMB
+174/308
+Disclosure of Provision for Doubtful Accounts by Calculation Method
+13,902,016,379.49
+(%)
+(%)
+15,252,812,499.39
+receivable
+13,902,016,379.49
+Accounts
+6,503,168,721.32
+75.86
+6,503,168,721.32
+Hydropower
+Including:
+portfolio
+provision by
+debts
+15,227,668,604.93
+0.16
+25,143,894.46
+√ Applicable □ Inapplicable
+15,252,812,499.39
+100.00
+doubtful debts
+provision
+Including:
+Accounts
+receivable
+with a single
+0.73
+8,572,809,581.39
+100.00
+62,465,618.51
+8,510,343,962.88
+with doubtful
+□ applicable √not applicable
+Explanation on the significant changes in the book balance of other receivables with changes in loss
+provisions in the current period:
+6,418,836.17
+3,201,499.55
+2023 Annual Report
+Closing balance
+518,963.17
+2,698,373.45
+518,963.17
+3,201,499.55
+6,418,836.17
+Other changes
+□ applicable √not applicable
+(4) Provision for bad debts
+□ applicable √not applicable
+Among them, the amount of recovery or reversal of bad debt provisions for the current period is
+important:
+2,698,373.45
+Other notes
+None
+(5) Other receivables actually written off in the current period
+☐ applicable √not applicable
+Among them, the important write-off of other receivables
+184/308
+□ applicable √not applicable
+Basis for accruing bad debt provision for the current period and assessing whether the credit risk of
+financial instruments has increased significantly:
+□ applicable √not applicable
+Stage 2
+Expected credit
+losses (no credit
+impairment) for the
+entire life of the
+property
+Total
+Opening balance
+74,398,600.21
+Write-off instructions:
+113,294,124.01
+24,273,448.58
+211,966,172.80
+√ Applicable Inapplicable
+2023 Annual Report
+Provision for bad debts
+Opening balance
+Opening balance at the
+occurred)
+throughout the life
+of the
+beginning of the period
+-Transfer to Stage 3
+-Turn back to Stage 1
+Provision for the period
+Transfer back during the period
+Transferred during the period
+Current write-offs
+Stage 1
+Expected credit
+losses for the next
+12 months
+Unit: yuan Currency: RMB
+Stage 3
+Expected credit
+losses (credit
+impairment has
+-Transfer to Stage 2
+-Turn back to Stage 2
+26.71
+(6) Top five other receivables with closing balances, grouped by party in arrears
+√ Applicable □ Inapplicable
+Guarantee
+10,000,000.00
+5.34
+2-3
+years
+676,666.67
+Development
+deposit
+Investment Co., Ltd.
+Development and
+Reform Bureau of
+ChuangSheng
+Guarantee
+1.44
+2-3
+years
+182,700.00
+Mangshi Municipal
+deposit
+People's Government
+Xinjiang Daqi
+State-owned Assets
+Unit: yuan Currency: RMB
+2,500,000.00
+2,700,000.00
+Inner Mongolia
+year
+and payable
+Unit: yuan Currency: RMB
+Name of unit
+Closing balance
+As a percentage of
+the closing balance
+of other receivables
+Provision for
+Nature of
+payment
+Ageing of
+accounts
+doubtful debt
+Closing balance
+(%)
+Manager of Aneng
+(Qujialing) Biomass
+Power Generation
+Co., Ltd.
+Accounts
+Within 1
+15,738,774.01
+8.40
+receivable
+and payable
+44,068.57
+year
+China Three Gorges
+Accounts
+Within 1
+Corporation
+10,744,640.89
+5.74
+receivable
+□ applicable √not applicable
+183/308
+Explanation of significant changes in the book balance of interest receivable due to changes in loss
+provisions in the current period:
+187,273,109.09
+Dividend receivable
+(1) Dividend receivable
+√ Applicable □ Inapplicable
+2023 Annual Report
+Item (Investee Units)
+Closing balance
+Hubei Qingneng Investment
+Development Group Co., Ltd.
+120,305,200.00
+Total
+120,305,200.00
+(2) Significant dividend receivables aged over 1 year
+181/308
+□ applicable √not applicable
+applicable √not
+applicable
+Dividend receivables with a single doubtful debts provision
+applicable Vnot applicable
+Instructions for dividend receivables with a single doubtful debts provision
+☐ applicable √not applicable
+Dividend receivables with doubtful debts provision by portfolio
+□ applicable √not applicable
+Unit: yuan Currency: RMB
+Opening balance
+120,305,200.00
+120,305,200.00
+(3) Disclosure by method of bad debt accrual
+(4) Provision for bad debts based on the general expected credit loss model
+☐ applicable √not applicable
+□ applicable √not applicable
+1.33
+2023 Annual Report
+□ applicable √not applicable
+Interest receivable with a single doubtful debts provision
+□ applicable Vnot applicable
+Instructions for interest receivable with a single doubtful debts provision
+☐ applicable √not applicable
+Interest receivable with doubtful debts provision by portfolio
+□ applicable Vnot applicable
+(4) Provision for bad debts based on the general expected credit loss model
+□ applicable √not applicable
+Other notes
+Explanation of significant changes in the book balance of interest receivable due to changes in loss
+provisions in the current period:
+(5) Provision for bad debts
+□ applicable √not applicable
+Among them, the amount of recovery or reversal of bad debt provisions for the current period is
+important:
+□ applicable √not applicable
+Other notes
+None
+(6) Interest receivable actually written off in the current period
+□ applicable √not applicable
+Among them, the important write-off of interest receivable
+□ applicable √not applicable
+Write-off instructions:
+□ applicable √not applicable
+□ applicable Vnot applicable
+☐ applicable Vnot applicable
+(5) Provision for bad debts
+Nature of payment
+Deposits and guarantee deposits
+Accounts receivable and payable
+Advances from customers and
+Other
+Total
+117,191,949.93
+☐ applicable √not applicable
+44,608,062.85
+18,362,542.29
+454,677.12
+1,796,407.03
+Unit: yuan Currency: RMB
+√ Applicable Inapplicable
+Opening balance
+47,391,411.31
+15,479,469.22
+2,835,147.59
+1,272,132.46
+4,859,469.87
+187,273,109.09
+1,104,661.52
+211,966,172.80
+Closing balance
+60,893,183.50
+102,535,380.42
+23,844,545.17
+143,883,350.70
+(2) Breakdown by nature of payments
+Total
+More than 5 years
+□ applicable √not applicable
+Among them, the amount of recovery or reversal of bad debt provisions for the current period is
+important:
+182/308
+□ applicable √not applicable
+Other notes
+None
+2023 Annual Report
+(6) Dividend receivables actually written off in the current period
+□ applicable √not applicable
+Among them, the important write-off of dividend receivables
+□ applicable √not applicable
+Write-off instructions:
+□ applicable √not applicable
+Other notes
+□ applicable √not applicable
+Other receivables
+(1) Disclosure by age
+√ Applicable Inapplicable
+Ageing of accounts
+Closing balance
+Within 1 year
+1-2 years
+2-3 years
+3-4 years
+4-5 years
+(3) Provision for doubtful debts on other receivables
+Guarantee
+deposit
+156,726,771.14
+2,500,000.00
+Carrying value
+1,034,000,503.90
+1,034,000,503.90
+1,034,000,503.90
+1,034,000,503.90
+Changes in provision for impairment of debt investments during the current period
+□ applicable √not applicable
+2. Significant debt investments at the end of the period
+☐ applicable √not applicable
+187/308
+2023 Annual Report
+3. Provision for impairment
+Provision
+for
+impairment
+☐ applicable √not applicable
+□ applicable √not applicable
+The amount of impairment provision for the current period and the basis for assessing whether the credit
+risk of financial instruments has significantly increased
+☐ applicable √not applicable
+4. Debt investments actually written off in the current period
+☐ applicable √not applicable
+Among them, the important write-off of debt investments
+□ applicable Vnot applicable
+Instructions for writing off debt investments:
+☐ applicable √not applicable
+Other notes
+□ applicable Vnot applicable
+Explanation of significant changes in the book balance of debt investments that have experienced
+changes in loss provisions during the current period:
+Note 15.
+Unit: yuan Currency: RMB
+Opening balance
+1,052,752,691.20
+Closing balance
+69,348,835.58
+66,137,854.26
+116,350,328.50
+408,563,789.48
+Unit: yuan Currency: RMB
+Opening balance
+18,248,400.61
+102,000,948.00
+20,594,356.19
+109,009,068.62
+249,852,773.42
+Other notes
+1,052,752,691.20
+1,052,752,691.20
+Note*: Treasury bonds repurchase refers to the principal amount of funds borrowed by the company in
+the treasury bond repurchase market during the period to obtain interest income. The company's holding
+period for treasury bonds repurchase during the period was 1 day, 2 days, 3 days, 4 days, 7 days, 14 days,
+and 28 days, and the interest income was calculated based on the actual interest rate at the time of the
+transaction in the Shanghai and Shenzhen stock markets.
+Debt investments
+1. Debt investments
+√ Applicable □ Inapplicable
+Item
+Book balance
+Closing balance
+Provision
+for
+impairment
+Carrying value
+Book balance
+Shareholder
+loans
+1,052,752,691.20
+Total
+Note 14.
+Total
+Other debt investments
+☐ applicable √not applicable
+Instructions for long-term receivables with a single doubtful debts provision
+☐ applicable √not applicable
+Long-term receivables with doubtful debts provision by portfolio
+□ applicable √not applicable
+3. Provision for bad debts based on the general expected credit loss model
+□ applicable √not applicable
+Explanation of significant changes in the book balance of long-term receivables that have experienced
+189/308
+2023 Annual Report
+changes in loss provisions during the current period:
+□ applicable √not applicable
+□ applicable √not applicable
+The amount of impairment provision for the current period and the basis for assessing whether the credit
+risk of financial instruments has significantly increased
+4. Provision for impairment
+☐ applicable Vnot applicable
+Among them, the amount of recovery or reversal of bad debt provisions for the current period is
+important:
+□ applicable √not applicable
+5. Long-term receivables actually written off in the current period
+□ applicable √not applicable
+Among them, the important write-off of long-term receivables
+☐ applicable √not applicable
+Instructions for writing off long-term receivables:
+□ applicable √not applicable
+Other notes
+□ applicable √not applicable
+1. Other debt investments
+Long-term receivables with a single doubtful debts provision
+2. Disclosure by method of bad debt accrual
+Changes in provision for impairment of other debt investments during the current period
+□ applicable √not applicable
+2. Significant other debt investments at the end of the period
+□ applicable Vnot applicable
+3. Provision for impairment
+□ applicable Vnot applicable
+Explanation of significant changes in the book balance of other debt investments that have experienced
+changes in loss provisions during the current period:
+188/308
+2023 Annual Report
+□ applicable √not applicable
+The amount of impairment provision for the current period and the basis for assessing whether the credit
+risk of financial instruments has significantly increased
+□ applicable √not applicable
+☐ applicable √not applicable
+□ applicable √not applicable
+Among them, the important write-off of other debt investments
+□ applicable √not applicable
+Instructions for writing off other debt investments:
+□ applicable √not applicable
+Other notes
+☐ applicable √not applicable
+Note 16.
+Long-term receivables
+1. Long-term receivables
+☐ applicable √not applicable
+4. Other debt investments actually written off in the current period
+Peruvian IGV tax to be deducted
+Prepayment of taxes
+Treasury bonds repurchase*
+70,911,801.51
+101,636,539.97
+57,543,800.59
+Goods in
+stock
+Spare parts
+1,547,726.27
+772,328,808.72
+258,407,589.56
+1,547,726.27
+513,921,219.16
+1,483,814.14
+737,266,701.44
+229,275,188.41
+1,483,814.14
+507,991,513.03
+185/308
+108,396,490.22
+and
+2023 Annual Report
+Other
+Total
+184,862.16
+882,457,887.37
+17,605.64
+295,909,883.91
+167,256.52
+586,548,003.46
+385,962.13
+840,773,017.68
+19,509.07
+273,387,436.86
+2. Provision for decline in value of inventories
+√ Applicable Inapplicable
+366,453.06
+567,385,580.82
+components.
+Unit: yuan Currency: RMB
+Raw
+materials
+44,092,739.38
+Investment Co., Ltd.
+5 years
+Total
+41,683,414.90
+22.25
+3,403,461.95
+(7) Presented in other receivables due to centralized management of funds
+☐ applicable Vnot applicable
+Other notes
+☐ applicable √not applicable
+Note 10. Inventory
+Carrying value
+1. Inventory classification
+√ Applicable Inapplicable
+Book balance
+Closing balance
+Provision for decline
+in value of
+inventories/Provision
+for impairment of
+contractual
+performance costs
+37,484,688.71
+Carrying value
+Book balance
+Unit: yuan Currency: RMB
+Opening balance
+Provision for decline
+in value of
+inventories/Provision
+for impairment of
+contractual
+performance costs
+Item
+Item
+Amount increased during the
+period
+Decrease during the period
+☐ applicable √not applicable
+4. Explanation of the amount of amortisation of contract performance costs for the period
+□ applicable √not applicable
+Other notes
+□ applicable √not applicable
+Note 11.
+Assets held for sale
+□ applicable √not applicable
+Note 12.
+Non-current assets due within one year
+□ applicable √not applicable
+3. The capitalized amount of borrowing costs included in the closing balance of inventory and its
+calculation standards and basis
+186/308
+□ applicable √not applicable
+2023 Annual Report
+Other debt investments due within one year
+□ applicable √not applicable
+Other instructions for non-current assets due within one year
+None
+Note 13.
+Other current assets
+√ Applicable Inapplicable
+Item
+VAT input tax credit
+Debt investments due within one year
+□ applicable √not applicable
+Standards for accruing inventory decline in value by portfolio
+□ applicable √not applicable
+Closing balance
+Accrual
+Other
+Reversal or
+write-back
+Other
+Raw materials
+Spare parts and
+44,092,739.38
+229,275,188.41
+3,153,475.11
+9,761,525.78
+39,338,451.07
+457,159.17
+10,663,209.09
+components.
+Other
+Total
+19,509.07
+273,387,436.86
+-1,890.95
+42,490,035.23
+12.48
+457,159.17
+20,424,747.35
+37,484,688.71
+258,407,589.56
+17,605.64
+295,909,883.91
+Reasons for the reversal or write-off of inventory decline in value in the current period
+□ applicable √not applicable
+Provision for inventory decline in value by portfolio
+More than
+Opening balance
+190/308
+industries
+26,947,851,396.42
+various
+industry
+and
+hydropower cost
+Depreciation
+Domestic
+year (%)
+previous
+(%)
+the
+period in
+same
+with the
+54.50
+year out
+of the
+total cost
+total cost
+of the
+period
+compared
+the
+previous
+period in the previous
+year
+period out
+current
+period of
+Amount in the current
+period
+Cost items
+Industry
+Amount of the same
+the
+the
+current
+(%)
+the same
+24,734,015,535.29
+8.95
+period in the previous
+current
+period out
+Amount in the current
+period
+Cost items
+Product
+period of
+Amount of the same
+the
+the
+current
+the same
+amount in
+in the
+amount of
+Proportion
+of the
+amount in
+Proportion
+of the
+58.38
+of change
+Main businesses (by product)
+labor cost
+25.98
+11.08
+4,693,176,916.70
+11.96
+5,912,607,285.59
+expense and
+industries
+Materials
+Other
+charges
+levies and
+financial
+Proportion
+amount in
+amount in
+in the
+amount of
+220,428,621.80
+XII. Miscellaneous
+□ Applicable √ Inapplicable
+Section III Discussion and Analysis by Management
+I.Discussion and Analysis on Operations
+In 2023, Yangtze Power has celebrated the 20th anniversary of its listing. Faced with difficult
+challenges such as the complex and ever-changing international situation, the natural inflow of the
+Yangtze River being dry, and the arduous tasks of reform and development,, the Company adheres to
+the overall plan of "consolidating large hydropower at a high level, expanding new space with high
+quality, promoting scientific and technological innovation with a high position", fully completed all
+annual tasks, and its market value exceeded 580 billion yuan for the first time, ranking first among
+domestic power listed companies.
+(I) Faces up to difficulties, digs out potential and increasing efficiency, and consolidates the
+basic plate of large hydropower at a high level
+Safety production achieved great results again. For the 14th consecutive year, the Company has
+achieved the goal of "zero personal casualties and zero equipment accidents" in production safety, and
+the number of unplanned outages of cascade power stations has reached a record low. Key indicators
+such as the equivalent availability coefficient of power station equipment have reached the
+international advanced level. The Three Gorges Dam successfully passed its first regular dam safety
+inspection, and the Wudongde Dam was registered as Class A with a high score. The safety inspection
+mechanism centered on the "Five Major Safety Risk² Management and Control Inspections" operates
+effectively. the Company's emergency command platform and safety intelligent management and control
+platform were completed and put into operation.
+Energy supply is strong. the Company's cascade power stations generated a total of 276.263 billion
+kilowatt-hours of electricity throughout the year, an increase of 5.34% over the last year, and
+successfully completed the power supply tasks for multiple rounds of the National Two Sessions, the
+FISU World University Games in Chengdu, and the Asian Games in Hangzhou. The cascade power
+station unit has a peak start and stop adjustment of more than 20,000 times throughout the year, a daily
+adjustment peak volume of up to 33.79 million kilowatts, a maximum single-day power generation of
+1.468 billion kilowatt hours, and a daily power generation exceeded 1 billion kilowatt hours for 53
+consecutive days, effectively alleviating the power supply tension in the power receiving area.
+Breakthrough in reservoir scheduling. The integrated regulation and control management of the
+downstream cascade power stations on the Jinsha River has been fully implemented, with zero power
+loss due to water abandonment throughout the year, and the comprehensive utilization rate of water
+resources reaching a high record. The pre-flood water level of the Three Gorges Reservoir was raised to
+1 The equivalent availability coefficient refers to the ratio of the difference between the available hours of the unit minus
+the equivalent outage hours of reduced output of the unit and the hours during the statistical period.
+2 The five major safety risks refer to: major personal accidents, flooding of factory buildings, large-scale power outages,
+major equipment and facility accidents, and network security risks.
+11/308
+2023 Annual Report
+4,923,692,177.27 4,933,545,934.18 -220,238,551.44
+150 meters for the first time, and the cascade power station saved water and increased power generation
+by 12.13 billion kilowatt hours throughout the year. For the first time, the Wudongde Reservoir reached
+the normal water level of 975 meters, and the cascade reservoirs were filled on schedule for the first time.
+The total annual water replenishment capacity of the cascade reservoirs exceeds 24.2 billion cubic
+meters, effectively ensuring shipping and ecological safety.
+(II) Forges ahead, breaks through bottlenecks, expands new track and new space with high
+quality
+The pumped hydro energy storage business has developed in an orderly manner. Actively and
+steadily carry out the development, investment and operation of pumped hydro energy storage projects.
+Promote the start of the main project of Zhangye pumped-storage power station in Gansu, the
+Company's first "pumped-storage +" clean energy base has begun to take shape. Anhui Xiuning pumped
+storage project was obtained and approved, and a new batch of pumped storage projects were advanced
+in an orderly manner. Fully entrusted with the operation and maintenance of the Changlong Mountain
+Pumped Storage Power Station, achieving annual "zero unplanned downtime" for the year.
+The differentiated advantages of new energy are amplified. Focusing on the multi-energy
+complementarity of "water, wind, solar, and storage" (referring to the comprehensive utilization of
+hydropower, wind power, photovoltaics, and energy storage), the high-quality operation of the "water,
+wind, solar, and storage" integrated base in the lower reaches of the Jinsha River has been put into
+production of new energy projects, the cumulative installed capacity taken over and operated is nearly 2
+million kilowatts. Conduct in-depth research on the collaborative development paths of new energy,
+large hydropower, pumped hydropower, and smart integrated energy. The "Research on Key
+Technologies for Basin-Based Water, Wind and Solar Multi-energy Complementary Integration" project
+was successfully applied for Hubei Provincial Science and Technology Major Project and fully
+launched.
+Smart integrated energy is taking shape. Signed the "Urban Green Integrated Energy Manager"
+cooperation agreement with four entities including Yidu City, and the scale of photovoltaic and energy
+storage under construction has exceeded 1 GW, completed a two-level leap in the field of distributed
+photovoltaics and energy storage. The "Three Gorges Hydrogen Boat 1" successfully made its maiden
+voyage and was shortlisted for the 2023 selection of the top ten most important equipment of the state by
+state-owned enterprises. The China Three Gorges Green Power and Green Hydrogen Demonstration
+Station was successfully put into operation.
+International business achieves improved quality and increased efficiency. Continuously deepened
+the management and control of overseas companies and improved the governance structure. The annual
+net profit of overseas business was approximately 1.45 billion yuan, and operating performance reached
+a record high. Overseas operation and maintenance projects such as the Karot Hydropower Station in
+Pakistan, the Three Gorges Wind Power Plant in Pakistan, and the technical transformation of the Three
+Gorges Hydropower Station in Brazil were carried out smoothly and orderly.
+(III) Innovation-led, technology-empowered, high stance to shape new advantages and new
+dynamics
+The reform of the scientific research system was implemented efficiently. Improving the scientific
+and technological innovation system and mechanism, and quickly establishing a scientific research
+management system that meets the scientific research requirements and laws under the new situation, a
+science and technology research center and a science and technology innovation department was
+established. Introducing incentives and guarantee measures for scientific and technological innovation
+talent teams, and mechanisms such as scientific research assessment, fault tolerance, incentives, and
+collaborative innovation was continuously improved. Annual R&D investment reached 2.068 billion
+yuan, promoting the Company's transformation from a traditional power production enterprise to a
+world-leading innovative clean energy enterprise.
+The construction of scientific research platform was solid and effective. A national, provincial, and
+enterprise-level scientific research platform system with clear division of labor and clear responsibilities
+has been basically established. Platforms such as the National Engineering Research Center for Efficient
+Utilization of Water Resources and Engineering Safety and the Hubei Provincial Smart Hydropower
+12/308
+2023 Annual Report
+Technology Innovation Center are operating with high quality, and have been approved to build a
+provincial hydropower operation industry measurement and testing center. the Company's first
+postdoctoral scientific research workstation is in substantial operation, the construction of a joint
+laboratory for water, wind, solar and multi-energy complementation has been completed, and the first
+batch of scientific research projects have entered the implementation stage.
+Scientific and technological innovation achievements emerged in a concentrated manner. Jointly
+with universities, institutes and industrial units, a total of 12 national and provincial key projects were
+declared. the Company has obtained 1,173 domestic patent authorizations (187 invention patents) and 8
+international patent authorizations. And the Company was rated as "National Intellectual Property
+Advantage Enterprise". the Company has formed 183 scientific and technological innovation
+achievements, a number of typical scientific and technological achievements have emerged, such as
+"Industrial brain solutions for integrated innovation in the new generation of hydropower industry",
+"Key technologies for intelligent operation and maintenance of extra-large hydropower units",
+"Complete equipment and industrialization", "Arc-free excitation device for synchronous generator
+excitation system based on FPGA technology".
+II. Industry in which the Company Operated during the Reporting Period
+(I) Basic Information on the Electricity Industry
+Make solid progress in diging out potential and increasing efficiency. Substantial breakthroughs
+have been made in adjusting the installed capacity of Xiluodu and Xiangjiaba hydropower stations. The
+Xiangjiaba Hydropower Station expansion project has obtained support from relevant national ministries
+and commissions, and the Gezhouba Hydropower Station expansion project is actively advancing
+preliminary research work.
+financial assets
+Total
+-53,909,035.25
+-162,878,350.58
+Proportion
+of change
+Proportion
+of the
+Proportion
+of the
+Condition (by industry)
+Unit: yuan Currency: RMB
+(4). Cost analysis
+□ Applicable Inapplicable
+(3). Performance for major purchase contracts and major sales contracts
+□ Applicable √ Inapplicable
+(2). Analytical statement of production and sales volume
+Decrease
+2.42%
+XI. Items Measured by Fair Value
+√ Applicable Inapplicable
+2023 Annual Report
+Item Name
+Beginning balance
+Ending balance
+1,611,389,626.19 1,663,300,964.65
+non-current
+Other
+investments
+274,337,657.05
+-57,360,200.86
+year
+3,270,244,969.53
+equity
+Other
+current profit
+Amount of
+influence on the
+Unit: yuan Currency: RMB
+Current change
+3,312,302,551.08
+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.
+of the
+total cost
+(%)
+period
+compared
+Proportion of total R&D investment to the
+Total R&D investment
+Current capitalized R&D investment
+Current expensing R&D investment
+√Applicable Inapplicable
+4. Research and Development Investment
+(1).Details of R&D Investment
+Financial expenses were 12.556 billion yuan, a year-on-year increase of 2.975 billion yuan, mainly
+due to the increase in interest-bearing liabilities due to the acquisition of Yunchuan Company during the
+reporting period, and the corresponding increase in interest expenses, and this reporting period is the
+first full year after the Baihetan Hydropower Station was fully put into operation, and the amount of
+interest expenses expenses increased year-on-year.
+√ Applicable Inapplicable
+Expenses
+3.
+Note: The purchase amount in the above table is calculated based on the contract amount signed in 2023.
+5.04
+42,561
+Three Gorges Base
+Development Co., Ltd.
+operating income (%)
+3
+Industrial Co., Ltd.
+91,618
+2
+Yangtze Three Gorges
+Purchase amount
+Supplier name
+S/N
+Unit: ten thousand yuan Currency: RMB
+Proportion of total annual
+purchases (%)
+2023 Annual Report
+19/308
+√ 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.
+The procurement amount of the top five suppliers was 2,916.35 million yuan, accounting for
+34.53% of the total annual domestic procurement; among the procurement amount of the top five
+suppliers, the purchase amount from related parties was 1,943.18 million yuan, accounting for 23.01%
+of the total annual domestic procurement.
+√ Applicable Inapplicable
+10.85
+B. Main suppliers of the Company
+Proportion of the capitalized R&D
+Note: The amount of R&D investment is excluded from tax.
+25.98
+20/308
+3 According to company regulations, personnel whose actual working time in science and technology or R&D activities
+accounted for 90% or more of the system's working time during the reporting period are full-time R&D personnel,
+personnel whose actual working hours engaged in science and technology or R&D activities account for 10% (inclusive)
+to 90% (exclusive) of the system's working hours are part-time R&D personnel.
+284
+1085
+448
+Under the age of 30 (excluding 30)
+Aged 30-40 (including 30 and excluding 40)
+Aged 40-50 (including 40 and excluding 50)
+Number
+Age composition
+Age Composition of R&D Personnel
+23
+Senior high school and below
+86
+Junior college
+investment
+1403
+467
+Master's Degree
+25
+Doctor's Degree
+Number
+Educational level
+Educational Level of R&D Personnel
+139 full-time R&D personnel, 1865
+part-time R&D personnel³
+206,765.55
+2.65%
+Unit: RMB 10,000
+Proportion of the number of R&D personnel within the Company
+(%)
+Number of R&D personnel of the Company
+√ Applicable Inapplicable
+(2).R&D Personnel
+Bachelor's degree
+4.71
+359,754
+State Grid Corporation of
+China
+(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
+25.98
+11.08
+4,693,176,916.70
+11.96
+5,912,607,285.59
+and
+financial
+levies
+charges
+Materials
+expense and
+labor cost
+Other
+industries
+various
+industry
+2023 Annual Report
+□ Applicable Inapplicable
+8.95
+18/308
+and
+hydropower cost
+58.38
+24,734,015,535.29
+54.50
+26,947,851,396.42
+Depreciation
+Domestic
+the
+previous
+(%)
+period in
+same
+with the
+year (%)
+(7). Information on main sales customers and main suppliers
+A. Main customers of the Company
+√ Applicable Inapplicable
+Central China Branch of
+5
+Co., Ltd.
+5.05
+386,027
+China Southern Power Grid
+4
+Ltd.
+7.15
+546,541
+Guangdong Power Grid Co.,
+3
+Transmission Company
+12.63
+965,289
+Co., Ltd. Ultra-High Voltage
+China Southern Power Grid
+The total sales income from top five customers was 71,904.10 million yuan, accounting for 94.08%
+of the total annual domestic sales; among the top five customers, the sales income from related parties
+was 0 million yuan.
+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.
+√Applicable Inapplicable
+Unit: ten thousand yuan Currency: RMB
+Proportion of total annual
+S/N
+the
+previous
+year out
+of the
+total cost
+customer name
+sales (%)
+1
+State Grid Corporation of
+China
+4,932,799
+64.54
+2
+Sales Amount
+In 2023, 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. In June 2023, the National Energy Administration released
+the "Blue Book on the Development of New Power Systems", stating that the new power system is
+based on the construction of a high-proportion new energy supply and consumption system, ensuring
+energy and power security, and meeting the high-quality development of our country's economy and
+society need. In July 2023, the second meeting of the Central Committee for Comprehensive Deepening
+of Reforms reviewed and approved the "Guiding Opinions on Deepening the Reform of the Electric
+Power System and Accelerating the Construction of a New Electric Power System", which emphasizes
+the need to deepen the reform of the power system, and accelerate the construction of a new power
+system that is clean, low-carbon, safe, abundant, cost-effective, coordinated with supply and demand,
+flexible and intelligent, so as to better promote the energy production and consumption revolution and
+ensure national energy security. The construction of the country's new power system will take the year
+of 2030, 2045, and 2060 as important time nodes, forming a three-step development path: accelerated
+transformation period, overall formation period, and consolidation and improvement period. New energy
+development is achieving both centralized and distributed development, guiding the industry to shift
+from the east to the central and western regions.
+instrument
+29,524,219,483.64
+(III) Maintenance, Repair and Overhaul Capacity of Large-sized Hydropower Stations
+The Company continued to strengthen its core capabilities in the maintenance of large hydropower
+stations. Empowered with digital transformation, the Company built a digital maintenance management
+The Company continued to improve and optimize the large hydropower production management
+and control mechanism, strengthened the dual prevention mechanism, did a solid job in risk management
+and hidden danger investigation and management, and relied on the world-class hydropower plant
+indicator system and quality management system to enhance the Company's modern management level
+of large hydropower. In 2023, the Company achieved the goal of "zero personal casualties and zero
+equipment accidents" in production safety for the 14th consecutive year, and the number of unplanned
+outages of cascade power stations hit a record low.
+(II) Operation and Management Capacity of Large-sized Hydropower Stations
+The Company organizes power production scientifically, and the power station operation
+management is streamlined and efficient. The Company is now operating and managing six hydropower
+stations in China, including 86 giant hydropower generating units of 700,000 kilowatts and above,
+accounting for nearly 70% of similar units in the world. In 2023, the Company continued to adhere to
+the power production management concept of "precise dispatch, lean operation, and careful
+maintenance" and operated cascade power stations in a refined manner, successfully completed
+important tasks such as ensuring power supply during peak winter weather, and demonstrated the
+Company's operational capabilities and responsibility with practical actions and management results.
+With zero power loss due to water abandonment throughout the year, and the comprehensive
+utilization rate of water resources reaching a record high. The cascade power station saved water and
+increased power generation by 12.13 billion kilowatt-hours throughout the year. For the first time, the
+cascade reservoirs were all filled on schedule, with the total annual water supply exceeds 24.2 billion
+cubic meters., effectively ensuring shipping and ecological security.
+The Company refines the practical experience of joint dispatching and the research results of
+"six-reservoir joint dispatching" (referring to the joint dispatching of the Company's six cascade power
+stations on the main stream of the Yangtze River), continues to optimize the use of cascade reservoirs,
+and takes multiple measures to increase the power generation head and improve power generation
+efficiency. Expand the existing water and rain data, improve the data quality of the dispatch automation
+system, and release the daily grid precipitation forecast with a forecast period of 60 days for the first
+time, continue to improve the forecast accuracy, and the dispatch water level control accuracy reaches
+centimeter level, ensuring more accurate real-time dispatch and critical period dispatch. The "integrated
+regulation and control" management of the downstream cascade power stations on the Jinsha River has
+been fully implemented.
+(I)Cascade Jointly Dispatching Capacity
+√ Applicable □ Inapplicable
+IV. Core Competitiveness Analysis during the Reporting Period
+chain and related emerging fields, achieving investment income of 4.75 billion yuan throughout the year.
+The main project of the Zhangye pumped-storage power station in Gansu has started as scheduled, and
+the Company has been entrusted with the full operation and maintenance of the Changlon mountain
+pumped-storage power station in Zhejiang, during the year, the company acquired 2.4 million kilowatts
+of pumped storage energy project resources in Xiuning, Anhui, and Ningxiang, Hunan. The Company
+actively promotes the development of the "water, wind, solar, and storage" integrated renewable energy
+base in the lower reaches of the Jinsha River. The first batch of new energy stations have been
+successfully put into operation, and the practice of water, wind, and solar integration has been deepened
+and solidified. The smart integrated energy business has begun to take shape, achieving a two-level leap
+in the fields of distributed photovoltaics and energy storage. Jiangsu Province's first shared energy
+storage project (Jiangsu Fengchu 200 MW/400 MWh shared energy storage project) and a number of
+key demonstration projects were completed and put into operation. International business is making
+steady progress, overseas operation and maintenance projects are carried out smoothly and orderly. The
+installed capacity of new energy was tracked throughout the year to be approximately 974,000 kilowatts,
+and the company's first overseas-controlled new energy project, the Peruvian Arrow Photovoltaic Project,
+was successfully delivered, promote the company to continuously strengthen the power generation,
+distribution, and electricity sales industry chain in Peru, and basically form a healthy development
+pattern of "water, wind, and solar" complementary businesses.
+2023 Annual Report
+14/308
+In 2023, while insisting on strengthening and optimizing its main hydropower business, the
+Company actively carried out strategic investments in the upstream and downstream of the industrial
+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,
+of which the domestic installed capacity is 71.695 MW, accounting for 17.01% 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.
+In 2023, the Company's main business has achieved upward development, and has achieved
+excellent results in safety and environmental protection, energy supply guarantee, reservoir dispatching,
+lean production, and technology leadership. The power generation capacity of the six river basin power
+stations belonging to the Company is 276.263 billion kWh, which plays an important role in utilizing the
+comprehensive benefits of the power stations, energy conservation and emission reduction, energy
+supply, and promoting economic and social development, etc. The Company has also been engaged in
+the development of the power stations in the region.
+III. Business during the Reporting Period
+In terms of electricity consumption, in 2023, the country's total electricity consumption was 9.22
+trillion kilowatt-hours, a year-on-year increase of 6.7%, and the growth rate was 3.1 percentage points
+higher than in 2022. The rebound of the national economy drove the growth of electricity consumption
+to increase year-on-year.
+15/308
+In terms of power supply, as of the end of 2023, the country's full-scale power generation installed
+capacity was 2.92 billion kilowatts, a year-on-year increase of 13.9%. Among them, non-fossil related
+energy power generation installed capacity was 1.57 billion kilowatts, accounting for 50% of the total
+installed capacity for the first time in 2023, reaching 53.9%.
+2023 Annual Report
+In 2023, the Company overcame many challenges such as multiple rounds of supply guarantees,
+and completed the maintenance tasks of all 110 units (including A/B repairs of 9 large hydropower units)
+safely, with high quality and on time. The key indicators of operation of all units after repairs were
+excellent. After more than ten years of hard work, the Company has successfully completed the task of
+increasing the capacity and transforming all units of Gezhouba Power Station.
+Balance of this period
+Analysis of Changes in Relevant Items to Income Statement and the Statement of Cash Flow
+(I) Analysis of Main Business
+1.
+3.513 billion yuan, an increase of 14.81%; earnings per share were 1.1132 yuan, a year-on-year increase
+of 0.1435 yuan, an increase of 14.81%.
+2023 Annual Report
+16/308
+In 2023, the Company's six domestic cascade power stations completed a power generation of
+276.263 billion kilowatt hours, a year-on-year increase of 14.015 billion kilowatt hours or 5.34%;
+achieved total profit of 32.413 billion yuan, a year-on-year increase of 2.647 billion yuan, an increase of
+8.89%; net profit attributable to the parent company was 27.239 billion yuan, a year-on-year increase of
+V. Main Operation Conditions during the Reporting Period
+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 the Company 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.
+The Company's financial position is excellent and cash flow is stable and abundant, and has a good
+reputation in the international and domestic capital markets, with a domestic AAA credit rating and an
+international credit rating consistent with the national sovereign rating, and has strong investment M&A
+and financing capabilities. In recent years, the Company has adhered to strategic guidance and focused
+on its main responsibilities and businesses, focusing on clean energy, smart integrated energy, upstream
+and downstream industrial chains, technological innovation and other fields, actively and steadily carry
+out foreign investment, with a more reasonable investment structure, further optimized investment
+quality, and the ability to contribute investment income commensurate with the Company's size.
+(V) Capacity of Financing and Asset Acquisition and Integration
+In recent years, the Company has focused on its main responsibilities and businesses, consolidated
+and improved its core marketing capabilities at a high level, and implemented existing consumption
+plans, pricing mechanisms and other favorable policy arrangements. The Company has also carried out
+in-depth analysis of the situation of power system transformation and power system reform, accurately
+grasped the market positioning of "large hydropower", and strived to increase market benefits in a timely
+manner; Utilizing the platform and resource advantages, the Company continued to deepen the
+diversified marketing system and promote the optimize the company's overall benefits.
+The six cascade power stations on the mainstream of the Yangtze River operated by the Company
+has formed the world's largest "clean energy corridor". 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 implement national strategies, such as safeguarding national energy security,
+promoting energy structure adjustment, achieving energy conservation and emission reduction targets,
+and implementing the development of the Yangtze River Economic Belt. The scale of cascade
+hydropower is huge. In order to promote the optimal allocation of energy resources and effectively
+improve power security capabilities, through supporting external transmission lines, power transmission
+across large regions and long distances is consumed in many provinces and cities across the country. The
+consumption scope are mainly in economically developed areas such as the Yangtze River Delta and the
+Pearl River Delta.
+(IV) Cross-regional Power Marketing Capacity
+system, and organized maintenance data in a structured way, deepened the construction of the production
+safety monitoring system, continued to improve the technical management system and maintenance
+quality management system adapted to the entire river basin maintenance, and promoted the intelligent
+management of technical equipment. Optimized the maintenance process, and continuously carried out
+equipment status assessment, the Company has achieved scientific maintenance, diagnostic maintenance,
+dynamically optimize annual maintenance work, realized intelligent management and control of
+watershed maintenance, and further improved the ability and level of equipment and facility
+maintenance.
+In 2023, the country's electricity supply and demand was generally balanced, and the green and
+low-carbon transformation of electricity was continue to advance. During the peak summer period, the
+national power supply and demand situation is generally balanced, and all provincial power grids have
+not taken measures to orderly use electricity, creating the best results in ensuring power supply during
+the peak summer season in recent years; In winter, widespread severe cold waves, heavy rain and snow
+occurred in many places. The power supply and demand situation of nearly ten provincial power grids
+across the country was tight. Some provincial power grids have ensured the safe and stable operation of
+the power system through demand-side response and other measures.
+(II) Supply and Demand in the Electricity Market
+In terms of green energy development, the green power certificate system for renewable energy has
+been improved, renewable energy power consumption has been promoted, renewable energy power
+consumption has been guaranteed, and green certificates have been issued for all the power produced by
+renewable energy power generation projects that have been archived nationwide, such as wind power,
+solar power generation, conventional hydroelectric power, biomass power generation, geothermal power
+generation, and ocean power generation, so as to achieve full coverage of the green certificate issuance.
+According to statistics from the National Energy Administration, the country's newly installed
+renewable energy capacity has reached 305 million kilowatts in 2023, accounting for 82.7% of the
+country's newly installed power generation capacity and half of the world's newly installed capacity,
+exceeding the rest of the world combined. Renewable energy has become the mainstay of my country's
+newly installed electricity capacity.
+decrease in the
+17/308
+2023 Annual Report
+Domestic
+hydropower
+69,045,614,156.02 26,947,851,396.42
+60.97
+12.39
+8.95
+Increase
+1.23%
+industry
+Other
+8,794,693,615.64
+5,912,607,285.59
+32.77
+Increase &
+Increase &
+decrease
+in the
+operating
+(%)
+over last year
+In terms of the electricity market, the construction of a national unified electricity market system
+has been accelerated, market-based trading of electricity has continued to increase, the multi-level
+electricity market system has been operating effectively, and the market mechanism to adapt to the high
+proportion of new energy development has been gradually improved. Medium and long-term
+transactions are operating on a regular basis, giving full play to the role of "ballast stone", and the
+electricity spot market in some provinces has entered formal operation; The inter-provincial and
+inter-regional medium and long-term markets operate smoothly, and the inter-provincial spot market
+adjusts excess and shortfalls, playing a positive role in optimizing the allocation of large-scale power
+resources and ensuring mutual assistance and supply.
+capabilities of new energy, and coordinate the development and construction of large-scale new energy
+bases, regulatory support resources, and delivery channels.
+2023 Annual Report
+13/308
+In terms of power supply structure, the Company enhance the ability to support conventional power
+supply regulation, actively promote the expansion of hydropower units in major river basins, and adjust
+the cascade planning of river basins, and carry out the transformation and capacity expansion of
+hydropower units in accordance with laws and regulations; vigorously improve the active support
+In terms of energy consumption, the Company vigorously promote the issuance of green certificates
+and full coverage of transactions, further laying the foundation for expanding green power supply and
+promoting green power consumption; effectively expand the application of green certificates, expand the
+consumer demand for green certificates, further stimulate the vitality of the green electricity
+consumption market, and assist the comprehensive green and low-carbon development of the economy
+and society.
+In terms of energy development, the Company further promote green and low-carbon
+transformation, enhance the ability to replace non-fossil energy, and form a diversified clean energy
+supply system such as wind, solar, water, biomass, nuclear, and hydrogen. Actively promote advanced
+and efficient "new energy + energy storage", new energy storage, pumped hydro energy storage, source
+grid load storage integration and multi-energy complementary demonstration projects.
+Unit: yuan Currency: RMB
+Amount in the same
+Operating revenues
+profit
+rate (%)
+in the
+operating
+income
+over last
+year (%)
+cost over
+last year
+(%)
+gross margin
+Operating costs
+21.44
+period of the
+Operating revenues
+gross margin
+over last year
+year
+last
+income
+over last
+cost over
+Increase &
+decrease in the
+Increase &
+decrease
+in the
+operating
+Increase
+&
+decrease
+in the
+operating
+Gross
+profit
+rate (%)
+Operating costs
+Operating revenues
+Industry
+Main businesses (by industry)
+Unit: yuan Currency: RMB
+(1). Performance of principal businesses by segment, by product, by region and by sales model
+(%)
+√ Applicable □ Inapplicable
+(%)
+Domestic
+Increase
+1.23%
+Decrease
+2.42%
+25.98
+21.44
+32.77
+5,912,607,285.59
+Main businesses (by product)
+industries
+8,794,693,615.64
+Other
+industry
+8.95
+12.39
+60.97
+26,947,851,396.42
+69,045,614,156.02
+hydropower
+year (%)
+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
+11.58
+Industry
+32,942,554,525.43
+13.43
+Change proportion
+(%)
+previous year
+68,863,128,424.25
+78,111,573,265.75
+Net cash flows from financing
+activities
+Net cash flows from investing
+activities
+Net cash flows from operating
+activities
+R&D expenses
+Financial expenses
+Administrative Expenses
+Selling expenses
+Operating costs
+192,385,627.70
+172,538,067.61
+11.50
+1,363,314,584.28
+73.60
+-31,568,531,116.29
+-54,802,283,942.93
+9.44
+-12,805,985,011.19 -11,701,815,857.20
+48.86
+43,476,502,138.14
+Item
+64,718,720,441.75
+89,655,150.76
+788,922,297.30
+31.05
+9,581,366,456.35
+12,556,406,948.81
+-11.35
+1,537,855,652.43
+779.95
+Increase
+&
+decrease
+Gross
+Ltd.
+221,908,171.11
+914,070,120.07
+151,562,799,530.26
+2. Increase
+during the
+7,810,163,796.09
+2,993,824,914.48
+8,697,644,812.84
+28,081,203.85
+79,669,502,497.92
+176,485,178.81
+period
+Provision for
+7,810,163,796.09
+2,702,167,305.88
+8,263,057,563.60
+24,966,918.22
+163,111,187.62
+18,963,466,771.41
+19,706,199,906.07
+25,765,794,761.21
+44,991,523,979.95
+1. Opening
+balance
+1,244,693.42
+559,488,830.44
+scrapping
+Other decrease
+4. Closing
+340,912,848,243.83
+1,393,424.93
+6,478,576.59
+97,439,483,075.21
+364,527,333.26
+11,462,125.45
+173,738,861,060.23
+17,240,116.52
+384,662,457.33
+58,127,289.03
+99,015,271.24
+2,027,382,093.30
+441,288,163.74
+1,244,693.42
+1,203,199,634.32
+118,200,666.70
+615,706,436,564.22
+balance
+II. Accumulated depreciation
+198/308
+2023 Annual Report
+the period
+Business
+combinations
+248,088,527.79
+1,666,692.03
+330,570,699.65
+16,281,730.62
+94,698,951.69
+443,218,073.99
+scrapping
+Other decrease
+1,161,185.12
+505,506.91
+4. Closing
+52,801,687,776.04
+28,757,952,983.66
+325,377,789.53
+5,192,910.12
+88,036,576,611.11
+16,281,730.62
+57,570,474.06
+233,707,644.34
+37,128,477.63
+995,856,347.19
+400,391,179.33
+42,826,894.66
+170,825,781,362.34
+71,486,913.81
+157,142,560.27
+34,358,436.18
+Disposal or
+271,440,878.76
+624,584.96
+2,041,122.24
+522,195,113.75
+increase
+Co., Ltd.
+Translation
+differences on
+foreign
+6,440,603.18
+128,787,934.30
+2,489,700.67
+11,332,868.95
+149,051,107.10
+currency
+statements
+Other increase
+3. Decrease
+during the
+period
+37,128,477.63
+17,240,116.52
+375,989,458.71
+7,872,001.52
+Electric Power Co.,
+Guangxi Guiguan
+627,114,464.34
+10,316,691.43
+2,459,176.04
+-207,912.34 -2,349,979.96
+637,529,872.03
+Energy Industry Group
+Co., Ltd.
+Chongqing Fuling
+Limited
+1,108,696,596.80
+4,444,559.94
+95,498.29
+38,264,004.17 -63,453,968.61
+54,000,000.00
+Development Company 1,084,235,622.89
+Three Gorges
+Holdings Co., Ltd.
+3,798,211,128.56
+5,705,028,377.57
+74,767,483.87
+272,844,647.91
+Ltd.
+Chongqing Fuling
+Partnership)
+Partnership (Limited
+Investment Fund
+Private Equity
+CYPC Xinghong
+Chongqing Lianjiang
+Limited
+3,759,176,282.04
+92,211,119.04
+11,313,513.62
+836.65
+5,853,362,372.28
+256,432,268.32
+-3,412,464.06
+388,975,548.77
+172,397,452.19
+3,623,494,954.23
+Shenergy Company
+136,805,842.72 -1,471,763.54
+balance
+5,220,340.55
+5,795,204,952.38
+increase
+Translation
+differences on
+foreign
+66,286,854.32
+455,106,444.47
+4,028,402.35
+15,499,779.65
+26,957,173.10
+567,878,653.89
+currency
+statements
+Other increase
+3. Decrease
+during the
+period
+Disposal or
+99,009,273.64
+35,947,427.65
+134,956,701.29
+1,745,141,450.69
+307,328,792.35 10,421,962.75
+4,809,447.08
+1,089,337,100.68
+47,088,736.37
+898,000.33
+32,306,409.77
+5,996,050.11
+356,355,221.37
+50,802,900.16
+26,957,173.10
+14,242,769,143.28
+90,003,360.37
+in progress
+6,936,638,171.03
+265,173,376.45
+4,182,507,569.81
+35,226,765.27
+285,243,094.48
+11,704,788,977.04
+transfer
+Business
+combinations
+649,157,384.29
+1,837,518.64
+III.
+Provision for impairment
+1. Opening
+5,249,687.62
+1,654,434.14
+1,654,434.14
+3,595,253.48
+3,595,253.48
+20,311,252.02
+20,311,252.02
+2023 Annual Report
+1. Opening balance
+2. Increase during the period
+3. Decrease during the period
+4. Closing balance
+IV. Book value
+1. Closing book value
+2. Opening book value
+2. Status of investment property for which no title deeds have been issued:
+☐ applicable Vnot applicable
+3. Impairment testing of investment properties using cost measurement model
+□ applicable √not applicable
+Other notes
+5,249,687.62
+□ applicable √not applicable
+15,061,564.40
+123,791,102.78
+3. Decrease during the period
+4. Closing balance
+III. Provision for impairment
+2023 Annual Report
+Closing balance
+1,663,300,964.65
+1,663,300,964.65
+Unit: yuan Currency: RMB
+Opening balance
+1,611,389,626.19
+1,611,389,626.19
+Land, houses and buildings
+196/308
+116,299,858.24
+7,491,244.54
+7,491,244.54
+Unit: yuan Currency: RMB
+Total
+116,299,858.24
+7,491,244.54
+7,491,244.54
+123,791,102.78
+15,061,564.40
+(2) Translation differences on foreign currency statements
+Note 21.
+Item presentation
+Buildings and plant
+Machinery and
+equipment
+Transport
+facilities
+Office equipment
+and others
+Land*1
+Total
+I. Original book value
+1. Opening
+333,976,210,072.80
+96,366,830,187.70
+168,319,645,566.56
+354,813,837.48
+1,828,169,432.20
+1,177,487,154.64
+602,023,156,251.38
+balance
+2. Increase
+during the
+period
+Acquisition
+Construction
+Dam related buildings
+Fixed assets
+Item
+2023 Annual Report
+√ Applicable Inapplicable
+Fixed assets
+Fixed asset liquidation
+Item
+Closing balance
+Total
+197/308
+103,479,850.76
+101,238,293.84
+103,479,850.76
+101,238,293.84
+444,880,655,201.88
+18,718,606.04
+444,899,373,807.92
+Unit: yuan Currency: RMB
+Opening balance
+450,460,356,721.12
+19,669,923.05
+450,480,026,644.17
+Other notes
+□ applicable √not applicable
+Fixes assets
+1. Fixed assets
+√ Applicable Inapplicable
+Unit: yuan Currency: RMB
+194,155,169.28
+(1) Provision for the period
+1. Opening balance
+450,460,356,721.12
+Note: The land is owned by the Peruvian company.
+199/308
+2. Fixed assets temporarily idle at the end of the period
+☐ applicable √not applicable
+2023 Annual Report
+200/308
+Shanghai Electric Power
+Co., Ltd.
+312,495,582.89
+Three Gorges High-Tech
+Information Technology
+Co., Ltd.
+132,078,340.46
+State Power Investment
+13,180,203,013.21
+Corporation Limited
+Sichuan Chuantou
+Energy Co., Ltd.
+Chongqing Three Gorges
+Water Conservancy and
+Electric Power (Group)
+49,143,575.57
+5,287,659,924.78
+251,641,793.15 26,622,902.28
+-2,274,216.95
+444,880,655,201.88
+108,820,651.60
+1,203,199,634.32
+1,177,487,154.64
+132,905,666.37
+balance
+2. Increase
+during the
+period
+3. Decrease
+during the
+period
+4. Closing
+balance
+IV. Book value
+1. Closing
+book value
+2. Opening
+book value
+288,111,160,467.79
+288,984,686,092.85
+68,681,530,091.55
+70,601,035,426.49
+85,702,284,449.12
+88,650,143,068.64
+150,954,812.99
+1,031,525,746.11
+914,099,312.13
+2. Increase during the period
+4,255,613,747.60
+4,663,683.61
+57,717,030.60
+3,725,961,007.62
+103,200,500.61
+191/308
+2023 Annual Report
+Co., Ltd.
+Three Gorges Capital
+3,550,007,516.78
+Investment properties
+Investment property measurement model
+1. Investment property using the cost measurement model
+Item
+I. Original book value
+1. Opening balance
+2. Increase during the period
+(1)Translation differences on foreign currency statements
+3. Decrease during the period
+4. Closing balance
+II. Accumulated depreciation and amortization
+-18,913,485.41
+214,026,132.84
+104,238,732.02 -3,435,271.56
+3,624,044,902.67
+-1,570,051.95
+109,875,907.52
+2,587,326,401.27
+227,770,683.75
+10,083,084.09
+-436,452.97
+2,930,428.28
+405,445.25
+96,896,513.29
+-28,877,839.85
+1,217,983,378.25 -8,647,129.17
+14,025,492,221.5
+-30,884,815.46
+382,305,800.83
+7
+478,196,243.11 -37,693,511.65
+109,363,595.76
+193,911,792.00
+5,643,614,460.00
+77,743,160.50
+-8,025,033.96
+186,130,135.32
+CYPC Changfu
+d in
+other
+include
+fair value
+losses
+other
+comprehensive
+income
+ulated
+gains included in
+income
+recognized in
+the current
+period
+Other
+other
+comprehensive
+income during
+the period
+nsive
+income
+for the
+current
+period
+ts
+tmen
+ent
+inves
+investm
+1
+comprehe
+Reduce
+designation at
+Losses
+included in
+through other
+comprehensiv
+compre
+Accumulated losses
+Accumulated gains
+Recognised in the current
+period dividend income
+Long-term
+holdings
+Non-trading equity instruments
+Item
+Non-trading equity instruments
+√ Applicable Inapplicable
+Other notes
+□ applicable √not applicable
+2. Explanation of termination of confirmation in this period
+1,743,226,337.72
+3,270,244,969.53 274,337,657.05
+15,302,619.31
+57,360,200.86
+15,302,619.31 3,270,244,969.53 274,337,657.05 1,743,226,337.72
+57,360,200.86
+income
+hensive
+e income
+income to
+retained earnings
+tiona
+Addi
+Note 4: The company made additional investments in several companies, including Hubei Energy Group Co., Ltd., State Power Investment Corporation,
+Chongqing Three Gorges Water Conservancy and Electric Power(Group) Co., Ltd, Guangxi Guiguan Electric Power Co., Ltd. and Gansu Electric Power
+Investment Energy Development Co., Ltd. through the secondary market. The details of these investments are not provided in the passage.
+Note 3: The company purchased 102,813,852 shares of Zhejiang Provincial Energy Group Co., Ltd. through private placement in this period, holding a
+shareholding ratio of 4.28%. Because the company has stationed directors, the company can exert significant influence on them and adopt the equity method
+for accounting.
+Note 2: The company sold 29,457,506 shares of Shanghai Electric Power Co., Ltd. on the secondary market, reducing its stake from 1.46% to 0.41%. However,
+since the company still has a board director in the company, it can continue to apply equity method accounting for subsequent measurement.
+Note 1: The company sold 27,187,323 shares of Shenergy Company Limited on the secondary market, reducing its stake from 12.20% to 11.69%. However,
+since the company still has a board director in the company, it can continue to apply equity method accounting for subsequent measurement.
+Other notes
+2
+3
+224,119,537.5
+71,908,403,181.8
+7
+64,354,824.31
+71,004,432,670.9 224,119,537.5
+-25,407,5
+59.14
+-25,407,5
+59.14
+4
+100,292,583.27 1,780,377,392.64
+4,231,318,849.65 -65,556,634.42
+1,779,072,092.64
+100,131,355.73
+-65,556,634.42
+21,300.00
+2. Impairment testing of long-term equity investments
+in other
+□ applicable √not applicable
+Investments in other equity instruments
+Gains
+included
+2023 Annual Report
+3,312,302,551.08
+Total
+ts
+3,312,302,551.08
+instrumen
+ng equity
+Non-tradi
+balance
+Accumulated Accum Reasons for
+Dividend
+Closing balance
+Unit: yuan Currency: RMB
+194/308
+Increase/decrease during the period
+Opening
+Item
+1. Breakdown of other equity instruments
+√ Applicable Inapplicable
+Note 18.
+-72,605.42
+Transfer from
+Reasons for
+designation as at fair
+value through other
+comprehensive income
+40,929,775.08
+517,249,000.00
+346,935,808.24
+Subtotal
+4,500,318.28
+33,850,708.92
+Changxia Electric Power
+(Guangdong) Co., Ltd.
+755,024,922.25
+-168,388.69
+19,892,430.26
+218,051,880.68 517,249,000.00
+Distributed Energy Co.,
+Ltd
+85,115,911.09
+25,206,143.50
+1,305,300.00
+-3,874,244.68
+3,931,354.09
+Closing balance
+of provision for
+impairment
+Other
+272,506.82
+Closing balance
+38,623,534.02
+1,305,300.00
+4,088,443,920.72
+Development Group Co.,
+Guangzhou
+Group Co., Ltd..
+2,617,995,620.25
+126,309,256.81
+2,491,686,363.44
+Investment Development
+Hubei Qingneng
+9,900,334,176.44
+118,648,344.90
+22,743,981.82
+519,877,139.29 31,877,806.87
+Co., Ltd.
+297,551,598.70
+9,146,931,994.66
+Hubei Energy Group
+II. Associated enterprises
+903,970,510.86
+161,227.54
+other
+comprehensive
+for
+impa
+irme
+nt
+Other changes in
+equity
+1. Long-term equity investments
+Long-term equity investments
+Note 17.
+Total
+Note 20.
+☐ applicable √not applicable
+Other notes
+Classification of financial assets measured at fair value with
+changes included in current profits and losses
+Item
+195/308
+√ Applicable Inapplicable
+Other non-current financial assets
+Note 19.
+Total
+Long-term holdings
+1,743,226,337.72
+1,743,226,337.72
+274,337,657.05
+274,337,657.05
+Reasons for
+transfer of other
+comprehensive
+income to
+retained earnings
+√ Applicable Inapplicable
+cash dividends or
+profits
+2023 Annual Report
+Adjustments to
+other
+comprehensive
+income
+Declaration of
+ision
+Prov
+Unit: yuan Currency: RMB
+15,177,772.55
+1,359,253.99
+75,117,683.22
+19,915,535.42
+Yangtze River Smart
+(Anhui) Co., Ltd.
+Changxia Electric Power
+(Yunnan) Co., Ltd.
+I. Joint ventures
+Yunxia Electric Power
+on investments
+recognised under
+the equity method
+Reduce
+investment
+Additional
+investments
+Opening balance
+Investee Units
+Gains and losses
+Increase/decrease during the period
+Three Gorges Finance
+1,125,890.63
+4,190,389,074.57
+67,390,185,756.15
+2,332,225.82
+-94,494.72
+94,015,699.23
+1,205,881,924.44 341,603,981.84
+2023 Annual Report
+Changxia Digital
+Energy Technology
+(Hubei) Co., Ltd.
+Ltd.
+Energy Group Co.,
+Zhejiang Provincial
+Gansu Electric Power
+Investment Energy
+Development Co., Ltd.
+192/308
+Investment Co.
+255,903,911.24
+783,598.76
+85,800,000.00 169,320,312.48
+Onshore New Energy
+Three Gorges
+Ltd.
+2
+16,315,045.92
+224,119,537.52
+1,627,424,290.69
+21,101,464.25
+Partnership)
+Enterprise (Limited
+Partnership
+137,588,845.91
+(Guangzhou)
+Investment Fund
+Ownership Equity
+Green Energy Mixed
+(Hubei) Co., Ltd.
+23,800,000.00
+25,579,163.87
+Charging Technology
+2,480,082,544.29
+Ltd.
+21,036,597.18
+Power (Xi'an) Co.,
+Changxia Electric
+2,050,201.45
+7,350,000.00
+829,707,785.64
+Chongqing
+224,119,537.5
+Nuclear Power Co.,
+Upper-Middle Stream
+Jinsha River
+Yunnan Huadian
+Partnership)
+157,817,408.84
+49,273,420.94
+Partnership (Limited
+Investment Fund
+-17,417,897.26
+175,235,306.10
+Private Equity
+CYPC Hongyuan
+Chongqing Qianjiang
+Partnership)
+-101,984.20
+49,375,405.14
+Partnership (Limited
+Investment Fund
+Private Equity
+5,264,274,318.44
+224,119,537.52
+250,137,995.94
+63,342.79
+Hunan Taohuajiang
+2,989,879,953.67
+82,535,917.69
+7,367,885.21
+183,761,207.54
+2,881,286,778.61
+Dinghe Property
+Insurance Co., Ltd.
+Partnership)
+Partnership (Limited
+39,345,351.70
+-256,189.55
+39,601,541.25
+Investment Fund
+Private Equity
+Chongqing Wanquan
+Development Co., Ltd.
+Hydropower
+5,270,591,532.37
+246,100,000.00
+2,215,875.20
+586,366,483.68
+586,366,483.68
+1,931,595.77
+71,926,463.51
+112,401,886.91
+516,400,552.96
+Changsheng New
+Chongqing
+Partnership)
+Partnership (Limited
+539,563.87
+-1,179,678.83
+47,627,622.34
+Changfu No. 1 Equity
+Investment Fund
+Chongqing Fuling
+Machinery Co., Ltd.
+198,702,031.19
+322,873.71
+86,039.22
+1,939,874.55
+196,998,991.13
+Hydroelectric
+Zhengzhou
+5,223,690.74
+Ltd.
+Energy Private
+46,987,507.38
+Total
+2,644,314,062.6
+4
+4,000,000.00
+2,127,065,062.6
+1.70
+75,226,197.98
+-62,162,875.69 -30,448,274.98
+2,360,62
+59,322,839.10
+67,043,249,947.91
+165,476,726.95
+Subtotal
+Other
+Luxembourg S.a.r.l
+China Three Gorges
+Offshore
+Fund Partnership
+(Limited Partnership)
+Equity Investment
+2023 Annual Report
+388,598,113.09
+20,624,243.70
+193/308
+-7,135,893.88
+32,062,956.83
+3,817,374.45
+-9,260.72
+52,291,895.21
+Power Industry Co.,
+Shaanxi Yan'an
+Energy Co., Ltd.
+170,334,104.91
+331,613.24
+-696,739.83
+-5,645,581.48
+176,344,812.98
+Changxingyou
+71,926,463.50
+42,243,269.99
+22,968,192.95
+30,185,762.70
+315,903.00
+829,707,785.64
+-220,324.32
+6,484,405.42
+52,282,634.49
+2,979,713.32
+Ltd.
+22,139,663.99
+31,225,295.70
+Insurance Broker Co.,
+Three Gorges
+Co., Ltd.
+48,959,699.93
+-29,807,408.26
+1,869,997.32
+80,637,105.51
+Venture Capital Fund
+Hubei New Energy
+Ltd.
+26,412,091.12
+-27,768,1
+80.84
+586,631.69
+25,825,459.43
+Energy (Jiangsu) Co.,
+Changxia Smart
+5,628,516.85
+Energy Co., Ltd.
+Jingzhou Distributed
+Changxia Fast
+1,080,524,889.03
+6,936,638,171.03
+210/308
+62,497,749.13
+111,212,286.23
+2,919,180.96
+469,399,710.08
+708,851,668.44
+1,181,170,559.48
+4,845,260.29
+353,286,940.84
+11,544,534.68
+358,132,201.13
+5,413,246.94
+5,413,246.94
+5,413,246.94
+263,027,035.92
+1,150,794,250.93
+161,798,124.17 22,751,239,527.82
+24,326,858,938.84
+II. Accumulated amortization
+1. Opening
+5,413,246.94
+1,073,683,143.96 1,713,012,795.97
+21,677,556,383.86 22,619,259,389.81
+161,798,124.17
+636,410,471.05
+Acquisition
+50,953,214.45
+Research and
+111,212,286.23
+Development
+Business
+combinations
+increase
+36,394,747.05
+Translation
+foreign
+currency
+statements
+3. Decrease
+during the
+period
+Disposal
+4. Closing
+balance
+differences on
+2,919,180.96
+349,582,723.83
+399,852,369.28
+22,655,739.83
+3,512,515.20
+currency
+statements
+3. Decrease
+during the
+period
+5,408,824.82
+5,408,824.82
+Disposal
+21,434,539.92
+5,408,824.82
+43,154,910.04
+balance
+456,431,608.39 22,392,459.40
+23,342,581.61
+5,408,824.82
+545,321,559.44
+III.
+Provision for impairment
+1. Opening
+balance
+4. Closing
+13,874,898.40
+3,512,515.20
+342,447.66
+balance
+2. Increase
+during the
+period
+6,760,162.99
+112,257,709.38
+8,517,561.00
+23,342,581.61
+150,878,014.98
+Provision for
+the period
+878,752.25
+6,417,715.33
+8,517,561.00
+1,908,041.69
+124,709,759.95
+Business
+combinations
+increase
+Translation
+differences on
+foreign
+107,866,441.93
+2. Increase
+during the
+period
+519,797,026.82
+260,107,854.96
+Accumulated depreciation
+1. Opening balance
+142,315,992.58
+13,504,038.71
+155,820,031.29
+2. Increase during the period
+103,946,449.07
+2,991,798.80
+106,938,247.87
+II.
+Provision for the period
+2,371,627.85
+96,313,119.82
+Business combinations increase
+9,134,060.25
+9,134,060.25
+Translation differences on
+870,896.85
+620,170.95
+1,491,067.80
+93,941,491.97
+foreign currency statements
+982,454,340.10
+959,917,608.10
+124,617,113.26
+6,676,617.55
+131,293,730.81
+Business combinations increase
+45,808,208.94
+45,808,208.94
+Translation differences on foreign
+3,087,222.35
+764,887.16
+22,536,732.00
+3,852,109.51
+3.Decrease during the period
+9,608,720.80
+201,751.75
+9,810,472.55
+Lease expiration
+9,608,720.80
+201,751.75
+9,810,472.55
+4. Closing balance
+currency statements
+2. Increase
+during the
+period
+3.Decrease during the period
+4. Closing balance
+Intangible assets
+√ Applicable □ Inapplicable
+720,197,218.19
+653,697,791.77
+6,059,516.39
+1,792,940.33
+726,256,734.58
+655,490,732.10
+Right to use
+Software and
+Items
+Intangible assets
+Land use rights
+others
+spaces
+I. Original book value
+205/308
+Unit: yuan Currency: RMB
+Concessions
+Total
+2023 Annual Report
+1. Opening
+balance
+car parking
+Lease expiration
+1.
+None
+III.
+Provision for impairment
+1. Opening balance
+6,542,051.74
+18,621.90
+6,560,673.64
+6,542,051.74
+18,621.90
+239,720,389.91
+Note 26.
+16,477,215.61
+2. Increase during the period
+3. Decrease during the period
+4. Closing balance
+IV. Book value
+1. Closing book value
+2. Opening book value
+2. Impairment testing of right-of-use assets
+□ applicable √not applicable
+Other notes
+6,560,673.64
+256,197,605.52
+3. Decrease
+during the
+period
+4. Closing
+balance
+Opening balance
+Deferred income
+tax assets
+differences
+differences
+Provision for asset impairment
+341,258,810.40
+74,752,642.08
+276,976,572.24
+64,856,545.36
+Depreciation of fixed assets
+576,622,058.05
+90,233,653.51
+643,933,838.99
+97,549,768.32
+Withholding costs
+523,744,122.90
+49,882,849.72
+141,360,540.00
+21,204,081.00
+Unit: yuan Currency: RMB
+temporary
+Deferred income
+tax assets
+temporary
+63,085,397.48
+6,278,212.67
+30,651,944.83
+etc.
+Total
+63,085,397.48
+6,278,212.67
+30,651,944.83
+Other notes
+Changes in fair value of other
+None
+Deferred income tax assets and deferred income tax liabilities
+1.
+Deferred income tax assets not offset
+√ Applicable □ Inapplicable
+38,711,665.32
+Closing balance
+Items
+Deductible
+Deductible
+Note 29.
+283,980,109.20
+70,995,027.30
+171,145,707.18
+Cost of transfer of social
+1,077,999.20
+53,899.96
+608,194.61
+152,048.65
+functions and others
+Total
+2,684,851,111.63
+540,882,285.46
+165,746,604.69
+2,044,395,384.98
+2.
+Deferred income tax liabilities not offset
+√Applicable Inapplicable
+Closing balance
+Items
+Taxable
+temporary
+Taxable
+Deferred income
+tax liabilities
+435,553,094.65
+improvement expenses,
+662,986,418.81
+600,507,964.43
+42,786,426.80
+non-current financial assets
+Government grants
+4,549,384.02
+1,137,346.01
+4,904,295.80
+1,226,073.95
+Remuneration of employees of
+35,537,075.11
+149,659,221.67
+10,483,437.05
+9,561,103.84
+Peruvian companies
+Other items of Peruvian
+317,573,588.32
+93,684,208.16
+110,069,292.67
+32,470,442.04
+companies
+Lease liability
+32,410,524.68
+Leased-in fixed assets
+period
+Opening balance
+Name of investee
+or matters
+forming goodwill
+Opening
+balance
+Business
+combination
+formation
+Other
+the period
+Disposal
+Closing balance
+Other
+Hunan Mingsheng
+Increase during the period
+New Energy Co.,
+2,670,929.75
+Ltd.
+Peruvian
+1,078,435,274.25
+18,287,224.81
+1,096,722,499.06
+companies
+Jingzhou
+Distributed Energy
+2,670,929.75
+37,025,684.78
+Unit: yuan Currency: RMB
+Decrease during
+1. Original book value of goodwill
+IV. Book value
+1. Closing
+book value
+2. Opening
+book value
+219,872,125.88
+694,362,642.54 139,405,664.77 22,727,896,946.21 23,781,537,379.40
+223,713,107.91
+170,214,302.99 147,923,225.77 21,677,556,383.86 22,219,407,020.53
+206/308
+2023 Annual Report
+√ Applicable Inapplicable
+2.
+□ applicable √not applicable
+3.
+Impairment testing of intangible assets
+□ applicable √not applicable
+Other notes
+√ Applicable □ Inapplicable
+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 conduct an
+impairment test on the asset group containing intangible assets with indefinite useful lives, and no
+impairment occurred.
+Note 27.
+Goodwill
+Status of land use rights without proper title deeds
+180,954,049.26
+Co., Ltd.
+1,081,106,204.00
+□ applicable √not applicable
+5. Performance commitments and corresponding goodwill impairment
+There is a performance commitment when goodwill is formed and the reporting period or the previous
+period of the reporting period is within the performance commitment period
+□ applicable √not applicable
+Other notes
+√ Applicable Inapplicable
+At the end of the year, the company hired a third-party intermediary to conduct an impairment test on
+the asset group where the goodwill was located.Based on the historical operating conditions and future
+operating expectations of the asset groups, the recoverable amounts of the above asset groups are higher
+than their book values, and there is no impairment of goodwill.
+Note 28.
+Long-term amortised costs
+Reasons for the discrepancy between the information used in the company's impairment testing in
+previous years and the actual situation of that year.
+ฟ Applicable Inapplicable
+2023 Annual Report
+Amortisation for
+the period
+Unit: yuan Currency: RMB
+Other
+reductions
+Closing balance
+38,711,665.32
+Increase for the
+Item
+208/308
+Total
+□ applicable √not applicable
+The recoverable amount is determined based on the present value of expected future cash flows.
+□ applicable √not applicable
+37,025,684.78
+37,025,684.78 18,287,224.81
+1,136,419,113.59
+2. Provision for impairment of goodwill
+☐ applicable √not applicable
+3. Information about cash-generating unit or group of cash-generating units associated with
+goodwill
+√ Applicable Inapplicable
+The company's main goodwill was formed through the acquisition of a Peruvian company. Based on
+operating business characteristics and cash flow and other factors, the company divided the Peruvian
+company into a power transmission and distribution asset group and a power generation asset group, and
+207/308
+Reasons for the obvious inconsistency between the aforementioned information and the information
+used in impairment testing in previous years or external information
+2023 Annual Report
+The goodwill formed by the business combination in this period was formed by the acquisition of
+Jingzhou Distributed Energy Co., Ltd. and its subsidiaries by Three Gorges Electric Energy Co.. Ltd., a
+subsidiary of the company.
+Changes in asset group or asset group
+☐ applicable √not applicable
+combination
+Other notes
+☐ applicable √not applicable
+4. Specific method for determining recoverable amount
+The recoverable amount is determined as the net amount after fair value minus disposal costs.
+□ applicable √not applicable
+allocate goodwill to the above two asset groups based on the proportion of the asset group's fair value.
+The division of the Peruvian company's asset groups this year has not changed.
+811,310,763.39
+15,296,979.04
+7,441,504.71
+173,512,544.55
+4. Fixed assets with outstanding title deeds at period end
+☐ applicable √not applicable
+5. Impairment testing of fixed assets
+□ applicable √not applicable
+Other notes
+□ applicable √not applicable
+Liquidation of fixed assets
+√ Applicable Inapplicable
+Item
+Closing balance
+Fixed asset liquidation
+Total
+18,718,606.04
+18,718,606.04
+Other notes
+None
+Note 22.
+Construction in progress
+Item presentation
+√ Applicable Inapplicable
+□ applicable √not applicable
+3. Fixed assets leased out through operating leases
+2023 Annual Report
+non-current financial assets
+Changes in fair value of
+investments in other equity
+instruments
+161,978,979.77
+1,452,546,362.74
+175,420,688.02
+701,682,752.08
+4,923,886,874.78
+647,915,919.11
+510,321,950.70
+Deferred income
+tax liabilities
+2,041,287,802.80
+differences
+Item
+Opening balance
+485,030,446.72
+239,269,295.07
+1,700,555,727.61
+142,709,299.55
+573,525,322.09
+Right-of-use assets
+5,764,574,453.63
+Peruvian company Items
+943,297,647.95
+Fixed assets
+1,940,121,786.89
+differences
+Unit: yuan Currency: RMB
+Closing balance
+Construction in progress
+Engineering materials
+Project
+Chongqing Fengjie Rapeseed Dam
+Pumped Storage Power Station
+227,061,583.62
+Wudongde Project
+169,926,608.56
+Others
+Baihetan Project
+Total
+390,211,843.71
+70,002,199.37
+4,751,948,540.79
+Closing balance
+Provision
+for
+impairment
+2023 Annual Report
+Carrying value
+1,552,911,603.33
+394,220,725.99
+Book balance
+1,550,654,817.20
+390,211,843.71
+1,947,613,976.21
+233,599,832.48
+Yunnan Yangjiawanzi Photovoltaic
+1,552,911,603.33
+Total
+Other notes
+□ applicable √not applicable
+4,751,948,540.79
+7,904,082.23
+4,759,852,623.02
+201/308
+Unit: yuan Currency: RMB
+Opening balance
+19,669,923.05
+19,669,923.05
+394,220,725.99
+Unit: yuan Currency: RMB
+3,027,449,919.39
+6,404,836.54
+3,033,854,755.93
+Construction in progress
+1.
+Construction in progress
+√ Applicable Inapplicable
+Item
+Book balance
+Xiangjiaba Project
+Gansu Province Zhangye Pumped
+Storage Power Station Project
+Opening balance
+33,937,592.86
+Total
+9,455,119,043.04
+hand
+Cash at bank and on
+Item
+√ Applicable Inapplicable
+Assets with restricted ownership or use
+Note 31.
+None
+Other notes
+244,581,674.83
+Accounts receivable
+426,888,959.32 244,581,674.83
+Total
+costs
+165,386,924.34
+52,837,626.66 165,386,924.34
+52,837,626.66
+Pre-project
+79,194,750.49
+Carrying
+value
+impairment
+426,888,959.32
+Provision for
+Fixed assets
+Unit: yuan Currency: RMB
+Property ownership
+Other
+Mortgage loan
+Pledge loan
+Security deposit
+Mortgage
+29,852,048.90
+24,946,155.00
+25,585,800.00
+34,223,836.19
+Intangible assets
+Pledge
+622,992,622.49
+Freeze
+12,079,900.00
+12,079,900.00
+Restricted situation
+Restricted type
+Carrying value
+Book balance
+End of period
+612,147,675.03
+104,826.72
+Opening balance
+Unit:
+496,739,808.42
+45,230,736.87
+451,509,071.55
+4,684,029.23
+341,071,009.75
+Total
+Deductible losses
+336,386,980.52
+Deductible temporary differences
+Opening balance
+5.
+Closing balance
+Unit: yuan Currency: RMB
+Details of unrecognized deferred income tax assets
+√ Applicable Inapplicable
+4.
+3. Deferred income tax assets or liabilities presented on a net amount after offset
+□ applicable √not applicable
+2023 Annual Report
+209/308
+2,300,267,981.23
+8,314,773,348.77
+2,601,502,361.81
+Items
+yuan Currency: RMB
+Deductible losses for unrecognized deferred tax assets will expire in the following years
+Other notes
+181,274,258.33 79,194,750.49
+181,274,258.33
+assets
+long-lived
+acquisition of
+Prepayment for
+deducted
+192,777,074.33
+192,777,074.33
+□ applicable √not applicable
+tax to be
+Book balance
+Carrying
+value
+Closing balance
+Provision for
+impairment
+Book balance
+Items
+√ Applicable Inapplicable
+Other non-current assets
+Note 30.
+□ applicable √not applicable
+VAT input
+227,061,583.62
+2.
+Changes in significant construction-in-progress Items during the period
+√ Applicable Inapplicable
+☐ applicable √not applicable
+Other notes
+☐ applicable √not applicable
+203/308
+Self-finance
+Self-finance and
+financing
+Self-finance
+Self-finance and
+financing
+Self-finance and
+financing
+Impairment testing of projects under construction
+Engineering materials
+2023 Annual Report
+Unit: yuan Currency: RMB
+Opening balance
+Provision
+for
+impairment
+Carrying value
+6,404,836.54
+6,404,836.54
+Closing balance
+Provision
+1. Engineering materials
+√ Applicable □ Inapplicable
+Item
+4.
+3. Provision for impairment of construction in progress during the period
+9,399,858,574.34
+169,926,608.56
+94.18
+94.18
+9,609,247,487.75
+Baihetan
+Project
+17,788,973.29
+84,768,833.47
+14,766,634.10
+□ applicable √not applicable
+70,002,199.37
+16,908,270,416.91
+Total
+34,890,940.06
+1,671,988,917.09
+10,546,970,855.93
+9,399,858,574.34 14,766,634.10
+2,804,334,564.58
+36,886.674,271.69
+1,485.391.84
+93.60 93.60
+9,533,324,743.20
+Book balance
+Carrying
+value
+2. Impairment testing of oil and gas assets
+☐ applicable √not applicable
+Other notes
+None
+Note 25.
+Right to use assets
+1. Right to use assets
+√ Applicable Inapplicable
+204/308
+☐ applicable √not applicable
+2023 Annual Report
+Item
+Land, houses, and
+buildings
+Machinery and
+equipment
+Total
+I. Original book value
+1. Opening balance
+2. Increase during the period
+Leasing
+796,013,784.35
+Unit: yuan Currency: RMB
+for
+impairment
+1. Oil and gas assets
+Note 24.
+Book balance
+Materials for
+7,904,082.23
+7,904,082.23
+6,404,836.54
+engineering
+Total
+7,904,082.23
+7,904,082.23
+Oil and gas assets
+6,404,836.54
+None
+Note 23. Productive biological assets
+1. Productive biological assets using the cost measurement model
+□ applicable Vnot applicable
+2. Impairment testing of productive biological assets using cost measurement model
+□ applicable √not applicable
+3. Productive biological assets using the fair value measurement model
+☐ applicable √not applicable
+Other notes
+□ applicable √not applicable
+Other notes
+Changes in fair value of other
+36,460,439.70
+Wudongde
+Project
+Increase during the
+period
+Transferred to fixed
+assets during the
+period
+Other
+decreases
+during the
+current period
+in project
+Prog
+ress
+Amount of
+Accumulated
+Closing balance
+as a
+yuan)
+of
+proje
+ct
+percentage
+(%)
+of budget
+interest
+capitalised
+during the
+period
+Current
+interest
+capitalis
+ation
+rate (%)
+Funding source
+(%)
+Xiangjiaba
+Project
+amount of interest
+capitalised
+5,416,500.00
+Opening balance
+Budget (Ten
+169,926,608.56
+70,002,199.37
+1,947,613,976.21
+4,751,948,540.79
+36,460,439.70
+84,768,833.47
+1,355,461,002.30
+3,027,449,919.39
+Unit: yuan Currency: RMB
+Opening balance
+Provision
+for
+impairment
+thousand
+Carrying value
+104,826.72
+36,460,439.70
+84,768,833.47
+1,355,461,002.30
+3,027,449,919.39
+Unit: yuan Currency: RMB
+Cumulative
+investment
+Including:
+Project
+Name
+1,550,654,817.20
+9,765,720.14
+1,550,654,817.20
+1,552,911,603.33
+390,211,843.71
+31.86 60.00
+1,485,391.84
+1,485,391.84
+2.40
+Photovoltaic
+Project
+Chongqing
+Fengjie
+390,107,016.99
+Rapeseed
+840,258.00
+227,061,583.62
+227,061,583.62
+2.70
+2.80
+Pumped
+Storage
+Power
+Station
+Dam
+2,256,786.13
+104,826.72
+zi
+202/308
+10,367,670,975.19
+Self-finance and
+financing
+Gansu
+Province
+2023 Annual Report
+Zhangye
+Pumped
+122,485.98
+957,002.65
+394,220,725.99
+4.12
+5.00
+Storage
+Power
+Station
+Project
+Yunnan
+Yangjiawan
+394,220,725.99
+temporary
+84,728,579.07
+216,692,174.46
+187,803,612.87
+1,941,008.05
+1.Basic pension insurance
+period
+period
+Closing
+balance
+187,511,156.47
+Decrease
+during the
+Opening
+balance
+Items
+Unit: yuan Currency: RMB
+√ Applicable □ Inapplicable
+Defined contribution plan presentation
+3.
+Increase
+during the
+2,233,464.45
+2.Unemployment insurance
+4,081,383.27 24,441,004.44
+□ applicable √not applicable
+Other notes
+6,060,934.37
+Total
+2023 Annual Report
+213/308
+Contributions
+37,928.49
+129,519,858.50
+129,519,243.94
+38,543.05
+3.Corporate Pension
+premiums
+4,511,530.52
+24,010,857.19
+359,879,647.44
+Note 40.
+3,040,695,844.12
+25,071,317.27
+premiums
+5,893,144.81
+Maternity insurance
+insurance premiums
+5,376,854.36
+5,376,854.36
+4.Housing Provident Fund
+Worker's compensation
+2,275,014.04
+169,230,570.48
+2023 Annual Report
+Construction in
+118,508,759.50
+progress
+premiums
+5. Trade union funding and staff
+education funding
+16,980.88
+175,784,806.19
+25,136,259.85
+3,077,100,089.59
+323,475,401.97
+Total
+1,457,046.13
+7. Other short-term remuneration
+schemes
+103,658,801.72
+97,912,518.03
+107,120,887.71
+94,450,432.04
+6. Short-term profit sharing
+206,091,679.26
+5,893,144.81
+154,441,801.51
+69,523,680.89
+99,830,553.96
+154,424,820.63
+1,521,988.71
+Total
+Taxes payable
+Applicable
+Classification list
+Interest payable
+☐ applicable √not applicable
+Other notes
+Total
+Other payables
+□ applicable √not applicable
+Dividends payable
+Interest payable
+√ Applicable Inapplicable
+Item presentation
+Note 41. Other payables
+None
+Other notes
+Items
+Important overdue interest payable:
+24,354,355.53
+2,512,931,010.73
+20,157,423.75
+2,027,998,432.91
+Dividends on ordinary shares
+Items
+√ Applicable Inapplicable
+Dividends payable
+Classification list
+☐ applicable √not applicable
+Other notes
+2023 Annual Report
+□ applicable √not applicable
+31,751,543,386.67
+33,217,087.18
+31,718,326,299.49
+Opening balance
+Unit: yuan Currency: RMB
+214/308
+1,313,100,292.99
+34,574,356,696.51
+35,887,456,989.50
+Closing balance
+Total
+√.
+Other
+200,505,097.28
+144,698,042.51
+169,328,548.58
+663,956,375.25
+Opening balance
+Unit: yuan Currency: RMB
+754,376,541.02
+819,641,978.11
+Corporate income tax
+VAT
+Closing balance
+Items
+6,782,923.46
+341,763,861.25 341,041,872.16
+Inapplicable
+Water Resources Tax
+499,672,125.96
+Urban Maintenance and
+37,548,435.14
+Peruvian IGV tax
+106,481,503.40
+Personal income tax
+28,970,538.24
+31,840,924.35
+local education surcharge)
+Education surcharge (Including
+165,661,733.04
+183,349,308.62
+Land use tax
+172,831,712.52
+185,504,318.70
+Property tax
+Construction Tax
+33,988,977.64
+92,746,931.22
+205,314,572.78
+813,390,918.18
+115,906,728.75
+794,932,507.68|
+Mortgage
+remuneration
+2. Post-employment
+contribution plan
+323,475,401.97
+Increase during
+the period
+3,077,100,089.59
+Decrease during
+1. Short-term
+Unit: yuan Currency: RMB
+the period
+balance
+3,040,695,844.12
+359,879,647.44
+6,060,934.37
+341,763,861.25
+Closing
+benefits defined
+Opening balance
+Items
+Contract liabilities
+1. Contractual liabilities
+□ applicable √not applicable
+2. Significant contractual liabilities aged over 1 year
+□ applicable √not applicable
+3. Amount and reasons for significant changes in book value during the reporting period
+□ applicable √not applicable
+212/308
+Other notes
+□ applicable √not applicable
+2023 Annual Report
+Note 39.
+1.
+Payable to employees
+Presentation of employee remuneration payable
+√ Applicable Inapplicable
+341,041,872.16
+Note 38.
+6,782,923.46
+2,494,516.75
+2,284,167,003.88
+2,286,290,428.63
+46,332,163.71
+and subsidies
+2. Employee benefit costs
+541,835.64
+48,455,588.46
+226,413,692.50
+3.Social security contributions
+2,768,712.63
+180,006,871.06
+180,500,569.65
+2,275,014.04
+Including: medical insurance
+226,955,528.14
+1. Salaries, bonuses, allowances
+Closing balance
+the period
+Total
+332,030,853.09
+1,922,710.97
+3,420,786,661.81
+3,543,309.08
+873,918.64
+3,385,281,025.36
+367,536,489.54
+2.
+Presentation of short-term remuneration
+√Applicable Inapplicable
+Items
+Opening balance
+Increase during
+the period
+Unit: yuan Currency: RMB
+Decrease during
+3. Severance benefits
+□ applicable √not applicable
+Other notes
+3. Amount and reasons for significant changes in book value during the reporting period
+□ applicable √not applicable
+Opening balance
+26,685,383,079.85
+66,977,608.25
+26,752,360,688.10
+2.
+As at December 31, 2023, the Company has no unpaid past-due short-term borrowings.
+☐ applicable √not applicable
+Among them, the important overdue short-term borrowings that have not been repaid are as follows:
+□ applicable √not applicable
+Other notes
+Unit: yuan Currency: RMB
+□ applicable √not applicable
+Financial liabilities for trading purposes
+☐ applicable √not applicable
+Other notes
+□ applicable Vnot applicable
+Note 34.
+Derivative financial liabilities
+Note 33.
+Mortgage loan
+completed
+certificate not
+Other notes
+None
+Note 32.
+Short-term borrowings
+1. Classification of short-term borrowings
+√ Applicable Inapplicable
+Items
+Closing balance
+Credit Borrowing
+Accrued Interests Payable
+Total
+53,894,519,295.10
+90,913,524.48
+53,985,432,819.58
+Explanation of the classification of short-term borrowings:
+None
+□ applicable √not applicable
+Note 35.
+Notes payable
+□ applicable Vnot applicable
+Unit: yuan Currency: RMB
+Opening balance
+919,441,816.97
+30,257,663.35
+221,015.34
+34,634.25
+949,955,129.91
+2. Significant accounts payable aged over 1 year
+☐ applicable √not applicable
+Other notes
+□ applicable √not applicable
+Note 37.
+Advances from customers
+1. Advances from customers
+□ applicable √not applicable
+2. Significant advance from customers aged over 1 year
+□ applicable √not applicable
+1,295,637,007.14
+Total
+844,727.71
+25,762,301.61
+211/308
+Note 36.
+Accounts payable
+1. Accounts payable
+√ Applicable Inapplicable
+2023 Annual Report
+Items
+Within 1 year
+1-2 years
+2-3 years
+More than 3
+years
+Total
+Closing balance
+1,268,041,312.36
+988,665.46
+Closing balance
+1,313,100,292.99
+1,313,100,292.99
+Unit: yuan Currency: RMB
+Opening balance
+33,217,087.18
+33,217,087.18
+2,013,655,737.70
+Bonds* notell
+2,000,000,000.00 13,655,737.70
+2,000,000,000.00
+119
+July 13,
+I.C.P.LUZ DEL SUR
+100.00
+2023 Eighth Tranche of
+2,006,557,377.05
+6,557,377.05
+2,000,000,000.00
+2023
+Bonds* note 10
+Ultra-short-term Financing
+120000000
+November
+360
+230,536,839.07
+130000000 Sol
+360
+February 9,
+130000000
+I.C.P.LUZ DEL SUR
+2023 Annual Report
+217/308
+235,916,438.57
+15,260,438.57
+25, 2022
+Sol
+220,656,000.00
+120000000 Sol
+4P1EM S-A-FOURTH note12
+2,000,000,000.00
+4P1EM S-B-FOURTH note 13
+60
+July 12,
+3,000,000,000.00
+3,000,000,000.00
+130
+100.00
+June 9,
+Technological innovation
+short-term corporate bonds*
+2023 First Tranche of
+2,500,000,000.00 19,143,835.62
+2,500,000,000.00
+30
+130
+January 9,
+2023
+Bonds* note7
+2,519,143,835.62
+23,400,000.00
+2023
+3,023,400,000.00
+Ultra-short-term Financing
+2023 Seventh Tranche of
+2,003,169,398.91
+3,169,398.91
+2,000,000,000.00
+2,000,000,000.00
+29
+2023
+Bonds* note9
+29
+100.00
+July 12,
+Ultra-short-term Financing
+2023 Sixth Tranche of
+note8
+100.00
+16,650,208.82
+272,559.88
+Sol
+196,717,948.71
+110000000 Sol
+360
+October 19,
+110000000
+I.C.P.LUZ DEL SUR
+4P3EM S-A-FOURTH note18
+26, 2023
+Sol
+60,389.79
+3,688,076.89
+196,775,284.17
+110000000 Sol
+360
+200,523,750.85
+2,806,456.42
+45,953.84
+Sol
+25,605.60
+870,906.66
+68,206,323.84 24,420,705,801.55
+3,229,634,955.49 22,443,021,968.34 176,056,486.26
+Total
+22, 2023
+1,563,765.12
+215,102,803.74
+120000000 Sol
+360
+November
+120000000
+Sol
+4P3EM S-B-FOURTH note19
+I.C.P.LUZ DEL SUR
+2023
+199,570,358.97
+September
+110000000
+I.C.P.LUZ DEL SUR
+4P2EM S-C-FOURTH note17
+2023
+100000000
+I.C.P.LUZ DEL SUR
+4P2EM S-A-FOURTH note15
+2023
+Sol
+227,052,503.99
+231,543.29
+14,140,625.74
+212,680,334.96
+120000000 Sol
+360
+March 9,
+120000000
+I.C.P.LUZ DEL SUR
+4P1EM S-C-FOURTH note14
+247,459,607.77
+2023
+May 24,
+100.00
+360
+177,541,220.70
+Sol
+219,531,523.83
+94,471.94
+5,769,514.90
+213,667,536.99
+120000000 Sol
+360
+August 24,
+120000000
+I.C.P.LUZ DEL SUR
+4P2EM S-B-FOURTH note 16
+2023
+Sol
+186,254,919.17
+140,382.32
+8,573,316.15
+100000000 Sol
+1,497,084,839.04
+Ultra-short-term Financing
+Bonds* note6
+Accrued Interests Payable
+year
+2,768,712.63
+101,057,513.73
+Lease liabilities due within one
+one year
+Total
+532,945,436.94
+497,904,423.12
+11,880,724,087.18
+18,184,836,270.89
+34,213,742,662.59
+Long-term payables due within
+Bonds payable due within one
+year
+6,287,904,932.47
+1,355,203,960.77
+48,048,632,647.39
+1,551,966,917.46
+26,642,382,136.83
+Other notes
+3,229,634,955.49
+Opening balance
+Unit: yuan Currency: RMB
+1,717,762,447.92
+1,932,245.98
+218,745,362.90
+1,497,084,839.04
+Closing balance
+Short-term financing notes
+Financing amount to be paid
+Sales tax to be transferred
+Total
+Items
+√ Applicable Inapplicable
+Other current liabilities
+Other current liabilities
+Note 44.
+None
+one year
+969,747.43
+Long-term loans due within
+215/308
+292,629,609.54
+4,233,374,917.06
+29,903,292,189.39
+Closing balance
+Total
+Other payments
+Expenses to be paid
+145,059,980.52
+Deposits and security deposits
+Items
+√ Applicable □ Inapplicable
+Other payables by nature of payment
+Other payables
+None
+Other instructions, including significant dividend payables that have not been paid for more than 1 year,
+should disclose the reason for non-payment:
+Payment for work
+34,574,356,696.51
+Important other payables aged more than 1 year or overdue
+□ applicable √not applicable
+Opening balance
+Closing balance
+Items
+Unit: yuan Currency: RMB
+Non-current liabilities due within one year
+√ Applicable Inapplicable
+Note 43.
+362,484,913.97
+3,213,794,161.22
+187,577,635.54
+31,718,326,299.49
+27,954,469,588.76
+Opening balance
+Unit: yuan Currency: RMB
+☐ applicable √not applicable
+Liabilities held for sale
+Note 42.
+☐ applicable √not applicable
+Other notes
+2023 Annual Report
+3,230,604,702.92
+216/308
+Increase/decrease in short-term bonds payable
+2,500,000,000.00 18,698,630.14
+2,500,000,000.00
+30
+130
+January 5,
+2023
+Bonds* note4
+2,518,698,630.14
+100.00
+2023 Second Tranche of
+2,004,821,917.81
+4,821,917.81
+2,000,000,000.00
+2,000,000,000.00
+40
+Ultra-short-term Financing
+2023 Third Tranche of
+Ultra-short-term
+Financing
+2,514,178,082.19
+2,500,000,000.00 14,178,082.19
+2,500,000,000.00
+100
+January 6,
+2023
+100.00
+Ultra-short-term Financing
+2023 Fourth Tranche of
+2,514,383,561.64
+2,500,000,000.00 14,383,561.64
+2,500,000,000.00
+100
+January 9,
+2023
+Bonds* note5
+100.00
+January 3,
+2023
+bonds* note 3
+100.00
+Ultra-short-term financing
+Closing Balance
+Others
+Current
+Repayment
+Amortization of
+premium and
+discount
+Accrued
+Interest
+Current Issuance
+Opening
+Balance
+Issuance
+amount
+Maturity
+Period
+Issuance
+Date
+Par Value
+Bond Name
+Unit: yuan Currency: RMB
+2023 Annual Report
+√ Applicable Inapplicable
+The first short-term
+2023 Fifth Tranche of
+financing bonds in 2022*note
+November
+14, 2022
+2023 First Tranche of
+-113,750.00 1,529,280,821.92
+25,273,972.60
+1,500,000,000.00 1,504,120,599.32
+285
+November
+22, 2022
+2
+100.00
+financing bonds in 2022*note
+The Second short-term
+1
+-132,328.77 1,537,500,000.00
+32,773,972.60
+1,500,000,000.00 1,504,858,356.17
+365
+100.00
+2023
+168,736,871.89
+par
+220/308
+Note 19: On November 22 2023, LUZ DEL SUR S.A.A., a subsidiary of the Company, issued I.C.P.LUZ DEL SUR 4P3EM S-B-FOURTH short-term bond
+with par value of 120 million Soles, maturity period of 360 days, and an annual interest rate of 7.00%. The bond's issuance date and maturity date are November 23,
+Note 18: On October 19 2023, LUZ DEL SUR S.A.A., a subsidiary of the Company, issued I.C.P.LUZ DEL SUR 4P3EM S-A-FOURTH short-term bond with
+par value of 110 million Soles, maturity period of 360 days, and an annual interest rate of 7.25%. The bond's issuance date and maturity date are October 20, 2023
+and October 14, 2024, respectively. Accrued interests shall be paid with principal at maturity.
+Note 17: On September 26 2023, LUZ DEL SUR S.A.A., a subsidiary of the Company, issued I.C.P.LUZ DEL SUR 4P2EM S-C-FOURTH short-term bond
+with par value of 110 million Soles, maturity period of 360 days, and an annual interest rate of 7.21875%. The bond's issuance date and maturity date are September
+27, 2023 and September 21, 2024, respectively. Accrued interests shall be paid with principal at maturity.
+Note 16: On August 24 2023, LUZ DEL SUR S.A.A., a subsidiary of the Company, issued I.C.P.LUZ DEL SUR 4P2EM S-B-FOURTH short-term bond with
+par value of 120 million Soles, maturity period of 360 days, and an annual interest rate of 7.71875%. The bond's issuance date and maturity date are August 25,
+2023 and August 19, 2024, respectively. Accrued interests shall be paid with principal at maturity.
+Note 15: On May 24 2023, LUZ DEL SUR S.A.A., a subsidiary of the Company, issued I.C.P.LUZ DEL SUR 4P2EM S-A-FOURTH short-term bond with par
+value of 100 million Soles, maturity period of 360 days, and an annual interest rate of 8.03125%. The bond's issuance date and maturity date are May 25, 2023 and
+May 19, 2024, respectively. Accrued interests shall be paid with principal at maturity.
+Note 14: On March 9 2023, LUZ DEL SUR S.A.A., a subsidiary of the Company, issued I.C.P.LUZ DEL SUR 4P1EM S-C-FOURTH short-term bond with par
+value of 120 million Soles, maturity period of 360 days, and an annual interest rate of 8.21875%. The bond's issuance date and maturity date are March 10, 2023 and
+March 4, 2024, respectively. Accrued interests shall be paid with principal at maturity.
+Note 13: On February 9 2023, LUZ DEL SUR S.A.A., a subsidiary of the Company, issued I.C.P.LUZ DEL SUR 4P1EM S-B-FOURTH short-term bond with
+value of 130 million Soles, maturity period of 360 days, and an annual interest rate of 8.15625%. The bond's issuance date and maturity date are February 10,
+2023 and February 5, 2024, respectively. Accrued interests shall be paid with principal at maturity.
+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.
+2023 Annual Report
+219/308
+Note 11: On July 13 2023, the company issued the Eighth Tranche of Ultra-short-term financing bonds in 2023, with a face value of RMB 2 billion, a term of
+119 days, a coupon rate of 2.10%, an interest start date of July 14, 2023, a maturity date of November 10, 2023, and a repayment method of one-time repayment of
+principal and interest at maturity.
+Note 10: On July 12 2023, the company issued the Seventh Tranche of Ultra-short-term financing bonds in 2023, with a face value of RMB 2 billion, a term of
+60 days, a coupon rate of 2.00%, an interest start date of July 13, 2023, a maturity date of September 11, 2023, and a repayment method of one-time repayment of
+principal and interest at maturity.
+Note 12: 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
+Note 8: On June 9 2023, the company issued the First Tranche of Technological innovation short-term corporate bonds in 2023, with a face value of RMB 3
+billion, a term of 130 days, a coupon rate of 2.19%, an interest start date of June 12, 2023, a maturity date of October 20, 2023, and a repayment method of one-time
+repayment of principal and interest at maturity.
+Other notes
+√ Applicable Inapplicable
+Note 1: On November 14, 2022, the company issued the first short-term financing bonds in 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 November 22, 2022, the company issued the Second short-term financing bonds in 2022, with a face value of RMB 1.5 billion, a term of 285 days,
+a coupon rate of 2.5%, an interest 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.
+Note 9: On July 12 2023, the company issued the Sixth Tranche of Ultra-short-term financing bonds in 2023, with a face value of RMB 2 billion, a term of 29
+days, a coupon rate of 2.00%, an interest start date of July 13, 2023, a maturity date of August 11, 2023, and a repayment method of one-time repayment of principal
+and interest at maturity.
+Note 4: On January 5, 2023, the company issued the Second Tranche of Ultra-short-term financing bonds in 2023, with a face value of RMB 2.5 billion, a term
+of 130 days, a coupon rate of 2.1%, an interest start date of January 9, 2023, a maturity date of May 19, 2023, and a repayment method of one-time repayment of
+principal and interest at maturity.
+Note 3: On January 3, 2023, the company issued the First Tranche of Ultra-short-term financing bonds in 2023, with a face value of RMB 2 billion, a term of
+40 days, a coupon rate of 2.2%, an interest start date of January 4, 2023, a maturity date of February 13, 2023, and a repayment method of one-time repayment of
+principal and interest at maturity.
+2023 Annual Report
+Note 5: On January 9, 2023, the company issued the Third Tranche of Ultra-short-term financing bonds in 2023, with a face value of RMB 2.5 billion, a term of
+100 days, a coupon rate of 2.1%, an interest start date of January 10, 2023, a maturity date of April 20, 2023, and a repayment method of one-time repayment of
+principal and interest at maturity.
+Note 6: On January 6, 2023, the company issued the Fourth Tranche of Ultra-short-term financing bonds in 2023, with a face value of RMB 2.5 billion, a term
+of 100 days, a coupon rate of 2.07%, an interest start date of January 9, 2023, a maturity date of April 19, 2023, and a repayment method of one-time repayment of
+principal and interest at maturity.
+Note 7: On January 9 2023, the company issued the Fifth Tranche of Ultra-short-term financing bonds in 2023, with a face value of RMB 2.5 billion, a term of
+130 days, a coupon rate of 2.15%, an interest start date of January 11, 2023, a maturity date of May 21, 2023, and a repayment method of one-time repayment of
+principal and interest at maturity.
+218/308
+Other non-current liabilities
+√ Applicable Inapplicable
+□ applicable √not applicable
+Note 53.
+Share capital
+Unit: yuan Currency: RMB
+100.00
+Opening balance
+Issue of new
+shares
+Share
+delivery
+Transfer from
+provident fund
+Closing balance
+2023 Annual Report
+Change during the period Increase (+) Decrease (-)
+Note 52.
+1. Present special payables according to nature of payment
+Other notes
+226/308
+□ applicable √not applicable
+Status of deferred revenue
+Deferred income
+Note 51.
+□ applicable √not applicable
+Provisions
+Note 50.
+☐ applicable √not applicable
+Long-term employee benefits payable
+Note 49.
+☐ applicable Vnot applicable
+Other
+☐ applicable √not applicable
+Subtotal
+Changes in other equity instruments during the period, the reasons for such changes and the basis for the
+related accounting treatment:
+1,726,358,486.00
+62,669,497,681.29
+Closing balance
+63,312,527,981.51
+the period
+Unit: yuan Currency: RMB
+95,559,391,707.61 30,422,633,955.19
+Capital premium
+Decrease during
+Increase during
+the period
+Opening balance
+Items
+√ Applicable Inapplicable
+Capital surplus
+Note 55.
+□ applicable √not applicable
+Other notes
+☐ applicable √not applicable
+Special Payables
+□ applicable √not applicable
+2. Statement of changes in financial instruments such as preference shares and perpetual
+debentures issued and outstanding at the end of the period
+□ applicable √not applicable
+1. Basic information of other financial instruments such as preference shares and perpetual
+debentures issued and outstanding at the end of the period
+Other equity instruments
+Note 54.
+For details on the changes in share capital in this period, please see I. Basic information of the company.
+The issuance of new shares has been verified by Da Hua Beijing Certified Public Accountants LLP and
+the capital verification report has been issued.
+Other notes:
+22,741,859,230.00
+Total
+number of
+shares
+24,468,217,716.00
+1,726,358,486.00
+□ applicable √not applicable
+one year
+Long-term payables
+225/308
+□ applicable √not applicable
+Other notes
+Explanation of the basis for the classification of other financial instruments into financial liabilities.
+□ applicable √not applicable
+☐ applicable √not applicable
+Changes in financial instruments such as preferred shares and perpetual bonds issued at the end of the
+period.
+☐ applicable Vnot applicable
+Basic information on preferred shares, perpetual bonds and other financial instruments issued at the end
+of the period.
+4. Description of other financial instruments classified as financial liabilities
+□ applicable √not applicable
+Accounting treatment and judgment basis for equity transfer
+□ applicable √not applicable
+3. Description of convertible corporate bonds
+2023 Annual Report
+224/308
+Other notes: Other decreases in the current period include the transfer of non-current liabilities due within one year.
+96,099,455.92
+1,222,539,226.01 11,911,857,377.50 25,835,606,999.89
+1,253,672,516.57
+37,620,231,630.91
+Total
+323,183,000.00
+3,419,423.83
+13,345,200.00
+3,419,423.83
+309,837,800.00
+168,500,000 Sol
+2,314,172.49
+6,557,760.00
+Note 47.
+1. Present long-term payables according to nature of payment
+Lease liabilities
+2023 Annual Report
+□ applicable √not applicable
+Other notes
+☐ applicable √not applicable
+Item presentation
+Long-term payables
+Note 48.
+None
+Other notes
+620,996,116.15
+577,045,537.38
+Total
+(equity premium)
+84,728,579.07
+101,057,513.73
+Less: Lease liabilities due within
+payments
+705,724,695.22
+678,103,051.11
+Subtotal present value of lease
+182,129,592.32
+161,240,790.92
+887,854,287.54
+Opening balance
+Unit: yuan Currency: RMB
+839,343,842.03
+Less: Unrecognised financing costs
+Lease payments
+Closing balance
+Items
+√ Applicable Inapplicable
+227/308
+Note 3: The increase in other capital surplus for the period was attributable to changes
+method of accounting for other than net profit or loss, other comprehensive income and profit
+distribution of the investee.
+Other capital
+surplus
+505,051,530.28
+712,992.63
+-1,071,691.32
+-73,218,504.78
+-276,876.46
+8,733,561.68
+20,586,653.56
+-276,876.46
+502,203,264.61
+-70,775,520.23
+-57,360,200.86
+1,278,089,734.74
+-74,290,196.10
+578,983,027.69
+Credit impairment provisions
+The amount of financial assets
+reclassified and included in other
+comprehensive income
+other debt investments
+Changes in fair value of
+Changes in the fair value of
+the company's own credit risk
+II. other comprehensive income
+to be reclassified to profit or loss
+Including: Other comprehensive
+income available for transfer to
+profit or loss under the equity
+method
+instruments
+Changes in fair value of
+investments in other equity
+Other comprehensive income
+that cannot be transferred to
+profit or loss under the equity
+method
+Including: Remeasurement of
+movements in defined benefit
+plans
+I. Other comprehensive income
+that cannot be reclassified to
+profit or loss
+1,751,072,568.14
+712,992.63
+-1,071,691.32
+-105,287,201.66
+-25,291,503.98
+-25,291,503.98
+-131,650,396.96
+-32,068,696.88
+322,341,262.61
+230/308
+2,002,638,310.52
+237,098,573.50
+-15,129,922.82
+None
+Other notes, including the adjustment of the initial recognition amount of the hedged item for the effective part of the cash flow hedging profit and loss:
+712,992.63
+179,067,187.14
+217,054,060.95
+180,584,334.29
+328,460,747.29
+-445,455.83
+-15,129,922.82
+-25,291,503.98
+-276,876.46
+370,552,867.65
+1,786,297,242.20
+509,045,081.58
+-91,362,173.79
+-15,575,378.65
+income
+Cash flow hedging reserve
+Translation differences on
+foreign currency statements
+Total other comprehensive
+for other debt investments
+2023 Annual Report
+29,597,091.70
+251,565,742.38
+1,246,021,037.86
+9,010,438.14
+180,138,878.46
+229/308
+2023 Annual Report
+1,857,072,762.43
+hensive
+Incurred during the period
+retained
+earning
+r to
+Less:
+Transfe
+Less: Transfer
+to profit or loss
+in the period
+s in the
+current
+period
+from prior
+Incurred before
+income tax for the
+period
+Opening balance
+Items
+Unit: yuan Currency: RMB
+2023 Annual Report
+Note 57. Other comprehensive income
+√ Applicable Inapplicable
+228/308
+□ applicable √not applicable
+Treasury shares
+Note 56.
+2,314,172.49
+the equity
+2) The capital reserve adjusted at the beginning of the period will be reduced after the investment is
+completed in the merged Yunchuan Company under the common control;
+1) the combination of Yunchuan Company under the same control, the consideration paid is greater
+than the difference in net assets of the merged party on the combination date, and the capital reserve is
+reduced;
+Note 2: The decrease in capital premium (equity premium) in this period is due to:
+Other notes, including the increase and decrease in the current period, and the reason for the change:
+Note 1: The increase in capital premium (share capital premium) in this period is due to the
+premium of issued shares;
+30,503,972,475.33 63,312,527,981.51 63,490,865,604.91
+821,367,923.62
+81,338,520.14
+96,299,421,111.09
+740,029,403.48
+Total
+Less: Transfer
+income
+to retained
+earnings in the
+d
+benefi
+t plan
+compre
+to other
+income
+charged
+comprehensive
+define
+periods
+other
+income
+Closing balance
+other
+comprehensive
+periods
+charged to
+chang
+es in
+prior
+charged to
+sure
+minority
+shareholders after
+tax
+remea
+Attributable to the
+parent company
+after tax
+Less: Income tax
+expense
+from
+periods
+Attributable to
+rd and
+from prior
+forwa
+current period
+Carry
+Less:
+152,252,640.00
+158,810,400.00
+320,977,300.00
+5 years
+20 CYPC MTN002
+100.00
+21 CYPC MTN001
+100.00
+April 13,
+2020
+April 7, 2021
+10 years
+5 years
+5 years
+5 years
+5 years
+3 years
+3,000,000,000.00 2,994,163,920.25
+3,000,000,000.00 2,999,225,662.84
+3,000,000,000.00 2,153,346,872.39
+2,000,000,000.00 1,958,415,156.32
+2,000,000,000.00 1,999,665,954.07
+499,895,798.86
+135,000,000.00
+2,158,226.12
+135,000,000.00
+2,996,322,146.37
+100,500,000.00
+500,000,000.00
+239,868.57
+October 14,
+2016
+March 13,
+2019
+August 7,
+2019
+September 3,
+2019
+January 7,
+2020
+20 CYPC 02
+2,989,740,828.68
+September
+15 CYPC MTN001
+100.00
+10, 2015
+10 years
+100.00
+16 CYPC 01
+19 CYPC MTN001
+100.00
+19 CYPC MTN002
+100.00
+19 CYPC 02
+100.00
+100.00
+100,500,000.00
+2,999,465,531.41
+61,417,500.00
+88,250,000.00 2,499,806,083.01
+21 CYPC MTN002
+(Sustainability-linked
+100.00
+May 6, 2021
+3 years
+2,498,494,079.19
+1,000,000,000.00
+34,000,000.00
+765,967.15
+34,000,000.00
+82,800,000 Sol
+instruments)
+G21 CYPC 1
+999,091,411.29
+76,750,000.00
+1,499,178.53
+1,914,917.88
+88,250,000.00
+1,798,029.56
+61,417,500.00
+2,155,144,901.95
+52,771,726.01
+1,198,686.38
+52,771,726.01 1,959,613,842.70
+76,000,000.00
+239,737.27
+76,000,000.00 1,999,905,691.34
+18,500,000.00
+59,934.32
+18,500,000.00
+499,955,733.18
+2,500,000,000.00 2,496,994,900.66
+2,500,000,000.00 2,497,891,165.13
+76,750,000.00
+145,800,000.00
+100.00
+1,069,885.02
+2,988,670,943.66
+646,850,208.24
+34,861,848,658.56
+186,690,130,706.94
+Unit: yuan Currency: RMB
+Opening balance
+101,540,000.00
+209,001,291,869.11
+53,346,398.79
+125,653,191.67
+219,821,909,608.46
+18,909,471,545.50
+Explanation of the classification of long-term borrowings:
+None
+Other notes:
+☐ applicable √not applicable
+Note 46.
+Bonds payable
+190,246,706,722.40
+1. Bonds payable
+957,566,357.13
+2023 Annual Report
+2023 Annual Report
+2023 and November 17, 2024, respectively. Accrued interests shall be paid with principal at maturity.
+221/308
+Note 45. Long-term borrowings
+1. Long-term borrowings
+√ Applicable Inapplicable
+Closing balance
+Items
+Secured Borrowing
+Credit Borrowing
+Accrued Interests Payable
+Less: Long-term loans due within
+one year
+Total
+Pledge Borrowing
+√ Applicable □ Inapplicable
+Items
+Other bonds payable
+Maturity
+Period
+Issuance amount
+Opening balance
+Current
+Issuance
+Accrued Interest
+Amortization of
+premium and
+discounts
+Issuance Date
+Current
+Repayment
+Closing balance
+03 Three Gorges Bond
+100.00
+August 1,
+2003
+30 years
+3,000,000,000.00
+Other Decrease
+Par value
+Bond Name
+Unit: yuan Currency: RMB
+Less: Bonds payable due within
+one year
+Total
+Closing balance
+38,423,255,689.67
+12,587,648,689.78
+25,835,606,999.89
+222/308
+Unit: yuan Currency: RMB
+Opening balance
+44,734,741,512.93
+7,114,509,882.02
+37,620,231,630.91
+2023 Annual Report
+2. Changes in bonds payable (excluding other financial instruments such as preference shares and perpetual debt classified as financial liabilities)
+√ Applicable Inapplicable
+145,800,000.00
+21 CYPC 01
+999,857,378.44
+22 CYPC MTN001
+Sol
+22, 2014
+B.C.LUZ DEL SUR 3P2EM
+S-A-THIRD
+81,175,000
+September 3,
+Sol
+274,561,700.00
+B.C.LUZ DEL SUR 3P4EM
+S-A-THIRD
+2015
+July 14,
+11 years
+81,175,000 Sol
+149,264,590.00
+5,249,119.11
+6,429,060.00
+164,100,000
+5,249,119.11
+4,497,527.79
+4,497,527.79
+138,950,000 Sol
+255,501,260.00
+1,344,272.50
+100.00
+267,850,372.50
+Sol
+11,337,480.00
+223/308
+B.C.LUZ DEL SUR 3P3EM
+S-A-THIRD
+143,150,000
+September
+15 years
+143,150,000 Sol
+263,224,220.00
+2023 Annual Report
+155,693,650.00
+Sol
+9 years
+B.C.LUZ DEL SUR 3P7EM
+S-A-THIRD
+167,350,000
+B.C.LUZ DEL SUR 3P8EM
+S-A-THIRD
+Sol
+82,800,000
+Sol
+B.C.LUZ DEL SUR 4P1EM
+S-A-FOURTH
+168,500,000
+310,332,400.00
+Sol
+10 years
+7 years
+15 years
+167,350,000 Sol
+307,723,180.00
+3,847,331.54
+13,254,120.00
+3,847,331.54
+October 30,
+2018
+April 3, 2019
+October 18,
+2019
+876,838.63
+12,814,560.00
+876,838.63
+164,100,000 Sol
+301,747,080.00
+9,584,604.67
+12,996,720.00
+9,584,604.67
+314,743,800.00
+2016
+B.C.LUZ DEL SUR 3P6EM
+S-A-THIRD
+161,800,000
+December
+Sol
+14, 2017
+10 years
+161,800,000 Sol
+297,517,840.00
+10 years
+June 5, 2014
+11,004,840.00
+B.C.LUZ DEL SUR 3P1EM
+S-A-THIRD
+61,000,000.00
+159,854.01
+61,000,000.00 1,999,890,089.50
+3 years
+3 years
+500,000,000.00
+2,500,000,000.00 2,496,464,157.83
+499,924,894.64
+2,000,000,000.00 1,999,730,235.49
+72,500,000.00
+72,500,000.00
+2,498,379,075.71
+138,950,000
+39,963.50
+14,400,000.00
+499,964,858.14
+1,914,917.88
+5 years
+3 years
+3 years
+55,950,000.00
+100.00
+G22 CYPC 1
+100.00
+G22 CYPC 2
+100.00
+22 CYPC MTN002A
+1,499,843,137.49
+100.00
+100.00
+June 17,
+2021
+November 8,
+2021
+January 4,
+2022
+January 18,
+2022
+January 18,
+2022
+March 8,
+2022
+March 8,
+2022
+5 years
+1,500,000,000.00 1,499,771,176.92
+55,950,000.00
+71,960.57
+22 CYPC MTN002B
+2,000,000,000.00 1,999,638,648.45
+14,400,000.00
+95,947.43
+41,700,000.00
+119,890.51
+41,700,000.00
+63,800,000.00
+2022
+22 CYPC GN001
+1,500,000,000.00 1,499,734,610.94
+August 25,
+2022
+1,000,000,000.00
+998,916,881.93
+28,000,000.00
+-469,497.20
+28,000,000.00
+998,447,384.73
+5 years
+3 years
+1,499,854,501.45
+G22 CYPC 3
+63,800,000.00
+1,999,734,595.88
+100.00
+61,800,000.00
+-2,807,688.34
+61,800,000.00
+1,998,438,844.51
+2,000,000,000.00 2,001,246,532.85
+1,000,000,000.00
+1,000,374,096.39
+34,400,000.00
+-1,710,063.24
+34,400,000.00
+998,664,033.15
+May 18,
+5 years
+□ applicable Vnot applicable
+4. Instructions for presenting cash flows on a net basis
+□ applicable √not applicable
+5. Major activities and financial impacts that do not involve current cash receipts and payments
+but affect the company's financial status or may affect the company's cash flow in the future
+□ applicable √not applicable
+Note 79.
+240/308
+Supplementary information to the cash flow statement
+Supplementary information to the cash flow statement
+Water Resources Tax
+Changes in various liabilities arising from financing activities
+1.
+None
+662,415,251.37
+4,463,727.79
+12,144,735,080.24
+Impairment losses on long-term
+equity investments
+-44,256,676.67
+-42,490,035.23
+Loss on decline in value of
+inventories
+Prior Period Incurred
+Incurred during the
+period
+Other notes
+Items
+√ Applicable □ Inapplicable
+Impairment losses on assets
+Note 72.
+None
+Other notes
+Doubtful debts losses
+Unit: yuan Currency: RMB
+None
+Total
+Note 73.
+Property tax
+87,905,052.45
+85,049,122.90
+Stamp duty
+78,861,496.28
+28,163,345.45
+Incurred during the period
+6,336,590.98
+Gain or loss on disposal of
+Items
+Unit: yuan Currency: RMB
+-268,376,214.19
+-224,119,537.52
+-42,490,035.23
+√ Applicable Inapplicable
+Gain on disposal of assets
+-6,953,114.41
+120,211,063.40
+-6,953,114.41
+-2,410,743.13
+-2,410,743.13
+2023 Annual Report
+☐ applicable √not applicable
+Note 69. Gain on net exposure hedge
+235/308
+None
+Other notes
+Note 70.
+4,600,135,961.66
+Total
+16,052,151.55
+-111,261,253.05
+Other
+non-current financial assets
+424,836.50
+4,750,167,222.45
+Gain on changes in fair value
+√ Applicable Inapplicable
+Unit: yuan Currency: RMB
+Sources of gains arising from
+Total
+Incurred during the period
+Items
+Unit: yuan Currency: RMB
+-385,326,649.11
+-385,326,649.11
+-162,878,350.58
+-162,878,350.58
+√ Applicable Inapplicable
+Note 71. Credit impairment losses
+None
+Other notes
+Total
+Other non-current financial assets
+changes in fair value
+Prior Period Incurred
+Incurred during the period
+Prior Period Incurred
+132,937,480.38
+Local education surcharge
+199,407,080.47
+Incurred during the period
+Items
+Income
+Costs
+Main
+77,840,307,771.66
+√ Applicable □ Inapplicable
+32,860,458,682.01
+Other
+271,265,494.09
+82,095,843.42
+Businesses
+Total
+78,111,573,265.75
+Businesses
+Operating income, operating costs
+Operating income and operating costs
+1.
+Dividends payable on ordinary shares
+22,715,468,413.08
+241,671,653.39
+22,041,437,830.22
+Add: Surplus reserve to cover losses
+Changes in defined benefit plans are carried
+forward to retained earnings
+Retained earnings at the end of the period
+86,399,795,810.95
+81,875,582,795.77
+According to the "Company's 2022 Profit Distribution Plan" reviewed and approved by the company's
+shareholders' meeting on May 23, 2023, the company's consolidated net profit of 20,092,277,840.10
+yuan attributable to the owners of the parent company from February 1, 2022 to December 31, 2022
+were distributed to shareholders with distribution rights at a 100% ratio. In addition, Yunchuan Company
+231/308
+2023 Annual Report
+has accrued dividends of RMB 3,747,415,104.26 to the original shareholders based on the profit and loss
+arrangement during the transition period (assessment base date to delivery date), Among them, China
+Three Gorges Corporation and Yangtze Three Gorges Investment Management Co., Ltd. enjoy a total of
+2,623,190,572.98 yuan.
+Adjust the retained earnings details at the beginning of the period:
+The change in the scope of consolidation due to the same control affected the undistributed profit at the
+beginning of the period of RMB 3,659,221,869.79.
+Note 61.
+32,942,554,525.43
+232/308
+Unit: yuan Currency: RMB
+Prior Period Incurred
+5. Major contract changes or major transaction price adjustments
+□ applicable √not applicable
+Other notes
+None
+Note 62.
+Taxes and surcharges
+√ Applicable □ Inapplicable
+Items
+Urban Maintenance and
+Construction Tax
+Education surcharge
+Incurred during the period
+Unit: yuan Currency: RMB
+Prior Period Incurred
+354,919,762.77
+180,316,595.08
+387,176,339.03
+□ applicable √not applicable
+68,734,470.70
+Explanation of the allocation to the remaining performance obligations
+□ applicable √not applicable
+Income
+68,673,684,504.43
+189,443,919.82
+68,863,128,424.25
+Costs
+29,427,192,451.99
+97,027,031.65
+29,524,219,483.64
+2023 Annual Report
+2.
+Breakdown information of operating revenue and operating costs
+□ applicable √not applicable
+Other notes
+□ applicable √not applicable
+3. Statement of Performance Obligations
+4.
+Less: Withdrawal of statutory surplus
+Investment income from disposal of other
+31,185,099.01
+295,089,609.46
+697,655,665.68
+Prior Period Incurred
+Unit: yuan Currency: RMB
+680,345,723.61
+Incurred during the
+period
+230,086,488.58
+172,538,067.61
+18,882,121.53
+35,369,822.98
+5,240,987.77
+36,241,391.84
+192,385,627.70
+2023 Annual Report
+√ Applicable Inapplicable
+R&D expenses
+Note 65.
+4,675,651.61
+40,829,063.48
+91,300,485.10
+93,581,866.17
+72,297,911.77
+Depreciation and amortization
+Project Costs
+Staff remuneration
+Incurred during the
+period
+Items
+Unit: yuan Currency: RMB
+1,537,855,652.43
+1,363,314,584.28
+346,736,094.70
+130,688,816.05
+29,029,053.35
+28,699,659.68
+62,646,270.53
+64,892,378.61
+78,120,213.42
+Total
+Other costs
+None
+Other costs
+√ Applicable Inapplicable
+Selling expenses
+Note 63.
+None
+Other notes
+7,352,802.96
+1,459,994,248.37
+Items
+61,953,952.02
+Total
+Other
+45,469,219.40
+Land use tax
+Description of other cash payments related to financing activities:
+622,027,603.79
+7,449,134.55
+1,601,621,053.93
+Staff remuneration
+Incurred during the period
+115,533,425.11
+Unit: yuan Currency: RMB
+Prior Period Incurred
+108,151,230.99
+Travel and transportation expenses
+Property Management Expense
+Hub-specific expenditure
+Intermediary expenses
+Depreciation and amortization
+Staff remuneration
+Items
+√ Applicable Inapplicable
+Administrative expenses
+Note 64.
+None
+Other notes
+Total
+Other costs
+Power Exchange Expense
+Depreciation and amortization
+233/308
+Other notes
+445,819,328.17
+332,043,562.92
+8,874,269.70
+Prior Period Incurred
+√ Applicable Inapplicable
+Investment income
+Note 68.
+For details of the company's government subsidies, please see Note XI. Government grants 3.
+Government subsidies included in current profits and losses.
+Other notes:
+3,170,850.88
+Unit: yuan Currency: RMB
+4,413.66
+Unit: yuan Currency: RMB
+Prior Period Incurred
+4,738.72
+5,195,377.86
+4,288,040.43
+Total
+Others
+Withholding fee refunds
+705,978.80
+2,460,458.42
+Items
+Incurred during the
+period
+Prior Period Incurred
+40,234,844.63
+Investment income earned on other
+during the holding period
+45,561,087.31
+47,436,907.87
+Interest income earned on debt investments
+257,471,030.24
+274,337,657.05
+equity instruments during the period in which
+they are held
+Dividend income from investments in other
+715,206,720.79
+3,534,235,036.26
+199,365,745.60
+4,231,318,849.65
+Income from long-term equity investments
+accounted for under the equity method
+Investment income arising on disposal of
+long-term equity investments
+902,598.71
+Government grants
+Incurred during the period
+Classification by nature
+Incurred during the
+period
+Unit: yuan Currency: RMB
+Items
+√ Applicable □ Inapplicable
+Finance expenses
+Note 66.
+None
+Other notes
+89,655,150.76
+42,547.16
+2,185,136.51
+788,922,297.30
+Total
+4,363,772.47
+58,919,495.04
+26,329,336.09
+Prior Period Incurred
+non-current financial assets held
+234/308
+Less: Interest income
+32,118,547.38
+9,581,366,456.35
+-47,861,408.58
+18,769,906.81
+204,183,022.42
+9,801,292,339.97
+12,738,346,150.84
+239,117,604.62
+2023 Annual Report
+√ Applicable Inapplicable
+Other gains
+Note 67.
+Total
+None
+Other notes
+Bank charges and others
+Foreign exchange gains and losses
+Interest expense
+5,372,687.93
+38,408,495.78
+12,556,406,948.81
+Other
+Unit: yuan Currency: RMB
+2023 Annual Report
+√ Applicable Inapplicable
+531,760,078.03
+7,863,005.02
+12,951,923.96
+Items
+203,959,075.20
+Prior Period Incurred
+Unit: yuan Currency: RMB
+238/308
+Cash paid relating to other operating activities
+None
+Description of other cash received related to operating activities:
+306,986,073.85
+Current accounts
+Incurred during the period
+348,129,917.64
+506,365.39
+341,984,245.56
+4,171,850.54
+53,580,250.94
+310,602,236.93
+427,594,540.84
+Prior Period Incurred
+334,225,572.82
+327,010,616.87
+4,789,383.37
+R&D expense
+Donations
+Bank service charges
+77,700,511.11
+397,335,635.90
+General and administrative expenses
+Selling and distribution expenses
+586,942,968.83
+Total
+12,684,377.28
+237,173,569.56
+145,618,715.14
+4,456,574,981.37
+96,361,355.54
+-10,235,959.38
+69,224,933.79
+-1,018,152,256.56
+-2,929,486,784.53
+Other notes
+Income tax expenses
+Effect of nondeductible cost, expense and loss
+Effect from using the deductible losses of
+unrecognized deferred income tax assets
+Effect of non-taxable income
+Effect of different tax rates applicable to
+subsidiaries
+applicable tax rate
+Income taxes expense calculated at legal or
+Consolidated total profits in the current year
+Effect from deductible temporary balance or
+deductible losses of deferred income tax assets
+unrecognized in the current year
+Miscellaneous
+□ applicable √not applicable
+Note 77.
+Other comprehensive income
+328,941,581.73
+Incurred during the period
+Total
+Miscellaneous
+Government grants
+Interest incomes
+Current accounts
+Items
+√ Applicable Inapplicable
+Cash received relating to other operating activities
+1. Cash related to operating activities
+Items in the statement of cash flows
+Note 78.
+For details, please refer to "VII.57, Other comprehensive income" in this note.
+☐ applicable √not applicable
+8,143,440.26
+1,489,191,637.71
+1,138,439,490.20
+Description of other cash payments related to operating activities:
+Prior Period Incurred
+207,760,013.06
+Unit: yuan Currency: RMB
+153,684,966.16
+Incurred during the period
+institution loans and interest
+Repayment of non-financial
+Business combination under common
+Items
+Cash paid relating to other financing activities
+None
+Description of other cash received related to financing activities:
+96,720,000.00
+96,720,000.00
+Unit: yuan Currency: RMB
+Prior Period Incurred
+Incurred during the period
+√ Applicable Inapplicable
+64,387,062,400.00
+control
+Service charges for issuance of
+Total
+65,216,717,718.08
+710,567.56
+242,352,390.52
+126,233,185.12
+Miscellaneous
+Payment of lease
+and constructing fixed assets
+11,675,356,182.21
+535,587,402.91
+Payment in installments for buying
+bonds
+14,802,766.66
+14,149,763.89
+short-term commercial paper and
+Total
+Financing
+Items
+√ Applicable Inapplicable
+Prior Period Incurred
+5,592,027.34
+5,592,027.34
+Total
+Net cash paid by subsidiaries
+Incurred during the period
+Items
+Unit: yuan Currency: RMB
+√ Applicable Inapplicable
+Cash received relating to other investing activities
+□ applicable √not applicable
+Cash paid related to significant investment activities
+☐ applicable √not applicable
+Cash received related to significant investment activities
+2. Cash related to investing activities
+None
+34,202,605.40
+Items
+Description of other cash receives related to investing activities:
+Cash paid relating to other investing activities
+Cash received relating to other financing activities
+2023 Annual Report
+3. Cash related to financing activities
+239/308
+None
+Description of other cash payments related to investing activities:
+11,295,775.87
+11,295,775.87
+Prior Period Incurred
+Total
+Loss of control of subsidiaries and
+others
+Incurred during the period
+Items
+Unit: yuan Currency: RMB
+√ Applicable □ Inapplicable
+None
+8,103,244,977.37
+34,202,605.40
+Incurred during the period
+1,815,518.95
+324,227,708.82
+325,271,607.61
+Safety Expense
+Total
+1,815,518.95
+Production
+324,227,708.82
+771,620.16
+771,620.16
+Other notes, including the increase and decrease in the current period, and explanations for the reasons
+for the changes:
+None
+Note 59.
+Surplus reserves
+325,271,607.61
+Decrease during
+the period
+Increase during
+the period
+Opening balance
+Note 74.
+None
+Other notes
+Total
+fixed assets
+236/308
+-52,126,114.24
+Prior Period Incurred
+Note 58.
+Special reserve
+√ Applicable Inapplicable
+2023 Annual Report
+Closing balance
+Unit: yuan Currency: RMB
+Items
+√ Applicable Inapplicable
+Unit: yuan Currency: RMB
+Items
+Opening balance
+Adjustments to total unappropriated profit at
+This period
+81,875,582,795.77
+Unit: yuan Currency: RMB
+Last period
+76,768,181,760.95
+the beginning of the period (increase +,
+decrease -)
+3,659,221,869.79
+Adjustment to retained earnings at the
+81,875,582,795.77
+80,427,403,630.74
+beginning of the period
+32,412,979,909.47
+Add: Net profit for the period attributable to
+owners of the parent
+27,238,970,860.70
+23,725,915,960.71
+Retained earnings at the end of the previous
+period before adjustment
+Non-operating income
+Items
+Note 60. Retained earnings
+Increase during
+the period
+Decrease during
+the period
+Statutory surplus
+14,504,573,437.61
+Arbitrary surplus
+Other
+1,140,860.78
+Total
+24,967,736,455.15
+Closing balance
+14,504,573,437.61
+10,462,022,156.76
+1,140,860.78
+24,967,736,455.15
+Explanation of the surplus reserve, including the increase and decrease in the current period and the
+reasons for the change:
+None
+√ Applicable Inapplicable
+√ Applicable Inapplicable
+10,462,022,156.76
+Government grants not related to ordinary
+activities
+327,010,616.87
+Amount included in
+non-recurring profit or
+loss for the period
+266,601,124.35
+341,984,245.56
+13,382,618.98
+Unit: yuan Currency: RMB
+532,241,098.95
+327,010,616.87
+24,806,910.25
+Items
+Income tax expense table
+√ Applicable Inapplicable
+Unit: yuan Currency: RMB
+Income tax expense
+1.
+Note 76.
+Prior Period Incurred
+Incurred during the period
+24,806,910.25
+None
+4,097,184.71
+888,155,810.78
+Adjustment process of accounting profits and income tax expenses
+2.
+√ Applicable Inapplicable
+Items
+24,012,018.78
+4,664,143,516.41
+4,640,131,497.63
+36,637,929.32
+4,456,574,981.37
+4,419,937,052.05
+2023 Annual Report
+Total
+Deferred income tax expense
+Current income tax expense
+237/308
+Prior Period Incurred
+Incurred during the period
+Unit: yuan Currency: RMB
+2,781,061.22
+624,749,050.11
+Other notes
+1,847,184.71
+353,664,711.83
+Other
+21,894,780.97
+is less than the income generated from the
+fair value of the investee's identifiable net
+assets when acquiring the investment.
+Other
+subsidiaries, associates and joint ventures
+The investment cost of acquiring
+55,012,977.60
+55,012,977.60
+21,894,780.97
+Amount included in
+non-recurring profit
+or loss for the period
+Incurred during the
+period
+Unit: yuan Currency: RMB
+-52,126,114.24
+Total
+6,336,590.98
+2023 Annual Report
+Prior Period
+Incurred
+Total
+1,615,700.00
+Liquidated damages income
+expenditure
+3,939,671.03
+80,847,429.60
+Depot
+non-current assets
+Loss on retirement of
+maintenance
+Items
+External Donations
+Non-operating expenses
+Note 75.
+☐ applicable √not applicable
+Other notes
+3,939,671.03
+80,847,429.60
+1,167,924.47
+2,783,624.47
+√ Applicable Inapplicable
+7.8592
+75,226,197.98
+9,571,737.32
+Including: Euro
+75,226,197.98
+Long term equity investment
+1,052,752,691.20
+7.8592
+33,684,746.74
+Including: Euro
+1,052,752,691.20
+40,708,778.52
+Debt investments
+60,040.48
+2,392,051.00
+Pakistan Rupees
+64,607,344.24
+Other equity instrument
+1.9180
+133,951,635.18
+0.0251
+315,910,478.50
+investments
+108,325,144.50
+Peruvian sol
+1,098,784,937.13
+7.0827
+15,294,329.07
+Including: USD
+2,215,794,653.92
+Short-term borrowings
+Dollars
+3,250,319,903.07
+0.9062
+Including: Hong Kong
+assets
+315,910,478.50
+Other non-current financial
+Dollars
+3,250,319,903.07
+0.9062
+3,586,757,783.13
+Including: Hong Kong
+348,610,106.49
+7.0827
+109,817,514.11
+105,376,163.24
+Including: USD
+Derivative financial assets
+Pakistan Rupees
+210,629,992.06
+1.9180
+Peruvian sol
+247,042,235.38
+0.9062
+272,613,369.43
+1,980,474,010.09
+Hong Kong Dollars
+7.8592
+12,625,615.83
+Euro
+1,919,626,653.85
+2,526,236,018.87
+1.9180
+271,030,349.14
+Balance translated
+into RMB at the end
+of the period
+7.0827
+99,227,239.93
+0.0251
+49,709,897.65
+21,113,693.72
+Peruvian sol
+Other receivables
+Including: USD
+2023 Annual Report
+243/308
+1,224,245,805.47
+1.9180
+638,292,912.14
+Peruvian sol
+42,688,211.40
+0.0251
+1,700,725,553.59
+Pakistan Rupees
+37,607,040.73
+7.0827
+5,309,704.03
+Including: USD
+1,304,541,057.60
+Accounts receivable
+21,113,693.72
+7.0827
+2,981,023.30
+5,747,635.58
+2,107,469,509.42
+Select basis
+763,544,731.02
+of business
+Company
+Main place Reporting
+√ Applicable Inapplicable
+2. Explanation of overseas operating entities, including for important overseas operating entities,
+the main overseas business location, bookkeeping functional currency and selection basis should
+be disclosed, and the reasons for changes in bookkeeping functional currency should also be
+disclosed
+None
+Other notes:
+297,639,390.80
+1.9180
+currency
+1,419,647,171.99
+180,635,073.80
+155,182,164.13
+Peruvian sol
+Euro
+6,029,176,850.92
+7.0827
+851,254,020.49
+Including: USD
+within one year
+7,746,463,413.71
+7.8592
+Non-current liabilities due
+CYPC International (Hong Kong) Limited
+USD
+Lima, Peru Peruvian sol
+Lima, Peru Peruvian sol
+Including: USD
+Inland Energy S.A.C.
+Inmobiliaria Luz del Sur S.A.
+Luz del Sur S.A.A.
+Peruvian sol
+Lima, Peru
+Peruvian sol
+Hong Kong
+Lima, Peru
+USD
+Hong Kong
+2023 Annual Report
+Tecsur S.A.
+Los Andes Servicios Corporativos S.A.C.
+Grupo de Contratistas Internacionales S.A.C.
+China Three Gorges International Power
+Operations Co., Ltd.
+244/308
+The business is mainly measured
+and settled in this currency
+Lima, Peru Peruvian sol
+Accounts payable
+1,858,302,250.00
+968,875,000.00
+Including: USD
+114,243,722.27
+Other payables
+35,965,969.80
+1.9180
+18,751,809.07
+35,965,969.80
+Dividends payable
+753,897,465.96
+3,007,636.84
+1.9180
+Peruvian sol
+9,208,347.17
+0.0251
+366,866,421.12
+Pakistan Rupees
+438,917.89
+7.0827
+61,970.42
+Including: USD
+393,064,372.24
+1.9180
+7.0827
+Hong Kong Dollars
+Including: Peruvian sol
+1,858,302,250.00
+Bonds payable
+1,497,084,839.04
+1.9180
+780,544,754.45
+Including: Peruvian sol
+1,497,084,839.04
+Other current liabilities
+21,302,189.45
+3,310,137.23
+131,877,977.25
+Pakistan Rupees
+89,549,842.43
+1.9180
+46,689,177.49
+Peruvian sol
+81,553.16
+0.9062
+89,994.66
+0.0251
+Cash at bank and on hand
+-4,600,135,961.66
+Foreign currency
+balance at end of
+period
+operating payables
+2,973,870,626.90
+1,924,881,007.19
+Increase (decrease is shown by "-") in
+(increase is shown with a "-" sign)
+-7,301,010,492.77
+7,406,832,690.90
+Decrease in operating receivables
+shown with a "-" sign)
+Other
+-24,766,641.72
+Decrease in inventories (increase is
+sign)
+51,694,282.31
+102,826,056.87
+liabilities (decrease is shown by a "-"
+Increase in deferred income tax
+(increase is shown with a "_" sign)
+-27,682,263.53
+-66,188,127.55
+-38,469,780.60
+Decrease in deferred income tax assets
+-21,894,780.97
+activities
+2023 Annual Report
+241/308
+347,845,318.55
+-2,862,005,556.29
+Net increase in cash and cash
+equivalents
+Less: Opening balance of cash
+equivalents
+equivalents
+Add: Closing balance of cash
+10,628,364,964.92
+10,280,519,646.37
+Net cash flows from operating
+7,766,359,408.63
+10,628,364,964.92
+Closing balance of cash
+3. Net change in cash and cash equivalents:
+Fixed assets under finance leases
+within one year
+Convertible corporate bonds due
+Conversion of debt to capital
+43,476,502,138.14
+64,718,720,441.75
+2. Significant investing and financing activities that do not involve cash receipts or disbursements:
+Less: Opening balance of cash
+sign)
+shown with a "_"
+-4,750,167,222.45
+16,785,086,236.10
+6,953,114.41
+268,376,214.19
+25,101,915,143.63
+Prior Period Incurred
+Unit: yuan Currency: RMB
+18,965,093,248.81
+27,956,404,928.10
+42,490,035.23
+2,410,743.13
+Incurred during the period
+92,064,258.49
+Loss on disposal of fixed assets,
+intangible assets and other long-lived
+Amortisation of intangible assets
+Amortisation of long-term amortised
+Depreciation of right-to-use assets
+assets
+depreciation of oil and gas assets,
+depreciation of productive biological
+Add: Credit impairment losses
+Provision for asset impairment
+Depreciation of fixed assets,
+Net profit
+1. Reconciliation of net profit to cash flows from operating activities:
+Lima, Peru Peruvian sol
+Items
+costs
+77,426,244.36
+124,029,977.35
+86,049,017.68
+Losses on investments (gains are
+"-" sign)
+9,604,719,766.15
+12,765,508,688.75
+Finance costs (income is shown with a
+sign)
+shown by a ""
+385,326,649.11
+162,878,350.58
+Loss on changes in fair value (gain is
+is shown with a "-" sign)
+13,382,618.98
+24,806,910.25
+Loss on scrapping of fixed assets (gain
+"1"
+(Income is shown with a sign)
+assets
+52,126,114.24
+-6,336,590.98
+23,171,469.76
+31,550,048.65
+2.
+Converted
+exchange rates
+Net cash paid during the period for acquisition of subsidiaries
+√ Applicable Inapplicable
+Cash or cash equivalents paid in the current period for business
+combinations that occurred in the current period
+√ Applicable Inapplicable
+6. Monetary funds other than cash and cash equivalents
+5. Situations where the scope of use is restricted but still presented as cash and cash equivalents
+□ applicable √not applicable
+10,628,364,964.92
+7,766,359,408.63
+2023 Annual Report
+Group
+company or subsidiaries within the
+III. Cash and cash equivalents
+balances at the end of the period
+Including: Restricted cash and cash
+equivalents used by the parent
+Unit: yuan Currency: RMB
+4,710,195.58
+4,135,792.89
+10,628,364,964.92
+Opening balance
+Unit: yuan Currency: RMB
+1,906,799.61
+242/308
+7,743,306,570.47
+21,146,038.55
+7,766,359,408.63
+10,619,518,976.45
+Closing balance
+Items
+Prior Period
+Incurred
+Items
+Unit: yuan
+√ Applicable □ Inapplicable
+1. Foreign currency monetary items
+Foreign currency monetary items
+Note 81.
+□ applicable √not applicable
+Explain the name of the "other" items and the adjusted amount for the adjustment of the closing balance
+of the previous year:
+Notes to items in the statement of changes in equity
+Incurred during the
+period
+Note 80.
+Other notes:
+9,679,900.00
+12,079,900.00
+Total
+The security deposit cannot be
+withdrawn at any time
+9,679,900.00
+12,079,900.00
+Security deposit
+Reason
+□ applicable √not applicable
+Including: investments in bonds
+maturing within three months
+II. cash equivalents
+available for disbursement
+Wujiaqu Aikang Electric Power Development Co., Ltd.
+58,009,747.34
+Among them: Jingzhou Distributed Energy Co., Ltd. and its
+subsidiaries
+598,211,834.45
+Less: Cash and cash equivalents held by the company at the date of
+purchase
+603,438,903.00
+MAJES and REPARTICION ARCUS S.A.C.
+67,320,000.00
+Luquan County Aikang Energy Power Co., Ltd.
+8,211,365.39
+53,400,000.00
+180,600,000.00
+Xinjiang Liyuan Xinhui Energy Technology Co., Ltd.
+189,540,000.00
+Wujiaqu Aikang Electric Power Development Co., Ltd.
+52,417,720.00
+1,146,716,623.00
+Amount
+Unit: yuan Currency: RMB
+Among them: Jingzhou Distributed Energy Co., Ltd. and its
+subsidiaries
+Cixian Pinyou Photovoltaic Power Development Co., Ltd.
+Xinjiang Liyuan Xinhui Energy Technology Co., Ltd.
+2,085,249.80
+Cixian Pinyou Photovoltaic Power Development Co., Ltd.
+Other monetary funds readily
+available for disbursement
+Bank deposits readily
+Including: cash on hand
+Items
+I. Cash
+Composition of cash and cash equivalents
+√ Applicable Inapplicable
+4.
+☐ applicable √not applicable
+3. Net cash received during the period from disposal of subsidiaries
+Among them: the consideration paid by China Three Gorges Electric Power to purchase the equity of
+Jingzhou Company is less than the cash and cash equivalents held by Jingzhou Company on the date of
+purchase of RMB 5,592,027.34, which is recorded as cash received related to other investment activities.
+Other notes:
+596,401,721.10
+47,896,932.55
+488,120,633.61
+business combinations that occurred in previous periods
+Obtain net cash paid by subsidiaries
+Add: Cash or cash equivalents paid in the current period for
+Majes and Reparticion Arcus S.A.C.
+30,043,323.50
+Luquan County Aikang Energy Power Co., Ltd.
+11,741,514.81
+Items
+Majes Arcus S.A.C.
+156,489,432.97 240,375,826.03
+USD
+11,741,514.81
+11,741,514.81
+2,085,249.80
+2,085,249.80
+8,211,365.39
+8,211,365.39
+58,009,747.34
+58,009,747.34
+bank and
+30,043,323.50
+Cash at
+Book value on purchase
+date
+Fair value on
+purchase date
+21,187.80
+Book value on
+purchase date
+186,827,342.44
+203,853,743.39
+140,746,895.62
+Fair value on
+purchase date
+Book value on
+purchase date
+MAJES and REPARTICION
+Unit: yuan Currency: RMB
+21,920.30
+Co., Ltd.
+30,043,323.50
+6,924.30
+137,353.72
+137,353.72
+2,609,932.03
+2,609,932.03
+174,708.03
+174,708.03
+58,369,089.85
+58,369,089.85
+current
+6,924.30
+646.30
+72,825,072.66
+72,825,072.66
+27,211,831.05
+27,211,831.05
+230,800,160.98
+230,800,160.98
+60,654,133.10 251,645,066.81 251,645,066.81
+60,654,133.10
+on hand
+Accounts
+receivable
+Other
+646.30
+Luquan County Aikang Energy Power
+Cixian Pinyou Photovoltaic Power
+Development Co., Ltd.
+Fair value on
+purchase date
+603,289,359.17
+identifiable net assets
+248/308
+-262,912.61 -11,312,510.35 -5,378,889.44 -4,940,468.57
+37,025,684.78
+net assets acquired
+The amount by which
+goodwill/combination
+cost is less than the
+fair value share of
+94,378,889.44 117,140,468.57 599,687,044.48
+316,162,912.61 312,312,510.35
+38,980,035.22
+value of identifiable
+acquired
+599,687,044.48
+76,005,720.00
+acquisition date on
+the acquisition date
+Total combined costs
+Less: Share of fair
+23,588,000.00
+--The fair value of the
+equity held before the
+599,687,044.48
+112,200,000.00
+Co., Ltd.
+89,000,000.00
+Co., Ltd.
+Energy Power
+315,900,000.00 301,000,000.00 89,000,000.00 112,200,000.00
+2023 Annual Report
+Determination method of fair value of combined cost:
+☐ applicable √not applicable
+Xinjiang Liyuan Xinhui Energy
+Technology Co., Ltd.
+Book value on
+purchase date
+537,966,761.78
+Wujiaqu Aikang Electric Power
+Development Co., Ltd.
+Fair value on
+purchase date
+144,721,119.57
+Book value on
+purchase date
+488,840,852.23
+Fair value on
+purchase date
+641,689,678.39
+Book value on
+purchase date
+947,840,502.80
+897,667,179.47
+Assets:
+Fair value on
+purchase date
+Items
+Jingzhou Distributed Energy Co.,
+Ltd.
+(3) The identifiable assets and liabilities of the purchased party on the purchase date
+√ Applicable Inapplicable
+2023 Annual Report
+249/308
+None
+Other notes
+□ applicable √not applicable
+The main reasons for the formation of large amounts of goodwill:
+□ applicable √not applicable
+Completion status of performance commitments:
+807,676.54
+MAJES and
+REPARTICION
+807,676.54
+52.40
+14,657,519.71
+704,917.66
+704,917.66
+non-curren
+liabilities
+Other
+113.30
+113.30
+231,378,065.75 231,378,065.75
+current
+16,219,741.29
+Other
+3,742,405.27
+3,742,405.27
+178.60
+178.60
+582,514.03
+10,376.20
+10,376.20
+76,082,280.55
+76,082,280.55
+582,514.03
+payable
+13,095.80
+3,254,917.51
+10,048,480.24
+2023 Annual Report
+250/308
+interests
+olling
+Non-contr
+Less:
+8,824.50
+8,355.00
+102,668,027.76
+2,292,325.15
+117,140,468.57
+312,312,510.35 214,083,744.70 94,378,889.44
+227,097,515.71
+89,153,358.55 316,162,912.61
+38,980,035.22
+Net assets
+t liabilities
+2,427.70
+2,164.70
+7,494,520.10
+91,367,257.85
+12,832.80
+84,159,314.68
+86,713,274.82
+1,156,791.13
+26,820,891.13
+198,334,900.00
+114,587,125.92 217,863,900.00
+Intangible 133,920,701.63
+1,244,220.15
+1,244,220.15
+64,470,866.56
+64,470,866.56
+28,078,000.00
+Constructi
+on in
+progress
+5,405.50
+5,141.80
+71,044,700.30
+62,247,971.89
+89,720,741.21
+68,030,865.16
+423,073,744.97 499,215,536.86 155,441,913.85 269,582,897.24
+Fixed
+assets
+assets
+2,254,870.64
+7,695.30
+8,157.20
+49,379,637.77
+44,591,208.75
+2,496,103.87
+50,342,230.13
+290,976,848.82 274,757,107.53
+268,791,507.77 268,791,507.77 44,591,208.75
+5,965,599.76 5,965,599.76 2,496,103.87
+310,869,246.07
+297,705,432.76
+13,163,813.31
+858,687,144.25 858,687,144.25
+325,526,765.78
+441,451,117.24 441,451,117.24 297,705,432.76
+181,410,638.33 181,410,638.33 13,163,813.31
+Liabilities:
+Borrowing
+Accounts
+payable
+Employee
+compensat
+ion
+t assets
+734.60
+727.70
+8,607,478.65
+8,607,478.65
+10,778,663.70
+12,969,683.39 10,778,663.70
+12,969,683.39
+8,352,724.31
+8,352,724.31
+92,534,003.17
+99,168,896.02
+non-curren
+Other
+assets
+52.40
+Lima, Peru
+Power
+Development
+Energy
+Technology
+Co., Ltd.
+301,000,000.00
+purchase
+date to the
+party
+from the
+purchased
+flow of the
+the
+period
+e to the
+end of
+the date
+of
+purchas
+ed party
+from
+purchas
+end of the
+period
+d party
+from the
+date of
+purchase
+to the
+end of
+the
+period
+the
+Net
+profit of
+Income
+of the
+purchase
+od
+(%)
+meth
+Basis for
+determining
+purchase date
+ratio
+Purchase
+date
+The cash
+Equit
+y
+acqui
+sition
+Jingzhou
+Distributed
+2023/11/29
+2023 Annual Report
+246/308
+-592.81
+-51.69
+985.23
+Pay 60% of the
+price, industrial
+and commercial
+Electric Power
+Cash 2023/10/13
+31,590.00 100.00
+Energy Co.,
+Ltd. and its
+2023/10/13
+Wujiaqu
+22,870.52
+-3.76
+1,055.00
+Pay 60% of the
+price, industrial
+and commercial
+changes
+subsidiaries
+Cash 2023/11/29
+68.97
+7,600.57
+Aikang
+Equity
+Equity acquisi
+acquisition tion
+cost
+Equity
+acquisition
+time
+Purchased
+party name
+None
+Other notes
+3. Recognizing financial lease sales profits and losses as a manufacturer or distributor
+□ applicable √not applicable
+☐ applicable √not applicable
+Undiscounted lease receipts over the next five years
+□ applicable √not applicable
+Reconciliation of undiscounted lease receipts and net lease investment
+□ applicable √not applicable
+Finance lease as lessor
+Note 83.
+□ applicable √not applicable
+2. As lessor
+□ applicable √not applicable
+1. As lessee
+Lease
+Note 82.
+The business is mainly measured
+and settled in this currency
+The business is mainly measured
+and settled in this currency
+The business is mainly measured
+and settled in this currency
+The business is mainly measured
+and settled in this currency
+The business is mainly measured
+and settled in this currency
+The business is mainly measured
+and settled in this currency
+The business is mainly measured
+and settled in this currency
+The business is mainly measured
+and settled in this currency
+The business is mainly measured
+and settled in this currency
+USD
+Lima, Peru
+Reparticion Arcus S.A.C.
+Operating lease as lessor
+Others
+245/308
+2023 Annual Report
+Unit: ten thousand yuan Currency: RMB
+√ Applicable Inapplicable
+(1) Business combination transactions not under common control that occurred during the
+current period
+√ Applicable Inapplicable
+1. Business combination not under common control
+IX. Changes in Consolidation Scope
+□ applicable √not applicable
+3. Important outsourced research projects
+None
+Other notes
+□ applicable √not applicable
+Impairment provision for R&D expenditures
+☐ applicable √not applicable
+Significant Capitalized R&D Projects
+☐ applicable √not applicable
+2. Development expenditures for R&D projects eligible for capitalization
+☐ applicable Vnot applicable
+1. Listed by nature of expenses
+R&D expenditure
+VIII.
+□ applicable √not applicable
+Development
+Aikang
+changes
+Xinjiang
+On November 13, 2023, the company's affiliated Three Gorges Electric Energy signed an "Equity
+Transfer Agreement" with Wuhan Leju New Energy Co., Ltd., Yangtze Smart Distributed Energy Co.,
+Ltd., and Chongqing Liangjiang Integrated Energy Services Co., Ltd. to purchase a total of 68.97% of
+the equity of Jingzhou Distributed Energy Co., Ltd. and its subsidiaries. 60% of the consideration was
+paid on November 29, 2023. The industrial and commercial registration change of Jingzhou Company's
+equity was completed on November 20, 2023, and the necessary assets delivery procedures were
+completed. The purchase date was determined to be November 29, 2023.
+Other notes:
+-507.97
+247.31
+1,316.86
+change
+registration
+information
+Cash 2023/10/12
+29,543.07 100.00
+2023/10/12
+The company's subsidiary CYPC New Energy signed an "Equity Transfer Agreement" with
+Chongqing Changsheng New Energy Private Equity Investment Fund Partnership (Limited Partnership)
+and Changxia Electric Power (Guangdong) Co., Ltd. on December 30, 2022 to purchase 100% equity of
+Cixian Pinyou Photovoltaic Power Development Co., Ltd. 60% of the consideration was paid on
+October 13, 2023. Pinyou Photovoltaic Company's equity completed the industrial and commercial
+registration change on October 11, 2023, and went through the necessary assets delivery procedures. The
+purchase date was determined to be October 13, 2023.
+Pay 86.42% of
+the price and
+information
+registration
+-126.46
+292.97
+1,335.95
+change
+S.A.C.
+2023/10/12
+Cash
+Reparticion
+Arcus S.A.C.
+30,425.63 100.00
+The company's subsidiary CYPC New Energy signed an "Equity Transfer Agreement" with
+Chongqing Changsheng New Energy Private Equity Investment Fund Partnership (Limited Partnership)
+and Changxia Electric Power (Guangdong) Co., Ltd. on December 30, 2022 to purchase 100% equity of
+Luquan County Aikang Energy Power Co., Ltd. 60% of the consideration was paid on October 13, 2023.
+The equity of Aikang Energy Company completed the industrial and commercial registration change on
+September 26, 2023, and went through the necessary assets delivery procedures. The purchase date was
+determined to be October 13, 2023.
+247/308
+Development
+Co., Ltd.
+315,900,000.00
+52,417,720.00
+--Cash
+Ltd.
+Energy Co.,
+County
+Luquan
+Cixian
+Pinyou
+Photovoltaic
+Xinjiang
+Liyuan Xinhui
+The company's subsidiary CYPC New Energy signed an "Equity Transfer Agreement" with
+Chongqing Changsheng New Energy Private Equity Investment Fund Partnership (Limited Partnership)
+Wujiaqu
+Aikang
+Electric Power
+Jingzhou
+Distributed
+Unit: yuan Currency: RMB
+√ Applicable Inapplicable
+(2) Consolidated costs and goodwill
+In addition to the above-mentioned companies, the company's subsidiary Three Gorges Electric
+Energy purchased Jiangsu Fengchu Smart Energy Co., Ltd. at zero consideration. At the time of
+purchase, the company's former shareholders did not actually contribute capital and the company did not
+conduct business.
+The company's affiliated Luz del Sur S.A.A. signed an "Equity Transfer Agreement" with Sojitz
+Corporation and Takashi Imai on March 29, 2023 to purchase its 100.00% stake in Sojitz Arcus
+Investment S.A.C. (hereinafter referred to as Sojitz Company). 86.42% of the consideration was paid on
+October 12, 2023. Sojitz Company completed the industrial and commercial registration change on
+October 12, 2023, and went through the necessary assets delivery procedures. The purchase date was
+determined to be October 12, 2023.
+The company's subsidiary CYPC New Energy signed an "Equity Transfer Agreement" with
+Chongqing Changsheng New Energy Private Equity Investment Fund Partnership (Limited Partnership)
+and Changxia Electric Power (Guangdong) Co., Ltd. on December 30, 2022 to purchase 100% equity of
+Xinjiang Liyuan Xinhui Energy Technology Co., Ltd. 60% of the total consideration was paid on October
+13, 2023. Liyuan Xinhui Energy Company's equity completed the industrial and commercial registration
+change on September 25, 2023, and went through the necessary assets delivery procedures. The purchase
+date was determined to be October 13, 2023.
+and Changxia Electric Power (Guangdong) Co., Ltd. on December 30, 2022 to purchase 100% equity of
+Wujiaqu Aikang Electric Power Development Co., Ltd. 60% of the consideration was paid on October 13,
+2023. Aikang Energy Company's equity completed the industrial and commercial registration change on
+September 25, 2023, and went through the necessary assets delivery procedures. The purchase date was
+determined to be October 13, 2023.
+2023 Annual Report
+Combined cost
+2023/10/12
+the price and
+Majes Arcus
+100.00 Cash
+8,900.00
+2023/10/13
+Power
+Pay 60% of the
+Photovoltaic
+Cixian Pinyou
+changes
+Co., Ltd.
+price, industrial
+-107.20
+994.42
+Pay 60% of the
+price, industrial
+and commercial
+Technology
+Cash 2023/10/13
+100.00
+30,100.00
+2023/10/13
+Energy
+Liyuan Xinhui
+111.19
+2023/10/13
+405.95
+88.74
+Pay 86.42% of
+changes
+Ltd.
+and commercial
+Power Co.,
+-303.28
+-34.37
+430.91
+2023/10/13
+Cash
+price, industrial
+11.220.00 100.00
+2023/10/13
+Aikang Energy
+Pay 60% of the
+Luquan County
+changes
+Co., Ltd.
+Development
+and commercial
+382.21
+Co., Ltd.
+√ Applicable Inapplicable
+Including: Peruvian sol
+Management S.A.C.
+Jiangsu
+Smart Energy Co., Ltd.
+Established by investment
+100.00
+heat production
+Suqian,
+Suqian,
+Jiangsu Suqian CYPC
+Electricity and
+and supply
+Jiangsu
+Ltd.
+100.00
+heat production
+Shanghai
+Shanghai
+Energy (Shanghai) Co.,
+Electricity and
+Three Gorges Electric
+development
+investment and
+Established by investment
+Established by investment
+and supply
+Three Gorges Electric
+Energy
+Construction Engineering
+Jiangsu Xunguan
+and supply
+Business combination
+100.00
+Heat production
+Electricity supply
+Business combination
+60.00
+and supply,
+Leiyang,
+Hunan
+Jingzhou,
+Hubei
+Leiyang,
+Hunan
+Jingzhou,
+Hubei
+Energy Co., Ltd.
+Jingzhou Distributed
+Energy Co., Ltd
+Hunan Mingsheng New
+Gas production
+Management
+Energy (Tianjin) Co., Ltd.
+Established by investment
+100.00
+Tianjin
+Tianjin
+51.00
+technology
+Yichang,
+Hubei
+Yichang,
+Hubei
+Co., Ltd.
+Established by investment
+85.00
+-
+Equity
+investment
+Beijing
+Beijing
+Investment Management
+Beijing Yangtze Juyuan
+Established by investment
+100.00
+Equity
+investment
+Yichang,
+Hubei
+Hubei
+Co., Ltd.
+Yichang,
+CYPC Capital Holding
+Indirect
+Direct
+Acquisition method
+Shareholding
+proportion (%)
+Nature of
+business
+Principal Registration
+place
+place
+Three Gorges Jinsha River
+Zhenjiang,
+Chengdu,
+Sichuan
+Energy (Hubei) Co., Ltd.
+Three Gorges Electric
+Established by investment
+-
+70.00
+Power
+Distribution and
+Sales
+Electricity sales,
+Wuhan,
+Hubei
+Wuhan,
+Hubei
+Energy Co., Ltd.
+Three Gorges Electric
+development
+Yunnan
+Business combination
+100.00
+Hydropower
+Kunming,
+Kunming,
+Yunnan
+Three Gorges Jinsha River
+Yunchuan Hydropower
+Development Co., Ltd.
+Business combination
+100.00
+Hydropower
+development
+Development Co., Ltd.
+Chengdu,
+Sichuan
+Chuanyun Hydropower
+Jiangsu
+Zhenjiang,
+Jiangsu
+House building
+Xinjiang
+Uygur
+Autonomous
+Region
+Xinjiang
+Uygur
+Autonomous
+Xinjiang
+Uygur
+Autonomous
+Region
+Xinjiang
+Uygur
+Autonomous
+Ltd.
+Xinjiang Liyuan Xinhui
+Energy Technology Co.,
+Ltd.
+Power Development Co.,
+Wujiaqu Aikang Electric
+Shanxi
+gas and water
+Changzhi,
+Changzhi,
+Shanxi
+Energy Co., Ltd.
+CYPC Xinneng (Wuxiang)
+and supply
+Electricity, heat,
+Established by investment
+100.00
+heat production
+Wuhan,
+Hubei
+Wuhan,
+Hubei
+CYPC Xinneng Co., Ltd.
+Electricity and
+Established by investment
+100.00
+production and
+supply industry
+Electricity, heat,
+gas and water
+production and
+supply industry
+Equity
+investment
+☐
+100.00
+Yunnan
+Power Co., Ltd.
+Kunming,
+Luquan Aikang Energy
+Business combination
+100.00
+Scientific
+research and
+technical services
+industry
+Electricity, heat,
+Handan,
+Hebei
+Hebei
+Handan,
+Power Development Co.,
+Ltd.
+Cixian Pinyou Photovoltaic
+supply industry
+Region
+Region
+2023 Annual Report
+255/308
+production and
+Business combination
+100.00
+gas and water
+Electricity, heat,
+Business combination
+66.00 Established by investment
+Name of subsidiary
+Shanghai
+Management Co., Ltd.
+Business combination
+100.00
+Electricity supply
+Hebei,
+Qinhangdao
+Generation Co., Ltd.
+Qinhangdao
+Photovoltaic Power
+Hebei,
+Qinhuangdao Shengtong
+Management
+Management Co., Ltd.
+Business combination
+100.00
+Asset
+Shanghai
+Shanghai
+Energy Investment
+Investment and
+Shanghai Shengneng
+Co., Ltd.
+industry
+Business combination
+100.00
+Qinhuangdao Yaosheng
+Shanghai
+Photovoltaic Power
+Hebei,
+Qinhangdao
+CYPC Investment
+and supply
+Established by investment
+-=
+100.00
+heat production
+Shanghai
+Shanghai
+CYPC Sales Ltd.
+Electricity and
+and supply
+Business combination
+100.00
+Electricity and
+heat production
+Nantong,
+Jiangsu
+Jiangsu
+Energy Co., Ltd.
+Nantong,
+Jiangsu Fengchu Intelligent
+Generation Co., Ltd.
+Business combination
+100.00
+Electricity supply
+Hebei,
+Qinhangdao
+Kunming,
+Yunnan
+2023 Annual Report
+(1) Composition of the Enterprise Group
+Industrial and
+Commercial
+Other Notes:
+the CTG
+before and
+after the
+merger
+Hydropower
+Development Co., Ltd.
+100.00
+Yunchuan
+River
+Controlled by
+business
+combination
+under the
+common
+control
+Proportion of
+interests
+acquired in
+business
+combinations(%)
+Revenue of the
+consolidated
+party from the
+beginning of the
+current period
+to the date of
+consolidation
+Three Gorges Jinsha
+Basis for
+determining
+the
+consolidation
+date
+Consolidation date
+Basis for
+constituting a
+Inapplicable
+(1) Business combination under the common control occurred in the current period
+Applicable
+√ Applicable Inapplicable
+2. Business combinations under the common control
+□ applicable √not applicable
+(6) Other notes
+☐ applicable √not applicable
+Name of consolidated
+party
+Net profit of the
+consolidated
+party from the
+beginning of the
+period to the
+date of
+consolidation
+Unit: yuan Currency: RMB
+Revenue of the
+consolidated party
+for the
+comparative
+period
+16,096,765,600.00
+64,387,062,400.00
+Other notes
+None
+None
+The Notes of contingent consideration and a description of its movement:
+--Book value of debt issued or assumed
+--Par value of equity securities issued
+--Contingent consideration
+--Book value of non-cash assets
+--Cash
+Three Gorges Jinsha River Yunchuan
+Hydropower Development Co.
+Consolidated costs
+Unit: yuan Currency: RMB
+2023 Annual Report
+√ Applicable Inapplicable
+(2) Consolidated costs
+252/308
+Yunchuan Company is a subsidiary of Yangtze Three Gorges Investment Management Co., Ltd., a subsidiary of China Three Gorges Corporation. Since both the
+company and Yunchuan Company are under the control of China Three Gorges Corporation before and after the merger and the control is not temporary, this merger
+is a business combination under the common control.
+3,452,452,191.42
+17,840,768,120.27
+paid
+Registration
+changed and
+consideration
+January 12, 2023
+consolidated
+party for the
+comparative
+period
+Net profit of the
+(5) Relevant explanations on the inability to reasonably determine the merger consideration or the fair value of the acquiree's identifiable assets and
+liabilities on the acquisition date or at the end of the current period of combination.
+2023 Annual Report
+251/308
+None
+The book value
+of the equity
+originally held
+before the
+purchase date on
+the purchase
+date
+Obtain method
+of the equity
+originally held
+before the
+purchase date
+cost of the
+original equity
+held before the
+purchase date
+originally
+held
+equity
+before the
+purchase
+date (%)
+held equity
+before the
+purchase date
+name
+The acquisition
+Proportion
+of
+The time of
+acquisition of
+the originally
+Purchased party
+Whether there are transactions in which a business combination is realized in steps through multiple transactions and control is obtained during the reporting period.
+√ Applicable Inapplicable
+(4) Gains or losses arising from remeasurement of equity held before the purchase date at fair value
+The Peruvian company acquired Majes Arcus S.A.C. and Reparticion Arcus S.A.C. in 2023. The data unit of MAJES and REPARTICION in the above table is
+10,000 US dollars.
+Other notes
+8,824.50
+8,355.00
+117,140,468.57 102,668,027.76
+91,367,257.85
+214,083,744.70 94,378,889.44
+312,312,510.35
+227,097,515.71
+89,153,358.55 316,162,912.61
+38,980,035.22
+The fair value of
+the equity
+originally held
+before the
+purchase date on
+the purchase
+date
+(3) Book value of assets and liabilities of the consolidated party at the date of consolidation
+√ Applicable
+Gains or losses
+arising from the
+remeasurement of
+the originally held
+equity shares at
+fair value before
+the purchase date
+Determination
+method and
+Other notes
+-4,180,180.84
+23,588,000.00
+27,768,180.84
+17,041,400.00
+Total
+N/A
+N/A
+-4,180,180.84
+23,588,000.00
+27,768,180.84
+Investment
+17,041,400.00
+31.03%
+October 2021
+Distributed Energy
+Co., Ltd.
+Jingzhou
+that is
+transferred to
+investment
+income or
+retained
+earnings
+other
+comprehensive
+income related
+to the original
+equity held
+before the
+purchase date
+The amount of
+date on the
+purchase date
+equity
+originally
+held before
+the purchase
+main
+assumptions
+of the fair
+value of the
+Unit: yuan Currency: RMB
+Inapplicable
+Items
+Unit: yuan Currency: RMB
+Established by
+Fengjie County Rapeseed Dam Pumped Storage Clean
+investment
+Grade III
+CYPC (Zhangye) Energy Development Company Limited
+1
+Established by
+Reason for
+change
+Level
+S/N
+Company Name
+1. The Company invested in the establishment of four companies in 2023
+√ Applicable □ Inapplicable
+Describe changes in the scope of consolidation due to other reasons (e.g., establishment of new
+subsidiaries, liquidation of subsidiaries, etc.) and their related situations:
+5. Changes in the scope of consolidation for other reasons
+□ applicable √not applicable
+Other notes
+☐ applicable √not applicable
+Whether there is a step-by-step disposal of investments in subsidiaries through multiple transactions and
+loss of control during the period
+□ applicable √not applicable
+Other notes
+Whether there were any transactions or events during the period in which control of subsidiaries was lost
+☐ applicable √not applicable
+4. Disposal of subsidiaries
+2
+□ applicable √not applicable
+Grade III
+investment
+1. Equity in subsidiaries
+X. Equity in Other Entities
+Canceled
+Reason for change
+Grade VI
+Level
+254/308
+□ applicable √not applicable
+6. Others
+Ontario-Quinta S.R.L.
+1
+Company Name
+S/N
+2. The Company canceled 1 company in 2023:
+Established by
+investment
+Grade IV
+CYPC New Energy (Wuxiang) Energy Co., Ltd.
+4
+investment
+Grade III
+CYPC (Xiuning) Energy Development Co., Ltd.
+3
+Established by
+Energy Company Limited
+√ Applicable □ Inapplicable
+3. Reverse purchase
+2023 Annual Report
+1,335,863,358.35
+Net assets acquired
+Net assets
+Less: Non-controlling interests
+within one year
+Non-current liabilities due
+Employee benefits payable
+Accounts payable
+Long-term borrowings
+Liabilities:
+Intangible assets
+Construction in progress
+Fixed assets
+Inventories
+Advances to suppliers
+Accounts receivable
+Cash at bank and on hand
+Assets:
+251,703,758,082.71
+Closing balance of 2022
+Combined date
+252,531,217,586.79
+Co., Ltd.
+Three Gorges Jinsha River Yunchuan Hydropower Development
+11,672,036,406.36
+None
+10,924,619.81
+113,988,094.18
+162,485,836.80
+106,673,972.06
+253/308
+Other notes
+None
+Contingent liabilities of the party being consolidated assumed in a business combination:
+60,262,793,901.60
+57,237,666,728.30
+60,262,793,901.60
+57,237,666,728.30
+18,446,088,875.82
+18,446,088,875.82
+2,288,732.89
+2,288,732.89
+21,363,386,572.40
+25,215,973,249.78
+151,629,200,000.00
+191,440,964,181.11
+106,673,972.06
+162,485,836.80
+239,129,245,299.23
+10,924,619.81
+113,988,094.18
+10,844,576,902.28
+1,335,863,358.35
+195,293,550,858.49
+151,629,200,000.00
+239,129,245,299.23
+Net assets
+acquired
+gas and water
+Business combination
+Electricity and heat
+production and supply
+Nanning
+Electric Power Co
+Nanning
+Guangxi Guiguan
+(Group) Co., Ltd
+Equity method
+6.39
+14.26
+Electricity and heat
+production and supply
+10.63
+Electric Power
+Chongqing
+Conservancy and
+Gorges Water
+Chongqing Three
+Equity method
+4.66
+13.99
+Electricity production
+Beijing
+Beijing
+Chongqing
+1.35
+Equity method
+Electricity
+The Company holds 19.35% shares of Three Gorges Finance Co., Ltd., and assigns one director to it, and
+has a significant effect on it.
+The Company holds 15.52% shares of Guangzhou Development Group Co., Ltd., and assigns one
+director to it, and has a significant effect on it.
+The Company holds 10.58% shares of Sichuan Chuantou Energy Co., Ltd., and assigns one director to it,
+and has a significant effect on it.
+The Company holds 10.00% shares of Three Gorges Capital Holdings Co., Ltd., assigns one director to it
+and has significant effect on it.
+Basis for holding less than 20% of voting rights but having significant influences:
+None
+Explanation on the difference between the proportion of shareholdings in joint ventures or associates and
+the proportion of voting rights:
+Equity method
+Insurance Co., Ltd.
+15.00
+Insurance
+Shenzhen
+Shenzhen
+Dinghe Property
+investment and
+operation
+Equity method
+2.21
+9.48
+Shanghai
+Shanghai
+Company Limited
+construction,
+Shenergy Group
+Holdings Co., Ltd.
+SDIC Electric Power
+Equity method
+Co., Ltd.
+Development Group
+management of
+Guangzhou
+Investment and
+Ltd.
+station
+Equity method
+management of power
+Development Co.,
+23.00
+Kunming Kunming
+construction and
+Reaches Hydropower
+Jinsha River Middle
+Investment,
+Yunnan Huadian
+industry
+Equity method
+10.58
+production and supply
+Chengdu
+Chengdu
+Energy Co., Ltd.
+Guangzhou
+The Company holds 18.65% shares of SDIC Electric Power Holdings Co., Ltd., and assigns one director
+to it, and has a significant effect on it.
+Guangzhou
+13.98
+19.35
+Finance
+Beijing
+Beijing
+Three Gorges Finance
+management
+management, hotel
+Co., Ltd.
+Equity method
+42.99
+management, property
+Development Group
+Wuhan
+Wuhan
+Investment and
+operation and
+Property development,
+Hubei Qingneng
+industry, and business
+urban utilities,
+Incorporated
+Equity method
+1.54
+energy, logistics,
+258/308
+2023 Annual Report
+The Company holds 11.98% shares of Guangxi Guiguan Electric Power Co, and assigns one director to
+it, and has a significant effect on it.
+proportion
+3,847,242,549.34 2,013,285,851.59 2,489,927,796.03 2,488,249,327.83 2,135,349,035.83 3,599,038,937.56 1,904,673,299.12
+shareholding
+2,141,666,249.76
+2,595,493,184.82
+2,769,932,700.79
+as per the
+assets calculated
+Shares of net
+company
+the parent
+5,791,876,706.28 12,859,169,652.85 9,284,126,242.73 35,990,389,375.62 12,697,821,994.15
+9,311,592,390.24 38,472,425,493.44 13,421,905,677.25
+13,413,401,471.93
+6,443,202,374.49
+shareholders of
+60,951,767.55
+101,482,211.04
+1,189,832,186.53
+62,413,742.64
+2,420,291,930.06
+Minority interests
+Equity
+attributable to
+6,086,838,194.07
+Adjustments
+2,871,655,879.48 249,676,730.05 12,762,247,084.38 17,397,109,072.88
+14,140,249,395.49 52,337,408,743.91 15,042,248,697.95 34,431,859,905.49
+--Goodwill
+-8,166,783.55
+260/308
+2,881,286,778.61
+-49,031,420.78
+3,550,007,516.78
+2,480,082,544.29 5,264,274,318.44
+3,798,211,128.56 2,989,879,953.67 2,491,686,363.44
+2,587,326,401.27 5,270,591,532.37
+2,617,995,620.25
+Book value of
+-8,166,783.54
+-49,031,420.78
+-8,166,783.55
+-151,937,080.54
+--Others
+transaction
+profit of internal
+--Unrealized
+976,613,479.49
+976,613,479.49
+-49,031,420.78
+-8,166,783.54 3,128,925,282.61
+3,128,925,282.61
+1,758,567.41
+1,758,567.41
+976,594,102.08
+976,594,102.08
+-49,031,420.78
+3,128,925,282.61
+3,128,925,282.61
+-151,937,080.54
+Electricity, heat
+14,699,181,808.43 43,094,147,469.07 6,791,932,675.93
+211,192,321.46
+54,356,142,932.92
+18,556,603,456.21
+1,018,749,787.69
+36,453,960,114.90
+19,720,790,081.10
+Non-current
+Current assets
+Dinghe Property
+Insurance Co.,
+Ltd.
+Three Gorges
+Capital Holding
+Co., Ltd.
+Jinsha River
+Middle Reaches
+Hydropower
+Development Co.,
+Ltd.
+Yunnan Huadian
+Three Gorges
+Finance Co., Ltd.
+Development Group
+Co., Ltd.
+Hubei Qingneng
+Investment and
+Closing balance/Amount incurred in the current year
+Items
+2023 Annual Report
+√ Applicable Inapplicable
+(3) Main financial information of important associates
+259/308
+☐ applicable √not applicable
+(2) Main financial information of important joint ventures
+The Company holds 15% shares of Dinghe Property Insurance Co., Ltd., and assigns one director to it,
+and has a significant effect on it.
+The Company holds 11.69% shares of Shenergy Group Company Limited, and assigns one director to it,
+and has a significant effect on it.
+assets
+11,924,906,492.19 20,969,995,193.68
+Total assets
+31,315,584,289.95 23,054,438,153.62 63,009,969,506.30
+16,364,404,168.17
+Total liabilities
+11,268,593,516.01 52,087,732,013.86 2,280,001,613.57 17,034,750,832.61
+22,124,152,275.39
+2,774,275,316.24
+54,144,950,611.46
+12,158,358,513.52
+4,206,045,654.65
+Current liabilities
+Non-current
+liabilities
+21,121,958,288.30 65,298,060,607.80 24,387,326,708.23 70,422,249,281.11 18,784,660,188.22
+4,774,759,432.12 47,273,235,726.45 23,571,765,509.33 52,320,679,153.35
+18,101,570,127.76
+Guangzhou
+Development
+Group
+Incorporated
+Capital Holding
+Co., Ltd.
+Reaches
+Hydropower
+Development
+Co., Ltd.
+815,561,198.90
+18,024,824,881.35
+Three Gorges
+Three Gorges
+Finance Co.,
+Ltd.
+Yunnan
+Huadian Jinsha
+River Middle
+Opening balance/Amount incurred in the previous year
+Unit: yuan Currency: RMB
+16,347,198,856.18
+Hubei Qingneng
+Investment and
+Development
+Group Co., Ltd.
+67,769,544,404.85 24,073,187,941.31 81,566,572,962.51 20,213,838,353.18
+5,507,108,391.62
+25,227,898,472.72
+100.00
+Sichuan Chuantou
+Equity method
+energy
+Established by investment
+70.03
+Hong Kong
+management of
+Hong Kong
+Co., Limited
+Yangtze Andes Holding
+Consulting
+services and
+operation
+and supply
+investment,
+Ltd.
+100.00
+stations
+Electricity and
+heat production
+Sanya
+Sanya
+Investment (Hainan) Co.,
+CYPC International Energy
+Established by investment
+80.00
+Operation and
+management of
+overseas power
+Operations Co., Ltd.
+Established by investment
+distribution, sales
+and generation
+Andes Power Investment
+development and
+Lima, Peru
+Lima, Peru
+Tecsur S.A.
+Project
+services
+Corporativos S.A.C.
+Business combination
+100.00
+Business combination
+100.00
+Established by investment
+100.00
+Lima, Peru
+Lima, Peru
+Management
+advisory
+Emergency
+maintenance
+Transportation
+Los Andes Servicios
+Internacionales S.A.C.
+Lima, Peru
+Lima, Peru
+Grupo de Contratistas
+Lima, Peru
+Lima, Peru
+Hong Kong
+Hong Kong
+International Power
+China Three Gorges
+Fengjie County Rapeseed
+production
+Established by investment
+-
+100.00
+Electricity
+Zhangye,
+Gansu
+Gansu
+Zhangye,
+CYPC (Zhangye) Energy
+Development Company
+Limited
+Established by investment
+51.00
+heat production
+and supply
+Prefecture
+Prefecture
+Electricity and
+Chuxiong Yi
+Autonomous
+Autonomous
+Generation (Yongren) Co.,
+Ltd.
+Chuxiong Yi
+CYPC Cloud Power
+supply industry
+production and
+Dam Pumped Storage
+90.21
+Fengjie,
+Chongqing
+Co., Ltd.
+investment
+Established by investment
+-
+100.00
+Hong Kong
+Hong Kong
+International (Hong Kong)
+Overseas
+China Yangtze Power
+Established by investment
+51.00
+Electricity supply
+Huangshan
+Anhui
+Anhui
+Development Co., Ltd.
+Huangshan
+CYPC (Xiuning) Energy
+Limited
+Established by investment
+51.00
+Hydroelectric
+power
+Fengjie,
+Chongqing
+Clean Energy Company
+Business combination
+Luz del Sur S.A.A.
+Lima, Peru
+Name of joint
+√ Applicable Inapplicable
+(1) Important joint ventures or associates
+√ Applicable Inapplicable
+3. Equity in joint ventures or associates
+□ applicable √not applicable
+2. The owner's equity share in the subsidiary has changed and the transaction of the
+subsidiary is still controlled
+□ applicable √not applicable
+Other notes
+☐ applicable √not applicable
+(5) Financial support or other support provided to structured entities included in the scope of
+consolidated financial statements:
+□ applicable Vnot applicable
+(4) Significant restrictions on the use of corporate group assets and settlement of corporate group
+debts:
+□ applicable √not applicable
+(3) Main financial information of important non-wholly owned subsidiaries
+☐ applicable √not applicable
+(2) Significant non-wholly owned subsidiaries
+None
+Other notes:
+None
+The basis for determining whether a company is an agent or a principal:
+None
+For significant structured subjects included in the scope of consolidation, the basis of control:
+ventures or
+2023 Annual Report
+associates
+Nature of business
+4.02
+26.30
+development and
+Co., Ltd.
+Wuhan
+Wuhan
+management
+Energy investment,
+Hubei Energy Group
+Equity method
+10.00
+Beijing
+Beijing
+Holdings Co., Ltd.
+Investment and asset
+Three Gorges Capital
+associates
+methods for
+investment of
+joint ventures or
+Direct Indirect
+2023 Annual Report
+257/308
+treatment
+Accounting
+Proportion of
+shareholding
+(%)
+Principal
+place of
+business
+management
+256/308
+The basis for holding half or less of the voting rights but still controlling the investee, and for holding
+more than half of the voting rights but not controlling the investee:
+100.00
+Bermuda
+Bermuda
+Shareholding
+Andes Bermuda Ltd.
+Business combination
+100.00
+Power generation
+Lima, Peru
+Lima, Peru
+Inland Energy S.A.C.
+management
+S.A.
+Business combination
+100.00
+assets
+Lima, Peru
+Lima, Peru
+Inmobiliaria Luz del Sur
+Business combination
+97.14
+consultation
+Transmission and
+distribution
+Investment and
+Lima, Peru
+Business combination
+None
+platform
+Lima, Peru
+None
+The statement that the percentage of shareholding in the subsidiary is different from the percentage of
+voting rights:
+power generation
+S.A.C.
+Business combination
+100.00
+Lima, Peru
+Lima, Peru
+Photovoltaic
+REPARTICION ARCUS
+power generation
+Business combination
+100.00
+Lima, Peru
+Lima, Peru
+MAJES ARCUS S.A.C.
+Photovoltaic
+platform
+Company S.A.C.
+Business combination
+100.00
+Shareholding
+Lima, Peru
+Peruvian Opportunity
+2023 Annual Report
+Registration
+place
+156,177,574.93
+3,534,627.65
+42,688,211.40
+37,607,040.73
+Accounts receivable
+21,113,693.72
+21,113,693.72
+Derivative financial assets
+210,629,992.06 2,526,236,018.87
+49,709,897.65
+99,227,239.93
+247,042,235.38
+1,919,626,653.85
+Cash and bank balances
+assets:
+Foreign currency financial
+Total
+Sol items
+PKR items
+EUR items
+HKD items
+USD items
+Items
+Other receivables
+Closing balance
+40,708,778.52
+1,224,245,805.47 1,304,541,057.60
+64,607,344.24 105,376,163.24
+Foreign currency financial
+1,499,483,141.77 8,651,476,204.18
+92,458,149.53
+3,813,272,616.95 1,227,206,129.11
+2,019,056,166.82
+Sub-total
+assets
+315,910,478.50
+315,910,478.50
+3,250,319,903.07
+75,226,197.98
+1,052,752,691.20
+3,250,319,903.07
+75,226,197.98
+1,052,752,691.20
+Other non-current financial
+Other equity instrument
+assets
+Other non-current financial
+Debt investments
+investments
+60,040.48
+liabilities:
+1) As of December 31, 2023, 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:
+2023 Annual Report
+34,574,356,696.51 34,574,356,696.51 34,574,356,696.51
+Other payables
+payable
+1,295,637,007.14
+1,295,637,007.14
+1,295,637,007.14
+Accounts
+40,772,218.98
+40,772,218.98
+40,772,218.98
+Notes payable
+53,985,432,819.58
+53,985,432,819.58
+53,985,432,819.58
+Short-term
+borrowings
+Over 5 years
+2-5 years
+1-2 years
+Within 1 year
+Original book
+value
+Net book value
+Dividends
+scale of the company's foreign currency transactions and foreign currency assets and liabilities, so as to
+minimize the exchange rate risk it faces.
+1,313,100,292.99
+1,313,100,292.99
+265/308
+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
+(1) Exchange rate risk
+3. Market risk
+353,398,442,077.63 353,398,442,077.63 140,872,704,370.80 56,258,353,163.32 145,146,104,222.35 11,121,280,321.16
+47,947,575,133.66 47,947,575,133.66 47,947,575,133.66
+Total
+within 1 year
+Other current
+liabilities
+Non-current
+liabilities due
+1,715,830,201.94
+1,715,830,201.94
+1,715,830,201.94
+3,587,485,528.68
+7,533,794,792.48
+43,452,200,124.77 135,704,135,789.69
+12,806,153,038.55 9,441,968,432.66
+25,835,606,999.89 25,835,606,999.89
+Bonds payable
+borrowings
+186,690,130,706.94 186,690,130,706.94
+Long-term
+payable
+1,313,100,292.99
+Short-term borrowings
+108,325,144.50
+Dividends payable
+Closing fair value
+Items
+Unit: yuan Currency: RMB
+1. Closing fair value of assets and liabilities measured at fair value
+√ Applicable □ Inapplicable
+Disclosure of Fair Value
+XIII.
+□ applicable √not applicable
+Other notes
+□ applicable √not applicable
+3. Transfer of financial assets with continuing involvement
+□ applicable √not applicable
+2. Financial assets derecognised due to transfer
+☐ applicable √not applicable
+1. Transfer method classification
+III. Financial asset transfer
+□ applicable √not applicable
+Other notes
+☐ applicable √not applicable
+risk management objectives but does not apply hedging accounting.
+3. The company carries out hedging business for risk management and expects to achieve
+□ applicable √not applicable
+Level 1 fair value
+measurement
+2023 Annual Report
+Level 2 fair value
+measurement
+Total
+rights after appreciation
+3. Hold and prepare to transfer land use
+2. Buildings for rent
+1. Land use rights for lease
+(IV) Investment properties
+2023 Annual Report
+21,113,693.72
+1,663,300,964.65
+3,270,244,969.53
+19,925,066.46
+736,602,430.34
+21,113,693.72
+268/308
+3,250,319,903.07
+926,698,534.31
+(III) Investment in other equity instruments
+(II) Other debt investments
+(2) Equity instrument investment
+(1) Debt instrument investment
+2. Designated financial assets measured at
+fair value with changes included in current
+profits and losses
+(3) Derivative financial assets
+(1) Investment in other equity instruments
+(2) Other non-current financial assets
+1.Financial assets measured at fair value
+and changes included in current profit and
+loss
+I. Continuous fair value measurement
+(I) Trading financial assets
+Level 3 fair value
+measurement
+267/308
+Other notes
+□ applicable √not applicable
+1,858,302,250.00 1,858,302,250.00
+14,231,399,579.7
+297,639,390.80 7,746,463,413.71
+89,549,842.43 114,243,722.27
+1,497,084,839.04 1,497,084,839.04
+3,310,137.23
+753,897,465.96 763,544,731.02
+9,208,347.17
+35,965,969.80
+35,965,969.80
+2,107,469,509.42 2,215,794,653.92
+Sub-total
+Bonds payable
+1,419,647,171.99
+6,029,176,850.92
+within one year
+Non-current liabilities due
+Other current liabilities
+81,553.16
+21,302,189.45
+Other payables
+438,917.89
+Accounts payable
+6,159,243,102.76
+81,553.16 1,419,647,171.99
+12,518,484.40
+6,639,909,267.45
+2. The company carries out qualified hedging business and applies hedging accounting
+□ applicable √not applicable
+Other notes
+☐ applicable √not applicable
+1. The company carries out hedging business for risk management
+II. Hedging
+The company conducts daily tracking and management of the prices of financial assets and takes timely
+management measures according to changes in the market environment.
+Equity instrument investment price risk refers to the risk that the fair value of equity securities is reduced
+due to changes in stock index levels and individual security values. The Company mainly invests in stocks,
+funds, etc. listed on stock exchanges. The maximum market price risk faced is determined by the fair value of
+the financial instruments held.
+Price risk refers to the risk of fluctuations caused by changes 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.
+(3) Price risk
+Item
+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.
+2) Sensitivity analysis:
+1) As of December 31, 2023, the company's long-term interest-bearing debt mainly consists of long-term
+borrowings and bonds payable. Among them, long-term borrowings are mainly floating rate contracts
+denominated in RMB. The total amount of long-term borrowings floating rate contracts is 202.775 billion
+yuan. For details, please see Note VII. 45 of this note.
+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 adverse effects on financial performance of the
+Company. Management will make timely adjustments based on the latest market conditions.
+2023 Annual Report
+266/308
+Interest rate risks of the Company are mainly produced in bank loans, bonds payable and long-term
+payablesetc. 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.
+(2) Interest rate risk
+As of December 31, 2023, 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 and
+other factors remain unchanged, the Company's net profit will decrease or increase by approximately 37.9784
+million yuan.
+3) Sensitivity analysis:
+6
+As of December 31, 2023, 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 936.5116 million yuan.
+Closing balance
+As of December 31, 2023, 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:
+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. Based on the cash flow forecast results of each
+member, the Company continuously monitors the company's short-term and long-term capital needs at
+the company level to ensure the maintenance of 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 funding needs.
+Total investment book value
+-4,551,140.88
+-4,551,140.88
+346,935,808.24
+Opening balance/Amount
+incurred in the previous year
+Unit: yuan Currency: RMB
+Associated enterprises:
+· Total comprehensive income
+Other comprehensive income
+--
+Total (calculated by shareholding proportion)
+Net profit
+Total investment book value
+Joint venture:
+40,929,775.08
+40,929,775.08
+903,970,510.86
+Closing balance/Amount
+incurred in the current year
+√ Applicable □ Inapplicable
+(4) Summary of financial information of insignificant joint ventures and associates
+2023 Annual Report
+261/308
+6,352,754,229.78
+The above table only lists the Company's important financial data of unlisted associates. For important financial data of listed associates, please refer to the
+annual reports issued by the relevant listed companies.
+5,495,985,800.99
+--
+5. Interests in structured entities not included in the scope of consolidated financial
+applicable Vnot applicable
+4. Significant joint venture
+☐ applicable √not applicable
+(8) Contingent liabilities for investment in joint ventures or associates
+☐ applicable √not applicable
+(7) Unconfirmed commitments related to investments in joint ventures
+□ applicable Vnot applicable
+(6) Excess losses incurred by joint ventures or associates
+□ applicable √not applicable
+(5) Explanation of significant restrictions on the ability of joint ventures or associates to transfer
+funds to the company
+None
+Other notes
+· Total comprehensive income
+159,712,202.58
+-86,372,899.29
+-97,479,911.07
+- Other comprehensive income
+--
+11,107,011.78
+- Net profit
+Total (calculated by shareholding proportion)
+81,325,698.22
+98,462,883.18
+110,949,203.29
+income
+comprehensive
+Other
+operations
+discontinued
+Net profit from
+3,823,947,272.52 1,261,340,401.17 5,841,443,641.04
+1,201,045,183.30 3,738,374,193.47 1,081,935,410.67
+746,216,508.07 6,353,117,063.88 7,921,217,994.50 29,565,937.04
+3,073,287,923.53 1,225,203,899.66 717,432,265.59 1,272,691,996.03
+3,343,293,056.21
+1,089,018,479.15
+34,243,246.98
+1,118,519,889.57
+404,091,965.42
+Net profit
+7,823,867,624.72
+Revenue
+2023 Annual Report
+public offer
+associates with
+investments in
+equity
+Fair value of
+associates
+Total
+comprehensive
+income
+Dividend received
+82,535,917.69
+74,767,483.87
+246,100,000.00
+109,875,907.52
+989,697,776.72
+1,178,061,183.30 3,451,633,081.65
+699,972,444.35 1,168,267,953.60
+3,177,507,551.00 1,274,323,134.38
+1,098,652,719.15
+1,142,621,613.66
+statements
+404,091,965.42
+-22,984,000.00 -286,741,111.82
+-104,424,042.43
+-17,459,821.24
+49,119,234.72
+104,219,627.47
+9,634,240.00
+24,101,724.09
+Other notes
+this period
+from associates
+-92,237,633.95
+(V) Biological assets
+Interests in structured entities not included in the scope of consolidated financial statements
+262/308
+The company's main financial instruments include monetary funds, equity investment, debt investment,
+borrowings, accounts receivable, accounts payable and convertible bonds. Operating activities of the
+Company may be confronted with various financial instruments risks: credit risks, liquidity risks and
+market risks. The risks associated with these financial instruments, and the risk management policies
+adopted by the Company to mitigate these risks are described below:
+√ Applicable Inapplicable
+I. Risks of Financial Instruments
+Risks related to financial instruments
+XII.
+3,771,212.87 Income related
+Asset
+related/income
+related
+Prior Period
+Incurred
+Incurred during
+the period
+1,789,305.51
+Offset costs
+Stable job subsidy
+Accounts
+Items
+2023 Annual Report
+Income related
+410,000.00
+Income related
+500,000.00
+Income related
+Income related
+Income related
+1. Credit risk
+85,000.00
+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.
+The company's other financial assets include monetary funds, other receivables, debt investment,
+reverse repurchase of government bonds, etc. The credit risk of these financial assets originates from the
+default of the counterparty, and the maximum credit risk exposure is the book value of each financial
+asset in the balance sheet.
+2. Liquidity risk
+The Company's major customers are State Grid Corporation of China, China Southern Power Grid
+Co., Ltd., etc. These customers have reliable and good reputations. Therefore, the Company believes that
+these customers do not have significant credit risks.
+68,884,454.68
+56,720,903.03
+9,869,556,284.71
+2023 Annual Report
+Total
+Provisions
+6,418,836.17
+62,465,618.51
+Provision for
+impairment
+1,052,752,691.20
+187,273,109.09
+8,572,809,581.39
+Book balance
+264/308
+Debt investments
+Other accounts receivable
+Accounts receivable
+Items
+As of December 31, 2023, the book balance 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
+state-controlled banks and other large and medium-sized commercial banks. The management believes
+that these commercial banks have high reputation and asset status, do not have significant credit risks,
+and will not incur any major losses due to default by counterparties.
+The Company continuously monitors notes receivable, accounts receivable balances and recovery
+status. 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
+sufficient provisions for expected credit losses have been made for relevant financial assets.
+263/308
+Non-operating
+income
+Non-operating
+income
+for Small and
+(Incentive Policy Award
+District, Wuhan City
+Bureau of Jianghan
+Development and Reform
+Award from the
+amortization
+Deferred revenue
+Items
+Other notes
+3. Government grants included in current profits and losses
+√ Applicable Inapplicable
+☐ applicable √not applicable
+2. Liability items involving government grants
+Reasons for failure to receive the expected amount of government subsidy at the expected time
+☐ applicable √not applicable
+At the end of this reporting period, government grants all recognized based on the amount receivable.
+□ applicable √not applicable
+1. Government grants did not recognized based on the amount receivable during the
+reporting period.
+XI. Government grants
+2023 Annual Report
+□ applicable √not applicable
+6. Others
+Medium-sized
+Enterprises)
+Zhaotong Municipal
+Science and Technology
+Bureau R&D Investment
+Award and Subsidy Fund
+Jianghan District People's
+Government Tangjiadun
+Street Office Incentive
+Chengdu High-tech Zone
+Economic Operation
+210,700.00
+Other income
+120,000.00
+Other income
+Other income
+Asset related
+620,978.80
+571,898.71
+Other income
+related
+□ applicable √not applicable
+Asset
+related/income
+Prior Period
+Incurred
+Incurred during
+the period
+Accounts
+Science and Technology
+Bureau
+Information Business
+County Industrial
+funds from Yongshan
+R&D investment Subsidy
+Industrial Development
+Emergency Fund
+Bureau Provincial
+Unit: yuan Currency: RMB
+investments in
+1. Consumable biological assets
+Total assets measured at fair value on an
+ongoing basis
+2023 Annual Report
+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.
+3. Valuation techniques and qualitative and quantitative information about key parameters
+of items subject to continuous and non-continuous level 2 fair value measurement
+☐ applicable √not applicable
+4. Valuation techniques and qualitative and quantitative information about key parameters
+of items subject to continuous and non-continuous level 3 fair value measurement
+√ Applicable □ Inapplicable
+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.
+5. Tor continuous level 3 fair value measurement items, reconciliation information between
+the opening and closing book values and sensitivity analysis of unobservable parameters:
+□ applicable √not applicable
+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
+√ Applicable Inapplicable
+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
+☐ applicable √not applicable
+8. Fair value of financial assets and financial liabilities not measured at fair value
+√ Applicable Inapplicable
+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.
+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.
+9. Others
+☐ applicable √not applicable
+270/308
+2. Productive biological assets
+269/308
+√ Applicable Inapplicable
+equity
+Level 3: It is an unobservable input value of related assets or liabilities.
+2. Determination of market prices of each item is subject to continuous and non-continuous
+level 1 fair value measurement
+1. Financial liabilities measured at fair
+value and changes included in current
+profit and loss
+Including: trading bonds issued
+Derivative financial liabilities
+Others
+2. Financial liabilities designated as
+measured at fair value and changes
+included in current profit and loss
+Total liabilities measured at fair value on
+an ongoing basis
+II. Non-continuous fair value
+measurement
+(I) Assets held for sale
+(VI) Trading financial liabilities
+Total liabilities measured at fair value on
+a non-continuous basis
+4,177,018,437.38
+777,641,190.52
+4,954,659,627.90
+Financial instruments measured at fair value
+The company listed the book value of financial asset instruments measured at fair value on December 31,
+2023 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:
+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;
+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.
+Total assets measured at fair value on a
+non-continuous basis
+Yangtze River Three Gorges (Chengdu) E-commerce 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
+2023 Annual Report
+Three Gorges Asset Management Limited
+Three Gorges Asset Management (Shanghai) Co., Ltd.
+Three Gorges International Bidding Co., Ltd.
+Beijing Rongneng Property Brokerage Co., Ltd.
+China Three Gorges Publishing and Media Co., Ltd
+Hubei Energy Group Zaoyang New Energy Co., Ltd.
+Yangtze River Three Gorges Investment Management
+Co., Ltd.
+Three Gorges Intelligent Engineering Co., Ltd.
+Yangtze Three Gorges Group Chongqing Energy
+Investment 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
+China Three Gorges International Corporation Limited
+Three Gorges Pakistan No. 3 Wind Power Co., Ltd.
+Three Gorges Pakistan No. 2 Wind Power Co., Ltd.
+Three Gorges Pakistan No. 1 Wind Power Co., Ltd.
+Yangtze River Three Gorges Technology and Economic
+Development Co., Ltd. Pakistan Branch
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Three Gorges CYPC Big Data Technology (Yichang) Co.,
+Ltd.
+Enterprises controlled by controlling shareholders
+Three Gorges Cloud Energy Power Generation (Huize)
+Co., Ltd.
+Enterprises controlled by controlling shareholders
+Three Gorges Yunneng Qiaojia Power Generation Co.,
+Ltd.
+272/308
+China International Water & Electric Corp.
+Carrot Power Limited
+Enterprises controlled by controlling shareholders
+China Three Gorges Construction Engineering Co., Ltd.
+Yangtze River Three Gorges Water (Yichang) Co., Ltd.
+Yangtze River Three Gorges Ecological Garden Co., Ltd.
+China Three Gorges Corporation Chinese Sturgeon
+Research Institute
+Associates
+Associates
+Other notes
+□ applicable √not applicable
+4. Other related parties
+√ Applicable □ Inapplicable
+Name of other related parties
+Relationship with the Company
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Yangtze River Three Gorges Industrial Co., Ltd.
+Three Gorges Ecological Environment Co., Ltd.
+Three Gorges Yuntou Power Generation (Yao'an) Co.,
+Ltd.
+Enterprises controlled by controlling shareholders
+Three Gorges Materials Bidding Management Co., Ltd.
+Yangtze River Three Gorges Tourism Development Co.,
+Ltd.
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Shanghai Survey, Design and Research Institute Co., Ltd.
+Enterprises controlled by controlling shareholders
+Yangtze River Three Gorges Technology and Economic
+Development Co., Ltd.
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Three Gorges Cloud Energy Power (Ninglang) Co., Ltd.
+Zhejiang Changlong Mountain Pumped Storage Co., Ltd.
+Yunnan Maitreya Shidongshan Power Generation Co.,
+Ltd.
+Guangxi Qinzhou Minhai New Energy Technology Co.,
+Ltd.
+Enterprises controlled by controlling shareholders
+Binyang County Tianqing New Energy Technology Co.,
+Ltd.
+Malong Xiehe Wind Power Co., Ltd.
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+273/308
+2023 Annual Report
+Three Gorges New Energy Power Generation (Maitreya)
+Co., Ltd.
+Enterprises controlled by controlling shareholders
+Three Gorges New Energy Yongsheng County Co., Ltd.
+Three Gorges New Energy Yongde County Co., Ltd.
+Three Gorges New Energy A'shan County Co., Ltd.
+Three Gorges New Energy (Yunxian) 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
+Yichang Three Gorges Multi-Energy Asset Management
+Co., Ltd.
+Three Gorges Finance (Hong Kong) Co., Ltd.
+Three Gorges Shanghai Energy Investment and
+Development Co., Ltd.
+Yangtze Three Gorges Group Industrial Development
+(Beijing) Co., Ltd.
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Yichang Three Gorges International Travel Co., Ltd.
+Three Gorges Group Yunnan Energy Investment Co., Ltd.
+Three Gorges Qiaojia New Energy Co., Ltd.
+Three Gorges New Energy Tian'e Power Generation Co.,
+Ltd.
+Three Gorges New Energy Pingnan Power Generation
+Co., Ltd.
+Three Gorges New Energy Yunnan Yao'an Power
+Generation 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
+Three Gorges New Energy Yunnan Shizong Power
+Generation Co., Ltd.
+Enterprises controlled by controlling shareholders
+Three Gorges New Energy Shidian Power Generation Co.,
+Ltd.
+Enterprises controlled by controlling shareholders
+Three Gorges New Energy Yuanmou Power Generation
+Co., Ltd.
+Enterprises controlled by controlling shareholders
+Associates
+Enterprises controlled by controlling shareholders
+Kaiyuan Hongyu Sunshine New Energy Power
+Generation Co., Ltd.
+Enterprises controlled by controlling shareholders
+Three Gorges New Energy Huaping Power Generation
+Co., Ltd.
+Enterprises controlled by controlling shareholders
+Lijiang Longji Clean Energy Co., Ltd.
+Huize Xiehe Wind Power Co., Ltd.
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Three Gorges New Energy Binchuan Power Generation
+Co., Ltd.
+Associates
+Associates
+Former Associates
+Decrease
+during this
+period
+Closing balance
+China Three Gorges
+Corporation
+211,500,000,000.00
+211,500,000,000.00
+(2) Shares or interests held by controlling shareholders and their changes
+Amount of shares held
+Increase
+during this
+period
+Shareholding ratio (%)
+Closing balance
+Beginning balance
+Closing
+ratio
+Beginning
+ratio
+China Three Gorges
+Corporation
+12,022,201,399.00
+11,882,135,802.00
+Controlling shareholder
+Beginning balance
+Controlling shareholder
+(1) The registered capital of the controlling shareholder and its changes
+2023 Annual Report
+XIV. Related Parties and Related Party Transactions
+1. Controlling shareholder and ultimate controlling party
+√ Applicable Inapplicable
+Unit: ten thousand yuan Currency: RMB
+Parent company
+name
+Registration
+place
+Nature of
+business
+Registered
+Capital
+Proportion of
+shareholding in
+the Company (%)
+Proportion of voting
+right in the
+Company (%)
+China Three Gorges
+Corporation
+Wuhan
+Large-scale
+hydropower
+project
+development
+and
+operation
+21,150,000.00
+49.13
+49.13
+Description of the parent company of the Company
+49.13
+52.25
+The Company's ultimate controlling party is the State-owned Assets Supervision and Administration
+Commission of the State Council.
+Other notes
+Joint Ventures
+Associates
+Associates
+Associates
+Associates
+Changxia Digital Energy Technology (Hubei) Co.,
+Ltd.
+Associates
+Chongqing Fuling Energy Industrial Group Co., Ltd.
+Associates
+Zhengzhou Hydraulic Machinery Co., Ltd.
+Enterprises controlled by controlling shareholders
+Yichang Yangtze River Three Gorges Shore Power
+Operation Service Co., Ltd.
+Associates
+Hubei Qingneng Investment and Development Group
+Co., Ltd.
+0.21
+Changxia Electric Power (Xi'an) Co., Ltd.
+Jingzhou Distributed Energy Co., Ltd.
+Three Gorges Intelligent Control Technology Co.,
+Ltd.
+Three Gorges Sichuan Integrated Energy Co., Ltd.
+Hubei Intelligent Integrated Energy Industry
+Technology Research Co., Ltd.
+Joint Ventures
+Associates
+Joint Ventures
+Relationship with the Company
+None
+2. Information about the Company's subsidiaries
+Please refer to the notes for details of the company's subsidiaries.
+√ Applicable Inapplicable
+For details of the Company's subsidiaries, please refer to the relevant contents of "X. 1. Equity in
+Subsidiaries" of this note.
+3. Information on joint ventures and associates of the Company
+Please refer to the notes for details of the Company's important joint ventures or associates.
+√ Applicable Inapplicable
+271/308
+2023 Annual Report
+For details of the Company's important joint ventures or associates, please refer to Note X.3. (1)
+Important joint ventures or associates.
+The information of other joint ventures or associates that have related party transactions with the
+company in the current period, or have balances from related party transactions with the company in
+previous periods, is as follows:
+√ Applicable □ Inapplicable
+Name of joint venture or associates
+Yunxia Electric Power (Yunnan) Co., Ltd.
+Changxia Electric Power (Anhui) Co., Ltd.
+Yangtze Smart Distributed Energy Co., Ltd.
+Changxia Electric Power (Guangdong) Co., Ltd.
+Shaanxi Yan'an Electric Industry Co., Ltd.
+Three Gorges Base Development Co., Ltd.
+Three Gorges Hi-Tech Information Technology Co.,
+Ltd.
+Three Gorges Finance Co., Ltd.
+Joint Ventures
+Yangtze Three Gorges Group Media (Yichang) Co., Ltd.
+Subsidiaries of joint ventures
+Chongqing Yangtze Xiaonanhai Hydropower Station
+Development Co., Ltd.
+Yangtze River Three Gorges Tourism
+Development Co., Ltd.
+Shanghai Survey, Design and Research Institute
+Co., Ltd.
+Yangtze River Three Gorges Technology and
+Economic Development Co., Ltd.
+Yangtze River Three Gorges Water (Yichang)
+Co., Ltd.
+Yangtze River Three Gorges Ecological Garden
+Co., Ltd.
+China Three Gorges Corporation Chinese
+Sturgeon Research Institute
+China Three Gorges Publishing and Media Co.,
+Ltd
+Three Gorges Asset Management (Shanghai)
+Co., Ltd.
+8,491.35
+Three Gorges International Bidding Co., Ltd.
+1,120.27
+1,064.11
+1,916.84
+2,318.79
+1,874.24
+1,188.62
+Acceptance of labor
+773.98
+Water charges, provision
+of labor services
+Property Management,
+Green maintenance
+Entrusted
+management
+services, publicity fees
+6,997.55
+25,203.61
+Three Gorges Materials Bidding Management
+Co., Ltd.
+Yangtze River Three Gorges Industrial Co., Ltd.
+Entrusted management,
+electricity sales, property
+management, etc.
+Entrusted management,
+equipment and facilities
+maintenance, etc.
+Entrusted management
+42,581.13
+50,291.49
+16,167.54
+15,854.80
+30,538.45
+4,232.32
+43,924.94
+procurement and
+37,500.33
+20,197.00
+insurance, storage
+management fees, e
+Property management,
+6,990.14
+7,249.17
+transportation costs, etc.
+Acceptance of labor
+services, planning and
+design, consulting fees
+Entrusted management,
+repair, engineering labor
+services, etc.
+Acceptance of labor
+services, material
+1,391.50
+Provision of labor
+services
+21.27
+Purchasing goods
+4,111.66
+1,485.95
+Purchasing goods
+9.79
+Three Gorges Intelligent Engineering Co., Ltd.
+Three Gorges CYPC Big Data Technology
+(Yichang) Co., Ltd.
+Construction
+413.03
+Hubei Energy Group Zaoyang New Energy Co.,
+Ltd.
+Consulting fee
+Yangtze Three Gorges Group Chongqing Energy
+Investment Co., Ltd.
+Construction
+258.51
+China International Water & Electric Corp.
+Construction
+1,247.69
+Chongqing Yangtze Xiaonanhai Hydropower
+Station Development Co., Ltd.
+Yichang Three Gorges International Travel Co.,
+Ltd.
+636.32
+E-commerce Co., Ltd.
+Yangtze River Three Gorges (Chengdu)
+9.28
+238.15
+Bidding agent, Entrusted
+694.83
+140.95
+275/308
+2023 Annual Report
+Beijing Rongneng Property Brokerage Co., Ltd.
+Three Gorges Asset Management Limited
+management
+Service fees of asset
+transaction, acceptance
+of labor services
+Entrusted management
+447.10
+40.69
+0.79
+330.74
+service
+Yangtze River Three
+Management Co., Ltd.
+Gorges
+Investment
+Property management
+China Three Gorges Construction Engineering
+Co., Ltd.
+Three Gorges Ecological Environment Co., Ltd.
+196.95
+Consulting fee
+√ Applicable Inapplicable
+Controlling
+Related party
+shareholder
+controlling party
+China Three Gorges Corporation
+Joint ventures or associates
+Unit: ten thousand yuan Currency: RMB
+Content of related
+transactions
+Procurement of goods/service status table
+and ultimate
+274/308
+Amount incurred
+in current year
+Amount incurred
+in previous year
+12,218.59
+5,939.01
+Changxia Electric Power (Anhui) Co., Ltd.
+Changxia Electric Power (Guangdong) Co., Ltd.
+Yunxia Electric Power (Yunnan) Co., Ltd.
+Entrusted management
+and provision of labor
+services
+(1) Related party transactions of purchasing goods/receiving services
+5. Related-party transaction
+Other notes
+Yunnan Yunxia Electric Power Service Co., Ltd.
+Chongqing CYPC United Energy Co., Ltd.
+CYPC Energy (Shanghai) Co., Ltd.
+Nanzhao County Zhongji Guoneng Electric Power Co.,
+Ltd.
+Wudi Aikang Electric Power Development Co., Ltd.
+Fengqing County Aikang Electric Power Co., Ltd.
+Tangyin Aikang Energy Power Co., Ltd.
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Enterprises controlled by controlling shareholders
+Subsidiaries of joint ventures
+Subsidiaries of joint ventures
+Subsidiaries of joint ventures
+Subsidiaries of joint ventures
+Subsidiaries of joint ventures
+Subsidiaries of joint ventures
+Junan Xinshunfeng Photoelectric Technology Co., Ltd.
+Jiaxiang Yuhui New Energy Co., Ltd.
+Hubei Mingsheng New Energy Engineering Co., Ltd.
+Subsidiaries of joint ventures
+Subsidiaries of joint ventures
+Subsidiaries of joint ventures
+Yangtze River Survey, Planning and Design Research
+Co., Ltd.
+Associated companies within the group
+Beijing Zhongshui Hydropower Technology Development
+Associated companies within the group
+Co., Ltd.
+Nengshida Electric Co., Ltd.
+Associated companies within the group
+Three Gorges Base Development Co., Ltd.
+Yichang Julang Chemical Co., Ltd.
+2023 Annual Report
+Acceptance of labor
+services
+Acceptance of labor
+services
+fee
+Acceptance of labor
+3,797.38
+1,041.52
+services
+Engineering labor,
+construction and
+installation
+163.75
+1,224.39
+295.87
+200.92
+services
+House renovation
+11.02
+Acceptance of labor
+5.66
+services
+Construction
+129.69
+Acceptance of labor
+1,047.84
+agency fees, electricity
+Letter of guarantee fees,
+Three Gorges Hi-Tech Information Technology
+Co., Ltd.
+Three Gorges Finance Co., Ltd.
+Changxia Digital Energy Technology (Hubei)
+Co., Ltd.
+Zhengzhou Hydraulic Machinery Co., Ltd.
+Jingzhou Distributed Energy Co., Ltd.
+Chongqing Fuling Energy Industrial Group Co.,
+Ltd.
+Changxia Electric Power (Xi'an) Co., Ltd.
+Three Gorges Intelligent Control Technology
+Co., Ltd.
+Hubei Intelligent Integrated Energy Industry
+Technology Research Co., Ltd.
+Enterprises controlled by controlling
+shareholders
+119.17
+1.32
+133.00
+130.03
+Property management,
+entrusted management,
+maintenance,repair etc
+Entrusted management,
+equipment procurement,
+acceptance of labor
+services
+30,940.17
+35,297.97
+5,119.93
+4,597.85
+Acceptance of labor
+services
+None
+Electricity bill
+Building
+2025/8/20
+2020/9/24
+1,160,000.00
+China Three Gorges
+Corporation
+2028/5/29
+2023/5/29
+1,240,000.00
+China Three Gorges
+Corporation
+2025/1/16
+2020/1/16
+1,700,000.00
+China Three Gorges
+Corporation
+2032/9/21
+2018/5/21
+1,910,000.00
+China Three Gorges
+Corporation
+2027/9/21
+Corporation
+China Three Gorges
+1,000,000.00
+2023/7/18
+Trust management
+income
+20.43
+Trust management
+Junan Xinshunfeng Photoelectric Technology Co., Ltd.
+Remarks
+280/308
+2026/1/12
+2023/7/18
+700,000.00
+China Three Gorges
+2022/9/21
+Corporation
+2022/3/18
+1,000,000.00
+China Three Gorges
+Finance Co., Ltd.
+2026/1/28
+2021/1/28
+1,000,000.00
+Three Gorges
+Corporation
+2026/1/12
+2027/3/18
+58.83
+2,000,000.00
+Corporation
+Due date of guarantee
+Commencement date
+of guarantee
+Amount of
+guarantee
+Unit: ten thousand yuan Currency: RMB
+Whether the guarantee
+has been fulfilled
+Total
+Corporation
+China Three Gorges
+Guarantee
+2023 Annual Report
+√ Applicable □ Inapplicable
+279/308
+The Company serves as the Warrantee:
+4,148.18
+No
+has been fulfilled
+Whether the guarantee
+Unit: ten thousand yuan Currency: RMB
+September 2036
+September 2021
+4,148.18
+Due date of guarantee
+300,000.00
+2002/9/20
+2033/8/1
+300,000.00
+2026/1/29
+2021/1/29
+2,600,000.00
+China Three Gorges
+Corporation
+2024/1/12
+2023/1/12
+4,500,000.00
+China Three Gorges
+Borrowing
+China Three Gorges
+Expiry date
+Amount of
+inter-bank lending
+Name of related
+party
+Unit: ten thousand yuan Currency: RMB
+(5) Capital borrowing or lending between related parties:
+√ Applicable Inapplicable
+As of December 31, 2023, the company has repaid 13 billion yuan of matured Three Gorges bonds,
+and the end-of-period guarantee balance is 3 billion yuan.
+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.
+Note:
+√ Applicable Inapplicable
+Description of related guarantees
+No
+Valid from
+319.03
+income
+Trust management
+income
+Trust management
+income
+341.11
+party
+Controlling shareholder and ultimate controlling
+Related party
+√ Applicable Inapplicable
+Sales of goods/provision of services status table
+214,738.02
+246,647.40
+Total
+185.72
+1,259.13
+services, technical
+consulting
+Nengshida Electric Co., Ltd.
+Provision of labor
+upgrading
+1,554.78
+857.58
+renovation and
+Engineering labor,
+Beijing Zhongshui Hydropower Technology
+Development Co., Ltd.
+4,569.87
+10,120.96
+China Three Gorges Corporation
+Joint ventures or associates
+Changxia Electric Power (Anhui) Co., Ltd.
+Three Gorges Base Development Co., Ltd.
+Three Gorges Hi-Tech Information Technology Co., Ltd.
+Changxia Digital Energy Technology (Hubei) Co., Ltd.
+Three Gorges Sichuan Integrated Energy Co., Ltd.
+Enterprises controlled by controlling shareholders
+Yichang Yangtze River Three Gorges Shore Power
+Operation Service Co., Ltd.
+2023 Annual Report
+276/308
+45.11
+64.50
+Electricity bill
+0.89
+0.96
+Electricity bill
+436.75
+4.20
+Electricity bill
+3,014.33
+Technical Services
+5,486.98
+11,118.65
+Commodity sales,
+technical services,
+electricity bill
+Amount incurred
+in previous year
+Amount
+incurred in
+current year
+Content of related
+transactions
+Unit: ten thousand yuan Currency: RMB
+3.67
+Engineering labor,
+construction and
+installation
+costs
+951.45
+966.84
+Three Gorges Yuntou Power Generation (Yao'an) Co.,
+Ltd.
+Agency service fee
+1,068.72
+Three Gorges Qiaojia New Energy Co., Ltd.
+Agency service fee
+532.47
+China Three Gorges Corporation Chinese Sturgeon
+Research Institute
+Electricity bill
+367.63
+Agency service fee
+Agency service fee
+Trust management
+income
+3,976.58
+Three Gorges Cloud Energy Power (Ninglang) Co., Ltd.
+Zhejiang Changlong Mountain Pumped Storage Co., Ltd.
+Subsidiaries of joint ventures
+CYPC Energy (Shanghai) Co., Ltd.
+Nanzhao County Zhongji Guoneng Electric Power Co.,
+Ltd.
+Wudi Aikang Electric Power Development Co., Ltd.
+Fengqing County Aikang Electric Power Co., Ltd.
+Tangyin Aikang Energy Power Co., Ltd.
+Technical Services
+Trust management
+4,946.01
+24.56
+Commencement date
+of guarantee
+Three Gorges Yunneng Qiaojia Power Generation Co.,
+Ltd.
+Agency service fee
+Power station repair
+540.35
+services, technical
+consulting
+Provision of labor
+170.00
+Purchasing goods
+services
+0.90
+Provision of labor
+170.98
+522.50
+Construction
+Engineering labor
+services, planning and
+design, construction and
+Yangtze River Survey, Planning and Design
+Research Co., Ltd.
+Associated companies within the group
+Hubei Mingsheng New Energy Engineering Co.,
+Ltd.
+Chongqing CYPC United Energy Co., Ltd.
+Yunnan Yunxia Electric Power Service Co., Ltd.
+Yichang Julang Chemical Co., Ltd.
+Subsidiaries of joint ventures
+4.21
+Provide services
+1.47
+installation
+Amount of
+guarantee
+Total
+Co., Ltd.
+Co., Ltd.
+11.79
+10.81
+Building
+Three Gorges New Energy Shidian Power Generation
+20.14
+24.86
+Building
+Three Gorges New Energy Yunnan Shizong Power
+Generation Co., Ltd.
+35.67
+32.70
+Building
+Three Gorges New Energy Yunnan Yao'an Power
+Generation Co., Ltd.
+Ltd.
+47.53
+43.58
+Building
+Yunnan Maitreya Shidongshan Power Generation Co.,
+175.24
+Building
+China Three Gorges Corporation
+Three Gorges New Energy Yuanmou Power Generation
+Building
+4.50
+4.91
+Building
+Huize Xiehe Wind Power Co., Ltd.
+18.13
+16.62
+Building
+Lijiang Longji Clean Energy Co., Ltd.
+Co., Ltd.
+7.37
+6.76
+Building
+67.79
+Three Gorges New Energy Huaping Power Generation
+7.52
+6.89
+Building
+Kaiyuan Hongyu Sunshine New Energy Power
+7.37
+8.81
+Building
+Co., Ltd.
+Three Gorges New Energy Binchuan Power Generation
+Co., Ltd.
+Generation Co., Ltd.
+Building
+Three Gorges Materials Bidding Management Co., Ltd.
+192.03
+sales
+2023 Annual Report
+Total
+Development Co., Ltd.
+277/308
+0.21
+0.29
+Electrical product
+Technology
+Hydropower
+37,131.89
+Zhongshui
+sales
+Co., Ltd.
+3.53
+4.07
+Electrical product
+Yangtze River Survey, Planning and Design Research
+Associated companies within the group
+income
+1.07
+Jiaxiang Yuhui New Energy Co., Ltd.
+Beijing
+18.02
+28,911.50
+(2) Related to be entrusted with management/contracting and entrusted management/outsourcing
+status
+371.79
+Building
+1,369.92
+Leasing income
+recognized in the
+previous year
+1,525.60
+Leasing income
+recognized in the
+current year
+Unit: ten thousand yuan Currency: RMB
+Building
+Yangtze River Three Gorges Industrial Co., Ltd.
+Yangtze River Three Gorges Tourism Development Co.,
+Ltd.
+Type of
+leased assets
+Description of related transactions for purchasing and selling goods, providing and receiving services
+□ applicable √not applicable
+Lessee
+The Company as the lessor:
+(3) Related party lease
+☐ applicable Vnot applicable
+Description of entrusted management/contracting situations
+□ applicable √not applicable
+The company's entrusted management/outsourcing status table
+☐ applicable √not applicable
+Description of to be entrusted with management/contracting situations
+□ applicable √not applicable
+The company's to be entrusted with management/contracting status table:
+√ Applicable Inapplicable
+Carrot Power Limited
+19.65
+Building
+Professional
+5,543.55
+Land
+China Three Gorges Corporation
+Three Gorges CYPC Big Data
+Technology (Yichang) Co., Ltd.
+Yangtze River Three Gorges
+Negotiated
+Lease expenses
+recognized in the
+previous year
+current year
+Unit: ten thousand yuan Currency: RMB
+assets
+recognized in the
+Pricing
+policy
+Lease expenses
+Type of
+leased
+Lessor
+The Company as the Lessee:
+√ Applicable □ Inapplicable
+2,251.42
+2,770.88
+Total
+219.91
+69.99
+Building
+price
+Negotiated
+equipment
+price
+Negotiated
+Distributed Energy
+Yangtze Smart
+Guarantee
+√ Applicable □ Inapplicable
+The Company serves as the Guarantor:
+(4) Related party guarantees
+□ applicable √not applicable
+Description of related leasing situation
+6,238.38
+5,543.55
+Yunxia Electric Power (Yunnan) Co., Ltd.
+Total
+13.88
+Building
+price
+Negotiated
+Multi-Energy Asset Management
+Co., Ltd.
+Yichang Three Gorges
+Industrial Co., Ltd.
+208.47
+266.04
+5,749.99
+Building
+price
+139.07
+Building
+Three Gorges Group Yunnan Energy Investment Co., Ltd.
+Three Gorges New Energy Power Generation (Maitreya)
+Co., Ltd.
+11.67
+10.69
+Building
+Malong Xiehe Wind Power Co., Ltd.
+24.56
+20.47
+Building
+Binyang County Tianqing New Energy Technology Co.,
+Ltd.
+95.80
+Building
+79.84
+Guangxi Qinzhou Minhai New Energy Technology Co.,
+Ltd.
+24.56
+20.47
+Building
+Three Gorges New Energy Tian'e Power Generation Co.,
+Ltd.
+Co., Ltd.
+2023 Annual Report
+278/308
+14.74
+12.28
+Building
+Three Gorges New Energy Pingnan Power Generation
+11.28
+Building
+75.22
+45.67
+18.61
+Three Gorges Base Development Co., Ltd.
+8.75
+10.08
+Building
+Shanghai Survey, Design and Research Institute Co., Ltd.
+Development Co., Ltd.
+34.18
+Three Gorges New Energy Yongsheng County Co., Ltd.
+14.24
+Yangtze River Three Gorges Technology and Economic
+2.05
+Building
+10.25
+Building
+Three Gorges New Energy A'shan County Co., Ltd.
+Three Gorges New Energy (Yunxian) Co., Ltd.
+3.56
+Building
+Three Gorges New Energy Yongde County Co., Ltd.
+6.97
+Building
+Trust management
+Three Gorges CYPC Big Data Technology (Yichang)
+Co., Ltd.
+Electricity bill,
+technical Services
+Technical consulting
+service fee
+Consulting services,
+technical
+Services, Labor
+services, electricity
+1,114.44
+bill
+Commodity sales
+16.23
+23.57
+Electricity bill
+538.71
+408.11
+Sell electricity
+190.33
+Three Gorges Materials Bidding Management Co., Ltd.
+China Three Gorges Publishing and Media Co., Ltd
+Three Gorges Ecological Environment Co., Ltd.
+Hubei Energy Group Zaoyang New Energy Co., Ltd.
+Three Gorges Cloud Energy Power Generation (Huize)
+Co., Ltd.
+202.50
+121.61
+150.13
+Electricity bill,
+10.53
+47.79
+technical Services
+Commodity sales,
+technical Services etc.
+23.57
+18.35
+Electricity bill
+2.09
+6.19
+China Three Gorges International Corporation Limited
+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.
+Electricity bill
+Yangtze River Three Gorges Water (Yichang) Co., Ltd.
+Yangtze River Three Gorges Industrial Co., Ltd.
+Yangtze River Three Gorges Ecological Garden Co., Ltd.
+income
+Yangtze River Three Gorges Technology and Economic
+Development Co., Ltd.
+7.72
+Yangtze River Three Gorges Tourism Development Co.,
+Ltd.
+0.94
+Technical consulting,
+9,170.66
+6,472.99
+maintenance
+Electricity bill
+1,985.07
+2,235.84
+Technical Services
+1,365.91
+1,102.15
+operation and
+1,382.40
+Operation and
+Yangtze River Three Gorges Technology and Economic
+Development Co., Ltd. Pakistan Branch
+1,134.83
+maintenance service
+Operation and
+1,529.24
+1,240.71
+1,382.40
+Operation and
+maintenance service
+1,240.71
+maintenance service
+141,461.35
+2021/11/1
+2024/11/1
+Co., Ltd.
+Shanghai Survey,
+Design and Research
+60,000.00
+2023/8/31
+2024/8/30
+Institute Co., Ltd.
+China Three Gorges
+50,000.00
+2024/8/31
+Corporation
+China Three Gorges
+10,120.00
+Finance (Hong Kong)
+2023/8/30
+Three Gorges
+China Three Gorges
+2024/11/1
+2024/3/20
+Management Co.,
+Ltd.
+China Three Gorges
+152,000.00
+2021/11/19
+2026/4/22
+Corporation
+Co., Ltd.
+2019/9/4
+140,000.00
+2023/9/20
+2024/9/20
+Engineering Co., Ltd.
+Three Gorges
+Finance (Hong Kong)
+177,067.50
+2021/11/1
+Construction
+2024/9/4
+967.21
+Total
+3. Others
+□ applicable √not applicable
+(2) The company has no important contingencies that need to be disclosed, and it should also be
+explained
+☐ applicable √not applicable
+(1) Significant contingencies existing at the balance sheet date:
+2. Contingencies
+Apart from the above-mentioned commitments, as of December 31, 2023, the Company has no
+other significant commitment that needs to be disclosed but has not been disclosed.
+(2) In September 2009, the company signed a land use right lease agreement for the Three Gorges
+area with China Three Gorges Corporation, with a lease term of 20 years starting from September 28,
+2009. The rent can be adjusted by mutual agreement every three years, and the latest adjustment was
+made in 2014.
+□ applicable √not applicable
+(1) In December 2007, the company signed a land use right lease agreement for the Gezhouba area
+with China Three Gorges Corporation, with a lease term of 20 years starting from January 1, 2007. The
+rent can be adjusted by mutual agreement every three years.
+√ Applicable □ Inapplicable
+1. Important Commitments
+Commitments and Contingencies
+XVI.
+□ applicable √not applicable
+6. Others
+□ applicable √not applicable
+5. Modification and termination of share-based payment
+Significant external commitments in existence at the balance sheet date, nature, and amount
+Corporation
+290/308
+Amount
+incurred
+24,975,583.85
+(6) Related party asset transfers and debt restructuring
+281/308
+2023 Annual Report
+□ applicable √not applicable
+(7) Key management personnel remuneration
+√ Applicable Inapplicable
+Item
+Pricing method
+Incurred during the period
+Key management personnel
+remuneration
+2023/3/20
+974.96
+(8) Other related party transactions
+√ Applicable □ Inapplicable
+1) Interest received from the related parties:
+Unit: ten thousand yuan Currency: RMB
+Amount
+incurred
+Unit: ten thousand yuan Currency: RMB
+Prior Period Incurred
+160,000.00
+Finance Co., Ltd.
+Yangtze Three
+China Three Gorges
+500,000.00
+2022/7/15
+2025/7/15
+Corporation
+China Three Gorges
+400,000.00
+2021/7/15
+Co., Ltd.
+2024/7/15
+Three Gorges
+Shanghai Energy
+Investment and
+400,000.00
+2022/9/29
+2027/9/29
+Development Co.,
+Ltd.
+Corporation
+2024/6/28
+2021/6/28
+177,067.50
+Corporation
+China Three Gorges
+700,000.00
+2023/7/21
+2026/1/12
+Corporation
+China Three Gorges
+600,000.00
+2021/7/16
+2024/7/15
+Corporation
+Three Gorges
+Finance (Hong Kong)
+177,067.50
+2021/6/11
+2024/6/11
+Co., Ltd.
+Three Gorges
+Finance (Hong Kong)
+China Three Gorges
+Gorges Investment
+350,000.00
+2024/7/5
+2018/5/4
+2032/9/21
+Corporation
+Three Gorges
+230,000.00
+2023/5/26
+2024/5/26
+□ applicable √not applicable
+240,800.00
+China Three Gorges
+2023/7/21
+2026/1/12
+Corporation
+China Three Gorges
+200,000.00
+2021/5/27
+2024/2/9
+Corporation
+200,000.00
+China Three Gorges
+Corporation
+2026/8/30
+Corporation
+Three Gorges
+300,000.00
+2021/7/15
+2025/7/15
+Finance Co., Ltd.
+Three Gorges
+300,000.00
+2022/11/29
+2027/11/29
+Finance Co., Ltd.
+Three Gorges
+250,300.00
+2019/6/5
+2024/6/5
+Finance Co., Ltd.
+China Three Gorges
+249,700.00
+2020/12/30
+2020/12/30
+4. Share-based payment expenses for this period
+1. Various equity instruments
+2023 Annual Report
+1,335,777.02
+2,116,421.19
+Controlling shareholder and ultimate controlling
+party
+Long-term
+borrowings
+Three Gorges Finance (Hong Kong) Co., Ltd.
+Three Gorges Shanghai Energy Investment and
+Development Co., Ltd.
+Enterprises controlled by controlling shareholders
+China Three Gorges Construction Engineering Co.,
+Ltd.
+Three Gorges Finance Co., Ltd.
+252,264.89
+Associates or Joint Ventures
+party
+Controlling shareholder and ultimate controlling
+one year
+liabilities due within
+Non-current
+Development Co., Ltd.
+0.01
+Beijing Zhongshui Hydropower Technology
+China Three Gorges Corporation
+Associated companies within the group
+402,953.42
+674,182.40
+Total
+287/308
+Controlling shareholder and ultimate controlling
+Short-term
+borrowings
+400,000.00
+400,000.00
+657,419.29
+Enterprises controlled by controlling shareholders
+Three Gorges Finance (Hong Kong) Co., Ltd.
+Three Gorges Shanghai Energy Investment and
+Development Co., Ltd.
+498.06
+2,470,950.83
+Three Gorges Finance Co., Ltd.
+Associates or Joint Ventures
+14,054,497.64
+14,850,400.00
+China Three Gorges Corporation
+498.06
+140,170.58
+-
+1,600,000.00
+2023 Annual Report
+28.01
+92.92
+167.72
+China Three Gorges Corporation Chinese Sturgeon
+Research Institute
+11.64
+3.32
+Three Gorges International Bidding Co., Ltd.
+Yangtze Three Gorges Group Media (Yichang) Co.,
+Ltd.
+14.71
+3.99
+15.08
+Three Gorges Intelligent Engineering Co., Ltd.
+Subsidiaries of joint ventures
+283.64
+76.30
+40.81
+33.26
+Three Gorges Pakistan No. 2 Wind Power Co., Ltd.
+Three Gorges Pakistan No. 1 Wind Power Co., Ltd.
+China Three Gorges Publishing and Media Co., Ltd
+Yangtze River Three Gorges (Chengdu) E-commerce
+Co., Ltd.
+Ltd.
+37.45
+357.65
+Shanghai Survey, Design and Research Institute Co.,
+93.63
+Yangtze River Three Gorges Water (Yichang) Co.,
+Ltd.
+64.49
+177.23
+23.08
+1.89
+Three Gorges Sichuan Integrated Energy Co., Ltd.
+Enterprises controlled by controlling shareholders
+Three Gorges CYPC Big Data Technology (Yichang)
+Co., Ltd.
+Associates or Joint Ventures
+Contract Liabilities
+10.44
+44.27
+Nengshida Electric Co., Ltd.
+Chongqing CYPC United Energy Co., Ltd.
+Development Co., Ltd.
+378.52
+Beijing Zhongshui Hydropower Technology
+Co., Ltd.
+122.37
+3,093.04
+Yangtze River Survey, Planning and Design Research
+Associated companies within the group
+218.52
+93.72
+party
+China Three Gorges Corporation
+4,555,045.26
+Closing balance
+Subject names
+Unit: million yuan Currency: RMB
+7,173.73
+7,173.73
+Total
+Receivable
+Unit: million yuan Currency: RMB
+Closing balance
+Subject names
+Payable
+565.43
+1,598.52
+Total
+(3) Receivables
+Interest expenses
+Unit: million yuan Currency: RMB
+Amount in the current year
+Receiving services, Project construction and Others
+Content of transaction
+2023 Annual Report
+(2) Purchasing goods/receiving services
+1,033.09
+69,061.26
+Total
+(5) Balance of deposits and loans
+24,591.04
+22,241.07
+2,349.97
+Closing balance
+289/308
+3. Cash-settled share-based payment situation
+□ applicable √not applicable
+2. Equity-settled share-based payment situation
+1,111.80
+1,111.80
+☐ applicable √not applicable
+□ applicable √not applicable
+Share-based payments
+XV.
+Unit: million yuan Currency: RMB
+Total
+Borrowings
+Deposit
+Subject names
+Stock options or other equity instruments outstanding at the end of the period
+23.43
+69,037.83
+Unit: million yuan Currency: RMB
+Amount in the current year
+☐ applicable √not applicable
+7. Related party commitments
+☐ applicable √not applicable
+(3) Others
+22,036,303.31
+140,141.17
+25,117,384.03
+China Three Gorges Construction Engineering Co.,
+Ltd.
+160,181.62
+8. Others
+Yangtze River Three Gorges Investment Management
+Co., Ltd.
+60,060.50
+Shanghai Survey, Design and Research Institute Co.,
+Ltd.
+Enterprises controlled by controlling shareholders
+200,201.67
+230,203.81
+Three Gorges Finance Co., Ltd.
+Associates or Joint Ventures
+2,202,483.07
+60,067.43
+√ Applicable Inapplicable
+Bank deposits
+Unit: ten thousand yuan Currency: RMB
+288/308
+Total
+Other revenues
+Power generation revenue
+Content of transaction
+(1) Selling goods/offering services
+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.
+In addition to the above-disclosed transactions with the 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.
+The Company is a state-owned enterprise and operates within an economic system dominated
+by state-owned enterprises.
+9. Transactions with other Chinese state-owned enterprises
+844,163.05
+467,612.90
+Total
+844,163.05
+467,612.90
+Opening balance
+Closing balance
+Item
+Deposits
+Name of related party
+Three Gorges Finance Co., Ltd.
+□ applicable √not applicable
+(4) Payables
+long-term payables
+361.40
+2.96
+Co., Ltd.
+China Three Gorges Publishing and Media
+0.15
+0.16
+Co., Ltd
+Three Gorges Ecological Environment Co.,
+Ltd.
+0.02
+0.02
+Three Gorges Yunneng Qiaojia Power
+Generation Co., Ltd.
+990.45
+Three Gorges Qiaojia New Energy Co., Ltd.
+Three Gorges Yuntou Power Generation
+(Yao'an) Co., Ltd.
+396.72
+3.61
+658.33
+87.80
+Sturgeon Research Institute
+Three Gorges Cloud Energy Power
+697,803.00
+35,976.74
+191.53
+Interests of
+borrowings
+885,241.44
+China Three Gorges Corporation
+China Three Gorges Corporation
+Interests of
+process
+and
+decision-making
+China Three Gorges Corporation Chinese
+Three Gorges Materials Bidding Management
+Garden Co., Ltd.
+4.07
+2023 Annual Report
+Three Gorges Pakistan No. 2 Wind Power
+215.55
+227.26
+Co., Ltd.
+Three Gorges Pakistan No. 3 Wind Power
+Co., Ltd.
+185.95
+190.94
+Three Gorges Pakistan No. 1 Wind Power
+650.02
+167.68
+Co., Ltd.
+China Three Gorges International Corporation
+229.53
+128.23
+Limited
+Yangtze River Three Gorges Tourism
+24.74
+30.67
+Development Co., Ltd.
+Yangtze River Three Gorges Water (Yichang)
+26.14
+Co., Ltd.
+Yangtze River Three Gorges Industrial Co.,
+20.22
+23.00
+Ltd.
+Yangtze River Three Gorges Ecological
+1.54
+Pricing method
+283/308
+current
+year
+Unit: ten thousand yuan Currency: RMB
+CYPC Energy (Shanghai) Co., Ltd.
+604.24
+Associated companies within the group
+Yangtze River Survey, Planning and Design
+Research Co., Ltd.
+0.53
+0.34
+Beijing Zhongshui Hydropower Technology
+Development Co., Ltd.
+0.02
+Dividends
+Name of related party
+receivable
+Associates or Joint Ventures
+Hubei Qingneng Investment and
+Subsidiaries of joint ventures
+12,030.52
+Development Group Co., Ltd.
+Other
+receivables
+Controlling shareholder and ultimate
+controlling party
+China Three Gorges Corporation
+1,074.46
+0.93
+Associates or Joint Ventures
+Shaanxi Yan'an Electric Industry Co., Ltd.
+Changxia Electric Power (Anhui) Co., Ltd.
+Changxia Electric Power (Guangdong) Co.,
+Ltd.
+39.51
+0.13
+8.83
+0.01
+6,527.68
+50.93
+(Yichang) Co., Ltd.
+Three Gorges CYPC Big Data Technology
+previous
+year
+Amount
+incurred in
+Content of
+transaction
+Name of related party
+2) Interest paid to related parties:
+Negotiated price
+813.26
+4,904.90
+Interest income
+Negotiated price
+process
+and
+decision-making
+in
+previous
+year
+14,743.36
+10,888.55
+Interest income
+Three Gorges Finance Co., Ltd.
+Three Gorges Finance (Hong Kong)
+Co., Ltd.
+year
+in current
+Content of transaction
+Three Gorges Cloud Energy Power
+(Ninglang) Co., Ltd.
+7.78
+I
+I
+Hubei Energy Group Zaoyang New Energy
+Co., Ltd.
+1.56
+Zhejiang Changlong Mountain Pumped
+Storage Co., Ltd.
+4,215.17
+Amount
+incurred in
+0.01
+2,602.47
+Yangtze River Three Gorges Technology and
+Economic Development Co., Ltd. Pakistan
+Branch
+Three Gorges Shanghai Energy Investment
+Interests of
+16,526.39
+4,256.11
+and Development Co., Ltd.
+borrowings
+Negotiated price
+Yangtze River Three Gorges Investment
+Interests of
+9,413.40
+Management Co., Ltd.
+borrowings
+Negotiated price
+Negotiated price
+Yichang Three Gorges Multi-Energy Asset
+Management Co., Ltd.
+0.65
+Negotiated price
+3) Security deposit paid to related parties:
+282/308
+Unit: ten thousand yuan Currency: RMB
+2023 Annual Report
+Name of related party
+Content of
+transaction
+Amount
+incurred in
+current year
+Amount incurred in
+previous year
+Pricing method and
+decision-making
+process
+China Three Gorges
+Costs of lease
+financing
+borrowings
+Co., Ltd.
+7,713.53
+Negotiated price
+Interests of
+Three Gorges Finance Co., Ltd.
+98,329.20
+125,655.90
+borrowings
+Negotiated price
+Interests of
+Three Gorges Finance (Hong Kong) Co., Ltd.
+15,790.08
+14,978.75
+borrowings
+Negotiated price
+Costs of lease
+China Three Gorges Corporation
+2,462.81
+2,349.66
+financing
+Negotiated price
+Shanghai Survey, Design and Research
+Interests of
+1,807.34
+1,054.36
+Institute Co., Ltd.
+borrowings
+Negotiated price
+China Three Gorges Construction Engineering
+Interests of
+4,265.42
+Guarantee cost
+2,299.63
+180.00
+Negotiated price
+debts
+Accounts
+receivable
+Controlling shareholder and ultimate
+controlling party
+China Three Gorges Corporation
+1,500.68
+711.39
+Associates or Joint Ventures
+Changxia Electric Power (Anhui) Co., Ltd.
+Changxia Digital Energy Technology (Hubei)
+Co., Ltd.
+172.89
+2.02
+4.03
+debts
+Three Gorges Base Development Co., Ltd.
+0.41
+Three Gorges Hi-Tech Information
+Technology Co., Ltd.
+0.06
+0.17
+Enterprises controlled by controlling
+shareholders
+Carrot Power Limited
+3,217.31
+4,228.46
+Yangtze River Three Gorges Technology and
+Economic Development Co., Ltd.
+1.91
+4.16
+0.33
+bad
+value
+bad
+Corporation
+4) Payment of research funds to related parties
+Unit: ten thousand yuan Currency: RMB
+Transaction
+Туре
+Research Fund China Three Gorges Corporation
+Name of related party
+Content of
+transaction
+Amount incurred
+in current year
+Amount incurred in
+previous year
+225.00
+225.00
+Negotiated price
+5) Three Gorges Project Public Cost Sharing
+According to the relevant arrangements in the "Report on Major Asset Purchases and Related
+Transactions of China Yangtze Power Co., Ltd." in September 2009, the public costs and public facility
+operation and maintenance fees incurred by the Three Gorges Project this year are shared between China
+Three Gorges Corporation and the Company at a ratio of 25:75. The Company will bear 480.5875 million
+yuan in 2023.
+6. Accounts receivables from and accounts payables to related parties
+(1) Account receivables:
+√ Applicable Inapplicable
+Unit: ten thousand yuan Currency: RMB
+Ending balance
+Opening balance
+Provisio
+Provisio
+Item
+Related party
+n for
+Book
+n for
+Book value
+395.34
+5.32
+Yunxia Electric Power (Yunnan) Co., Ltd.
+Enterprises controlled by controlling
+shareholders
+69.99
+1,051.90
+96.03
+Changxia Electric Power (Guangdong) Co., Ltd.
+Three Gorges Hi-Tech Information Technology Co.,
+Ltd.
+Changxia Electric Power (Anhui) Co., Ltd.
+Yunxia Electric Power (Yunnan) Co., Ltd.
+Changxia Electric Power (Xi'an) Co., Ltd.
+Jingzhou Distributed Energy Co., Ltd.
+Enterprises controlled by controlling shareholders
+Yangtze River Three Gorges Industrial Co., Ltd.
+Yangtze River Three Gorges Ecological Garden Co.,
+Ltd.
+Three Gorges International Bidding Co., Ltd.
+Yangtze River Three Gorges (Chengdu) E-commerce
+Co., Ltd.
+Shanghai Survey, Design and Research Institute Co.,
+Ltd.
+Yangtze River Three Gorges Tourism Development
+Co., Ltd.
+29.96
+1.23
+Opening
+balance
+119.17
+-
+10.00
+-
+5.66
+200.92
+1,091.38
+511.84
+706.62
+303.15
+270.55
+158.65
+143.87
+Yangtze River Three Gorges Technology and
+1.32
+Closing balance
+Other payables
+Changxia Digital Energy Technology (Hubei) Co.,
+Ltd.
+Prepayments
+Enterprises controlled by controlling
+shareholders
+Yangtze River Three Gorges (Chengdu)
+1,225.23
+1,064.70
+E-commerce Co., Ltd.
+Three Gorges International Bidding Co., Ltd.
+708.51
+Associates or Joint Ventures
+Three Gorges Hi-Tech Information
+Technology Co., Ltd.
+2.71
+Changxia Digital Energy Technology (Hubei)
+Co., Ltd.
+319.33
+Total
+33,814.27
+111.25
+23,025.54
+4.34
+(2) Account Payables:
+285/308
+√ Applicable Inapplicable
+2023 Annual Report
+Item
+Related party
+Unit: ten thousand yuan Currency: RMB
+Accounts payable
+Associates or Joint Ventures
+12.53
+0.15
+127.53
+Three Gorges Materials Bidding Management Co.,
+Ltd.
+China Three Gorges Construction Engineering Co.,
+2,186.88
+3,758.27
+Ltd.
+Three Gorges Materials Bidding Management Co.,
+3,001.93
+3,712.62
+Ltd.
+Yangtze River Three Gorges Technology and
+274.29
+211.65
+Economic Development Co., Ltd.
+Yichang Three Gorges International Travel Co., Ltd.
+32,830.30
+290.50
+Yangtze River Three Gorges Tourism Development
+1,060.01
+108.99
+Co., Ltd.
+286/308
+2023 Annual Report
+Carrot Power Limited
+91.08
+111.76
+Three Gorges Ecological Environment Co., Ltd.
+Yangtze River Three Gorges Ecological Garden Co.,
+Ltd.
+69.99
+85.38
+383.99
+198.55
+2,614.25
+Yangtze River Three Gorges Industrial Co., Ltd.
+Enterprises controlled by controlling shareholders
+2,721.30
+Yangtze River Three Gorges Investment Management
+Co., Ltd.
+0.77
+Subsidiaries of joint ventures
+Yunnan Yunxia Electric Power Service Co., Ltd.
+149.22
+Hubei Mingsheng New Energy Engineering Co., Ltd.
+Associated companies within the group
+0.06
+Nengshida Electric Co., Ltd.
+0.13
+Yangtze River Survey, Planning and Design Research
+Co., Ltd.
+100.00
+Controlling shareholder and ultimate controlling
+party
+China Three Gorges Corporation
+50,186.92
+49,382.85
+Associates or Joint Ventures
+Three Gorges Hi-Tech Information Technology Co.,
+Ltd.
+127.93
+254.18
+Changxia Digital Energy Technology (Hubei) Co.,
+Ltd.
+7.65
+48.49
+Three Gorges Base Development Co., Ltd.
+8,112.05
+Changxia Electric Power (Guangdong) Co., Ltd.
+Yangtze Smart Distributed Energy Co., Ltd.
+32.72
+428.00
+16,035.28
+0.02
+Economic Development Co., Ltd.
+15.97
+Guangxi Qinzhou Minhai New Energy
+Technology Co., Ltd.
+Technology Co., Ltd.
+2.05
+0.05
+Ltd.
+Three Gorges New Energy Yongde County
+3.56
+0.09
+Co., Ltd.
+Three Gorges New Energy Yunnan Yao'an
+2.98
+0.07
+5.94
+0.06
+Power Generation Co., Ltd.
+Three Gorges New Energy (Yunxian) Co.,
+Yunnan Maitreya Shidongshan Power
+0.10
+7.92
+0.08
+Generation Co., Ltd.
+Three Gorges New Energy Yunnan Shizong
+8.07
+0.19
+3.36
+0.03
+Power Generation Co., Ltd.
+Three Gorges New Energy Yuanmou Power
+0.41
+0.01
+3.97
+Co., Ltd.
+0.25
+10.25
+1.38
+Three Gorges Finance (Hong Kong) Co., Ltd.
+3,676.03
+104.71
+3,612.32
+284/308
+2023 Annual Report
+Yangtze River Three Gorges Industrial Co.,
+Ltd.
+Yichang Three Gorges Multi-Energy Asset
+1.63
+172.84
+1,545.42
+2.00
+2.00
+Management Co., Ltd.
+Yangtze River Three Gorges Tourism
+54.33
+Development Co., Ltd.
+Yangtze River Three Gorges Technology and
+14.24
+0.34
+Economic Development Co., Ltd.
+Yangtze Three Gorges Group Industrial
+2.37
+0.06
+I
+Development (Beijing) Co., Ltd.
+Three Gorges New Energy A'shan County
+0.82
+0.01
+Generation Co., Ltd.
+Three Gorges New Energy Binchuan Power
+0.03
+Malong Xiehe Wind Power Co., Ltd.
+0.97
+0.02
+1.94
+0.02
+Three Gorges New Energy Power Generation
+11.28
+0.27
+(Maitreya) Co., Ltd.
+Three Gorges New Energy Yongsheng
+6.97
+0.17
+County Co., Ltd.
+Three Gorges Group Yunnan Energy
+139.07
+3.35
+Investment Co., Ltd.
+Three Gorges New Energy Tian'e Power
+4.09
+0.04
+Generation Co., Ltd.
+Three Gorges New Energy Pingnan Power
+2.46
+0.02
+Generation Co., Ltd.
+Binyang County Tianqing New Energy
+4.09
+0.04
+3.28
+Negotiated price
+0.04
+Huize Xiehe Wind Power Co., Ltd.
+2.67
+0.06
+1.23
+0.01
+Generation Co., Ltd.
+Three Gorges New Energy Shidian Power
+0.98
+0.02
+1.97
+0.02
+Generation Co., Ltd.
+Three Gorges New Energy Huaping Power
+0.62
+0.01
+1.23
+0.01
+Generation Co., Ltd.
+Kaiyuan Hongyu Sunshine New Energy
+Generation (Huize) Co., Ltd.
+0.63
+0.02
+1.25
+0.01
+Power Generation Co., Ltd.
+Lijiang Longji Clean Energy Co., Ltd.
+1.51
+0.04
+3.02
+0.03
+1.64
+534.09
+2023 Annual Report
+2023-010,
+Other changes
+during the
+period
+End of period
+Stocks
+399,427.94
+-5,109.32
+Amount
+sold/redeemed
+177,162.82
+59,920.00
+-7,440.00
+Other
+33,021.28
+-3,738.52
+Total
+Funds
+492,369.22
+Amount
+purchased
+during the
+period
+Accumulated
+fair value
+changes
+charged to
+equity
+60 and above
+Aged 50-60 (including 50 and excluding 60)
+2023-011,
+2023-013,
+2023-014,
+2023-016, 2023-018, 2023-019
+Impairment
+charged during
+the period
+2023 Annual Report
+Unit: ten thousand yuan Currency: RMB
+Category of
+Asset
+Opening
+balance of the
+period
+Gains or losses
+on fair value
+changes during
+the period
+As of the end of December 31, 2023, the Company's closing balance of other equity instrument investments was 3.270 billion yuan; the closing balance of other
+non-current financial assets was 1.663 billion yuan.
+-16,287.84
+-2,840.19
+174,322.63
+30,645.61
+Amount sold
+during the
+period
+Stocks
+0371.HK
+BEIJING
+ENTERPRISES
+WATER GROUP
+Own
+funds
+35,817.74
+changes included during the
+period
+-4,810.93
+Gains or
+losses on
+investments
+during the
+period
+Closing book
+value
+Accounting
+Accounts
+2,826.71
+31,591.05
+assets
+Unit: ten thousand yuan Currency: RMB
+in equity
+fair value
+during the
+period
+Amount
+purchased
+49,968.24
+49,968.24
+30,645.61
+361,011.84
+52,480.00
+79,862.75
+493,354.59
+Investment in securities
+√ Applicable □ Inapplicable
+Type of
+securities
+Securities
+Code
+Abbreviation
+Source Opening book
+of funds
+value
+Gains or losses
+on changes in
+Accumulated
+fair value
+2023 Annual Report
+Stocks
+186
+(3).Description
+0.52
+3,033,854,755.93
+0.83
+4,759,852,623.02
+Construction
+Assets
+56.89
+63.52
+249,852,773.42
+0.07
+408,563,789.48
+Current
+Other
+Receivables
+0.04
+-44.11
+in progress
+Non-current
+Accounts
+borrowings
+101.80
+4.62
+26,752,360,688.10
+9.44
+Other
+53,985,432,819.58
+Assets
+74.54
+0.04
+244,581,674.83
+0.07
+426,888,959.32
+Short-term
+2.63
+15,227,668,604.93
+1.49
+of ending
+balance of
+Proportion
+Information on assets and liabilities
+1.
+√ Applicable □ Inapplicable
+(III) Analysis on Assets and Liabilities
+Proportion
+of final
+(II) Explanation on Material Changes in Profits Resulted from Non-principal Activities
+□ Applicable √ Inapplicable
+√ Applicable Inapplicable
+Cash flow
+5.
+□ Applicable √ Inapplicable
+(4).Reasons for Significant Changes in the Composition of R&D Personnel and Impact on the
+Company's Future Development
+□ Applicable √ Inapplicable
+The net cash flows from operating activities was 64.719 billion yuan, a year-on-year increase of
+21.242 billion yuan, mainly due to the increase in electricity bill recovery during the reporting period.
+The net cash flows from financing activities was -54.802 billion yuan, a year-on-year decrease of
+23.234 billion yuan, mainly due to the payment of the equity transaction consideration for the
+acquisition of Yunchuan Company during the reporting period.
+number of
+Balance at the end of
+Item Name
+8,510,343,962.88
+Accounts
+period (%)
+previous
+(%)
+balance of
+ending
+period to
+total assets
+period to
+current
+Unit: yuan Currency: RMB
+Changes in
+proportion of
+ending
+balance of
+previous
+Balance at the end of the
+previous period
+current
+period to
+total assets
+(%)
+the current period
+1
+1,295,637,007.14
+0939.HK
+283,486.00
+fair value
+changes
+included in
+equity
+835.93
+835.93
+28/308
+Purchase
+amount
+Accumulated
+Unit: ten thousand yuan Currency: RMB
+Amount
+sold during
+the
+reporting
+period
+Closing
+book value
+2,111.37
+2,111.37
+Closing book
+value as a
+percentage of
+the
+company's
+net assets at
+the end of the
+reporting
+period (%)
+during the
+reporting
+period
+0.01
+losses on
+changes in
+fair value
+during the
+period
+Total
+413,491.84
+30,645.61
+37,529.23
+As of December 31, 2023, the Company invested in a total of 6 securities measured at fair value, including 4 stocks and 2 ETF funds, with a total book value of
+4.135 billion yuan at the end of the period.
+Investments in private equity funds
+√ Applicable Inapplicable
+Gains or
+As of December 31, 2023, the Company held shares in 2 private equity funds measured at fair value, with a total book value of 237 million yuan at the end of
+the period. The investment direction of the fund is areas related to the industrial chain.
+√ Applicable Inapplicable
+(1). Derivative investments for hedging purposes during the reporting period
+√ Applicable □ Inapplicable
+Derivative investment types
+Initial
+investment
+amount
+Opening
+book value
+Interest rate swap
+Investment in derivatives
+0.01
+2023 Annual Report
+Accounting policies and specific accounting
+principles for hedging business during the reporting
+period, as well as an explanation of whether any
+significant changes have occurred compared with
+the previous reporting period
+2023 Annual Report
+4.
+Specific progress of material asset reorganization and integration during the reporting period
+√ Applicable Inapplicable
+The company to issue shares and pay cash to buy 100% equity in Yunchuan Company from the CTG,
+Three Gorges Investment, SCEI, and YEIG, simultaneous non-public offering to raise matching funds.
+Specific progress during the reporting period is described below:
+On January 10, 2023, the Company completed the transfer of the underlying assets and the change
+of industrial and commercial registration. After this change, the Company holds 100% equity of
+Yunchuan Company. Details of the above transactions are set out in the relevant announcement
+published on the website of the Shanghai Stock Exchange, announcement number: 2023-003.
+On February 8, 2023, the Company completed the registration procedures for the new shares issued
+by the Company to purchase assets at the Shanghai Branch of China Securities Depository and Clearing
+Co., Ltd. Details of the above transactions are set out in the relevant announcement published on the
+website of the Shanghai Stock Exchange, announcement number: 2023-005.
+29/308
+On March 16, 2023, the Company held the 15th meeting of the sixth session of board of directors to
+review and adopt the Proposal on Adjusting the Profit and Loss Distribution Arrangements of Yunchuan
+Company during the Transition Period and the Proposal on Authorization Related to the Company's
+Issuance of Shares to Raise Supporting Funds and other proposals. Details of the above transactions are
+set out in the relevant announcement published on the website of the Shanghai Stock Exchange,
+announcement number: 2023-007.
+On April 7, 2023, the Company held the seventh meeting of the sixth session of board of
+supervisors to review and approved the Proposal on Using Raised Funds to Replace Pre-invested
+Self-raised Funds. Details of the above transactions are set out in the relevant announcement published
+on the website of the Shanghai Stock Exchange, announcement number: 2023-011, 2023-013.
+On April 26, 2023, the Company completed the registration procedures at the Shanghai Branch of
+China Securities Depository and Clearing Co., Ltd. for the new shares corresponding to the issuance of
+shares to specific objects by raising supporting funds. The type of stocks issued is RMB ordinary shares
+(A shares), with an issued number of 804,436,061 shares. Details of the above transactions are set out in
+the relevant announcement published on the website of the Shanghai Stock Exchange, announcement
+number: 2023-016, 2023-018, 2023-019.
+Opinions of independent directors:
+1.In accordance with relevant provisions such as the Company Law of the People's Republic of
+China, the Securities Law of the People's Republic of China, the Rules for Independent Directors of
+Listed Companies, the Code of Governance of Listed Companies, the Articles of Association of China
+Yangtze Power Co., Ltd., the independent directors carefully reviewed the Proposal on Adjusting the
+Profit and Loss Distribution Arrangements of Yunchuan Company during the Transition Period, the
+Proposal on Authorization Related to the Company's Issuance of Shares to Raise Supporting Funds and
+the Proposal on Issuing a Demonstration and Analysis Report on the Company's Issuance of A Shares to
+Specific Objects. Based on the position of independent judgment and after careful analysis, the following
+independent opinions are issued:
+(1) The adjustments to the profit and loss distribution arrangements during the transition period are
+in line with the actual situation, do not violate relevant laws and regulations, are in the interests of the
+Company and all shareholders, and do not harm the interests of the Company and small and
+medium-sized shareholders. Expressed independent opinions in agreement with the "Proposal on
+Adjusting the Profit and Loss Distribution Arrangements of Yunchuan Company during the Transition
+Period".
+(2) The content and decision-making procedures of the Company's authorization comply with the
+provisions of the Company Law of the People's Republic of China, Securities Law of the People's
+Republic of China and other laws, regulations and normative documents, and meet the Company's needs
+for this issuance, is conducive to the rapid advancement of relevant matters, is in the interests of the
+Company and all shareholders, and does not harm the interests of the Company and small and
+medium-sized shareholders. Issued an independent opinion agreeing with the Proposal on Authorization
+On April 7, 2023, the Company held the 16th meeting of the ssixth session of board of directors to
+review and adopt the Proposal on Using Raised Funds to Replace Pre-invested Self-raised Funds.
+Details of the above transactions are set out in the relevant announcement published on the website of
+the Shanghai Stock Exchange, announcement number: 2023-010, 2023-013.
+□ Applicable √ Inapplicable
+(2). Derivative investments for speculative purposes during the reporting period
+Not applicable
+Explanation of actual profits and losses during the
+reporting period
+Explanation of hedging effect
+Sources of funds for derivatives investment
+Risk analysis and control measures for derivatives
+positions during the reporting period (including but
+not limited to market risk, liquidity risk, credit risk,
+operational risk, legal risk, etc.)
+Changes in the market price or product fair value of
+invested derivatives during the reporting period.
+The analysis of the fair value of derivatives should
+disclose the specific methods used and the setting of
+relevant assumptions and parameters.
+Involvement in litigation (if applicable)
+Derivatives
+investment approval board
+announcement disclosure date (if any)
+Derivative investment approval shareholders'
+meeting announcement disclosure date (if any)
+the Company's hedging business is accounted for in accordance with the relevant provisions of the Ministry
+of Finance's "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of
+Financial Instruments" and "Accounting Standards for Business Enterprises No. 24 - Hedge Accounting"
+"Accounting Standards for Business Enterprises No. 37 Presentation of Financial Instruments".the
+Company had no derivative investments at the beginning of the period. The new derivative investments
+during the reporting period were brought in by the merger and acquisition project of its affiliated Peru LDS
+Company.
+During the reporting period, the actual income from derivatives investment was 3.2545 million yuan.
+the Company uses hedging as a means to conduct derivatives business with the purpose of avoiding and
+preventing the risk of interest rate fluctuations, which effectively reduces the risks caused by interest rate
+fluctuations.
+Not applicable
+the Company's derivatives investments do not face significant risks, and the above-mentioned interest rate
+swap products have been disposed of in January 2024.
+the Company confirms the fair value of derivative investments based on the valuation report issued by the
+counterparty bank that signed the interest rate swap agreement.
+Not applicable
+Not applicable
+assets
+China Construction Own
+Bank
+financial
+0
+51,551.34
+funds
+Other
+601619.SH
+Own
+Stocks
+2,187.94
+Jiaze New Energy
+-298.39
+funds
+0
+30,645.61
+7,268.75
+4,388.81
+33,760.70
+instrument
+-19,689.54
+46,363.49
+0
+196,852.36
+0
+0
+25,245.83
+273,480.65
+0
+funds
+Other equity
+instrument
+investments
+Other equity
+Stocks
+1816.HK
+Own
+CGN Power
+Other
+non-current
+financial
+investments
+non-current
+financial
+assets
+459,347.94
+-12,549.32
+177,162.82
+Explanation of securities investment situation
+√ Applicable □ Inapplicable
+0
+Total
+0
+0
+26,120.00
+non-current
+financial
+assets
+Other
+non-current
+Other
+-3,640.00
+30,000.00
+Own
+funds
+27/308
+2023 Annual Report
+CSI Yangtze River
+Funds
+517160
+Protection
+Theme
+Own
+funds
+29,920.00
+-3,800.00
+ETF
+Funds
+517330
+E Fund CSI Yangtze
+River
+Theme ETF
+Protection
+26,360.00
+0.23
+949,955,129.91
+0.16
+17.34%
+Year-on-year Changes
+Previous year (100 GWh)4
+884.3
+1,037.6
+Current year (100 GWh)
+Total amount of electricity in
+market-oriented transactions
+√ Applicable Inapplicable
+6.
+2023 Annual Report
+24/308
+70,002,199.37
+14,766,634.10
+84,768,833.47
+Market-oriented Transaction of Electricity
+169,926,608.56
+Total amount of on-grid electricity
+Percentage
+37.76%
+(V). Investment Analysis
+power stations
+25/308
+4 The statistical caliber of market-oriented transaction of electricity last year was the Company's six domestic cascade power stations (including the Wudongde and Baihetan
+that were acquired in January 2023).
+□ Applicable √ Inapplicable
+Miscellaneous
+2747.8
+8.
+√ Applicable □ Inapplicable
+Market-oriented electricity sales business operations
+7.
+increased by 3.8%
+5.37%
+2607.8
+33.91%
+In order to comply with the reform of the national power system, on June 2016, the Company and Three Gorges Capital jointly established Three Gorges
+Electric Energy as a platform to carry out market-oriented electricity sales business, focusing on the development of electricity retail customers in the Company's
+large hydropower and new energy consumption areas, and striving to cultivate and continuously improve the ability to sell electricity in a market-oriented
+environment. In 2023, the Company established a market-oriented electricity sales management system to coordinate power user resources in Yunnan, Guangdong,
+Hubei, Shanghai, Sichuan, Zhejiang, Anhui and other places, took the initiative to undertake high-quality green power sources such as hydropower and new energy,
+achieved annual market sales of more than 4 billion kilowatt-hours, and initially achieved sales linkage. The scale of green electricity certificate transactions has
+steadily expanded, with a total of 60,000 green certificate transactions and 6.5 million kilowatt hours of green electricity transactions annually, exploring new
+models for the Company's electricity sales business to help users green consumption, energy conservation and carbon reduction of users.
+9,533,324,743.20 9,399,858,574.34
+36,460,439.70
+227,061,583.62
+During the reporting period, the Company's investment in fixed assets was 10.774 billion yuan, of which 90 million yuan was purchased in fixed assets and
+10.684 billion yuan was invested in infrastructure. Important constructions in progress are as follows:
+Information on the capital expenditures
+Applicable Inapplicable
+ฟ
+5.
+The utilization hours of power generation equipment of Gezhouba Hydropower Station were 6538.87 hours, a year-on-year decrease of 2.04%; the
+power consumption rate of the plant was 0.1395%, a year-on-year decrease of 0.0014%.
+The utilization hours of the power generation equipment of the Three Gorges Power Station were 3630.70 hours, a year-on-year increase of 1.83%;
+the power consumption rate of the plant was 0.0866%, a year-on-year decrease of 0.0037%.
+Project
+The utilization hours of power generation equipment of Xiangjiaba Power Station were 5360.02 hours, a year-on-year decrease of 2.57%; the power
+consumption rate of the plant was 0.0654%, a year-on-year increase of 0.0021%.
+The utilization hours of the power generation equipment of Baihetan Power Station was 3599.64 hours, a year-on-year decrease of 10.82%; the power
+consumption rate of the plant was 0.1613%, a year-on-year decrease of 0.0007%.
+In 2023, the utilization hours of power generation equipment of Wudongde Power Station was 3428.06 hours, a year-on-year decrease of 4.64%; the power
+consumption rate of the plant was 0.0885%, a year-on-year increase of 0.006%.
+√ Applicable Inapplicable
+Generating efficiency analysis
+4.
+2023 Annual Report
+The utilization hours of power generation equipment of Xiluodu Power Station were 4400.97 hours, a year-on-year decrease of 4.52%; the power
+consumption rate of the plant was 0.1415%, a year-on-year decrease of 0.0112%.
+Xiangjiaba Hydropower Project
+Gansu Zhangye Pumped Storage Power
+Station
+Yunnan Yangjiawanzi photovoltaic project
+227,061,583.62
+390,211,843.71
+2,256,786.13
+394,220,725.99
+390,107,016.99
+104,826.72
+Increase in the
+Current Year
+394,220,725.99
+1,552,911,603.33
+Other decreases
+Transfer to fixed
+assets
+Unit: yuan Currency: RMB
+Ending Balance
+1,550,654,817.20
+Beginning amount
+Baihetan Project
+Wudongde Project
+Chongqing Fengjie Caiziba Pumped
+Storage Power Station
+2023 Annual Report
+23/308
+Overall analysis on foreign equity investment
+At the end of December 31, 2023, the Company held equity shares in 65 companies and 2 ETF funds, with a cumulative original investment of approximately
+57.4 billion yuan. During the reporting period, new external equity investments were approximately 3.3 billion yuan.
+8,048,3
+82.80
+M&A
+No
+NNN
+Share-
+based
+and
+management
+Ye
+operation
+Developme
+nt Co., Ltd.
+r
+Hydropowe
+investment,
+Yunchuan
+construction,
+Total
+River
+payme
+S
+details of the transaction
+resolution, please refer to the relevant
+announcement published on the
+website of the Shanghai Stock
+Exchange (http://www.sse.com.cn/),
+announcement number:
+For
+January 8, 2023, January
+10, 2023, February 8,
+2023, March 17, 2023,
+April 7, 2023, April 12,
+2023, April 26, 2023.
+No
+26/308
+As of December 31, 2023,
+CYPC has completed the
+acquisition of 100% equity
+in the Three Gorges Jinsha
+River Yunchuan
+Hydropower Development
+Co., Ltd.
+100%
+own
+funds
+Financial assets at fair value
+3.
+□ Applicable √ Inapplicable
+Major non-equity investment
+2.
+nt and
+√ Applicable Inapplicable
+Jinsha development,
+Hydropower
+Gorges
+Mode
+Investee
+invested
+Main
+Sue
+and
+business
+profit
+Whether
+Impac
+t on
+Unit: ten thousand yuan Currency: RMB
+√ Applicable Inapplicable
+Major equity investment
+1.
+Con
+soli
+inmain
+business
+Investme
+ntt
+Sharehold dati
+ing ratio
+Three
+period
+curren
+t
+not
+not
+or
+for the
+Disclosure index (if any)
+Date of disclosure (if
+any)
+or
+loss
+Progress as of the balance
+sheet date
+of funds
+ng
+Source
+√ Applicable Inapplicable
+As of the end of 2023, the Company's controllable hydropower installed capacity is 71.795 million kilowatts. Among them, domestic controllable hydropower
+installed capacity is 71.695 million kilowatts, and foreign controllable hydropower installed capacity is 100,000 kilowatts.
+√ Applicable Inapplicable
+Installed capacity analysis
+Information on electricity quantity and price in the reporting period
+1.
+Power industry operational information analysis
+2023 Annual Report
+22/308
+√ Applicable Inapplicable
+√ Applicable Inapplicable
+(IV) Industry Operational Information Analysis
+Miscellaneous
+4.
+□ Applicable √ Inapplicable
+3. Restrictions on major assets by the end of the reporting period
+□ Applicable Inapplicable
+(2) Notes to the high proportion of oversea assets
+□ Applicable Inapplicable
+Among them: overseas assets 484.88 (unit: 100 million yuan, currency: RMB), accounting for
+8.48% of total assets.
+Generated energy (10MWh)
+Sales amount (10MWh)
+On-grid price
+(RMB/MWh)
+Year-on-
+year
+The same period
+of previous year
+(%)
+year
+Current
+On-grid energy (10MWh)
+Year-on-y
+ear
+(%)
+Current year
+Year-on-
+year
+The same
+period of
+previous year
+Current year
+Type of power
+generation
+Domestic
+hydroelectricity
+The same period
+of previous year
+(1) Asset size
+√ Applicable Inapplicable
+2. Overseas assets
+liabilities
+current
+one year
+Other
+21/308
+due within
+80.35
+Bonds
+4.61
+8.40
+48,048,632,647.39
+liabilities
+Non-current
+Payable
+36.39
+26,642,382,136.83
+payable
+2023 Annual Report
+1,717,762,447.92
+The closing balance of interest-bearing liabilities was 314.762 billion yuan, an increase of 31.946
+billion yuan from the beginning of the period, mainly due to the increase in financing due to the
+acquisition of Yunchuan Company during the reporting period.
+The closing balance of accounts payable was 1.296 billion yuan, an increase of 346 million yuan
+from the beginning of the period, mainly due to the increase in purchase funds.
+The closing balance of other non-current assets was 427 million yuan, an increase of 182 million
+yuan from the beginning of the period, mainly due to early project expenses and prepaid construction
+funds, etc.
+The balance of construction in progress at the end of the period was 4.760 billion yuan, an increase
+of 1.726 billion yuan from the beginning of the period, mainly due to the increase in investment and
+construction projects such as pumped hydro energy storage.
+The closing balance of other current assets was 409 million yuan, an increase of 159 million yuan
+from the beginning of the period, mainly due to the increase in short-term investments.
+The closing balance of accounts receivable was 8.510 billion yuan, a decrease of 6.717 billion yuan
+from the beginning of the period, mainly due to the increase in electricity bill recovery during the
+reporting period.
+-31.33
+6.50
+37,620,231,630.91
+4.52
+25,835,606,999.89
+-46.83
+0.56
+3,230,604,702.92
+0.30
+This year
+(%)
+27,626,322
+Total
+Total
+54.50 247.34
+269.48
+Depreciation,
+various financial
+charges, etc.
+12.39
+614.32
+27,626,322
+690.46
+27,498,781
+5.34
+27,626,322
+Domestic
+hydroelectri
+city
+compared with
+current period
+5.34
+5.34
+27,498,781
+5.34
+3.
+8.95
+8.95
+Note: The statistics for last year's data include the Company's six domestic cascade power stations (including the Wudongde and Baihetan power stations acquired in
+January 2023).
+year (%)
+the previous
+58.38
+58.38
+previous
+year (%)
+the
+54.50 247.34
+269.48
+12.39
+614.32
+690.46
+amount of the
+30/308
+Change in the
+Amount
+of the
+previous
+year
+2.
+27,498,781
+27,498,781
+281.28
+281.28
+Note: The statistical caliber of the data for the same period last year refers to the Company's six domestic cascade power stations (including the Wudongde and
+Baihetan power stations that were acquired in January 2023).
+5.34%
+Information on electricity quantity, income, and cost in the reporting period
+√ Applicable Inapplicable
+5.34%
+5.37%
+5.37%
+26,078,254
+26,078,254
+27,478,027
+27,478,027
+5.34%
+5.34%
+26,224,861
+26,224,861
+27,626,322
+26,105,668
+26,105,668
+Unit: RMB 100 million Currency: RMB
+Proportion
+Туре
+period(%)
+costs for
+the
+in the
+current
+period
+Cost items
+Change
+(%)
+of total
+Amount
+Amount
+of the
+previous
+year
+(%)
+(%)
+Income
+Year-o
+n-year
+Electricity
+sold (10MWh)
+Year-on
+-year
+Power
+generation
+(10MWh)
+Proportion
+of total
+costs for
+2023-002, 2023-003, 2023-005,
+2023-007, 2023-009,
+bad debts
+Closing
+balance
+Am
+oun
+t
+Other notes
+None
+(4) Actual write-off of accounts receivable during the period
+294/308
+2023 Annual Report
+□ applicable √not applicable
+Among them, the important write-off of accounts receivable
+□ applicable √not applicable
+Instructions for writing off accounts receivable:
+☐ applicable √not applicable
+Name of unit
+Closing balance
+of accounts
+receivable
+Closing
+balance
+of
+contract
+assets
+1,376,999,945.10
+(5) Accounts receivable and contract assets of the top five ending balances by debtors
+√ Applicable Inapplicable
+accounts
+receivable and
+contract assets
+Unit: yuan Currency: RMB
+As a percentage of
+the total closing
+balance of accounts
+receivable (%)
+Closing
+balance
+of
+provision
+for bad
+debts
+81.43
+Closing balance of
+□ applicable √not applicable
+Among them, the amount of recovery or reversal of bad debt provisions for the current period is
+important:
+□ applicable √not applicable
+(3) Provision for bad debts
+1,687,032,065.55
+99.77
+1,687,032,065.55 1,322,611,513.69
+99.49
+1,322,611,513.69
+business
+portfolio
+Other portfolio
+Total
+3,926,875.31
+1,690,958,940.86
+0.23
+100.00
+1,376,999,945.10
+3,926,875.31
+6,743,467.99
+1,329,354,981.68
+0.51
+100.00
+6,743,467.99
+1,329,354,981.68
+Provision for bad debts is made on an individual basis:
+☐ applicable √not applicable
+Provision for bad debts is made on a portfolio basis:
+□ applicable √not applicable
+Provision for bad debts based on the general expected credit loss model
+☐ applicable √not applicable
+Explanation of significant changes in the book balance of accounts receivable that have experienced
+changes in loss provisions during the current period:
+□ applicable Vnot applicable
+1,690,958,940.86
+electricity
+State Grid Corporation
+of China Central China
+Branch
+298,746,179.43
+Items
+Interest Receivables
+Dividend Receivables
+Other Receivables
+Total
+Closing balance
+30,620,305,200.00
+46,044,380.94
+30,666,349,580.94
+295/308
+Unit: yuan Currency: RMB
+Opening balance
+24,764,734,955.29
+536,207,024.08
+25,300,941,979.37
+Other notes
+applicable Vnot applicable
+2023 Annual Report
+Interest Receivables:
+(1) Classification of interest receivable
+□ applicable √not applicable
+(2) Important overdue interest
+☐ applicable Vnot applicable
+√ Applicable Inapplicable
+Item presentation
+2. Other receivables
+□ applicable Vnot applicable
+17.67
+State Grid Hubei
+11,190,045.66
+11,190,045.66
+0.66
+Electric Power Co., Ltd.
+Three Gorges Electric
+3,880,909.61
+3,880,909.61
+0.23
+Energy Co., Ltd.
+298,746,179.43
+State Grid Hubei
+95,895.36
+95,895.36
+0.01
+DC Company
+Total
+1,690,912,975.16
+1,690,912,975.16
+100.00
+Other notes
+None
+Other notes
+Electric Power Co., Ltd.
+(3) Disclosure by method of bad debt accrual
+Large water and
+portfolio
+2. Debt restructuring
+☐ applicable √not applicable
+3. Asset swap
+(1) Exchange of non-monetary assets
+□ applicable √not applicable
+(2) Other asset swaps
+□ applicable √not applicable
+4. Annuity Plans
+√ Applicable Inapplicable
+The company has implemented an enterprise annuity plan in accordance with relevant national
+regulations, which was reported to the Labor and Social Security Bureau by China Three Gorges
+Corporation. The annual pension expenses that the company is obligated to bear are recognized as
+employee compensation and included in the current income statement. At the same time, the
+corresponding pension payments are transferred to the bank account opened by the employees at the
+account manager on a timely basis.
+As of December 31, 2023, there have been no significant changes to the annuity plan.
+292/308
+5. Discontinued operations
+☐ applicable √not applicable
+2023 Annual Report
+6. Divisional Information
+(1) Basis of determination of reportable segments and accounting policies
+□ applicable Vnot applicable
+(2) Financial information for reportable segments
+□ applicable √not applicable
+(3) If the company has no reportable segments or is unable to disclose the total assets and total liabilities
+of each reportable segment, it should state the reasons
+□ applicable √not applicable
+(4) Other notes
+□ applicable √not applicable
+No prior period errors using the Future Application Method were found during this reporting period.
+□ applicable √not applicable
+(2) Future Application Method
+No prior period errors using the retrospective restatement method were found during this reporting
+period.
+2023 Annual Report
+XVII.
+Events after the balance sheet date
+1. Significant non-adjusting events
+□ applicable √not applicable
+2. Distribution of profits
+√Applicable Inapplicable
+Profit or dividend to be distributed
+Unit: yuan Currency: RMB
+20,063,938,527.12
+According to the 2023 profit distribution plan reviewed and approved at the 28th meeting of the
+company's sixth board of directors, the company plans to distribute a total cash dividend of
+20,063,938,527.12 yuan (tax included). The resolution is yet to be reviewed and approved by the
+shareholders' meeting.
+3. Sales returns
+7. Other significant transactions and events that have an impact on investors' decisions
+□ applicable √not applicable
+√ Applicable Inapplicable
+(1) Issuance of stocks and bonds
+The company publicly issued technological innovation corporate bonds (first phase) to professional
+investors on March 13, 2024, with an issuance scale of 2 billion yuan, a term of 10 years, and a coupon
+rate of 2.7%. The issuance date is March 13, 2024, and the redemption date is March 13, 2034. Principal
+and interests shall be paid at maturity.
+(2) Other important matters
+The company held the 25th meeting of the sixth board of directors on February 4, 2024, and
+reviewed and approved the "Announcement on Participation in the Establishment of Three Gorges
+Group Tianjin Energy Investment Co.", the Company and China Three Gorges Renewable (Group) Co.,
+Ltd., a holding subsidiary of China Three Gorges Corporation, and Three Gorges Capital Holdings
+Limited, to establish Three Gorges Group Tianjin Energy Investment Company Limited (hereinafter
+referred to as the "Tianjin Investment Company", tentative name, final name subject to industrial and
+commercial approval).
+291/308
+XVIII. Other important matters
+2023 Annual Report
+1. Correction of prior period accounting errors
+(1) Retrospective Restatement Method
+□ applicable √not applicable
+4. Notes on other post balance sheet events
+Of which:
+□ applicable √not applicable
+□ applicable √not applicable
+Provisioni
+Book Value
+Prop
+ortio Amo
+Provis
+Book Value
+ng ratio
+(%)
+Amount
+n
+unt
+ioning
+ratio
+(%)
+(%)
+Provision for bad
+debts is made on
+an individual
+basis
+Of which:
+Provision for bad
+debts by
+1,690,958,940.86
+100.00
+1,690,958,940.86 1,329,354,981.68 100.00
+1,329,354,981.68
+(%)
+Propo
+rtion
+Amount
+Category
+XIX. Notes to the principal items in the parent company financial statements
+1. Accounts receivable
+(1) Disclosure by age
+√ Applicable Inapplicable
+Aging of accounts
+within 1 year
+Total
+Closing balance
+1,690,958,940.86
+1,690,958,940.86
+Unit: yuan Currency: RMB
+Opening balance
+8. Other
+1,329,354,981.68
+1,329,354,981.68
+√ Applicable □ Inapplicable
+293/308
+2023 Annual Report
+Closing balance
+Provision for bad
+Unit: yuan Currency: RMB
+Opening balance
+Provision for
+bad debts
+Book balance
+Book balance
+debts
+(2) Disclosure by bad debt accrual method
+□ applicable √not applicable
+State Grid Corporation
+of China
+☐ applicable √not applicable
+Provision
+Amount of changes in the current period
+withdraw Write-off
+Other
+Closing
+balance
+299/308
+Other
+Total
+2023 Annual Report
+or
+changes
+transfer
+1,111,233.77
+1,111,233.77
+-1,110,852.01
+-1,110,852.01
+381.76
+381.76
+Among them, the amount of recovery or reversal of bad debt provisions for the current period is
+important:
+□ applicable √not applicable
+Other notes
+None
+(5) Other receivables actually written off in the current period
+☐ applicable √not applicable
+Among them, the important write-off of other receivables
+□ applicable √not applicable
+Opening balance
+Item
+Unit: yuan Currency: RMB
+(4) Provision for bad debts
+√ Applicable □ Inapplicable
+Stage 2
+Expected credit
+losses (no credit
+impairment)
+throughout the life
+of the
+Unit: yuan Currency: RMB
+Stage 3
+Expected credit losses
+(credit impairment
+has occurred)
+throughout the life of
+the
+Total
+1,111,233.77
+Balance at 1 January 2023
+Balance at 1 January 2023
+in the current period
+--Transfer to Stage 2
+--Transfer to Stage 3
+--Turn back to Stage 2
+--Turn back to Stage 1
+Provision for the period
+Transfer back during the
+period
+Transferred during the
+period
+Write-off instructions:
+Current write-offs
+Balance at 30 December
+2023
+-1,110,852.01
+381.76
+-1,110,852.01
+381.76
+Explanation on the significant changes in the book balance of other receivables with changes in loss
+provisions in the current period:
+□ applicable √not applicable
+Basis for accruing bad debt provision for the current period and assessing whether the credit risk of
+financial instruments has increased significantly:
+☐ applicable √not applicable
+Other changes
+□ applicable √not applicable
+(6) Top five other receivables with closing balances, grouped by party in arrears
+√ Applicable Inapplicable
+Unit: yuan Currency: RMB
+year
+Accounts
+Yangtze River Three Gorges
+Industrial Co., Ltd.
+within 1
+1,728,442.55
+3.75
+receivable
+and payable
+year
+Accounts
+China Three Gorges International
+and payable
+within 1
+3.56
+receivable
+Power Operations Co., Ltd.
+and payable
+year
+Total
+42,690,811.72
+92.70
+(7) Presented in other receivables due to centralized management of funds
+300/308
+Provision for
+1,641,044.84
+1,111,233.77
+receivable
+10,735,100.00
+Name of unit
+Closing balance
+As a percentage of
+the total closing
+balance of other
+receivables (%)
+As a
+percentage
+of the total
+closing
+balance of
+other
+receivables
+Ageing of
+accounts
+(%)
+CYPC International (Hong Kong)
+Limited
+14,946,524.33
+32.46
+Interest receivable with a single doubtful debts provision
+within 1
+23.31
+and payable
+Accounts
+Fangxian Wushangou Pumped
+Storage Co., Ltd.
+within 1
+13,639,700.00
+29.62
+receivable
+and payable
+year
+Accounts
+within 1
+China Three Gorges Corporation
+year
+Expected credit
+losses for the next
+12 months
+Accounts
+receivable
+Provision for bad debts
+Hubei Qingneng Investment and
+Development Group Co., Ltd.
+Three Gorges Jinsha River Chuanyun
+Hydropower Development Co., Ltd.
+Total
+Closing balance
+120,305,200.00
+30,500,000,000.00
+30,620,305,200.00
+Unit: yuan Currency: RMB
+Opening balance
+120,305,200.00
+(2) Significant dividend receivables aged over 1 year
+Item
+☐ applicable Vnot applicable
+□ applicable √not applicable
+Dividend receivables with a single doubtful debts provision
+☐ applicable √not applicable
+Instructions for dividend receivables with a single doubtful debts provision
+☐ applicable √not applicable
+Dividend receivables with doubtful debts provision by portfolio
+□ applicable √not applicable
+(4) Provision for bad debts based on the general expected credit loss model
+297/308
+24,644,429,755.29
+24,764,734,955.29
+2023 Annual Report
+(3) Disclosure by method of bad debt accrual
+□ applicable √not applicable
+Inapplicable
+Dividend receivables:
+Stage 1
+Instructions for dividend receivables with a single doubtful debts provision
+□ applicable √not applicable
+Dividend receivables with doubtful debts provision by portfolio
+□ applicable √not applicable
+(4) Provision for bad debts based on the general expected credit loss model
+□ applicable √not applicable
+Explanation of significant changes in the book balance of interest receivable due to changes in loss
+provisions in the current period:
+□ applicable √not applicable
+(5) Provision for bad debts
+□ applicable √not applicable
+(1) Dividend receivables
+Applicable
+Among them, the amount of recovery or reversal of bad debt provisions for the current period is
+important:
+Other notes
+None
+296/308
+2023 Annual Report
+(6) Interest receivable actually written off in the current period
+□ applicable √not applicable
+Among them, the important write-off of interest receivable
+□ applicable √not applicable
+Write-off instructions:
+Other notes
+□ applicable √not applicable
+□ applicable √not applicable
+Explanation of significant changes in the book balance of interest receivable due to changes in loss
+provisions in the current period:
+□ applicable √not applicable
+(5) Provision for bad debts
+Opening balance
+535,714,617.85
+1,203,640.00
+400,000.00
+46,044,762.70
+537,318,257.85
+298/308
+(2) Breakdown by nature of payments
+√ Applicable Inapplicable
+Ageing of accounts
+Deposits or Guarantee Deposits
+Others
+Total
+2023 Annual Report
+Closing balance
+2,365,230.00
+(3) Provision for doubtful debts on other receivables
+√ Applicable Inapplicable
+43,642,332.70
+37,200.00
+46,044,762.70
+Unit: yuan Currency: RMB
+Opening balance
+3,321,650.00
+533,146,835.55
+849,772.30
+□ applicable Vnot applicable
+537,318,257.85
+Unit: yuan Currency: RMB
+Total
+Accounts receivable and payable
+4 to 5 years
+Among them, the amount of recovery or reversal of bad debt provisions for the current period is
+important:
+More than 5years
+□ applicable √not applicable
+Other notes
+None
+(6) Dividend receivables actually written off in the current period
+□ applicable √not applicable
+Among them, the important write-off of dividend receivables
+□ applicable √not applicable
+Write-off instructions:
+□ applicable √not applicable
+Other notes
+□ applicable √not applicable
+1 to 2 years
+Other receivables:
+(1) Disclosure by age:
+√ Applicable □ Inapplicable
+Ageing of accounts
+Closing balance
+Within 1 year
+44,135,949.27
+1,908,813.43
+3 to 4 years
+2 to 3 years
+More than 3 years
+□ applicable √not applicable
+-256,189.55
+4,381,287.03 246,100,000.00
+2
+39,345,351.70
+5,173,144,368.54
+150,588,763.07
+2,881,286,778.61
+224,119,537.5
+7,367,885.21
+82,535,917.69
+2,989,879,953.67
+255,903,911.24
+224,119,537.52
+183,761,207.54
+3,188,532.89
+5,250,456,077.50
+546,862.33
+157,817,408.84
+49,273,420.94
+186,130,135.32
+3,109,073,878.58
+74,934,921.44
+9,236,027.73
+680.61
+226,453,812.12
+-3,054,503.92
+-101,984.20
+224,119,537.52
+-1,305,581.19
+-17,417,897.26
+-72,605.42
+Nuclear Power Co., Ltd.
+1,566,102,010.80
+New Energy Investment
+Co., Ltd.
+Other notes
+None
+39,601,541.25
+304/308
+□ applicable √not applicable
+(3) Impairment testing of long-term equity investments
+2
+9
+7
+2,091,915,062.64 5,573,312,504.48 3,642,355,737.85 -40,212,677.40
+Total
+56,274,092,109.1 224,119,537.5
+112,345,579.2
+57,607,102,922.1
+LTD.
+829,707,785.64
+829,707,785.64
+85,800,000.00
+169,320,312.48
+783,598.76
+Gansu Electric Power
+Energy Development
+1,114,999,998.36 341,603,981.84
+Three Gorges Onshore
+88,411,992.24
+2,172,764.65
+15,282,296.76
+1,531,816,899.86
+Co., Ltd.
+Zhejiang Provincial
+Energy Group Company
+-89,540.47
+5,264,274,318.44
+3,798,211,128.56
+175,235,306.10
+2023 Annual Report
+303/308
+Co., Ltd.
+627,114,464.34
+10,316,691.43
+-207,912.34 -2,349,979.96
+637,529,872.03
+Energy Industrial Group
+Chongqing Fuling
+972,898,913.47
+4,444,559.94
+95,498.29
+38,264,004.17 -63,453,968.61
+54,000,000.00
+Guangxi Guiguan
+948,437,939.56
+74,767,483.87
+5,220,340.55
+307,328,792.35 10,421,962.75
+3,550,007,516.78
+Ltd.
+Capital Holdings Co.,
+2,632,271,188.58
+39,370,866.75
+China Three Gorges
+(Group) Co., Ltd
+Electric Power
+-13,097,410.45
+2023 Annual Report
+71,404,888.63 -2,371,297.78
+Three Gorges Base
+Development Co., Ltd.
+5,087,737,732.57
+272,844,647.91
+120,687,594.25
+49,375,405.14
+Hunan Taohuajiang
+Dinghe Property
+Insurance Co., Ltd.
+Partnership)
+Partnership (Limited
+Private Equity
+Investment Fund
+Chongqing Wanquan
+Jinsha River Middle
+Reache
+Yunnan Huadian
+CNNP Xiapu Nuclear
+Power Co.,
+Partnership (Limited
+Partnership)
+Equity Investment Fund
+Chongqing Qianjiang
+CYPC Changhong
+Partnership)
+Partnership (Limited
+Investment Fund
+CYPC Changfu Equity
+Electric Power Co
+Shenergy Group
+3,030,670,515.67
+172,397,452.19
+316,499,028.20
+Company Limited
+2,714,275.98
+Chongqing Liangjiang
+CYPC Xinghong Equity
+194,155,169.28
+-8,025,033.96
+Partnership (Limited
+Partnership)
+Chongqing Fuling
+Investment Fund
+305/308
+2,459,176.04
+4. Operating income and operating costs
+(1) Operating income and operating costs
+√ Applicable Inapplicable
+21,894,780.97
+-214,436,086.72
+2,336,992.46
+Non-operating income and expenses other than those mentioned above
+Custodian fee income earned from trustee operations
+Gains or losses arising from contingencies unrelated to the Company's normal
+operating business
+transaction price is not clearly fair
+Gains or losses in excess of fair value arising from transactions where the
+Gains and losses arising from changes in the fair value of investment properties
+subsequently measured using the fair value model
+the fair value of payable to employee after the vesting date
+For cash-settled share-based payments, gains and losses arising from changes in
+One-time recognized share-based payment expenses due to cancellation or
+modification of equity incentive plan
+Effect on current profit or loss of one-off adjustments to current profit or loss in
+accordance with tax, accounting and other laws and regulations
+business activities, such as expenses for relocating employees, etc.
+-294,712,063.20
+One-time expenses incurred by the enterprise due to the cessation of relevant
+Gain or loss on exchange of non-monetary assets
+Net profit or loss for the period from the beginning of the period to the date of
+consolidation of a subsidiary arising from a business combination under common
+control
+The cost of investments in subsidiaries, associates and joint ventures acquired by
+an enterprise is less than the gain arising from the fair value of the identifiable net
+assets of the investee to which the enterprise is entitled at the time the investment
+is acquired
+Loss of various assets due to force majeure factors, such as natural disasters
+Reversal of impairment provision for accounts receivable that has been
+individually tested for impairment
+Gains or losses on entrusting others with the investment or management of assets
+Gains and losses on external entrusted loans
+Fees charged to non-financial enterprises for capital employed in the period
+charged to current profit or loss
+In addition to the effective hedging business related to the company's normal
+operating business, non-financial enterprises include gains and losses from
+changes in fair value arising from the holding of financial assets and financial
+liabilities and gains and losses from the disposal of financial assets and financial
+liabilities.
+Gain or loss arising from disposal of non-current assets, including the write-off
+portion of asset impairment provisions that have been made
+Government grants included in the current profit and loss, except for government
+grants that are closely related to the company's normal business operations,
+comply with national policies and regulations, are enjoyed in accordance with
+determined standards, and have a lasting impact on the company's profits and
+losses.
+Items
+Description
+205,702,336.58
+Amount
+Unit: yuan Currency: RMB
+1. Break-down of non-recurring gains and losses for the current period
+√ Applicable Inapplicable
+Gains and losses on debt restructuring
+307/308
+2023 Annual Report
+Other items of profit or loss that meet the definition of non-recurring profit or loss
+Less: Income tax effect
+77,743,160.50
+308/308
+☐ applicable √not applicable
+Revision information
+□ applicable √not applicable
+4. Other
+☐ applicable √not applicable
+3. Differences in accounting data under domestic and foreign accounting standards
+1.1242
+1.1242
+14.13
+1.1132
+1.1132
+13.52
+Diluted earnings per
+share
+Basic earnings per share
+(%)
+Amount of minority interests affected
+Total
+9,037,094.33
+-22,158,605.33
+21,242,022.81
+-269,260,363.06
+For items of non-recurring profit or loss defined by the Company in accordance with the definition
+of "Explanatory Bulletin No. 1 on Disclosure of Information by Companies Issuing Public Securities -
+Non-recurring Profit or Loss" and items listed as non-recurring in "Explanatory Bulletin No. 1 on
+Disclosure of Information by Companies Issuing Public Securities - Non-recurring Items of
+non-recurring profit or loss as defined in the definition of "Non-recurring Profit or Loss" and items that
+define items of non-recurring profit or loss as listed in "Explanatory Bulletin No. 1 on Disclosure of
+Information by Companies Issuing Public Securities - Non-recurring Profit or Loss" shall be stated.
+□ applicable √not applicable
+2023 Annual Report
+Other notes
+2. Return on Net Assets and Earnings per Share
+√ Applicable □ Inapplicable
+Profit for the reporting period
+Net profit attributable to ordinary
+shareholders of the Company
+Net profit attributable to ordinary
+shareholders of the Company after
+non-recurring gains and losses
+Weighted average
+return on net assets
+Earnings per share
+□ applicable √not applicable
+Additional information
+XX.
+□ applicable √not applicable
+5. Investment income
+None
+Other notes
+□ applicable √not applicable
+(5) Major contract changes or major transaction price adjustments
+(4) Explanation of the allocation to the remaining performance obligations
+□ applicable √not applicable
+□ applicable √not applicable
+(3) Statement of Performance Obligations
+□ applicable √not applicable
+Other notes
+□ applicable √not applicable
+(2) Breakdown information of operating revenue and operating costs
+8,665,057,879.50
+21,428,471,903.12
+7,656,807,606.45
+547,879,532.95
+8,117,178,346.55
+Items
+Main business
+Other operations
+Total
+Incurred during the period
+Income
+21,381,822,195.82
+√ Applicable Inapplicable
+91,748,582.92
+21,473,570,778.74
+Prior Period Incurred
+Costs
+7,656,431,460.02
+Income
+Costs
+20,339,085,000.59
+376,146.43 1,089,386,902.53
+Unit: yuan Currency: RMB
+2023 Annual Report
+Items
+for under equity method
+6. Other
+None
+Other notes
+306/308
+24,052,842,562.79
+13,716,250.04
+-113,929,710.53
+23,995,849,141.85
+236,233,452.00
+252,458,277.00
+66,148,759.31
+4,515,388.10
+9,784,010.56
+137,582,388.34
+Total
+Others
+Dividend income from other equity instrument
+investments during the holding period
+financial assets
+Gain on long-term equity investments accounted
+for under cost method
+Investment income arising from disposal of
+long-term equity investments
+Incurred during the period
+3,642,355,737.85
+20,001,449,679.32
+Gain on long-term equity investments accounted
+Unit: yuan Currency: RMB
+3,080,789,762.34
+20,003,088,757.00
+714,498,953.31
+Investment income during the holding period of
+trading financial assets
+Investment income from disposal of trading
+Prior Period Incurred
+2,537,962,714.43
+30 April, 2024
+Chongqing Three
+Provision
+for
+impairment
+during the
+period
+Closing balance
+Decrease
+during the
+period
+Increase during the
+period
+Opening balance
+CYPC (Xiuning) Energy Development Co., Ltd.
+Hydropower Development Co., Ltd.
+Unit: yuan Currency: RMB
+Three Gorges Jinsha River Yunchuan
+Energy Co., Ltd.
+Fengjie Caizoba Pumping and Storage Clean
+CYPC New Energy Co., Ltd.
+CYPC Investment Management Co., Ltd.
+CYPC Sales Limited
+Three Gorges Electric Energy Co., Ltd.
+CYPC International (Hong Kong) Limited
+Three Gorges Jinsha River Chuanyun
+Hydropower Development Co., Ltd.
+CYPC (Zhangye) Energy Development Co., Ltd.
+CYPC Yichang Energy Investment Co., Ltd.
+Closing
+balance of
+provision
+impairment
+113,322,000.00
+64,211,515,071.33
+1,000,000,000.00
+124,950,000.00
+20,000,000.00
+5,000,000,000.00
+9,173,144,368.54
+1,400,000,000.00
+36,866,982,193.05
+for
+2,600,000,000.00
+16,632,614,290.29
+1,000,000,000.00
+64,211,515,071.33
+124,950,000.00
+5,173,144,368.54
+350,000,000.00
+1,050,000,000.00
+20,000,000.00
+5,000,000,000.00
+4,000,000,000.00
+36,866,982,193.05
+2,600,000,000.00
+16,632,614,290.29
+113,322,000.00
+Investee Name
+√ Applicable Inapplicable
+(1) Investments in subsidiaries:
+137,142,527,923.21
+Investments in
+subsidiaries
+Investments in
+associates and
+Closing balance
+Provision for
+impairment
+Book balance
+Items
+2023 Annual Report
+√ Applicable Inapplicable
+Carrying value
+137,142,527,923.21
+3. Long-term equity investments
+applicable √not applicable
+☐
+Other notes
+2023 Annual Report
+applicable √not applicable
+☐
+Head of Company: Ma Zhenbo
+301/308
+Book balance
+66,169,596,483.34
+Opening balance
+Provision for
+impairment
+123,552,579,867.99
+224,119,537.52
+123,776,699,405.51
+193,192,500,494.88
+224,119,537.52
+193,416,620,032.40
+Total
+joint ventures
+57,382,983,384.65
+224,119,537.52
+57,607,102,922.17
+56,049,972,571.67
+224,119,537.52
+56,274,092,109.19
+66,169,596,483.34
+Conservancy and
+Unit: yuan Currency: RMB
+302/308
+Total
+Carrying value
+66,169,596,483.34
+214,026,132.84 4,663,683.61 -1,570,051.95
+3,611,510,872.86
+98,020,651.60
+226,667,385.02 23,980,689.24 -2,048,510.32
+2,617,995,620.25
+8,416,001,044.20
+102,914,630.58
+109,875,907.52
+126,309,256.81
+5,287,659,924.78
+Sichuan Chuantou
+Co., Ltd
+49,143,575.57
+9,868,268,728.10
+SDIC Power Holdings
+157,758,222.75
+450,060,654.29 27,538,895.15 19,453,552.96
+Three Gorges Hi-Tech
+Information Technology
+Co., Ltd.
+2,587,326,401.27
+10,083,084.09
+Gorges Water
+(2) Investments in associates and joint ventures
+√ Applicable □ Inapplicable
+Energy Co., Ltd.
+6
+5,643,614,460.00
+193,911,792.00
+478,196,243.11 -37,693,511.65
+227,770,683.75
+7
+913,623,107.31 -6,486,141.34 -23,124,010.02
+109,363,595.7
+10,514,658,225.7
+-28,877,839.85
+96,896,513.29
+405,445.25
+2,930,428.28
+-436,452.97
+286,767,033.85
+312,495,582.89
+128,880,382.90
+Co., Ltd.
+Closing Balance
+Ot
+Provisi
+on for
+impair
+ment
+Declaration of
+cash dividends
+or profits
+Other changes
+in equity
+Adjustments
+to OCI
+recognized
+under equity
+method
+Impairment
+Balance
+Reduce
+Investments
+Beginning
+Balance
+Gains or losses
+Unit: yuan Currency: RMB
+137,142,527,923.21
+Increase/decrease during the period
+Shanghai Electric Power
+Co., Ltd
+70,972,931,439.87
+Increase
+Investments
+her
+Investee Name
+II. Associated enterprises
+Three Gorges Finance
+I. Joint ventures
+2,480,082,544.29
+Incorporated
+3,460,931,960.52
+Guangzhou
+Co., Ltd.
+Development Group
+Development Group
+Investment and
+Hubei Energy Group
+Hubei Qingneng
+2023 Annual Report
+Co.,Ltd
+2,491,686,363.44
+297,551,598.70
+7,724,310,973.68
+Co., Ltd.
+1,091,553.47
+3,400,000.00 11,311,971.33 7,120,738.50
+100
+24,555,716.13 6,279,146.50
+5,600,000.00
+100
+CYPC
+Development
+Hydropower
+627,867.98
+100
+Hydropower development, construction,
+investment, operation and management;
+clean energy development and
+700,000.00
+1,089,352.92
+938,614.98
+13,336.84
+31/308
+investment; professional and technical
+services for clean energy.
+Hydropower development, construction,
+investment, operation and management;
+clean energy development and
+investment; professional and technical
+services for clean energy.
+Power generation business, power
+transmission business, power supply
+(distribution) business; installation,
+maintenance and testing of power
+2023 Annual Report
+CYPC
+Chuanyun
+Investment
+Xinneng Co.,
+Ltd.
+Jinsha River
+√ Applicable Inapplicable
+Co., Ltd.
+2023 Annual Report
+500,000.00
+Related to the Company's Issuance of Shares to Raise Supporting Funds.
+(3) The "Analysis and Analysis Report on China Yangtze Power Co., Ltd.'s Issuance of A Shares to
+Specific Targets" prepared by the Company fully demonstrates the necessity of this issuance of shares
+and the appropriateness of the selection scope, quantity and standards of the targets of this issuance, the
+rationality of the principles, basis, methods and procedures of this issuance pricing, the feasibility of this
+issuance method, the fairness and rationality of this issuance plan, as well as the impact of this issuance
+on the original shareholders' equity or dilution of current returns and the specific measures to fill it. The
+independent directors expressed their independent opinions in agreement with the motion.
+For details of the above, please refer to the Independent Opinions of the Independent Directors of
+China Yangtze Power Co., Ltd. on Relevant Proposals at the Fifteenth Meeting of the Sixth session of
+board of Company published by the Company on the website of the Shanghai Stock Exchange on
+March 16, 2023.
+2.In accordance with relevant provisions such as the Company Law of the People's Republic of
+China, the Securities Law of the People's Republic of China, the Rules for Independent Directors of
+Listed Companies, the Code of Governance of Listed Companies, the Articles of Association of China
+Yangtze Power Co., Ltd., the independent directors carefully reviewed 4 proposals including the
+Proposal on the Use of Raised Funds to Replace Pre-invested Self-raised Funds etc., and issued the
+following independent opinions based on independent judgment and careful analysis:
+the Company used the raised funds to replace the self-raised funds that have been invested in the
+raised funds in advance. The replacement time shall not exceed 6 months from the arrival of the raised
+funds, which complies with the provisions of relevant laws, regulations and normative documents; This
+review process is legal and compliant; this exchange of raised funds does not conflict with the plan for
+the use of raised funds, will not affect the normal use of raised funds, and does not change the use of
+raised funds in any disguised manner or harm the interests of shareholders.Express an independent
+opinion agreeing with the motion.
+For details of the above, please refer to the Independent opinions of the independent directors of
+China Yangtze Power Co., Ltd. on relevant proposals at the 16th meeting of the Company's sixth session
+of board of published by the Company on the website of the Shanghai Stock Exchange on April 2023.
+(VI) Sales of Material Assets and Equity
+√ Applicable Inapplicable
+During the 2023 reporting period, the Company reduced its holdings of Shanghai Electric Power
+Co., Ltd.'s shares of 1.05%, 29 million shares, and the disposal contributed investment income of
+approximately 119 million yuan.
+(VII) Analysis of Important Holding Companies and Joint-stock Companies
+Three Gorges
+Analysis on main subsidiaries
+Shareh
+Name
+olding Registered
+proporti Capital
+on (%)
+Total assets
+Net assets
+Net Income
+Business scope
+Three Gorges
+Jinsha River
+Yunchuan
+Hydropower
+Development
+Unit: ten thousand yuan Currency: RMB
+603,068.83
+100
+55,781.45
+100,000.00
+13,847.04
+13,514.80
+CYPC
+(Zhangye)
+Energy
+100,000.00
+101,474.52
+100,010.85
+Development
+Co., Ltd.
+Electricity supply. General projects:
+energy conservation management
+100
+services, sales agents, information
+1,078.52 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
+Power generation business, power
+transmission business, power supply
+(distribution) business; hydropower
+generation; installation, maintenance and
+testing of power transmission, power
+supply and power receiving power
+facilities (projects subject to approval
+according to law, business activities can
+only be carried out after approval by
+relevant departments) General projects:
+Emerging energy technology research
+and development; solar power generation
+technology services; wind power
+generation technology services; energy
+storage technology services; engineering
+management services; engineering
+technology services (except planning
+management, survey, design, and
+supervision).
+Developmen construction, design and
+operation management of power
+distribution and sales system; electricity
+Three Gorges
+70
+Electric Energy
+consulting services (excluding licensing
+information consulting services).
+Technical services, technology
+584,492.05
+CYPC Sales
+Co., Ltd.
+(Hong Kong)
+Management
+Co., Ltd.
+CYPC Yichang
+Energy
+100
+300,000.00
+338,533.72
+Investment Co.,
+338,215.41
+Ltd.
+China
+Yangtze
+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
+Co., Ltd.
+promotion.
+General projects: investment
+management, industrial investment,
+venture capital, information consulting
+services (excluding licensing information
+consulting services), business
+management, social and economic
+consulting services.
+Hydropower generation; general projects
+of power generation business, power
+transmission business, and power supply
+-1,813.54 (distribution) business: engaging in
+investment activities with own funds;
+energy storage technology services;
+biomass technology services.
+Development, investment and operation
+of overseas power projects, and equity
+investment in related industries.
+Power
+154 million
+100
+4,575,344.44 2,919,243.45
+145,031.13
+International
+dollar
+Securities investment, consulting.
+100
+200,000.00
+Zhang
+No
+122.41
+Company
+No
+125.09
+period
+the reporting
+0
+0
+2023-05
+Yes
+59
+Director
+Wang
+Weiming
+0
+0
+0
+0
+0
+0
+Male
+of year
+No
+Total pre-tax
+compensation
+Male
+Director
+Su
+until 2023-05
+No
+0
+0
+supervisor is
+2023-05/2019-08
+Unit: share, ten thousand yuan
+41
+Director/Supervisor
+Weiheng
+Teng
+The term of
+Hong
+parties of the
+Whether
+receiving
+compensation
+from related
+the Company in
+acquired from
+Male
+44
+of year
+Reasons
+2018-07
+60
+Male
+Deputy Chairman
+Ma Zhenbo
+√ Applicable □ Inapplicable
+(I) Changes in Shareholding and Compensation of Directors, Supervisors, and Senior Executives Currently in Office and Leaving Posts in the Reporting
+Period
+IV. Directors, Supervisors, and Senior Executives
+2023 Annual Report
+Zhang
+39/308
+ฟ
+Explanation of general meeting:
+Restoration of voting rights by preferred shareholders requesting to convene an extraordinary general
+□ Applicable √ Inapplicable
+The Proposal on Investment and Construction of Zhangye
+Pumped Storage Power Station Project in Gansu Province
+The followings were reviewed and approved:
+12. The Proposal on the by-election of company supervisors
+13. The Proposal on Amending the Company's Raised Funds
+Management System
+9. The Proposal on the Company's Guarantee Plan for 2023
+10. The Proposal on the Company's Investment Plan for 2023
+11. The Proposal on By-Election of Directors of the
+Company
+8. The Proposal on Carrying out Short-term Fixed Income
+Investment in 2023
+7. The Proposal on Hiring an Internal Control Audit
+Institution for 2023
+□ Applicable Inapplicable
+for
+changes
+Directors/General
+53
+Increase or
+decrease of
+stocks
+within the
+Number
+of shares
+held at
+the end
+beginning
+at the
+Ending date
+of tenure
+tenure
+Age
+Gender
+Position (Note)
+Male
+Full name
+Number of
+shares held
+2022-03
+59
+Male
+Director
+Hu
+Managers
+Xingliao
+2020-11/2020-10
+Starting date of
+2022-03
+0
+0
+Zeng Yi
+Chairman of the Board,
+Director
+Feng
+No
+18.00
+0
+0
+2022-03
+Male
+67
+Independent
+Huang
+Director
+Delin
+No
+18.00
+0
+0
+2022-03
+Male
+71
+53
+0
+Supervisor
+Male
+59
+2015-05
+0
+0
+No
+Xia Ying
+Supervisor
+2021-06
+Female
+2017-05
+0
+0
+No
+40/308
+Mo Jinhe
+Supervisor
+Yes
+0
+54
+Male
+Independent
+Huang
+18.00
+0
+0
+2017-03
+70
+70
+Director
+Biyi
+Male
+Wen
+Independent
+0
+0
+2022-03
+44
+Male
+Director
+Hong
+Tianpeng
+No
+Meng
+Independent
+Male
+Bingyou
+Director
+No
+18.00
+0
+0
+2017-11
+69
+Male
+Yan Hua
+Independent
+No
+No
+No
+ZZ Z
+18.00
+0
+0
+2017-03
+69
+69
+Director
+6. The Proposal on Hiring an Audit Agency for the 2023
+Financial Report
+5. The Company's 2022 Financial Final Accounts and 2023
+Annual Budget Report
+year
+2. The Work Report of the Company's Board of Supervisors
+for 2022
+15.52
+Development Group
+Guangzhou
+Energy Co., Ltd.
+10.58
+Sichuan Chuantou
+18.65
+SDIC Power
+Holdings Co., Ltd.
+Ltd.
+Incorporated
+Electric Power Co.,
+Conservancy and
+Gorges Water
+Chongqing Three
+Co., Ltd.
+714,285.71
+10.00
+Capital Holdings
+Three Gorges
+Ltd.
+20.65
+788,237.78
+Yunnan Huadian
+191,214.29
+2023 Annual Report
+34/308
+Note: In order to further enhance synergistic benefits and build a development pattern of "large
+hydropower + large wind and solar base", the Company will transfer the 23% equity of Yunnan Huadian
+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.
+optical fiber, optical cable and other high-tech industries.
+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 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).
+Ltd.
+Development Co.,
+Hydropower
+779,739.00
+Jinsha River
+23.00
+350,687.07
+Investment, construction and operation management of energy project dominated by
+power production; development and operation of new energy project, power supporting
+458,012.94 products and information, and consulting services; and investment and operation of
+railway and traffic system automation as well as intelligent control product,
+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.
+Industrial investment; equity investment; asset management; investment consulting.
+Power generation; power supply, sales and 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 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.
+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.
+Property damage insurance; liability insurance; credit insurance and guarantee
+insurance; short-term health insurance and accidental injury insurance; reinsurance
+business for the above businesses; insurance fund utilization business permitted by
+national laws and regulations; other businesses approved by the China Insurance
+Regulatory Commission.
+Energy investment, development, management, and other business permitted by
+national policy.
+Business scope
+745,417.98
+Mid-stream
+11.98
+3. The Company's 2022 Profit Distribution Plan
+4.2022 Annual Report
+Guangxi Guiguan
+15,554.00
+15,557.87
+163,020.00
+51
+51
+2023 Annual Report
+Ltd.
+Energy Co.,
+Storage Clean
+51
+Fengjie Caiziba
+Pumped
+Energy
+(Xiuning)
+CYPC
+32/308
+sales and services; development,
+consultation, transfer and service of
+Co., Ltd.
+8,570.86
+250,000.92
+450,694.57
+Development
+Co., Ltd.
+51
+24,500.00
+24,711.37
+489,433.25
+11.69
+Company Limited
+Shenergy Group
+Co., Ltd.
+464,307.69
+15.00
+Dinghe Insurance
+652,094.94
+30.32
+Hubei Energy
+Group Co., Ltd.
+Registered
+Capital
+Sharehold
+ing ratio
+(%)
+Name
+Unit: ten thousand yuan Currency: RMB
+2023 Annual Report
+2.Analysis on main joint-stock companies
+Power generation business, power
+transmission business, power supply
+(distribution) business, hydropower
+generation (projects that require approval
+according to law, business activities can
+only be carried out after approval by
+relevant departments, specific business
+projects are subject to approval
+documents or licenses from relevant
+departments) general projects: Water
+resources management, engineering
+management services, energy storage
+technology services, engineering and
+technology research and experimental
+development.
+electric power technology; carrying,
+repairing and testing power
+Power generation business, power
+transmission business, power supply
+(distribution) business; hydropower
+generation; installation, maintenance and
+testing of power transmission, power
+supply and power receiving power
+facilities (projects that are subject to
+approval according to law can only be
+carried out with the approval of relevant
+departments. Specific operations Projects
+are subject to approval documents or
+licenses from relevant departments)
+General projects: energy storage
+technology services; emerging energy
+technology research and development;
+solar power generation technology
+services; wind power technology
+services.
+33 / 308
+24,500.00
+Jinsha River Mid-stream Hydropower Development Co., Ltd. held by the Company headquarters to its
+wholly-owned subsidiary CYPC New Energy Co., Ltd. for free in 2023.
+(VIII) Structured Entities Controlled by the Company
+Electric Power Co.,
+VI. Discussion and Analysis by the Company on Future Development of the Company
+(I)Industrial Pattern and Development Trend
+Session
+number of
+meeting
+III. Introduction to General Meeting of Shareholders
+□ Applicable √ Inapplicable
+□ 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
+for directorships, including independent directors, directors sent by shareholder units, etc.) account for
+the majority of the 12 board members. The voting system of the board of directors is one person, one
+vote. Resolutions made by the board of directors must be approved by more than half of all directors,
+and the avoidance system is strictly implemented.
+2023 Annual Report
+38/308
+Date
+5 External directors refer to people who do not hold other positions in the Company in addition to directorships,
+including independent directors, directors sent by shareholder units, etc.
+5) Board independence
+The board of directors consists of four special committees: Strategy and ESG Committee,
+Remuneration and Appraisal Committee, Audit Committee, and Nomination Committee.
+4) Special committee of the board of directors
+In 2023, a total of 10 board meetings were held, and 51 proposals were reviewed and passed.
+Directors were fully supported in performing their duties, the board of directors operated in a
+standardized and efficient manner, and fully implemented the resolutions of the general meeting of
+shareholders.
+3) Performance of duties by the board of directors
+Directors are elected or replaced by the general meeting of shareholders and may be removed from
+office by the general meeting of shareholders before the expiration of their term of office. Directors have
+a three-year term and can be re-elected upon expiration of their term.
+2) Board of Directors Building
+The company's board of directors currently consists of 12 directors, including 2 internal directors
+and 10 external directors, accounting for 83.3% of the total. Through institutional arrangements and
+procedural guarantees, effective protection of the rights and interests of shareholders, especially small
+and medium-sized shareholders, is achieved. Comply with the requirements of information disclosure
+laws and regulations and continuously improve the quality of information disclosure. The directors'
+professional fields cover corporate management, risk compliance, finance, strategic investment, power
+production, ecological environmental protection, energy planning, audit supervision, etc.
+1) Diversity on the board of directors
+Paying attention to the independence and effectiveness of the company's board of directors
+operations, external directors (referring to people who do not hold other positions in the company except
+Query index of resolutions
+at the named websites
+Annual
+General
+Meeting of
+Extraordinary
+General
+Meeting of
+June 30,
+2023
+2023
+Website of Shanghai
+Stock Exchange
+www.sse.com.cn
+Announcement No :
+2023-029
+Website of Shanghai
+Stock Exchange
+Date to
+disclose
+resolutions
+published
+May 24,
+2023
+www.sse.com.cn
+Announcement No:
+2023-034
+July 1,
+2023
+Resolutions
+The followings were reviewed and approved:
+1. The Company's 2022 Board of Directors Work Report
+□ Applicable √ Inapplicable
+First
+2022
+Shareholders
+May 23,
+2023
+(1) Board of Directors
+Related on board diversity:
+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
+1. Risks of Water Inflow from the Yangtze River
+All the Company's terraced power stations are responsible for several tasks such as supply and
+flood control, with complex operating conditions. The new power system puts forward higher
+requirements for peak and frequency regulation and peak power generation capabilities of hydropower
+stations. The new power system puts forward higher requirements for peak and frequency regulation and
+peak power generation capabilities of hydropower stations. New businesses, such as pumped storage and
+new energy, have a wide range of locations, so safety risk prevention and control face new challenges.
+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
+as the focus of control and management, and to press home the main responsibility for safety
+management. The Company will carry out in-depth special work such as the three-year action to address
+the root cause of production safety, benchmarking and evaluation of safety production standards, and
+2. Risks of Production Safety
+the Company will pay 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 stream 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-stream may have a certain impact on the power production and generation capacity of the
+Company.
+Marketing plan: Facing the complex and ever-changing power market environment, the Company
+will further transform towards refinement and comprehensiveness, consolidate the role of "ballast stone"
+for large hydropower, and ensure the full consumption of large hydropower energy; combined with the
+power market situation, the company will conduct market analysis, optimize marketing strategies, and
+strive for market returns; in the new power system, the company will explore multiple ways to realize
+the regulatory value and green environmental value of large hydropower; comply with the direction of
+new energy system construction and power system reform, optimize systems and mechanisms, and
+enhance core capabilities.
+√ Applicable Inapplicable
+Power generation plan: In 2023, the annual power generation capacity of the Company's cascade
+power stations were 276.263 billion kilowatt hours. In 2024, the total water inflow from the Wudongde
+Reservoir will not be less than 130 billion cubic meters, and the total water inflow from the Three
+Gorges Reservoir will not be less than 490 billion cubic meters, and if the distribution of incoming water
+during the year is conducive to power generation, the Company's six cascade power stations will strive
+to achieve an annual power generation of 307.4 billion kilowatt hours.
+2023 Annual Report
+35/308
+(IV)Possible Risks
+√ Applicable Inapplicable
+(III)Operating Plan
+√ Applicable Inapplicable
+(1) National electricity supply and demand is expected to be in overall tight balance in 2024.
+According to the CEC's forecast, taking into account factors such as macro-economics and end-use
+energy electrification, it is estimated that the entire society's electricity consumption in 2024 will be 9.8
+trillion kilowatt-hours, a year-on-year increase of about 6%.. It is expected that by the end of 2024, the
+country's installed power generation capacity is expected to reach 3.25 billion kilowatts, a year-on-year
+increase of about 12%, of which non-fossil energy power generation installed capacity is expected to
+total 1.86 billion kilowatts, accounting for about 57% of the total installed capacity. Taking into account
+the growth of electricity consumption demand, power supply commissioning, etc., it is expected that the
+national electricity supply and demand situation will be generally tight and balanced in 2024; during the
+peak summer and winter peaks, the power supply of some provincial power grids will be tight.
+(2) The country accelerates clean and low-carbon transformation
+Clean and low-carbon is the core goal of building a new power system. In the new power system,
+non-fossil energy will gradually transform into the main body of installed capacity and electricity, and
+various clean energy sources such as nuclear, water, wind, solar, and storage will develop in a
+coordinated and complementary manner. Electric energy has gradually become the main body of
+terminal energy consumption, assisting the low-carbon transformation of terminal energy consumption.
+The scale of green power and green certificate transactions continues to expand, and the environmental
+value of green power is realized in a market-oriented manner.
+As a renewable energy source, hydropower is safe, stable, clean, efficient, and flexible in operation,
+and is highly consistent with the national energy strategy. The large hydropower plants operated and
+managed by the Company are all national key energy projects and backbone power sources for the
+"West-to-East Power Transmission” project. As the reform of the electricity market further deepens, the
+energy value, reliability value, flexibility value and green value of hydropower will be fully utilized, and
+the Company's competitiveness will be further improved.
+(II)Company's Development Strategy
+In 2023, the Company has hold 27 shareholder meetings, board of directors and special committees,
+and board of supervisors meetings, and a total of 102 proposals were reviewed and approved, with a
+100% approved rate. The Company continued to strengthen the protection of directors and supervisors in
+performing their duties, consolidate the working mechanism of "three reports" (pre-report, daily report,
+major matter report), "two surveys" (regular surveys, special surveys) and "one closed loop"
+(reporting-implementation-re-reporting), and ensure the effective implementation of board resolutions
+and track the implementation of decisions; the Company prepared the "Work Plan for Support and
+Guaranteeing the Duty Performance of External Directors", strengthened the "Enterprise Situation
+Inquiry" working mechanism for external directors³, improved the information support mechanism for
+external directors' duty performance, and standardized the guarantee mechanism for external directors'
+participation in decision-making, which fully protected the external directors' rights to know, make
+decisions, supervise and other rights. The Company organized 14 directors and supervisors to participate
+in director and supervisor training and independent director new regulations training organized by the
+Beijing Securities Regulatory Bureau and the Shanghai Stock Exchange. Optimize information
+disclosure management, increase the frequency of voluntary disclosures, focus on hot topics of investor
+concern, improve the readability of letter disclosure materials, and keep the content of letter disclosures
+true, accurate, complete, timely and fair. Investor relations management continues to be optimized,
+actively broadening communication channels, constantly improving the quality of communication, and
+innovatively holding joint performance briefings, shareholder open days, ESG special surveys and other
+activities. During the reporting period, the Company won awards such as the "Class A Information
+Disclosure Entity" from the Shanghai Stock Exchange, the "Board of Directors Best Practice Case
+Award" and the "2022 Performance Briefing Meeting Best Practice Award" from the China Association
+for Public Companies.
+√ Applicable □ Inapplicable
+36/308
+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, adhere to the high-level
+consolidation of large hydropower, high-quality expansion of new space, high-intensity promotion of
+scientific and technological innovation, 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.
+2023 Annual Report
+3. Risks of Power Markets
+operations, and effectively safeguard the interests of all shareholders.
+2023 Annual Report
+37/308
+(https://www.gov.cn/gongbao/content/2019/content_5363087.htm) and the Shanghai Stock Exchange,
+constantly improved the corporate governance structure, establish and improved the Company's
+corporate governance structure with the "three meetings and one layer" as the core of the shareholders'
+meeting, the board of directors, the board of supervisors and the management, which gave full play to
+the role of the board of directors in "setting strategies, making decisions, and preventing risks" and the
+management in "planning operations, implementing implementation, and strengthening management" to
+continuously improve the level of corporate governance, assist the board of directors in standardizing
+The Company strictly complied with the "Company Law", "Securities Law" and the relevant
+corporate governance requirements of the China Securities Regulatory Commission
+√ Applicable Inapplicable
+I. Explanation on the Corporate Governance
+Corporate governance
+Section IV
+continuously improve the dual prevention mechanism. Relying on the special work on the research and
+application of key technologies for promoting science and technology, the Company will strengthen the
+promotion and application of new technologies, new equipment, new processes and new materials, and
+continue to improve the level of safe production.
+□ 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
+(V)Others
+The Company will rely on the existing and complete investment management system to further
+carry out pre-project research, due diligence and feasibility studies, and conduct strict review and
+evaluation of investment direction, work procedures, investment return indicators, potential risks and
+other factors. Continue to pay attention to changes in domestic and overseas capital and financial
+markets, strengthen research on exchange rates, interest rates and other trends in relevant regions, and
+select appropriate window periods for investment. The Company will explore innovative management
+models and mechanisms to ensure flexible and efficient follow-up project management.
+Against the background of the slowdown in global economic growth and the adjustment of
+domestic economic structure, the Company carried out overseas investments. Affected by various factors
+such as changes in the domestic and foreign political environment and capital markets, and intensified
+market competition, it becomes more difficult for companies to invest overseas.
+4. Risks of Investment Control
+The Company will strengthen the working mechanism of marketing-scheduling-production
+collaborative linkage, give full play to their respective professional advantages, consolidate large
+hydropower consumption at a high level, and maintain the Company's core benefits; closely follow up
+on the development of the electricity market and changes in policies and rules, focus on the Company's
+business development layout, deepen analysis and research on the market situation, and scientifically
+formulate marketing strategies; the system conducts multi-dimensional market risk analysis and
+judgment, participates in power market transactions steadily, continuously optimizes trading strategies,
+and achieves reasonable returns; in line with the direction of new energy system construction and power
+system reform, explore and promote the realization of the flexibility value and green environmental
+value of large hydropower, and build a diversified marketing system architecture with "large
+hydropower" as the core.
+Investment plan: Guided by value creation, the Company will insist on focusing on main
+responsibilities and main businesses, adhere to the general tone of seeking progress while maintaining
+stability, and steadily carry out strategic investments around business expansion directions such as clean
+energy, smart integrated energy, upstream and downstream industrial chains, and technological
+innovation. The Company will persist in revitalizing existing assets, promote the rotation of equity assets,
+strengthen active market value management, and fully tap the value of existing equity in light of capital
+market trends. Adhere to high standards in selecting investment targets, the Company will continue to
+promote the construction of energy bases such as "water, wind, and solar energy storage" in the
+lower-stream of the Jinsha River, steadily carry out investment and construction of pumped storage
+power stations, and promote the Company's high-quality development during the "14th Five-Year Plan".
+Financing plan: Continue to closely track the market, scientifically formulate financing strategies,
+accurately grasp issuance windows, the Company will optimize financing tools, innovate financing
+methods, expand financing channels, leverage the Company's advantages of high credit rating, rationally
+formulate financing plans, and reduce financing costs.
+The reform of the power system is advancing in depth, the country is accelerating the construction
+of a national unified power market system, accelerating the planning and construction of new energy
+systems, and the macroeconomic situation and climate have brought uncertainty to power demand. The
+Company needs to actively face the impact of uncertainty in the external environment during the power
+system reform.
+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, accelerate the construction of a development pattern of "large hydropower
++ large energy storage + large wind and solar bases"; third, in terms of business form, the Company will
+steadily deploy smart integrated energy and open up new space for the development of the smart
+integrated energy industry; 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.
+organizations
+47/308
+Resigned
+adjustment
+Supplement
+Supplement
+Organizational transfer
+Work adjustment
+Zhao Yan
+Director
+Su Jinsong
+Resigned
+Director
+Resigned
+Full name
+Guan Jielin
+Work adjustment
+2023 Annual Report
+(III) Compensation of Directors, Supervisors and Senior Management
+√ Applicable Inapplicable
+Decision-making process of
+compensation of directors,
+supervisors and senior management
+Decision-making process of the
+remuneration for directors,
+supervisors, and senior management
+personnel
+Compensation Paid to Directors,
+Supervisors and Senior Managers
+Total Compensation Paid to all the
+Directors, Supervisors and
+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 Company's salary system and
+its incumbency and work performance evaluation in the Company, and other
+supervisors 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.
+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".
+Ma Zhenbo 1.2509 million yuan; Zhang Xingliao 1.2241 million yuan;
+Zhan Pingyuan 1.0194 million yuan; Xie Jun 953,800.00 yuan;
+Chen Hui 972,500.00 yuan; Ma Zhitao 1.048 million yuan;
+Ran Yichuan 976,600.00 yuan; Liu Haibo 997,700.00 yuan;
+Guan Jielin 1.0527 million yuan; Xue Ning 951,000.00 yuan;
+Pan Jing 911,600.00 yuan; Huang Xun 985,200.00 yuan;
+Lu Jinsong 800,400.00 yuan; Zhang Biyi 180,000.00 yuan;
+Wen Bingyou 180,000.00 yuan; Yan Hua 180,000.00 yuan;
+Huang Delin 180,000.00 yuan; Huang Feng 180,000.00 yuan.
+The total remuneration was 14.0439 million yuan.
+(IV) Change of Director, Supervisor and Senior Management of the Company
+√ Applicable Inapplicable
+Reasons for change
+Title
+Changes
+Organizational
+Lei Mingshan
+Chairman
+Resigned
+Wang Hong
+Director
+Appointed
+Teng Weiheng
+Director
+Appointed
+Director
+Xu Haiyun
+August 3,
+2023
+Appointed
+the 6th Board of
+Directors
+The 17th meeting of
+the 6th Board of
+Directors
+The 18th meeting of
+the 6th Board of
+Directors
+April 27, 2023
+June 15, 2023
+The 19th meeting of
+the 6th Board of
+Directors
+The 20th meeting of
+the 6th session of the
+Board of Directors
+August 29,
+2023
+The 21st meeting of
+the 6th board of
+directors
+The 22nd meeting of
+the 6th board of
+directors
+The 23rd meeting of
+the 6th Board of
+October 20,
+2023
+April 6, 2023
+October 26,
+2023
+The following proposals were approved:
+1. The Proposal on Adjusting the Profit and Loss Distribution Arrangements of Yunchuan
+Company during the Transition Period
+2. The Proposal on Authorization Related to the Company's Issuance of Shares to Raise
+Supporting Funds
+3. The Proposal on Issuing a Demonstration and Analysis Report on the Company's
+Issuance of A Shares to Specific Objects
+4. The Proposal on Opening a Special Bank Account for the Company to Issue Shares and
+Raise Supporting Funds
+5. The Company's 2022 Compliance Management Report
+6. The Proposal on the Results of the Company's Comprehensive Risk Assessment in
+2023
+The following proposals were approved:
+1. The Company's 2022 Internal Control Evaluation Report
+2. The Company's 2022 Internal Audit Work Report
+service in other
+3. The Proposal on Hiring an Audit Agency for the 2023 Financial Report
+November 15,
+2023
+Supervisor
+The 16th meeting of
+The 15th meeting of
+the 6th Board of
+Directors
+Supplement
+Teng Weiheng
+Supervisor
+Resigned
+Work adjustment
+Xu Haiyun
+Chen Hui
+Supervisor
+Resigned
+Work adjustment
+Deputy General
+Resigned
+March 16,
+2023
+Organizational transfer
+(V) Explanation on the Punishment from the Securities Regulatory in the Last Three Years
+□ Applicable √ Inapplicable
+(VI) Miscellaneous
+□ Applicable √ Inapplicable
+V.
+Board Meetings during the Reporting Period
+Session number of
+meeting
+Holding date
+Meeting resolution
+48/308
+2023 Annual Report
+Manager
+Conditions on
+10
+Chairman of the
+Supervisory Board
+2022-05
+0
+0
+91.16
+No
+Lei
+Mingshan
+Chairman (Resigned)
+Male
+62
+2018-12
+2024-03
+0
+0
+Yes
+Guan Jielin
+Director (Resigned)
+Male
+60
+2022-03
+2023-04
+0
+0
+105.27
+No
+51
+Female
+Chief Legal Counsel
+Pan Jing
+4. The Proposal on Hiring an Internal Control Audit Institution for 2023
+0
+0
+97.66
+No
+Yichuan
+Manager
+Deputy General
+Liu Haibo
+Male
+52
+2022-12
+Su Jinsong
+Zhao Yan
+Xu Haiyun
+Chen Hui
+0
+99.77
+No
+Manager
+Xue Ning
+Board Secretary
+Male
+50
+2022-01
+0
+0
+95.10
+No
+0
+Director (Resigned)
+Male
+57
+Manager (Resigned)
+Total
+Full name
+Ma
+Zhenbo
+2022-04
+and CEO)
+Xue Ning
+operating company in Peru)
+China Three Gorges Power
+Operations International
+Co., Ltd.
+Director
+2021-10
+Xue Ning
+CYPC International Energy
+Investment (Hainan) Co.,
+Ltd.
+China Yangtze Power
+No
+Chairman and CEO
+2023-01
+Xue Ning
+International (Hong
+Chairman and CEO
+2021-12
+Pan Jing
+Pan Jing
+Kong) Co., Ltd.
+CYPC Investment
+Management Co., Ltd.
+Three Gorges Onshore New
+Energy Investment Co.,
+Ltd.
+Chairman of the
+Supervisory Board
+2020-09
+2021-12
+2023-03
+97.25
+0
+2021-05
+2023-05
+0
+0
+No
+Director (Resigned)
+Female
+54
+2016-05
+2023-06
+0
+0
+0
+No
+Male
+58
+2023-05
+2023-11
+0
+0
+No
+Deputy General
+2023-11
+Male
+49
+2020-10
+Supervisor (Resigned)
+5. The Proposal on the Company's Guarantee Plan for 2023
+Hong
+7. The Proposal on Carrying out Short-term Fixed Income Investment in 2023
+8. The Proposal on the Company's 2023 Investment Plan
+0
+0
+3
+10
+10
+Yes
+Zhang Biyi
+Meng
+0
+4
+3
+6
+10
+No
+Hong
+Tianpeng
+0
+No
+0
+1
+3
+9
+10
+Wen
+Yes
+10
+10
+3
+9
+10
+Yes
+Huang
+Delin
+0
+0
+3
+10
+10
+No
+Yes
+0
+0
+3
+10
+10
+Yes
+Yan Hua
+Bingyou
+0
+0
+3
+Huang
+Su
+Weiheng
+0
+Xingliao
+0
+No
+0
+2
+3
+8
+10
+No
+Zhang
+2
+Hu
+No
+0
+3
+10
+10
+No
+Ma Zhenbo
+Mingshan
+0
+No
+0
+6
+0
+1
+No
+9
+No
+0
+2
+2
+5
+7
+No
+Teng
+2021-10
+0
+No
+10
+0
+2
+3
+7
+No
+Wang
+Weiming
+0
+No
+0
+4
+3
+4
+6. The Proposal on the Company's Financing Plan for 2023
+0
+Guan Jielin
+The Proposal on the Establishment of CYPC (Xiuning) Energy Development Co., Ltd.
+49/308
+Directors
+The 24th meeting of
+the 6th board of
+directors
+December 27,
+2023
+2023 Annual Report
+The following proposals were approved:
+1. The Proposal on Investment and Construction of Chongqing Fengjie Caiziba Pumped
+Storage Power Station Project
+2. The Proposal on the Acquisition of Equity Interests in Hunan Youxian Pumped Storage
+Co., Ltd. and the Establishment of a Holding Subsidiary
+3. The Proposal on the Acquisition of Equity Interests in Henan Gongyi Pumped Storage
+Co., Ltd. and the Establishment of a Holding Subsidiary
+4. The Proposal on Participating in the Establishment of Sichuan Jiangyou Pumped
+Storage Co., Ltd.
+5. The Proposal on Amending the Company's Development Plan (2021-2025)
+6. The Proposal on Adjusting the Company's Social Responsibility Plan for 2023
+7. The Proposal on the 2022 Salary Cashing Plan for the Company's Senior Management
+8. The Proposal on Amending the Company's Articles of Association and the Rules of
+Procedure of the Three Meetings
+9. The Proposal on Convening the First Extraordinary General Meeting of Shareholders in
+2024
+VI. Directors' Performance of Duties
+(I) About Directors' Attendance at the Board Meeting and General Meeting of Shareholders
+Attendance at the board meetings
+Attendance
+at
+shareholder
+s' meeting
+Name of
+director
+Indepen
+dent
+director
+or not
+Time(s)
+of
+supposed
+attendanc
+e at the
+board of
+The following proposals were approved:
+The Company's Third Quarter Report of 2023
+The following proposals were approved:
+The Proposal on the Disposal and Quit of Qingneng Group's Equity
+9. The Proposal on the Company's Internal Audit Work Plan for 2023
+10. The Proposal on the Company's Daily Related Transactions in 2023
+11. The Proposal on the Company's Social Responsibility Project Plan for 2023
+12. The Proposal on Amending the Company's Compliance Management System
+13. The Proposal on using raised funds to replace pre-invested self-raised funds
+The following proposals were approved:
+1. The Company's 2022 General Manager Work Report and 2023 Work Plan
+2. The Company's 2022 Board of Directors Work Report
+3. The Company's 2022 Financial Final Accounts Report
+4. The Company's 2022 Profit Distribution Plan
+5. The Company's 2022 Annual Report
+6. The Company's 2023 Financial Budget Report
+7. The Company's First Quarter Report of 2023
+8. The Proposal on the Continuous Risk Assessment Report of China Three Gorges
+Finance Co., Ltd.
+9. The Company's 2022 Social Responsibility Report
+10. The Proposal on Adjusting the Company's Scientific and Technological Innovation
+Organization
+11. The Proposal on Adjustment of Directors of the Company
+Times of
+attendanc
+e in
+12. The Proposal on Convening the 2022 Annual General Meeting of Shareholders
+1. The Proposal on Investment and Construction of Zhangye Pumped Storage Power
+Station Project in Gansu Province
+2. The Proposal on Convening the First Extraordinary General Meeting of Shareholders in
+2023
+The following proposals were approved:
+1. The Proposal on the Company's Total Wage Settlement for 2022 and Total Wage
+Budget for 2023
+2. The Proposal on Promoting the 2023 Term System and Contractual Management
+Related Work for the Company's Senior Executives
+3. The Company's 2022 Environmental, Social and Governance Report
+The following proposals were approved:
+1. The Company's 2023 Semi-Annual Report
+2. The Proposal on the Special Report on the Deposit and Actual Use of Raised Funds in
+the Half-Year 2023
+3. The Proposal on the Continuous Risk Assessment Report of China Three Gorges
+Finance Co., Ltd.
+The following proposals were approved:
+The following proposals were approved:
+Time(s) of
+attendance via
+telecommunicatio
+Time(s)
+of
+entrusted
+attendanc
+No
+0
+0
+zzzzzzzzz
+0
+1
+1
+2
+3
+No
+Zhao Yan
+0
+0
+1
+1
+3
+No
+Su Jinsong
+0
+0
+1
+2
+2
+No
+2
+Feng
+0
+0
+Time(s
+) of
+absenc
+Failed to
+attend in
+Time(s) of
+attendance
+person
+n
+e
+person
+for two
+successiv
+at
+shareholder
+e
+e times?
+s' meeting
+1
+directors
+No
+50/308
+7
+10
+Wherein: Time(s) of On-Site Meeting(s)
+Times of Board Meeting(s) Convened Within the Year
+Explanation on failure to attend in person at the board meeting for two successive times
+□ Applicable Inapplicable
+ฟ
+No
+0
+0
+0
+Lei
+54
+Petroleum Shipping Co.,
+Deputy General
+2023-06
+Hydraulic Machinery
+Committee of China
+Hu Weiming
+Vice President
+2009
+Hydropower Engineering
+Society
+Hu Weiming
+Chinese Society of
+Electrical Engineering
+Member
+Director
+2018
+The 9th Council of China
+Hydropower Engineering
+Director
+2022
+Society
+Wang Hong
+Bank of Sichuan Co., Ltd.
+Supervisor
+2021-01
+Wang Hong
+Sichuan Coal Industry
+Group Co., Ltd.
+Director
+Hu Weiming
+Three Gorges Capital
+Holdings Co., Ltd.
+Ma Zhenbo
+Ending date of
+tenure
+company
+Sheng Xiang
+Tan Ke
+Sichuan Energy Industry
+Investment Group Co., Ltd.
+Yunnan Provincial Energy
+Investment Group Co., Ltd.
+Deputy Chief
+2020-11
+Accountant
+Deputy Director of
+Three Gorges Finance Co.,
+Capital Management
+Department
+Director
+2023-07
+2020-12
+2023-06
+Ltd.
+Zhan Pingyuan
+Conditions on service
+in shareholder's
+organization
+2. Employment Status in Other Organizations
+√ Applicable Inapplicable
+Name of employees
+Organizations
+Position in other
+organizations
+Starting date of
+tenure
+2022-12
+Beijing Huading New
+Member of
+Power Equity Investment
+Huaneng Lancang
+Director, Vice
+Teng Weiheng
+2023-05
+Hydropower Co., Ltd.
+Chairman
+Su Tianpeng
+Ping An Capital
+Management Co., Ltd.
+China Merchants Harbor
+Chairman
+2023-03
+Su Tianpeng
+Development (Shenzhen)
+Director
+2019-12
+Co., Ltd.
+Su Tianpeng
+Baowan Logistics Holdings
+Co., Ltd.
+Director
+2021-08
+China Insurance Investment
+Su Tianpeng
+Director
+2023-10
+Co., Ltd.
+Hong Meng
+2022-05
+2022-09
+Director
+Teng Weiheng
+investment
+Wang Hong
+2022-10
+Fund
+decision-making
+committee
+45/308
+2023 Annual Report
+Huading Guolian Power
+Wang Hong
+Director
+2022-10
+Wang Hong
+Battery Co., Ltd.
+Huading Guolian Battery
+Materials Co., Ltd.
+Director
+2022-10
+Yunnan Provincial Energy
+Teng Weiheng
+Director
+2019-04
+Investment Group Co., Ltd.
+Teng Weiheng
+Yunnan Yunwei Company
+Limited
+Director
+2019-10
+Yunnan Energy Capital
+Investment Co., Ltd.
+CNNC Finance Co., Ltd.
+Senior expert of group
+Chief Accountant,
+Director, Master of Accounting, Senior Accountant, National Accounting Leader of the Ministry of Finance, Certified Public Accountant, Certified Tax Agent, and
+American Certified Management Accountant. He has successively served as deputy manager, deputy director (in charge of work) and director of the Financial Assets
+Department of China National Nuclear Power Co., Ltd., and chief accountant of China Nuclear Industry Huaxing Construction Co., Ltd.Currently, he is the deputy
+director of the Finance Department of China National Nuclear Corporation.
+Independent director, senior accountant. He has successively served as deputy general manager, chief accountant of China Shipbuilding Industry Corporation.
+Independent director, senior engineer. He has successively served as a director, Leadership Group, and leader of the Discipline Inspection of China Dongfang Electric
+Group Co., Ltd.
+Independent director and senior economist. He has successively served as a leader of Commercial Aircraft Corporation of China Ltd.
+Independent director, senior engineer. He has successively served as deputy general manager Standing Committee of Wuhan Iron and Steel (Group) Company.
+Independent director, senior engineer. He has successively served as a Deputy General Manager and Deputy Director of the Expert Academic Committee of China
+International Engineering Consulting Corporation. He is currently the deputy director of the Expert Academic Committee of China International Engineering Consulting
+Co., Ltd.
+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., 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.
+Supervisor, bachelor's degree in accounting, professor-level senior economist, senior auditor, and internationally registered internal auditor. He has successively served
+as chief accountant of Hainan Power Grid Company, deputy director of the finance department of China Southern Power Grid Co., Ltd., first-level employee, chief
+accountant, deputy general manager of Guangdong Power Grid Company. Currently, he is a full-time supervisor of an enterprise invested by China Southern Power Grid
+Corporation, chairman of the supervisory board of Hainan Power Grid Corporation, chairman of the supervisory board of China Southern Power Grid Scientific
+Research Institute, chairman of the supervisory board of Guangzhou Power Trading Center, and chairman of the supervisory board of China Southern Power Grid
+Finance Co., Ltd.
+Supervisor with a bachelor's degree and Senior Engineer. She has successively served as deputy director and director of the Capital Market Department of the Capital
+Operation Department of China National Petroleum Corporation, and full-time director and supervisor of the Capital Operation Department and Finance Department.
+Currently, She is a senior expert in the Finance Department of China National Petroleum Corporation.
+42/308
+2023 Annual Report
+Sheng
+Xiang
+Tan Ke
+Director, PhD in Finance.He has successively served as the account manager of the Shanghai Branch of Shanghai Pudong Development Bank, the investment manager,
+deputy office manager, department head, and senior managing director (administrative head) of the Direct Investment Division of Ping An Asset Management Co.,
+Ltd.Currently serves as assistant to the general manager of Ping An Asset Management Co., Ltd.
+Ma Zhitao
+Lu Jinsong
+Zhan
+Pingyuan
+Xie Jun
+Ran
+Yichuan
+Liu Haibo
+Xue Ning
+Supervisor, senior accountant. He has successively served as deputy director of the Finance Department and director of the Finance Department of Sichuan Tianhua Co.,
+Ltd., director of the Assets and Finance Department of Sichuan Chemical Holdings (Group) Co., Ltd., and director of the Financial Assets Department (Settlement
+Center) of Sichuan Energy Investment Group Co., Ltd.Currently, he is the deputy chief accountant of Sichuan Energy Investment Group Co., Ltd.
+Supervisor, Bachelor of Management., He has successively served as the manager of the capital operation department of the capital management center of Yunnan
+Energy Investment Group Co., Ltd., and the capital operation position (secondary business supervisor) of the capital management department of Yunnan Energy
+Investment Group Co., Ltd. He currently serves as deputy director of the Capital Management Department of Yunnan 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. She 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. She is currently the Deputy Director of the Three Gorges Power Plant.
+Employee Supervisor, Master of Engineering, Senior Engineer. He has successively served as Director of Monitoring/Automatic Equipment Management of the
+Production Management Department of Xiangjiaba Power Plant, Deputy Director and Director of the Electrical Maintenance Department of Xiangjiaba Power Plant,
+Assistant to the Director and Director of the Electrical Maintenance Department of Xiangjiaba Power Plant, Deputy General Manager and General Manager of Three
+Gorges Jinsha Jiangchuanyun Hydropower Development Co., Ltd. Currently, he is the general manager of Three Gorges Jinsha River Yunchuan Hydropower
+Development Co., Ltd.
+Huang
+Xun
+Director, Master of Finance. He has successively served as the manager of the investment department of Anhui Guofu Industrial 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 (Directors and Supervisors Management Office) of Yunnan Energy Investment Group Co., Ltd.Deputy General Manager and General Manager of the Capital
+Management Center of Yunnan Energy Investment Group Co., Ltd. He is currently the director of the capital management department of Yunnan Energy Investment
+Group Co., Ltd.
+Director, MBA, senior accountant. He has successively served as section chief of the Working Capital Finance Section of the Budget Division of the Sichuan Provincial
+Department of Finance, deputy general manager (deputy division level) and executive deputy general manager of Sichuan Provincial State-owned Assets Operation and
+Investment Management Co., Ltd. Director, Deputy General Manager, Assistant General Manager and Director of the Human Resources Department of Sichuan
+Development (Holdings) Co., Ltd., and Deputy General Manager of Sichuan Energy Investment Group Co., Ltd. Currently, he is the chief accountant of Sichuan Energy
+Investment Group Co., Ltd.
+(Group) Co., Ltd. Currently working as a first-level consultant at China Three Gorges Construction (Group) Co., Ltd.
+16,000
+16,000
+1,404.39
+Main Work Experiences
+Zhang
+Xingliao
+Hu
+Weiming
+Vice Chairman, Master of Engineering, Senior Engineer. He has successively served as the director of Gezhouba Power Plant, the director of the Three Gorges Power
+Plant, the deputy general manager of the Company and the director of the Three Gorges Power Plant, the deputy general manager of the Company, Director of the
+Human Resources Department and Director of the Retired Employee Management Office of China Three Gorges Corporation. Currently, he is the assistant to the
+general manager of China Three Gorges Corporation, vice chairman of the Company.
+Director, GeneralMmanager, Master of Management, Senior Accountant, Certified Public Accountant, and Global Chartered Management 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 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.
+Director, Master of Engineering and Senior Engineer. He has successively served as the general manager of China Three Gorges Mechanical and Electrical Engineering
+Technology Co., Ltd., the general manager and deputy secretary of the Party Committee of China Three Gorges Construction Management Co., Ltd., and the general
+manager of China Three Gorges Mechanical and Electrical Engineering Technology Co., Ltd.General Manager of China Three Gorges Construction Engineering
+41/308
+2023 Annual Report
+Wang
+Hong
+Teng
+Weiheng
+Su
+Tianpeng
+Hong
+Meng
+Zhang
+Biyi
+Wen
+Bingyou
+Yan Hua
+Huang
+Delin
+Huang
+Feng
+Zeng Yi
+Mo Jinhe
+Xia Ying
+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, he is the Chief Financial Officer of the Company.
+Deputy General Manager, Master of Management, Senior Engineer, First Class Registered Construction Engineer. Deputy Director of the Electrical Maintenance
+Department of the Three Gorges Power Plant, Director of the Electrical Maintenance Department of the Three Gorges Power Plant, Deputy Director of the Three Gorges
+Mechanical and Electrical Installation Project Department of the Mechanical and Electrical Engineering Department of China Three Gorges Corporation, Deputy
+Director of the Three Gorges Power Plant, and Deputy Leader of the Preparatory Group of the Yangtze Three Gorges Electricity Distribution and Sales Co., Ltd. General
+Manager of Three Gorges Electric Power Co., Ltd. Currently serves as deputy general manager of the Company.
+Deputy General Manager and Chief Engineer, Master of Management, Senior Engineer. He has successively served as deputy director and director of the Mechanical
+and Hydraulic Maintenance Department of the Three Gorges Power Plant, deputy chief engineer of the Three Gorges Power Plant, technical person in charge of the
+Jinsha River Preparation Group, and production management person in charge of the Xiluodu Power Plant Preparation Department, Deputy Director of the Xiluodu
+Mechanical and Electrical Installation Project Department of the Mechanical and Electrical Engineering Department of China Three Gorges Corporation, Deputy
+Director of Xiluodu Power Plant, Director of Xiluodu Power Plant,the Company's chief engineer and director of the technology research center, the Company's deputy
+general manager, chief engineer and director of the technology research center. Currently he is the deputy general manager and chief engineer of the Company.
+Deputy General Manager, Director of the Three Gorges Power Plant, Bachelor of Engineering, and Senior Engineer. He has successively served as deputy director of the
+Three Gorges Power Plant Operations Department, deputy manager of the Company's production planning department, deputy manager of the Company's production
+technology department (in charge), deputy director of the Three Gorges Elevator Diversion, director of the Company's production technology department, deputy
+director of the Baihetan Power Plant Preparatory Department (in charge ), Deputy director of Baihetan Power Plant (in charge of work), director of Baihetan Power
+Plant, director of Baihetan Power Plant, deputy general manager of the Company and director of Baihetan Power Plant. He currently serves as deputy general manager
+of the Company, director of the Three Gorges 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
+43/308
+Engineering Corporation
+Sichuan Energy Industry
+Investment Group Co., Ltd.
+First level consultant
+2023-10
+Chief accountant
+2019-01
+Teng Weiheng
+Su Tianpeng
+Yunnan Provincial Energy
+Investment Group Co., Ltd.
+Ping An Asset Management
+Co., Ltd.
+Head of Capital
+Management
+2023-05
+Department
+Assistant to General
+2022-08
+Manager
+Hong Meng
+China National Nuclear
+Corporation
+Deputy Director of
+2021-07
+Finance Department
+Zeng Yi
+Xia Ying
+China Three Gorges
+Corporation
+China National Petroleum
+Corporation
+Engineering Corporation
+China Three Gorges
+Construction
+2020-12
+Wang Hong
+2023-10
+2023 Annual Report
+Pan Jing
+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, 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
+□ Applicable √ Inapplicable
+44/308
+2023 Annual Report
+(II) Service Status of Incumbent and Past Directors, Supervisors, and Senior Executives during
+the Reporting Period
+1. Employment Status in Shareholder's Organizations
+√ Applicable Inapplicable
+Name of employees
+Shareholder's organization
+Position in
+shareholder's
+Starting date of
+tenure
+Ending date of
+tenure
+Ma Zhenbo
+China Three Gorges
+Corporation
+organization
+General Manager's
+2020-06
+Assistant
+Hu Weiming
+China Three Gorges
+Construction
+General Manager
+2020-12
+Hu Weiming
+Male
+Director
+Huang Hua
+Liu Haibo
+Three Gorges Electric
+Energy Co., Ltd.
+China Yangtze Power
+International (Hong
+Kong) Co., Ltd.
+Beijing Zhongshuike
+Hydropower Technology
+Development Co., Ltd.
+CYPC Xinneng Co., Ltd.
+Shenergy Co., Ltd.
+Yunnan Huadian Jinsha
+River Middle Reaches
+Hydropower Development
+Co., Ltd.
+Director
+2021-12
+2024-02
+Vice Chairman
+2022-09
+Executive director
+2023-06
+Director
+Ran Yichuan
+Liu Haibo
+2020-06
+Director
+2023-04
+Xue Ning
+Andes Power Investment
+Management S.A.C.
+(platform company and
+Director (Chairman
+2023 Annual Report
+Sheng
+Xiang
+Tan Ke
+Supervisor
+Male
+60
+60
+2023-05
+Ran Yichuan
+Chen Hui
+2021-12
+Zhan Pingyuan
+CYPC Investment
+Management Co., Ltd.
+China Yangtze Power
+International (Hong
+Kong) Co., Ltd.
+Three Gorges Finance Co.,
+Ltd.
+General Manager
+2020-09
+2023-04
+Chairman
+2021-12
+Director
+2020-12
+2023-06
+Xie Jun
+Chongqing Three Gorges
+Water Conservancy and
+Electric Power (Group)
+Co., Ltd.
+Chairman
+2022-11
+Xie Jun
+CYPC Sales Ltd.
+Executive Director
+2020-12
+Xie Jun
+CYPC Xinneng Co., Ltd.
+Executive director
+2021-05
+2023-06
+Xie Jun
+Chairman
+2018-12
+0
+0
+No
+2022-01
+0
+0
+80.04
+No
+Zhan
+Pingyuan
+Chief Financial Officer
+Male
+51
+2019-04
+0
+0
+101.94
+No
+Deputy General
+Xie Jun
+Male
+55
+2020-10
+0
+0
+95.38
+No
+Manager
+Ran
+49
+Zhan Pingyuan
+Male
+Lu Jinsong
+Supervisor
+Male
+43
+2024-01
+0
+0
+No
+Ma Zhitao
+Employee supervisor
+Male
+57
+2022-01
+0
+0
+104.80
+No
+Huang Xun
+Employee supervisor
+Female
+47
+2022-01
+16,000
+16,000
+98.52
+No
+Employee supervisor
+2022-03
+Zhan Pingyuan
+Chairman
+Chairman of the
+2022-12
+Supervisory Board
+Supervisor
+2017-03
+2024-04
+Director
+2017-04
+Xia Ying
+Supervisor
+2017-08
+Supervisory Board
+Co., Ltd.
+Xia Ying
+3
+Director
+2018-05
+Ltd.
+Xia Ying
+Xia Ying
+Xia Ying
+China Tendering Public
+Service Platform Co., Ltd.
+PetroChina Karamay
+Petrochemical Co., Ltd.
+Oil and Gas Industry
+Climate Initiative Kunlun
+Equity Investment Fund
+Supervisor
+2018-06
+COSCO Shipping
+2022-09
+Chairman of the
+2022-06
+China State Shipbuilding
+Director
+2019-11
+Corporation Limited
+Huang Feng
+Dongfang Electric Co., Ltd.
+Director
+2021-06
+Mo Jinhe
+Guangdong Power Grid
+Co., Ltd.
+First level staff
+2020-12
+2023-06
+Mo Jinhe
+Hainan Power Grid Co.,
+Ltd.
+Chairman of the
+2022-06
+Supervisory Board
+Mo Jinhe
+Mo Jinhe
+Mo Jinhe
+Xia Ying
+Xia Ying
+China Southern Power Grid
+Scientific Research
+Institute Co., Ltd.
+Guangzhou Electric Power
+Trading Center Co., Ltd.
+China Southern Power Grid
+Finance Co., Ltd.
+Jinzhou Port Co., Ltd.
+Sichuan Changning Natural
+Gas Development Co., Ltd.
+PetroChina Hainan Sales
+Chairman of the
+Supervisory Board
+Director
+2022-02
+Investment
+Committee
+2023 Annual Report
+Tan Ke
+Smart Energy Co., Ltd.
+National Energy Group
+Jinshajiang Benzilan
+Hydropower Co., Ltd.
+Director
+2024-03
+Guan Jielin
+Hubei Energy Group Co.,
+Ltd.
+Director
+2020-06
+China Nuclear Power
+Guan Jielin
+Director
+2021-12
+Corporation
+China Three Gorges
+Guan Jielin
+Director
+2021-12
+International Corporation
+Zhan Pingyuan
+SDIC Power Holdings Co.,
+Ltd.
+Director
+2019-09
+Zhan Pingyuan
+CYPC Investment
+Management Co., Ltd.
+46/308
+2020-09
+2023-04
+Ltd.
+Yunnan Energy Investment
+2023-02
+2023-05
+(Hainan) Partnership
+Chairman
+(Limited Partnership)
+PetroChina Property &
+Xia Ying
+Casualty Insurance Co.,
+Director
+2023-06
+Ltd.
+Sheng Xiang
+Tan Ke
+Sichuan Changning Natural
+Gas Development Co., Ltd.
+Yunnan Provincial
+Energy Investment Group
+Co., Ltd.
+Chairman of the
+2018-09
+Supervisory Board
+Supervisor
+2021-11
+Yunnan Energy Investment
+Tan Ke
+Green New Materials Co.,
+Director
+2022-05
+Tan Ke
+Director
+4
+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. The Company has made positive contributions in preventing and controlling
+pollution, protecting biodiversity, improving water ecology, and providing ecological water
+replenishment for downstream areas.
+14, 2023
+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 main subsidiaries are responsible for
+expenses
+3,802
+3,719
+7,683
+1,523
+Professional composition
+Type of professions
+Production personnel
+Number of professional persons
+4,740
+Sales personnel
+276
+company
+52/308
+Number of employees on active duty in the parent
+The Board of Supervisors has not raised any objection to the supervision issues during the reporting
+period.
+August 2,
+2023
+December
+27, 2023
+Meeting contents
+The third meeting of the Strategy and ESG Committee of the Sixth session
+of board of directors reviewed and approved:
+The Report on the Implementation of the Company's "14th Five-Year Plan"
+Development Plan in 2022
+The fourth meeting of the Strategy and ESG Committee of the Sixth session
+of board of directors reviewed and approved:
+The Company's 2022 Environmental, Social and Governance Report
+The fifth meeting of the Strategy and ESG Committee of the Sixth session of
+board of directors reviewed and approved:
+The Proposal on Amending the Company's Development Plan (2021-2025)
+(6) Details of matters in question
+VIII. Description of the Company's Risks Found by the Board of Supervisors
+□ Applicable Inapplicable
+Important comments and
+suggestions
+This proposals was
+submitted to the Board of
+Directors for review.
+This proposals was
+submitted to the Board of
+Directors for review.
+This proposals was
+submitted to the Board of
+Directors for review.
+IX. Employees of the Parent Company and Main Subsidiaries at the End of the Reporting Period
+(I) Employee status
+April 20,
+2023
+2023 Annual Report
+Total
+(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
+multi-dimensional set of incentives co-exiting. The Company determined job salary standards based on
+job requirements and scope of work responsibilities, and cashed out performance salary income and
+other incentive income based on the Company's operating performance and unit, department, and
+employee assessments, increased incentives for market-oriented business units, technological innovation,
+special contributions, and key tasks, and further improved the differentiated salary distribution strategy.
+The Company implemented 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
+established a linkage mechanism between wage and performance. Based on the annual production and
+business targets, economic performance, and human resources management requirements, the Company
+carried out overall management and control of personnel size and total wage expenditures for each
+subsidiary. Each subsidiary formulated 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
+In 2023, the Company was adhered to the guidance of Xi Jinping Thoughts on Socialism with
+Chinese Characteristics for a New Era and thoroughly implements new concepts, new strategies and new
+measures for talent work in the new era, focusing closely on the development ideas of "consolidating
+large hydropower at a high level, expanding new space with high quality, promoting scientific and
+technological innovation with a high position, and deepening party building with high standards", deeply
+promoted the strategy of strengthening the enterprise with talents in the new era, and provided strong
+organizational talent guarantee for building a new development pattern and promoting high-quality
+development.
+First, the Company continued to optimize the top-level design of talent training. Closely focusing
+on development strategy, the Company continued to optimize the top-level design of talent training,
+continue to strengthen the planning management of education, training, and the use management of
+employee education funds, improved the talent training system that adapts to the Company's high-quality
+development, and accelerated the formation of "talent-led development" work pattern. Second, the
+Company put efforts in cultivating management talents. Relying on resources such as the "One School
+and Four Institutes" of the Organization Department of the Central Committee of the Communist Party
+of China and the State-owned Assets Supervision and Administration Commission's Cadre Education
+Center, we focus on the Company's annual key tasks and continuously improve the ability of cadres to
+promote high-quality development and prevent and resolve risks. Organize and implement training
+projects such as "Pilot Plan - Cadre Management Ability Improvement Training", "Cruise Plan - Mini
+MBA Training", "Sail Plan - Youth Talent Training Plan", and strive to improve the market-oriented
+management awareness and scientific decision-making capabilities of the Company's management talent
+team. Third, the Company consolidated the foundation of the technical and skilled talent team. The
+53/308
+2023 Annual Report
+Company established and improved the craftsman selection and management system, organized and
+carried out the selection and appointment of the first batch of "CYPC Craftsmen", carried out
+high-quality vocational skill level identification work to further smooth the development channels for
+high-skilled talents and created a team of craftsman-type high-quality skilled talents that match the
+Company's industry status. Forth, the Company strengthened the construction of scientific and
+technological innovation talent teams. Adhering to "equal emphasis on strategic orientation and problem
+orientation", the Company optimized the introduction, use, assessment and evaluation, incentive and
+guarantee mechanisms for innovative scientific and technological talents. The Company gave full play to
+the supporting role of innovation platforms such as the National Engineering Center, provincial key
+laboratories, and postdoctoral workstations in talent cultivation, strengthened scientific and
+technological innovation talent training and team building, and gathered more high-level scientific and
+technological talents and innovative teams. Hold scientific and technological innovation knowledge
+lectures to cultivate the innovation awareness of all employees and enhance the Company's innovation
+vitality.
+(IV) Labor outsourcing
+□ Applicable √ Inapplicable
+X. Profit Distribution or Capital Reserve Plan
+(I) Development, Implementation or Adjustment of Cash Dividends Distribution Plan
+√ Applicable Inapplicable
+In order to further standardize the Company's cash dividends, enhance the transparency of cash
+dividends, and effectively safeguard the legitimate rights and interests of investors, the Company
+complied with the requirements of the China Securities Regulatory Commission's Supervision
+Guidelines for Listed Companies No. 3—Cash Dividends of Listed Companies (Revised in 2023),
+released the Announcement on Solicitation of Investors' Opinions on Matters Related to the 2023 Profit
+Distribution Proposal on February 27, 2024, soliciting investors' opinions and suggestions on the
+Company's 2023 profit distribution plan, and reported to the Audit Committee of the Board of Directors.
+The Company will strictly follow the relevant provisions the annual profit distribution from 2021 to
+2025 of the Articles of Association shall be cash dividends at a rate of no less than 70% of the realized
+net profit", formulated and implemented the 2023 profit distribution plan.
+Total
+Technical personnel
+Financial personnel
+Administrative personnel
+Technical secondary school diploma and below
+299
+Category of educational background
+PhD
+Master
+Bachelor
+Junior college
+1,327
+219
+1,121
+7,683
+Education background
+Quantity (headcount)
+39
+1,526
+3,819
+2,000
+7,683
+Date
+(5)The Strategy and ESG Committee held 3 meetings during the reporting period
+This proposals was
+submitted to the Board of
+Directors for review.
+June 14,
+2023
+October 25,
+2023
+November
+December
+22, 2023
+Meeting contents
+The sixth meeting of the Audit Committee of the sixth session of board of
+directors reviewed and approved:
+1. The Company's 2022 Daily Related Transaction Execution Report
+2. The Company's 2022 Internal Control Evaluation Report
+3. The Company's 2022 Internal Audit Work Report
+4. The Company's 2022 Post-Investment Evaluation Report
+5. The Proposal on the Company's 2022 Financial Final Accounts
+6. The Proposal on Hiring an Audit Agency for the 2023 Financial Report
+7. The Proposal on the Company's Guarantee Plan for 2023
+8. The Proposal on the Company's Financing Plan for 2023
+9. The Proposal on the Company's 2023 Investment Plan
+10. The Proposal on Hiring an Internal Control Audit Institution for 2023
+11. The Proposal on the Company's Internal Audit Work Plan for 2023
+12. The Proposal on the Company's Daily Related Transactions in 2023
+The seventh meeting of the Audit Committee of the sixth session of board
+of directors reviewed and approved:
+April 4, 2023
+The Proposal on Investment and Construction of Zhangye Pumped Storage
+Power Station Project in Gansu Province"
+Date
+Zhang Biyi, Wen Bingyou, Yan Hua, Huang Delin, Huang Feng
+Wen Bingyou, Zhang Biyi, Yan Hua, Huang Delin, Huang Feng
+Wen Bingyou, Zhang Biyi, Yan Hua, Huang Delin, Huang Feng
+√ Applicable Inapplicable
+2023 Annual Report
+Time(s) of Meeting(s) Convened via Telecommunication
+(II) Objection to the Company's Related Issues Raised by directors
+□ Applicable √ Inapplicable
+(III) Miscellaneous
+□ Applicable √ Inapplicable
+VII. Special Committees under the Board
+√ Applicable Inapplicable
+(1). Membership of Special Committees under the Board
+Name of special committee
+Auditing Committee
+Nomination committee
+Remuneration and Appraisal
+Committee
+Strategy and ESG Committee
+Member name
+3
+Ma Zhenbo, Zhang Xingliao, Zhang Biyi, Wen Bingyou, Yan Hua
+Note: Mr. Lei Mingshan, the former chairman of the Company, served as a member of the strategy and ESG committee of
+the board of directors during the reporting period and was resigned on March 15, 2024.
+(2) The Audit Committee held 5 meetings during the reporting period
+The eighth meeting of the Audit Committee of the sixth board of directors
+reviewed and approved:
+The Company's Third Quarter Report of 2023
+The ninth meeting of the Audit Committee of the sixth session of board of
+directors reviewed and approved:
+This proposals was
+submitted to the Board of
+Directors for review.
+(4) The Remuneration and Appraisal Committee held 2 meetings during the reporting period
+Date
+August 1,
+2023
+December
+27, 2023
+Meeting contents
+The fourth meeting of the Remuneration and Appraisal Committee of the
+Sixth session of board of directors reviewed and approved:
+1. The Proposal on the Company's Total Wage Settlement for 2022 and
+Total Wage Budget for 2023
+2. The Proposal on Promoting the 2023 Term System and Contractual
+Management Related Work for the Company's Senior Executives
+The fifth meeting of the Remuneration and Appraisal Committee of the
+Sixth session of board of directors reviewed and approved:
+The Proposal on the 2022 Salary Cashing Plan for the Company's Senior
+Management
+Important comments and
+suggestions
+These proposals were
+submitted to the Board of
+Directors for review.
+Important comments and
+suggestions
+The Proposal on Adjustment of Directors of the Company
+The first meeting of the Nomination Committee of the Sixth session of
+board of Directors reviewed and approved:
+Meeting contents
+The Proposal on the Establishment of CYPC (Xiuning) Energy
+Development Co., Ltd.
+The tenth meeting of the Audit Committee of the 6th Board of Directors
+reviewed and approved:
+1. The Proposal on Investment and Construction of Chongqing Fengjie
+Caiziba Pumped Storage Power Station Project
+2. The Proposal on the Acquisition of Equity Interests in Hunan Youxian
+Pumped Storage Co., Ltd. and the Establishment of a Holding Subsidiary
+3. The Proposal on the Acquisition of Equity Interests in Henan Gongyi
+Pumped Storage Co., Ltd. and the Establishment of a Holding Subsidiary
+4. The Proposal on Participating in the Establishment of Sichuan Jiangyou
+Pumped Storage Co., Ltd.
+5. The Proposal on Adjusting the Company's Social Responsibility Plan for
+2023
+Important comments and
+suggestions
+These proposals were
+submitted to the Board of
+Directors for review.
+The Company's profit distribution complies with the provisions of the Articles of Association and
+the requirements of the shareholders' meeting resolutions. The dividend standards and proportions are
+clear, and the relevant decision-making procedures and mechanisms are complete. The independent
+directors expressed clear opinions. The opinions and demands of small and medium-sized shareholders
+are fully expressed, and their legitimate rights and interests are protected.
+This proposals was
+submitted to the Board of
+Directors for review.
+This proposals was
+submitted to the Board of
+Directors for review.
+These proposals were
+submitted to the Board of
+Directors for review.
+51/308
+2023 Annual Report
+(3)The Nomination Committee held 1 meeting during the reporting period
+Date
+April 25,
+2023
+This proposals was
+submitted to the Board of
+Directors for review.
+(II) Special Description of Cash Dividend Policy
+□ Applicable Inapplicable
+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
+Make emergency plans for flood control and regularly carry out climate predictions during critical
+periods (ebb, flood, and water storage periods);
+Pay timely attention to the water regime in the Yangtze River Basin, improve the water regime
+information sharing mechanism with hydrological and meteorological units, and carry out in-depth joint
+operation of cascade reservoirs in the basin to maintain safe water levels in the reservoirs;
+Responses:
+Under the high emissions scenario (RCP8.5), the company identifies risks brought about by climate
+change as mainly physical risks, including water shortages, floods, heat waves, extreme cold and other
+extreme climates.
+(1) High emission scenario (RCP8.5)
+of the Industrial Revolution; RCP2.6 means that countries around the world have united to actively
+respond to climate change, and carbon emissions will be negative in 2100. Quoted from the Sixth
+Climate Census of the United Nations Intergovernmental Panel on Climate Change]
+2023 Annual Report
+59/308
+[Note: RCP8.5 indicates that in 2100, the global carbon dioxide concentration will be 3-4 times that
+After comprehensively considering factors such as the socio-economic environment, business
+nature, and geographical location, a low-emission scenario (RCP2.6) and a high-emission scenario
+(RCP8.5) were selected to analyze the external environment that the company may face.
+2.Strategy
+Fully consider climate change-related policies in daily operations,
+manage and monitor climate change issues, and assist
+decision-makers in promoting the optimization of governance structure.
+Identify opportunities and risks related to climate change, plan and
+implement specific implementation plans to address the opportunities
+and risks of climate change, formulate relevant goals and indicators, and
+submit them to the company's decision-making level for approval.
+assess,
+measures.
+Review and deploy climate change-related issues, provide
+intellectual support for the board of directors' climate change-related
+strategic planning, and assist the board of directors in regularly
+supervising the completion of climate change-related goals, plans and
+Pay attention to meteorological orange and red warnings, strengthen hot weather inspections and
+inspections, and ensure operational safety;
+Review and guide the company's climate change-related goals and
+strategies, and monitor the implementation of the company's five-year
+development strategy, including climate response measures, every year
+to ensure that it becomes an important part of the company's strategy.
+Strengthen safety risk management and control, improve emergency management mechanisms, and
+improve emergency response capabilities for extreme weather and major natural disasters through
+"exercises as training";
+(2) Low emission scenario (RCP2.6)
+□ Applicable √ Inapplicable
+2. Disclosure of other environmental information with reference to heavy pollution units
+√ Applicable □ Inapplicable
+According to the relevant laws and regulations of the ecological environment department, the
+Company is not a heavy pollution discharging unit. In 2023, the Company had no environmental
+pollution incidents, environmental violations and penalties, or environmental disputes. The Company
+strictly abided by environmental protection regulations, fully fulfilled its corporate responsibilities, and
+completed various environmental protection tasks with high quality.
+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 2023, the Company processed a total
+of 637,600 tons of domestic sewage, with a compliance rate of 100%; it disposed of 382.09 tons of
+hazardous waste in compliance with regulations.
+3. Reasons for not disclosing other environmental information
+□ Applicable Inapplicable
+(III) Relevant information that is conducive to ecological protection, pollution prevention, and
+environmental responsibility fulfillment
+60/308
+Strengthen the research and strategic layout of new technologies, optimize energy-saving and
+Consolidate the competitiveness of the clean energy market, develop product technologies towards
+more environmentally friendly aspects, and give full play to the core role of the company's clean energy
+in helping to achieve the dual-carbon goal;
+Carry out research on the path to realize the green value of hydropower;
+Build the company's ESG management digital platform, obtain relevant indicator data in a timely
+manner, and disclose relevant information accurately and efficiently;
+Actively adapt to the development of the power market and the reform of the power system,
+comprehensively consider the economic development of the provinces and cities receiving power, power
+supply structure, load conditions and the power generation characteristics of the company's power
+stations, and explore multi-dimensional strategic collaboration with relevant parties;
+Responses:
+Under the low-emission scenario (RCP2.6), the company identifies risks brought about by climate
+change mainly as transformation risks, including national power system reform, increased information
+disclosure requirements, and rising carbon prices. At the same time, this scenario also bring
+development opportunities, such as the popularization of new renewable energy and low-carbon
+energy-saving technologies, and market preference for low-carbon clean energy.
+Strengthen early warning management in production areas, formulate natural disaster early warning
+signal classification standards and natural disaster early warning response action measures.
+Job duties
+Various departments
+(units)
+Managers
+carbon reduction, etc.)
+developing new products that aid in
+technologies in production processes,
+√ Applicable □ Inapplicable
+Amount of CO2 equivalent emissions
+reduced (in tons)
+emissions or not
+(IV) Measures and effects to reduce carbon emissions during the reporting period
+take any measures to reduce carbon
+5. Plant protection: the Company carried out research on tissue culture and breeding technology for
+national first-level wild protected plants such as thuja and giant cypress, and successfully bred more than
+5,000 unique and rare resource plant seedlings of more than 20 kinds, including Thuja cypress, Cycad
+fern, Fengdu Plantain, and Sparse cypress branches; carried out research on the hydroponic breeding of
+rare plants, and explored hydroponic breeding technologies for the national first-level protected plants
+Cypress pine, the national second-level protected plants Terminalia tenuifolia and Dalbergia odorifera;
+promoted the improvement of soil in tree hollows of rare plants and other work.
+4. Increased breeding and release into rivers: during the year, the Company organized two release
+activities into the river. Five species of rare and unique fish were released into the rivers, including the
+Yangtze sturgeon, round-mouthed copperhead fish, and mullet fish, and 767,000 fish fry were
+independently cultivated and released into the rivers. Among them, 221,000 Yangtze River sturgeons
+and 200,000 round-mouthed copperheads were released into the rivers. The scale of the releases into the
+rivers has reached the leading level in the country.
+3. Fish protection: during the year, the Company focused on the large-scale breeding of rare and
+unique fish species in the lower reaches of the Jinsha River, and organized intensive breeding and
+breeding of five species of fish: roundmouth copperhead, Yangtze sturgeon, mullet, rock carp and
+thick-jawed bream.During the year, a total of approximately 2.63 million fertilized eggs were obtained,
+and approximately 1.48 million larvae were hatched. The annual breeding scale increased by
+approximately 40% year-on-year. The breeding technology and production scale of key species such as
+round-mouthed copper fish have reached the domestic leading level, and substantial breakthroughs have
+been made in large-scale breeding.
+2023 Annual Report
+57/308
+2. Ecological benefits: during the year, the Company actively participated in the ecological
+dispatching of cascade reservoirs, and organized and carried out ecological dispatching experiments
+such as "stratified water intake" and "man-made flood peaks". During this year, the Company overcame
+the adverse effects of dry water and in accordance with the requirements of laws, regulations and
+normative documents such as the Yangtze River Protection Law, the Action Plan for the Protection and
+Restoration of the Yangtze River, and the Jinsha River Basin Water Distribution Plan, on the premise of
+meeting flood control and taking into account power generation, the downstream water demand is fully
+guaranteed. The average daily outflow of the six cascade power stations meets the minimum flow
+requirements, and the ecological flow guarantee rate reaches 100%.
+1. Risk management: in 2023, the Company comprehensively identified 954 general environmental
+factors within its jurisdiction, organized the assessment of 4 important environmental factors, and
+formulated control measures and management plans. Carried out special actions such as special
+rectification actions for ecological environment protection in the Yangtze River Basin and special
+inspections and rectification of hazardous wastes. On-site inspections were conducted on six cascade
+power stations, the Yunnan Jinxia base photovoltaic power station, the Three Gorges Green Power and
+Green Hydrogen Demonstration Project and other areas to ensure that all equipment is operating
+normally and that domestic sewage discharge in the dam area meets standards.
+Related information was as follows:
+Specific instructions
+√ Applicable Inapplicable
+Yes
+227,640,890
+Strategy and ESG
+Committee
+Board of Directors
+Responsible Body
+Governance
+The company has integrated climate change governance into corporate management, kept up
+with the latest developments and response strategies to global climate change, continued to improve the
+information sharing mechanism for reservoirs in the upper reaches of the Yangtze River basin around
+meteorological and hydrological monitoring and forecasting and joint dispatching technology, and
+carried out in-depth joint dispatching of cascade reservoirs in the basin. At the same time, the company
+will strengthen early warning management in production areas, improve the prevention and response
+capabilities for accidents and disasters caused by floods and other disastrous weather, and ensure that
+climate change response measures are effectively implemented.
+1.Governance
+recommendations of the Financial Stability Board (FSB) Climate-related Financial Information
+Disclosure Working Group (Task Force on Climate-related Financial Disclosures - TCFD), climate risk
+assessment and management will be comprehensively carried out from the four dimensions of
+governance, strategy, risk management, indicators and goals.
+1. Administrative penalties imposed on environmental problems
+2023 Annual Report
+The company actively responds to the challenge of climate change, responds to the United Nations
+Sustainable Development Goals, and follows relevant international agreements such as the United
+Nations Framework Convention on Climate Change and the Paris Agreement, with reference to the
+(4) Response to climate change
+Climate-related content:
+In 2023 year, the Company promoted the "Hydrogenization of the Yangtze River" work with high
+quality, and the "Three Gorges Hydrogen Boat 1" successfully made its maiden voyage, marking a
+breakthrough in the application of hydrogen fuel cell technology to inland ships. The ship is the first
+hydrogen fuel cell-powered ship in China. Compared with traditional fuel-powered ships, it is expected
+to replace 103.16 tons of fuel and reduce carbon dioxide emissions by 343.67 tons per year.
+The Company's cascade hydropower stations continue to play an active and efficient role in
+reducing pollution and carbon emissions. In 2023, the Company's six cascade power stations produced
+276.263 billion kilowatt hours of clean electricity, which was equivalent to replacing 83.0724 million
+tons of standard coal consumption compared with coal-fired power stations, reduced carbon dioxide
+emissions by 227.6409 million tons, reduced sulfur dioxide emissions by 22,900 tons, and reducing
+nitrogen oxide emissions by 36,700 tons. Contribute actively to ensuring energy supply, reducing
+pollution and carbon dioxide, preventing haze, and responding to climate change.
+generation
+Promoting carbon reduction through clean energy
+58/308
+√ Applicable □ Inapplicable
+Type of carbon reduction measures taken
+(such as using clean energy for power
+generation, using carbon reduction
+☐ Applicable √ Inapplicable
+20,063,938,527.12
+Net profit attributable to ordinary shareholders of
+27,238,970,860.70
+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
+Total dividend amount (including tax)
+Percentage of total dividend amount to net profit
+attributable to ordinary shareholders of the listed
+company in the consolidated financial statements
+(%)
+73.66%
+0
+20,063,938,527.12
+73.66%
+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
+☐ Applicable √Inapplicable
+Cash dividend amount (including tax)
+Other descriptions
+0
+8.20
+√Yes No
+(II) Explanations on the environmental protection of companies other than the heavy pollution
+units
+√Yes No
+√Yes No
+√Yes No
+√Yes No
+(III) If the reporting period is profitable and the parent company's profit available for distribution
+to shareholders is positive, but no cash profit distribution plan has been proposed, the company
+shall disclose in detail the reasons for this, as well as the use of the undistributed profit and the
+plan for its use
+54/308
+2023 Annual Report
+(IV) Profit Distribution and Reserve transfer to Capital during the Reporting Period
+√ Applicable Inapplicable
+Number of bonus shares per 10 shares
+Dividend per 10 shares (including tax)
+Unit: RMB Yuan
+0
+Number of shares transferred from capital reserve
+per 10 shares
+□ Applicable √ Inapplicable
+☐ Applicable √ Inapplicable
+Other incentive measures
+Internal control auditor's report disclosed or not: Yes
+Type of opinion on the auditor's report on internal control: Standard unqualified opinion
+XV. Rectification of Problems Identified in the Self-inspection over the Company's Special
+Governance Measures
+N/A.
+XVI. Miscellaneous
+☐ Applicable √Inapplicable
+Section V Environmental and Social Responsibility
+I. Environmental Information
+Have environmental protection mechanisms been
+established or not
+56/308
+Yes
+9,192.41
+Employee shareholding plan
+□ Applicable Inapplicable
+(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
+2023 Annual Report
+Pan-China Certified Public Accountants LLP has audited the effectiveness of internal control over
+the Company's 2023 Annual Financial Report and issued the 2023 Internal Control Auditor's Report of
+the Company.
+√ Applicable Inapplicable
+Environmental protection funding invested during
+the reporting period (Unit: ten thousand yuan)
+After the completion of this reorganization, Yunchuan Company has become a subsidiary of CYPC.
+The labor relations of the original employees of Yunchuan Company will not change. The original
+liabilities of Yunchuan Company will continue to be borne by Yunchuan Company. Therefore, this
+restructuring does not involve personnel placement and debt disposal matters. Currently, Yunchuan
+Company implements a responsibility system for executive directors and supervisors.
+XIV. About the Internal Control Audit Report
+(III) Equity incentives granted to the directors and senior management during the reporting
+period
+(IV) The establishment and implementation of the evaluation system and incentive mechanism for
+senior management in the reporting period
+√ Applicable Inapplicable
+55/308
+2023 Annual Report
+Management Measures for Senior Managers" and based on the Company's production and operation
+performance as well as individual tenure and annual operating performance assessment results.
+The Company implemented a term system and contractual management for senior managers.
+Annual remuneration is determined by the board of directors in accordance with the "Remuneration
+□ Applicable √ Inapplicable
+During the reporting period, the Company continued to standardize operations and further improve
+the internal control system. Focusing on business development, the Company carried out timely system
+changes and revisions, revised 54 systems throughout the year, simultaneously optimized business
+processes, and effectively improved the effectiveness of internal control.
+Description of material defects in internal control in the reporting period
+□ Applicable Inapplicable
+□ Applicable √ Inapplicable
+During the reporting period, the Company purchased 100% equity of the Three Gorges Jinsha River
+Yunchuan Hydropower Development Co., Ltd. jointly held by China Three Gorges Corporation, Three
+Gorges Investment Management Co., Ltd., Yunnan Provincial Energy Investment Group Co., Ltd. and
+Sichuan Energy Industry Investment Group Co., Ltd. by issuing shares and paying cash (referred to as
+"this reorganization"). This reorganization completed the asset transfer and industrial and commercial
+registration change procedures on January 10, 2023. After the change, the Company holds 100% of the
+equity of Yunchuan Company. (For details of the above transactions, please refer to the relevant
+announcement published on the Shanghai Stock Exchange website, announcement number: 2023-003).
+XII. Establishment and Implementation of Internal Control System during the Reporting period
+√ Applicable Inapplicable
+XIII. Management Control over the Subsidiaries During the Reporting Period
+√ Applicable Inapplicable
+Yes
+No
+Yes
+No
+2015, long-term
+effective
+Yes
+NO
+Solution of
+related party
+transaction
+2015, long-term
+effective
+November
+NN
+No
+validity
+2023 Annual Report
+on related party transactions involving the Company in the board of directors and shareholders' meeting,
+they will fulfill the obligation of abstaining from voting.
+2023 Annual Report
+CTG
+November
+Other
+CTG
+CTG
+Solution of
+horizontal
+competition
+No
+NO
+Effective from
+June 2022,
+long-term
+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
+66/308
+1. the Company is a controlling shareholder of the listed company and one of the counterparties of this
+transaction, 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 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.
+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 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 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.
+Yes
+November
+2015, long-term
+effective
+Yes
+Yes
+Commitment
+related to
+material asset
+party
+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.
+reorganization
+Asset injection
+CTG
+Commitment content
+Whether
+Time and
+deadline
+deadline for
+performance
+is provided
+2009,
+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 Promised to perform the honoring August 9,
+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
+64/308
+long-term
+effective
+Whether the
+commitment
+Yes
+is performed
+timely and
+strictly
+Dividend
+CYPC
+Solution of
+related party
+transaction
+CTG
+Solution of
+horizontal
+competition
+Others
+2023 Annual Report
+CTG
+CTG
+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 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.
+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.
+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 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 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
+65/308
+2017-2026
+No
+5. the Company will eliminate non-operating use of the listed company's funds and assets. Without the
+approval of 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.
+Yes
+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.
+Yes
+Other
+CTG
+2023 Annual Report
+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 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 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.
+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.
+31, 2025
+69/308
+September 21,
+2022-December
+Yes
+Yes
+Restricted
+shares
+2023 Annual Report
+YEIG, SCEI
+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.
+the Company promised that the consideration shares obtained through this transaction shall not be transferred
+within 12 months from the end of this transaction issuance (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.
+To avoid potential same-industry competition issues, the controlling shareholder of the Company, China
+Three Gorges Corporation, issued a "Commitment Letter to Avoid Same-Industry Competition" before the
+Company's IPO, promising that China Three Gorges Corporation 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.
+February 3,
+2023 - February
+2, 2024.
+Effective from
+August 2001.
+long-term
+validity
+Other
+Solution of
+CYPC
+commitments
+Committed
+- February
+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.
+February 3,
+2023-
+2,2026
+2. The Company promised 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
+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.
+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 violation of this commitment.
+Promised the Independence of Personnel in Listed Companies:
+I.
+1. Promised 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;
+2. Promised that directors, supervisors, and senior 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;
+3. Promised that the personnel relations and labor relations of listed companies are independent of the
+promisor and its controlled enterprises.
+Effective from
+June 2022,
+long-term
+validity
+Effective from
+June 2022,
+long-term
+validity
+67/308
+No
+Yes
+no
+yes
+Restricted
+Shares
+CTG
+2023 Annual Report
+II. Promised the Independence and Integrity of Assets in Listed Companies:
+1. Promised that listed companies and their controlled subsidiaries have independent and complete assets;
+2. Except for normal business transactions, Promised that the promisor does not violate regulations by
+occupying the funds, assets, and other resources of the listed company.
+III. Promised the Financial Independence of Listed Companies:
+1. Promised that listed companies establish an independent financial department and independent financial
+accounting system with standardized and independent financial accounting policies;
+2. Promised that listed companies independently open bank accounts and do not share bank accounts with the
+promisor;
+3. Promised that financial personnel of listed companies do not hold concurrent positions and receive
+remuneration in the promisor or its controlled enterprises;
+4. Promised that listed companies can make independent financial decisions, and the promisor will not
+interfere with the use of listed companies' funds.
+IV. Promised the Independence of Institutions in Listed Companies:
+1. Promised 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. Promised 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.
+V. Promised the Business Independence of Listed Companies:
+1. Promised 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, Promised that the promisor does not intervene in the business
+activities of the listed company.
+Committing to maintaining the business independence of the listed company after this issuance is completed,
+and no substantial same-industry competition or unfair related transactions exist or occur.
+1. The Company promised 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.
+68/308
+Commitment
+type
+competition
+√ Applicable □ Inapplicable
+Gases
+Scope 1 emissions
+CO2
+1,715.59 tons
+Scope 2 emissions
+33,757.45 tons
+61/308
+Sources and Types of Greenhouse
+Greenhouse gas emission intensity
+Carbon dioxide emissions per 10,000 yuan output value: 0.00512
+tons/10,000 yuan
+[Case] Since 2021, Yangtze Power has insisted on carrying out greenhouse gas emission
+monitoring and analysis research on the Three Gorges Reservoir, and assessed and analyzed the current
+net flux of greenhouse gases in the Three Gorges Reservoir. The study found that the greenhouse gas
+emission intensity of the Three Gorges Reservoir is only equivalent to the carbon dioxide emissions
+produced by a coal-fired generating unit with an installed capacity of less than 500,000 kilowatts, which
+is far lower than the carbon reduction benefits created by the 22.5 million kilowatt clean generating units
+of the Three Gorges Power Station.
+[Notes: According to the statistics of the National Energy Administration, the carbon dioxide
+emission intensity of coal-fired power generating units with a capacity of 6,000 kilowatts and above
+nationwide is about 824g/kWh, and the annual utilization hours are about 4,400 hours. ]
+II. Social Responsibility
+1.
+Separately disclosed a social responsibility report, sustainable development report, or ESG
+report or not
+Applicable
+2023 Annual Report
+Inapplicable
+[Note: Scope 1 refers to the carbon dioxide emissions generated by the company's fossil fuel
+consumption, which mainly includes the use of gasoline for company vehicles and the use of diesel and
+natural gas for logistics services. Scope 2 is the conversion of net purchased electricity into greenhouse
+gas emissions, mainly due to the purchased electricity in the office buildings of the company's
+headquarters (including Yunchuan Company and Chuanyun Company).]
+(3) Greenhouse gas emissions
+horizontal
+Yes
+No
+NH
+Yes
+Yes
+70/308
+In accordance with the statistical standards of the "Guidelines for Accounting Methods and
+Reporting of Greenhouse Gas Emissions from China's Power Generation Enterprises (Trial)" (Fa Gai
+Ban Climate [2013] No. 2526), the company's greenhouse gas emissions in 2023 was approximately
+35,500 tons of carbon dioxide equivalent. Among them: Scope 1 is about 1,700 tons of carbon dioxide
+equivalent, and Scope 2 is about 33,700 tons of carbon dioxide equivalent. The total amount is at a low
+level.
+2023 Annual Report
+3.Risk management
+The company attaches great importance to the potential impact of climate change risks and
+incorporates climate risk management into the company's comprehensive risk management and control
+system. Regularly conduct annual comprehensive risk management summaries and risk assessments,
+issue an annual risk list, establish a risk management team, and build working mechanisms for daily
+management and special management of major projects, which can be used to systematically identify
+climate change-related risk points and assess, monitor and respond to them.
+Background
+(1) Setting low-carbon development goals and strategic measures
+During the "14th Five-Year Plan" period, the company actively serve the national "double carbon"
+strategy, operate green and low-carbon businesses, and strive to create a world-class clean energy listed
+company with hydropower as its core.
+(2) Greenhouse gas substitution and emission reduction
+In 2023, the company's six cascade power stations generated a total power generation of 276.263
+billion kilowatt hours, which is equivalent to replacing 83.07 million tons of standard coal consumption
+compared with coal-fired power stations, reducing carbon dioxide emissions by 227.64 million tons,
+reducing sulfur dioxide emissions by 22,900 tons, and reducing nitrogen oxide emissions by 36,700 tons,
+contributing to ensuring energy supply, reducing pollution and carbon dioxide, preventing haze, and
+responding to climate change.
+environmental protection facilities, and promote the research and development and innovation of
+energy-saving and consumption-reducing technologies.
+For details, please refer to the Company's ESG Report.
+4.Indicators and goals
+√ Applicable Inapplicable
+15,000
+23,000
+Industrial assistance, employment
+assistance, education assistance,
+medical assistance, infrastructure
+construction, introduction of
+assistance funds, consumption
+assistance, dispatch of temporary
+cadres, etc.
+Detailed description:
+√ Applicable Inapplicable
+Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the
+Company always insists on fulfilling its assistance responsibilities, innovating work measures, practicing
+62/308
+15,000
+2023 Annual Report
+Second, the Company innovated work measures to ensure that rural revitalization takes root.
+Helped Wushan and Fengjie counties introduce assistance funds of 44.98 million yuan, the Company
+attracted investment of 87.34 million yuan, and purchased agricultural and sideline products from the
+assistance areas worth 8.8 million yuan. The Company constructed 7 industrial support production
+workshops with nearly 40,000 square meters, and created 6 rural revitalization demonstration sites.
+Promoted the official start of construction of the Caiziba pumped storage project in Fengjie County to
+help support the upgrading of the regional economic and industrial structure and energy transformation.
+Third, the Company practiced the concept of responsibility and increased investment in assistance
+work. The Company coordinated and promoted targeted assistance in the power station reservoir area
+and co-construction of new business areas, covering infrastructure assistance, education assistance,
+health assistance, industrial assistance, etc. Actively promoted the construction of smart comprehensive
+energy in rural areas, the Company implemented a series of projects such as the Niuzaping Village
+Smart Village in Yichang, bio-natural gas in Leiyang, Hunan, and fishery and light complementary
+projects in Zhoukou, Henan, improved the modern level of rural governance and help created a
+low-carbon, green and smart countryside that integrates energy development and industrial promotion.
+Fourth, the Company supported charity relief and carried out extensive public welfare volunteer
+activities. The Company carried out public welfare activities such as "Happy Smile", "CYPC Sunshine
+Class", "Warm Winter Action" and "Ecological Citizen Day" to further enhance the Company's
+responsibility fulfillment. A youth volunteer service team was established, with nearly 470 young
+employees providing services such as hydropower science popularization, child assistance in the
+reservoir area, construction of a beautiful Yangtze River, and community services. Carried out volunteer
+activities such as tree planting in the "Green World's Largest Clean Energy Corridor", increased the
+reproduction of rare fish and release them into rivers, volunteer blood donations, and love donations, and
+used practical actions to interpret the volunteer spirit of dedication, friendship, progress, and mutual
+assistance.
+I. Performance of Commitment Matters
+2023 Annual Report
+Section VI
+Important Matters
+(I) 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
+2. Specific details of the Company's social responsibility work
+the concept of responsibility and supporting charity assistance, continues to strengthen support for
+designated assistance counties, areas around power station reservoirs and new business areas, and
+effectively assumes the social responsibility mission of central enterprises. The Company's rural
+revitalization case was selected as the "2023 Outstanding Cases of Electric Power Corporate Social
+Responsibility" by the China Electricity Council and the "Best Case of Rural Revitalization of Listed
+Companies" by the China Association of Public Companies, and won the "Golden Bull Award" ESG
+Top 20 Rural Revitalization Enterprises. The following work was mainly completed during the year:
+First, the Company consolidated assistance responsibilities and solidly promote targeted assistance
+work. Throughout the year, 31 targeted assistance projects were implemented in Wushan and Fengjie
+counties in Chongqing. The implementation of assistance projects was promoted through exchange visits
+with the two counties, sending working groups and temporary cadres. Actively promoted the
+construction of industrial development projects such as village collective photovoltaics and cold chain
+logistics platforms, and further enhanced the hematopoietic function of the assisted areas; renovated
+township clinics, built youth science exhibition halls, improved people's livelihood security facilities;
+carried out domestic sewage and garbage management according to local conditions, and promoted the
+improvement of rural living environment.
+Quantity/Details
+63/308
+Forms of assistance (such as industrial poverty alleviation,
+employment poverty alleviation, education poverty alleviation,
+etc.)
+Donations and Public Welfare Projects
+30,000
+Total Investment (10 thousand RMB)
+Among which: Fund Donation (10 thousand RMB)
+Number of Beneficiaries
+Detailed description:
+□ Applicable Inapplicable
+Quantity/Details
+Donation of Materials (10 thousand RMB)
+III. Specific Conditions of Consolidation and Expansion of Poverty Alleviation and Rural
+Revitalization
+√ Applicable □ Inapplicable
+Poverty alleviation and rural revitalization projects
+Number of Beneficiaries
+Total Investment (10 thousand RMB)
+Among which: Fund Donation (10 thousand RMB)
+32,701.06
+32,701.06
+Donation of Materials (10 thousand RMB)
+yuan.
+77/308
+2023 Annual Report
+4. Other descriptions
+□ Applicable Inapplicable
+(VI) Miscellaneous
+□ Applicable √ Inapplicable
+Note: As of December 31, 2023, the Company's comprehensive credit limit in China Three Gorges
+Finance Co., Ltd. is 60 billion yuan, of which the loan limit is 60 billion yuan; the amount of the loan
+contract that has been signed and exists is 46.50 billion yuan, with actual withdrawals of 20.803 billion
+XIII. Important Contracts and Its Implementation
+(I) Trusteeship, Contracting and Leasing Events
+√
+the Company
+Business type
+6,000,000.00
+Credit business
+controlling shareholders of
+Controlled by
+Actual amount incurred
+Unit: ten thousand yuan Currency: RMB
+Total amount
+Relationship
+Co., Ltd.
+Three Gorges Finance
+Related party
+1. Trusteeship
+4,650,000.00
+√
+Guaranteed
+amount
+2. Contracting
+Three
+Gorges
+date)
+company
+Counter-guarantee
+Amount
+Guarantee Whether
+has been the
+performed guarantee override
+or not is overdue
+Types of
+Collateral
+guarantees (if any)
+Guarantee
+date
+(agreemen From To
+t signing
+listed
+Guaranteed
+Guarantor guarantor and
+□ Applicable Inapplicable
+Name of the
+Relation
+Unit: yuan Currency: RMB
+External guarantee (excluding the guarantee to subsidiaries)
+2023 Annual Report
+√ Applicable Inapplicable
+(II) Guarantee
+78/308
+□ Applicable Inapplicable
+ฟ
+3. Leasing
+□ Applicable Inapplicable
+between
+2023 Annual Report
+(3) Impairment provision of entrusted financial management
+Electric
+0.02%
+41,481,759.70
+41,481,759.70
+2023 Annual Report
+Amount of the guarantee provided for shareholders, actual controllers and
+their related party (C)
+(III) About the Entrusting Others with the Management of Cash Assets
+1. Entrusted financial management
+(1) Overall entrusted financial management
+□ Applicable √ Inapplicable
+Other situations
+□ Applicable √ Inapplicable
+79/308
+(2) Entrusted financial management
+Other situations
+□ Applicable √ Inapplicable
+√ Applicable Inapplicable
+□ Applicable √ Inapplicable
+2. Entrusted loans
+(1) Overall entrusted loan
+□ Applicable √ Inapplicable
+Other situations
+□ Applicable √ Inapplicable
+(2) Individual entrusted loans
+□ Applicable Inapplicable
+Other situations
+80/308
+□ Applicable √ Inapplicable
+Description of possible liability for satisfaction (the guarantee not yet due)
+Total amount of above three guarantees (C+D+E)
+Amount of the portion with the total amount of guarantee exceeding net
+assets by 50% (E)
+Subsidiary
+Energy
+Co., Ltd.
+Distribution 41,481,759.70
+Energy Co.,
+Ltd.
+September
+2021
+Septe Septe
+mber, mber,
+2021 2036
+General
+guarantee
+No
+No
+No
+Total amount incurred of the guarantee in the reporting period(excluding
+the guarantee to the subsidiaries)
+Total balance of the guarantee at the end of reporting period (A)
+(excluding the guarantee to the subsidiaries)
+Guarantee of the Company and its subsidiaries on subsidiaries
+Total amount incurred of the guarantee to subsidiaries in the reporting
+period
+Total balance of guarantee to subsidiaries at the end of reporting period
+|(B)
+Total guarantee amount (A+B)
+Whether the
+related
+parties are
+guaranteed
+Relationship
+of related
+parties
+Yes
+Joint Venture
+41,481,759.70
+Total guarantee amount (including the guarantee to subsidiaries)
+41,481,759.70
+Proportion of total guarantee amount to the Company net assets (%)
+Where:
+Amount of the guarantee provided for shareholders, actual controllers and
+their related party (C)
+Amount of debt guarantee provided directly or indirectly for the guarantee
+with the asset-liability ratio exceeding 70% (D)
+Yangtze
+Smart
+3. Credit business or other financial business
+844,163.05
+2,310,000.00
+net profit
+of the
+asset
+asset
+of
+of major
+projects
+invested
+s of
+s of
+2,080,300.00
+comany
+the
+the
+inves
+under
+constructi
+inves inve ted
+on of
+total
+d capital
+invested comany
+invested
+comany
+√ Applicable □ Inapplicable
+Summary of matters
+On December 29, 2023, the Company disclosed the
+Announcement on Participating in the Establishment of
+Sichuan Jiangyou Pumped Storage Co., Ltd. and
+Related Transactions., The Company and China Three
+Gorges Construction Engineering Co., Ltd., a
+wholly-owned subsidiary of the controlling shareholder
+China Three Gorges Corporation, jointly invested in
+the establishment of Sichuan Jiangyou Pumped Storage
+Co., Ltd.. Sichuan Jiangyou Pumped Storage Co., Ltd.
+plans to have a registered capital of RMB 1.4 billion.
+Three Gorges Construction Engineering and CYPC
+contribute RMB 714 million and RMB 686 million in
+currency respectively, with corresponding shareholding
+ratios of 51% and 49% respectively.
+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/), announcement No.:
+2023-055
+2. Matters already disclosed in the temporary bulletin but with progress or changes of subsequent
+execution
+ted sted
+√
+3. Matters not disclosed in the temporary bulletin
+√ Applicable □ Inapplicable
+Association relationship
+Name of The main business of the
+Registere
+Unit: yuan Currency: RMB
+The The Net Progress
+75/308
+2023 Annual Report
+□ Applicable Inapplicable
+1. Matters already disclosed in the temporary bulletin and without progress or changes of
+subsequent execution
+coma
+coma
+Bazhou
+Gorges
+wholly-owned subsidiary of the
+exchange, technology
+Ruoqiang
+transfer, technology
+Capital,
+Company's controlling
+Energy
+Three
+Co., Ltd.
+Gorges
+Investment
+shareholder, China Three
+Gorges Corporation. This
+transaction constitutes a related
+transaction with Three Gorges
+Energy, Three Gorges Capital,
+and Three Gorges Investment.
+promotion; sales of station
+hydrogenation and
+hydrogen storage facilities;
+energy storage technology
+services; new energy prime
+mover equipment
+manufacturing.
+Description of major related transactions in joint external investments
+Gorges Investment is a
+Three
+consultation, technology
+Gorges
+com
+ny
+AY
+comany
+ny
+any
+Three
+Three Gorges Renewables and
+Three Gorges Capital are
+holding subsidiaries of the
+Company's controlling
+invested
+Wind power generation
+technical services; solar
+services; technical
+services, technology
+development, technical
+Gorges
+shareholder, China Three
+Three
+Renewables,
+Gorges Corporation, and Three
+power generation technical
+1,500,000
+,000.00
+(III) Material Related Party Transactions of Joint Investments
+4. Where the performance is agreed, the achievements during the reporting period shall be
+disclosed
+VI. Employment and Dismissal of Accounting Firms
+Name of domestic accounting firm
+Remuneration for domestic accounting firm
+Audit period of domestic accounting firm
+Unit: ten thousand yuan Currency: RMB
+Existing accounting firm
+Da Hua Certified Public Accountants (Special
+General Partnership)
+325
+2
+Name
+Remuneration
+Accounting firm for internal
+control audit
+Pan-China Certified Public
+Accountants LLP
+38.16
+Employment and dismissal of accounting firms
+√ Applicable Inapplicable
+On May 23, 2023, the Company's 2022 Annual General Meeting of Shareholders reviewed and
+approved the Proposal on Engaging an Audit Agency for the 2023 Financial Report and decided to hire
+Da Hua Certified Public Accountants (Special General Partnership) as the Company's 2023 financial
+report auditor.
+On May 23, 2023, the Company's 2022 Annual General Meeting of Shareholders reviewed and
+approved the Proposal on the Appointment of Internal Control Audit Institution for 2023 and decided to
+re-appoint Pan-China Certified Public Accountants LLP as the Company's internal control audit
+institution for 2023.
+About changed employment of the accounting firm during the audit
+□ Applicable Inapplicable
+(IV) Approval procedures and other instructions
+Applicable Inapplicable
+(III) Communication with former accounting firms
+(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 commitments and the impact on goodwill impairment assessment
+□ Applicable Inapplicable
+71/308
+2023 Annual Report
+II. Non-operating Funds Occupied by Controlling Shareholders and Other Related Parties During the Reporting Period
+□ Applicable √ Inapplicable
+III. Illegal Guarantee
+□ Applicable √ Inapplicable
+√
+72/308
+IV. Explanations of the Company's Board on the Modified Auditor's Report provided by the
+Accounting Firm
+□ Applicable √ Inapplicable
+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
+On 30 November 2022, the Ministry of Finance issued Accounting Standard for Business
+Enterprises Interpretation No. 16 (Cai Kuai [2022] No. 31, hereinafter referred to as "Interpretation No.
+16"), of which, the provisions of "The deferred income tax related to assets and liabilities arising from
+individual transactions is not subject to the accounting treatment of initial recognition exemption” shall
+come into effect on 1 January 2023. This change in accounting policy has no material impact on the
+Company's financial position, results of operations and cash flows.
+(II) Analytical descriptions of the Company on the causes and influence of major accounting error
+correction
+□ Applicable √ Inapplicable
+2023 Annual Report
+□ Applicable √ Inapplicable
+□ Applicable Inapplicable
+2023 Annual Report
+2. Matters already disclosed in the temporary bulletin but with progress or changes of subsequent
+execution
+√
+□ Applicable Inapplicable
+3. Matters not disclosed in the temporary bulletin
+□ Applicable √ Inapplicable
+(II) Related Party Transactions Accrued from the Assets or Equity Acquisition and Sales
+1. Matters already disclosed in the temporary bulletin and without progress or changes of
+subsequent execution
+☐ Applicable √ Inapplicable
+74/308
+Co-investors
+2023 Annual Report
+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, the CTG, is a controlling shareholder of the
+Company, and Three Gorges Investment is a wholly-owned subsidiary of the CTG, while 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 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. The asset transfer and industrial
+and commercial registration change procedures were completed on January 10, 2023. After the change,
+the Company owned 100% of the equity of Yunchuan Company. For details of the above transactions,
+please refer to the relevant announcement published on the Shanghai Stock Exchange website,
+announcement number: 2023-003.
+3. Matters not disclosed in the temporary bulletin
+□ Applicable √ Inapplicable
+□ Applicable √ Inapplicable
+1. Matters already disclosed in the temporary bulletin and without progress or changes of
+subsequent execution
+(I) Related party transaction relevant to daily management
+XII. Material Related Party Transactions
+Explanation of audit fees falling by more than 20% (inclusive) compared with the previous year
+□ 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
+□ Applicable Inapplicable
+(III) Circumstances and reasons for delisting
+□ Applicable √ Inapplicable
+73/308
+VIII. Relevant Matters of Bankruptcy Reorganization
+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.
+X. Penalty 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
+□ Applicable √ Inapplicable
+XI. Explanations on the Honesty Condition of the Company and Its Controlling Shareholders and
+Actual Controllers in the Reporting Period
+ฟ
+□ Applicable Inapplicable
+□ Applicable √Inapplicable
+0
+the
+controlling
+shareholder
+s of the
+Company
+Please refer to the notes to 2023 Financial Statement: Related Party and Related Party Transaction
+for details.
+(IV) Related Party Credit And Debt
+The Company jointly invested with China Three Gorges Renewables (Group) Co., Ltd., Three
+Gorges Capital Holdings Co., Ltd., and Three Gorges Investment Management Co., Ltd. to establish
+Three Gorges Bazhou Ruoqiang Energy Co., Ltd. On August 2, 2023. Three Gorges Bazhou Ruoqiang
+Energy Co., Ltd. was registered and established in Ruoqiang County, Bayingolin Mongolian
+Autonomous Prefecture, Xinjiang Uygur Autonomous Region, and the registered address is Room 307,
+third floor, No. 681, Shengli Road, Ruoqiang Town, Ruoqiang County, Bayingolin Mongolian
+Autonomous Prefecture, Xinjiang; the business scope includes wind power generation technical services,
+solar power generation technical services, technical services, technology development, technical
+consultation, technology exchange, technology transfer, technology promotion, station hydrogenation
+and hydrogen storage facility sales, energy storage technology services, and new energy prime mover
+equipment manufacturing. The registered capital of Three Gorges Bazhou Ruoqiang Energy Co., Ltd. is
+1.5 million yuan,
+and CYPC has subscribed capital of 510 million yuan, with a shareholding ratio of
+34%; Yangtze Electric Power subscribed for 495 million yuan, with a shareholding ratio of 33%; Three
+Gorges Capital subscribed for 247.5 million yuan, with a shareholding ratio of 16.5%, and Three Gorges
+Investment subscribed for 247.5 million yuan, with a shareholding ratio of 16.5%. Three Gorges
+Renewables and Three Gorges Capital are the holding subsidiaries of the Company's controlling
+shareholder, China Three Gorges Corporation, and Three Gorges Investment is a wholly-owned
+subsidiary of the Company's controlling shareholder, China Three Gorges Corporation, this transaction
+of the Company constitutes a related transaction with Three Gorges Energy, Three Gorges Capital, and
+Three Gorges Investment. All parties involved in this related transaction contributed capital with their
+own funds, and the source of funds is legal and compliant. It will not have an adverse impact on the
+Company and will not affect the Company's independence. After this related transaction, the Company's
+main business will not become dependent on or controlled by related parties. During the reporting period,
+Three Gorges Bazhou Ruoqiang Energy Co., Ltd. was still in the resource acquisition stage, with no
+paid-in capital and no actual operations.
+0
+0
+Total deposit
+Total withdrawl
+amount for the
+period
+amount for the
+period
+Ending
+balance
+Controlled
+Three
+by
+Gorges
+Finance
+Co., Ltd.
+Deposit
+interest rate
+range
+3,000,000.00
+1. Matters already disclosed in the temporary bulletin and without progress or changes of
+subsequent execution
+Higher than
+the People's
+Bank of
+China
+deposit
+□ Applicable √ Inapplicable
+2023 Annual Report
+Accrual of the period
+Daily
+maximum
+deposit limit
+р
+party
+Relationshi
+Related
+Unit: ten thousand yuan Currency: RMB
+√ Applicable Inapplicable
+1. Deposit business
+√ Applicable Inapplicable
+(V) Financial business between the Company and related financial companies, holding financial
+companies and related parties
+□ Applicable Inapplicable
+√
+3. Matters not disclosed in the temporary bulletin
+☐ Applicable Inapplicable
+√
+2. Matters already disclosed in the temporary bulletin but with progress or changes of subsequent
+execution
+76/308
+25,576,043.54
+Beginning
+balance
+benchmark
+Lower than the
+Controlled
+by
+benchmark
+of the
+Company
+Three
+Gorges
+Finance
+Co., Ltd.
+controlling 6,000,000.0
+shareholders
+loan interest
+rate of the
+amount for the
+period
+3,070,300.00
+2,310,000.00
+2,080,300.00
+0
+People's Bank
+of China in the
+same period
+Total
+6,000,000.0
+0
+3,070,300.00
+1,320,000.00
+1,320,000.00
+25,952,593.69 467,612.90
+period
+Total repayment
+interest rate
+for the same
+period
+Total
+3,000,000.00
+844,163.05
+25,576,043.54 25,952,593.69 467,612.90
+2. Loan business
+√ Applicable Inapplicable
+Unit: ten thousand yuan Currency: RMB
+Accrual of the period
+Ending balance
+Related
+party
+Range of loan
+interest rate
+Beginning
+balance
+Total loan
+amount for the
+Relationship Loan limit
+RMB common shares
+1,800,368,744
+Qty.
+11,561,240,186
+RMB common shares
+Categories
+Share type and number
+(II) Shareholding of the Top 10 Shareholders and Top 10 Outstanding Shareholders (or Holders
+of Unrestricted Shares) at the End of the Reporting Period
+China National Petroleum
+Corporation
+China Three Gorges Construction Engineering
+Corporation
+d
+Unkno
+owne
+State-
+n
+perso
+0
+1,800,368,744
+wn
+0
+261,594,750 1.07
+0
+d
+Unkno
+legal
+Number of tradable shares without
+trading limited condition
+11,561,240,186
+139,880,290 0.57
+wn
+insurance products
+Ping An Life Insurance Company of China
+-Traditional-General
+Hong Kong Securities Clearing Company
+Limited
+China Three Gorges Corporation
+Name of shareholder
+2023 Annual Report
+0
+89/308
+9 Part of China Three Gorges Corporation's shareholdings decreased, The main reason is that its exchangeable bonds "G
+Three Gorges EB1" and "G Three Gorges EB2" issued in 2019 and 2022 have entered the share exchange period since
+April 13, 2020 and June 2, 2023. Some investors have exchanged shares.
+8 The number of shares held at the end of the period is calculated by combining the three accounts "China Three Gorges
+Corporation", "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".
+Shareholdings of top ten shareholders without trading limited condition
+n
+perso
+legal
+10 The number of shares held at the end of the period is calculated by combining the four accounts "Yunnan Energy
+Investment Group Co., Ltd.","Yunnan Energy Investment Group Co., Ltd. - Special account for non-public issuance of
+exchangeable corporate bonds for professional investors in 2022","Yunnan Energy Investment Group Co., Ltd. - Special
+pledge account for the non-public issuance of exchangeable corporate bonds (second phase) to professional investors in
+2022" and "Yunnan Energy Investment Group Co., Ltd. - Special Pledge Account for the Non-public Issuance of
+Exchangeable Corporate Bonds (First Phase) to Professional Investors in 2023"
+988,076,143 RMB common shares
+among the top ten shareholders
+880,000,000
+876,596,500
+Industry
+Energy
+Sichuan
+Proportio
+n(%)
+Total
+Proporti
+on(%) quantity
+3.85
+The shares were loaned
+through refinancing at
+the end of the period
+and have not been
+returned
+Unit: share
+Total quantity
+Proporti
+on(%)
+End-of-period general
+account and credit account
+holdings
+Total
+quantity
+Proportio
+n(%)
+N/A
+Total quantity
+3,403,500
+Investment
+90/308
+refinancing at the end of the
+period that have not been
+Number of shares lent through
+reporting
+during this
+Join/Quit
+0.01
+Changes in the top ten shareholders compared with the previous period
+Shareholder name
+Changes in the top ten shareholders compared with the previous period
+√ Applicable Inapplicable
+Ltd
+Group Co.,
+4.52
+1,106,098,806
+(full name)
+Shareholder
+name (full
+name)
+The shares were loaned
+through refinancing at the
+beginning of the period
+and have not been
+returned
+Opening ordinary account
+and credit account
+holdings
+657,980,472
+RMB common shares
+657,980,472
+China Securities Finance Corporation Limited
+730,723,158
+RMB common shares
+China Three Gorges Corporation Industrial
+Development
+730,723,158
+875,618,200
+RMB common shares
+875,618,200
+Sichuan Energy Industry Investment Group
+Co., Ltd.
+880,000,000
+RMB common shares
+Yunnan Provincial Energy Investment Group
+Co., Ltd
+454,837,184
+RMB common shares
+454,837,184
+The top ten shareholders participating in refinancing and lending shares
+The top ten shareholders participating in the refinancing business and lending shares
+√ Applicable □ Inapplicable
+China Three Gorges Construction Engineering Corporation and China Three
+Gorges Corporation Industrial Development are wholly-owned subsidiaries 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.
+N/A
+Description of preference shareholders whose
+voting rights have been restored and the
+number of shares they hold
+Explanations of relationships between or
+concerted actions of the aforementioned
+shareholders
+Description of the proxy voting rights,
+entrusted voting rights and abstention from
+voting rights of the above-mentioned
+shareholders
+China National Nuclear
+Corporation
+Description of repurchase special account
+China National Petroleum Corporation
+China National Nuclear Corporation
+N/A
+139,880,290
+261,594,750
+261,594,750 RMB common shares
+139,880,290 RMB common shares
+988,076,143
+owne
+0
+n
+the period
+reporting
+period
+e of
+Natur
+Pledged, marked or
+frozen status
+holding shares
+with trading
+rtion
+held at the end of
+se during
+Name of shareholder
+(full name)
+Propo
+Number of shares
+Increase/decrea
+Number of
+innovation
+Commercial Paper
+2023/06/09
+(%)
+2.19%
+limited
+Status
+of
+shares
+Hong Kong Securities
+Clearing Company Limited
+n
+perso
+legal
+2,067,547,078
+12,022,201,399 49.13 460,961,213 Pledge
+140,065,597⁹
+d
+China Three Gorges
+Corporation
+owne
+State-
+2023 Annual Report
+88/308
+r
+holde
+Qty.
+share
+condition
+3,000,000,000 2023/06/16
+3,000,000,000
+2023/10/19
+Shareholding structure of the top ten shareholders
+2,000,000,000
+2023/11/09
+Commercial Paper
+Explanation on the issuance of securities as of the reporting period (please specify separately for bonds
+with different interest rates during the duration):
+□ 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
+For details, please refer to I. Changes in Shares in Section VII Changes in Shares and Status of
+Shareholders.
+(III)
+Conditions on Existing Internal Staff Shares
+□ Applicable √ Inapplicable
+III. Conditions on Shareholders and Actual Controllers
+(I) Total Number of Shareholders
+Total number of ordinary Shareholders at the end of the
+Reporting Period (Nr )
+Total number (Nr.) of common shareholders at the end
+of the previous month before disclosure of the annual
+report
+207,412
+261,588
+2.10%
+2023/07/13
+Commercial Paper
+CYPC eighth phase of
+Super & Short-term
+2023/09/08
+(first phase) to
+professional investors
+in 2023
+CYPC sixth phase of
+Super & Short-term
+Commercial Paper
+CYPC seventh phase
+2023/07/12
+Unkno
+2.00%
+2023/07/14
+2,000,000,000
+2023/08/10
+of Super & Short-term
+2023/07/12
+2.00%
+2,000,000,000 2023/07/14
+2,000,000,000
+2,000,000,000
+164,695,433
+1,800,368,744 7.36
+0
+961,203,764
+0.20
+44,830,000
+3.02
+686,613,158
+Energy
+Provincial
+Yunnan
+Ltd.
+Group Co.,
+0.02
+4,381,800
+Unkno
+China Securities Finance
+legal
+perso
+Corporation
+N/A
+3.93
+720,000
+0.00
+Investment
+legal
+perso
+d
+owne
+State-
+us
+Misce
+llaneo
+n
+Development
+0
+N/A
+454,837,184 1.86
+Unit: share
+China Three Gorges
+Corporation Industrial
+wn
+Corporation
+0
+657,980,472 2.69
+0
+0
+State-
+880,000,000 3.60
+Construction Engineering
+Unkno
+insurance products
+-Traditional -General
+Company of China
+Ping An Life Insurance
+n
+legal
+perso
+wn
+1,106,098,806 4.52 230,480,606
+229,502,306
+d
+Unkno
+Sichuan Energy Industry
+Investment Group Co., Ltd.
+State-
+owne
+us
+Misce
+llaneo
+wn
+0
+988,076,143 4.04
+0
+wn
+d
+China Three Gorges
+owne
+State-
+n
+perso
+d
+legal
+384,554,438
+0
+Pledge
+961,203,764 3.93
+274,590,606
+Investment Group Co., Ltd¹0
+Yunnan Provincial Energy
+owne
+State-
+us
+Misce
+llaneo
+230,480,606
+2,000,000,000 2023/07/17
+2023 Annual Report
+CYPC scientific and
+2023 Annual Report
+I. Changes in Capital Stock
+Section VII
+83/308
+XV. Description of other significant matters that have a significant impact on investors' value judgments and investment decisions
+□ Applicable √ Inapplicable
+□ Applicable Inapplicable
+Miscellaneous
+Changes in Shares and Shareholders
+5.
+Use over raised funds to permanently supplement working capital or return bank loans
+4.
+□ Applicable Inapplicable
+√
+3. Cash management of idle raised funds and investment in related products
+□ Applicable √Inapplicable
+2. Use idle raised funds to temporarily supplement working capital
+□ Applicable √ Inapplicable
+(I) Changes in Shares
+1.
+Changes in Shares
+921,922,425
+-804,436,061
++1,726,358,486
+on(%)
+new shares
+shares
+Quantity
+Subtotal
+Proporti
+Lifting ban on
+Issue new
+Proport
+ion(%)
+Quantity
+After this change
+This change increases or decreases (+, -)
+Before this change
+Units: shares
+On April 6, 2023, the 16th meeting of the Company's sixth session of board of directors reviewed and approved the Proposal on Using Raised Funds to
+Replace Pre-invested Self-raised Funds, agreeing that listed companies can use raised funds to replace self-raised funds that have been invested in investment
+projects with raised funds. the Company purchased 100% equity of the Three Gorges Jinsha River Yunchuan Hydropower Development Co., Ltd. by issuing shares
+and paying cash consideration with self-raised funds. The transaction consideration totaled 80.484 billion yuan, of which 64.387 billion yuan was paid in cash. The
+funds raised this time was fully used after replacing the self-raised funds that had been invested in investment projects with raised funds.
+921,922,425
+√ Applicable Inapplicable
+(IV) Other information on the use of raised funds during the reporting period
+(%) (3)
+ng
+period
+(2)
+project
+d
+usable
+this
+short
+status
+explain the
+year
+ed by
+planne
+ed
+ng
+period
+(1)
+reporti
+so, please
+of plan
+specific
+project
+2023 Annual Report
+82/308
+□ Applicable √ Inapplicable
+(III) Changes or termination of investment during the reporting period
+**
+Company
+Yunchuan
+the equity of
+for acquiring
+consideration
+cash
+Pay part of the
+SS
+(2)/(1)
+=
+situation
+progre
+1. Advance investment and replacement of raised funds in investment projects
+3.77
+1. Shares subject to sales
+restrictions
+(1) State shareholding
+(2)Shareholding by
+state-owned legal persons
+(3)Other domestic
+Units: shares
+√ Applicable Inapplicable
+(II) About Changes in Restricted Shares
+□ Applicable √ Inapplicable
+4. Other contents disclosed according to the requirements of the Company or the securities
+regulatory authorities
+☐ Applicable √ Inapplicable
+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)
+Number
+of
+restricted
+On October 30, 2023, the 804,436,061 restricted shares issued by the Company to 19 specific
+targets have reached the six-month restricted period, and the shares are listed for circulation. For details,
+please refer to the relevant announcement published on the Shanghai Stock Exchange website,
+announcement number: 2023-047.
+Number of shares held by shareholders in
+ordinary accounts, credit accounts and
+refinancing loans that have not been returned
+84/308
+On April 24, 2023, the Company completed the registration procedures at the Shanghai Branch of
+China Securities Depository and Clearing Co., Ltd. for the new shares corresponding to the issuance of
+shares to specific objects by raising supporting funds. the Company issued a total of 804,436,061 shares
+(tradable shares with sales restrictions) to 19 specific targets. After this issuance, the Company's number
+On February 3, 2023, the Company's new shares issued to purchase assets completed the
+registration procedures at the Shanghai Branch of China Securities Depository and Clearing Co., Ltd., the
+Company issued a total of 921,922,425 shares (tradable shares with sales restrictions) to China Three
+Gorges Corporation, Yunnan Provincial Energy Investment Group Co., Ltd., and Sichuan Energy
+Industry Investment Group Co., Ltd. the number of shares of the Company after this issuance is
+23,663,781,655 shares. For detail, please refer to the relevant announcement published on the Shanghai
+Stock Exchange website, announcement number: 2023-005.
+During the reporting period, the Company purchased 100% equity of the Three Gorges Jinsha River
+Yunchuan Hydropower Development Co., Ltd. by issuing shares and paying cash, and raised supporting
+funds by issuing shares to specific objects. Changes in shares are as follows:
+√ Applicable □ Inapplicable
+100.00
+of shares is 24,468,217,716 shares. For details, please refer to the relevant announcement published on
+the Shanghai Stock Exchange website, announcement number: 2023-018.
+shares at
+Number of
+shares
+released from
+Shareholder name
+0
+0
+Energy Investment
+Yunnan Provincial
+Corporation
+460,961,213
+460,961,213
+0
+0
+China Three Gorges
+this year
+Release
+date
+Reasons for sales
+restrictions
+Number of
+restricted
+shares at the
+end of the year
+Increase in the
+number of
+restricted
+shares this year
+trading
+restrictions
+the
+beginning
+of the
+year
+1,726,358,486 24,468,217,716
+About Changes in Shares
+2.
+22,741,859,230 100.00 +1,726,358,486
++304,447,772 -304,447,772
+3.77
+921,922,425
+921,922,425
++1,154,805,981 -232,883,556
+without selling
+2. Circulable shares
+Shareholding
+overseas legal persons
+Including: shares held by
+(4) Foreign shareholding
+natural person
+shareholding
+Domestic
+legal persons
+domestic non-state-owned
+Including: shares held by
+shareholdings
+0
+ment
++267,104,733 -267,104,733
++267,104,733 -267,104,733
+0
+3. Total number of shares
+(4) Others
+stocks listed overseas
+(3) Foreign-invested
+foreign shares
+(2) Domestic-listed
+96.23
+804,436,061 23,546,295,291
++804,436,061
+22,741,859,230 100.00
+(1) RMB ordinary shares
+restrictions
+96.23
+804,436,061 23,546,295,291
++804,436,061
+22,741,859,230 100.00
+by foreign natural persons
+0
+ss fell
+closed
+the
+ative
+The
+total
+Cumul
+2023 Annual Report
+Units: yuan
+100.00
+16,052,226,841.19
+The
+100.00
+funds
+changed
+amount this
+year (%) (5)
+= (4)/(1)
+raised
+of
+amount
+Proportion
+of
+investment
+Total
+use
+invest
+The
+Whet
+Wheth
+Wheth
+when
+progre
+raised
+ment
+Whet
+invol
+amoun
+t of
+invest
+her it
+date
+ment
+total
+amoun
+Total
+Units: yuan
+81/308
+16,052,226,841.19
+16,052,226,841.19 16,052,226,841.19
+funds
+Total funds raised
+of funds
+receive
+Source
+Time to
+√ Applicable □ Inapplicable
+(I) Overall usage of raised funds
+√ Applicable Inapplicable
+XIV. Instructions on progress of use of raised funds
+□ Applicable √ Inapplicable
+(IV) Other Important Contracts
+□ Applicable √ Inapplicable
+3. Miscellaneous
+□ Applicable √ Inapplicable
+(3) Provision for impairment of entrusted loans
+□ Applicable √ Inapplicable
+raised
+er the
+raised
+Net amount of
+funds raised after
+deducting issuance
+16,052,226,841.19
+Amount invested
+this year (4)
+of the end of
+the reporting
+period (%)
+(3) = (2)/(1)
+Cumulative
+investment
+progress as
+As of the end of the
+reporting period, the
+total amount of
+raised funds
+invested (2)
+funds after
+adjustment (1)
+Total committed
+investment of raised
+Total amount of
+committed
+investment from
+raised funds
+2023 Annual Report
+(II) Details of fundraising projects
+√ Applicable Inapplicable
+objects
+specific
+16,096,765,580.61
+April 4,
+2023
+to
+Issuance
+of
+shares
+expenses
+Includin
+g:
+Amount
+of over
+raised
+funds
+230,480,606
+invest
+ment
+Specifi
+tment
+inves
+d this
+commi
+nature
+ements
+ment
+raised raised
+funds
+has
+funds
+over
+funds
+funds raised
+ging
+d
+line
+d as of
+after
+the end
+tments
+the
+amount
+project
+feasibility, if
+achiev
+progre
+intend
+been
+during
+with
+s its
+the
+reporti
+of the
+year
+adjust
+raised
+by the
+ion
+direct
+Balance
+change in
+achiev
+invest
+nt
+invest
+Projec
+funds
+of
+her to
+Time to
+ves
+the
+Ss as
+Amou
+t of
+s or
+Benefi
+there has
+The
+benefit
+с
+reason
+of the
+Whether
+er the
+Source of
+item
+realize
+been a
+significant
+R&D
+s for
+ts
+progre
+ss is in
+project
+reache
+end of
+investe
+ment
+t
+Project name
+investe
+raised
+use
+receive
+chan
+230,480,606
+Group Co., Ltd.
+Sichuan Energy
+GF Securities Co.,
+Ltd.
+by the issuance target
+shall not be transferred
+The shares subscribed
+the date of completion
+of the issuance.
+within 6 months from
+by the issuance target
+shall not be transferred
+0
+24,987,506
+25,487,256
+China Re Asset
+Management Co.,
+Ltd.
+The shares subscribed
+of the issuance.
+the date of completion
+Corporation Limited
+within 6 months from
+0
+25,487,256
+24,987,506
+0
+within 6 months from
+the date of completion
+of the issuance.
+0 1,726,358,486
+Total
+the date of completion
+of the issuance.
+October
+30, 2023
+within 6 months from
+0
+24,987,506
+24,987,506
+0
+by the issuance target
+shall not be transferred
+Huaneng Guicheng
+Trust Co., Ltd.
+October
+30, 2023
+October
+30, 2023
+October
+30, 2023
+30, 2023
+October
+The shares subscribed
+25,875,350
+25,875,350
+Shanghai Banking
+shall not be transferred
+The shares subscribed
+the date of completion
+of the issuance.
+by the issuance target
+shall not be transferred
+within 6 months from
+the date of completion
+of the issuance.
+86/308
+October
+30, 2023
+by the issuance target
+Securities Co., Ltd.
+0
+28,485,757
+28,485,757
+0
+The shares subscribed
+Shenwan Hongyuan
+the date of completion
+of the issuance.
+Association
+0
+by the issuance target
+shall not be transferred
+within 6 months from
+1,726,358,486
+October
+30, 2023
+2023 Annual Report
+The Hongkong and
+by the issuance target
+The shares subscribed
+of the issuance.
+the date of completion
+Ltd.
+within 6 months from
+0
+27,086,456
+27,086,456
+0
+Management Co.,
+shall not be transferred
+by the issuance target
+Caitong Fund
+The shares subscribed
+shall not be transferred
+within 6 months from
+the date of completion
+of the issuance.
+October
+30, 2023
+34,382,808
+921,922,425
+(I) Conditions on Issuance of Securities as of the Reporting Period
+√ Applicable □ Inapplicable
+87/308
+bond cashing date.
+7 The transaction termination date is filled in according to the bond delisting date, which is the business day before the
+6 The issue date is filled in according to the first day of bond issuance.
+2023/04/18
+2,500,000,000
+2,500,000,000 2023/01/10
+phase of Super &
+Short-term
+2.07%
+CYPC2023 fourth
+Commercial Paper
+Short-term
+2023/05/18
+2,500,000,000
+2,500,000,000 2023/01/10
+2.10%
+2023/01/06
+Commercial Paper
+2023 Annual Report
+CYPC 2023 third
+Commercial Paper
+2023/05/19
+2,500,000,000
+2,500,000,000 2023/01/12
+2.15%
+2023/01/09
+Super & Short-term
+CYPC fifth phase of
+Commercial Paper
+Short-term
+2023/04/19
+2,500,000,000
+2023/01/11
+2,500,000,000
+2.10%
+2023/01/09
+phase of Super &
+2023/01/05
+phase of Super &
+CYPC 2023 second
+Commercial Paper
+2023/2/3
+921,922,425
+17.46
+yuan/share
+shares)
+2023/1/10
+ordinary shares (A
+Domestic listed RMB
+Ordinary shares
+rate)
+Approved number
+listed for trading
+Listing date
+Issuing number
+Offer price
+(or interest
+Issuing date
+derivative securities
+Types of stock and its
+Unit: share Currency: RMB
+921,922,425
+II. Conditions on Securities Issuance and Listing
+Domestic listed RMB
+2023/3/29
+Short-term
+2023/02/10
+2,000,000,000
+2023/01/05
+2,000,000,000
+2.20%
+2023/01/03
+phase of Super &
+CYPC 2023 first
+date of
+transaction?
+Termination
+Bonds (including enterprise bonds, corporate bonds and debt financing instruments of non-financial corporate)
+shares)
+804,436,061
+2023/4/24
+804,436,061
+20.01
+yuan/share
+ordinary shares (A
+technological
+34,382,808
+Bank, National
+shall not be transferred
+by the issuance target
+The shares subscribed
+of the issuance.
+30, 2023
+October
+within 6 months from
+the date of completion
+GIC Private Limited
+0
+53,523,238
+0
+shall not be transferred
+Goldman Sachs
+International
+by the issuance target
+The shares subscribed
+of the issuance.
+53,523,238
+0
+51,624,187
+51,624,187
+Management Co.,
+Ruiyuan Fund
+Company
+within 6 months from
+0
+49,975,012
+49,975,012
+0
+Management
+shall not be transferred
+by the issuance target
+China Life Asset
+The shares subscribed
+of the issuance.
+the date of completion
+within 6 months from
+0
+2023 Annual Report
+85/308
+the date of completion
+shall not be transferred
+0
+67,366,316
+67,366,316
+China Merchants
+October
+30, 2023
+February
+20, 2024
+February
+20, 2024
+February
+3,2026
+within 6 months from
+acquired by CTG shall
+not be transferred
+within 36 months from
+the date of completion
+of the share issuance.
+The new shares
+acquired by YEIG
+shall not be transferred
+within 12 months from
+the date of completion
+of the share issuance.
+The new shares
+acquired by SCEI shall
+not be transferred
+within 12 months from
+the date of completion
+of the share issuance.
+The shares subscribed
+by the issuance target
+shall not be transferred
+The new shares
+230,480,606
+Group Co., Ltd.
+230,480,606
+0
+0
+Industry Investment
+Securities Co., Ltd.
+0
+Guotai Junan
+62,068,965
+0
+56,721,639
+56,721,639
+0
+J.P. Morgan
+Securities plc
+October
+30, 2023
+October
+30, 2023
+within 6 months from
+by the issuance target
+The shares subscribed
+the date of completion
+of the issuance.
+by the issuance target
+shall not be transferred
+within 6 months from
+The shares subscribed
+of the issuance.
+the date of completion
+Securities Co., Ltd.
+0
+62,068,965
+0
+49,975,012
+0
+New Energy Private
+The shares subscribed
+Shanghai Dingwei
+October
+30, 2023
+the date of completion
+of the issuance.
+shall not be transferred
+within 6 months from
+by the issuance target
+by the issuance target
+Co., Ltd.
+44,977,511
+44,977,511
+0
+Gaoguan Investment
+The shares subscribed
+Partnership)
+Partnership (Limited
+0
+Equity Investment
+shall not be transferred
+0
+JP Morgan Chase
+Ltd.
+0
+37,481,259
+37,481,259
+0
+Management Co.,
+Golden Eagle Fund
+The shares subscribed
+Partnership)
+(Limited
+October
+30, 2023
+within 6 months from
+Fund Partnership
+0
+39,980,009
+39,980,009
+of the issuance.
+the date of completion
+Investment Fund
+Energy Equity
+within 6 months from
+0
+49,975,012
+49,975,012
+Adjustment Fund
+0
+shall not be transferred
+Enterprise Structural
+China State-owned
+by the issuance target
+The shares subscribed
+the date of completion
+of the issuance.
+within 6 months from
+by the issuance target
+shall not be transferred
+The shares subscribed
+the date of completion
+of the issuance.
+Ltd.
+Phase II Co., Ltd.
+49,975,012
+the date of completion
+Zheneng Equity
+October
+30, 2023
+within 6 months from
+0
+49,475,262
+49,475,262
+0
+shall not be transferred
+Zheneng Green
+by the issuance target
+Ltd.-Zhejiang
+Management Co.,
+October
+30, 2023
+October
+30, 2023
+October
+30, 2023
+October
+30, 2023
+The shares subscribed
+Investment Fund
+of the issuance.
+Unit: share