Earnings Call: Q2 2023

Jul 27, 2023

Good evening, ladies and gentlemen. On behalf of Huaneng Power International, I would like to welcome you all to the conference call regarding the interim results announcement of 2023. [Foreign language] Now, may I introduce the management of the company today. [Foreign language] The independent director of the company, Mr. Xu Mengzhou. [Foreign language] 你好。 [Foreign language] The General Manager and Chief Accountant of the company, Mr. Huang Lixin. [Foreign language] 主持人好，大家好。 [Foreign language] The Vice President and Board Secretary to the company, Mr. Huang Chaoquan. [Foreign language] 主持人好，大家好。 [Foreign language] The Supervisor and Assistant to the President, Mr. Xu Jianping. [Foreign language] 主持人好，大家下午好。出席该次会议的还有公司相关业务部门的负责人. People in charge of the related departments are also joining us in this meeting. 公司总经理、总会计师黄立新先生会先为我们回顾 2023 年中期业绩表现，随后是问答时间. First of all, the General Manager and Chief Accountant of the company, Mr. Huang Lixin, will review the business performance for the interim results of 2023, followed by Q&A session. May we have the honor to invite Mr. Huang to review the business performance? Mrs. Liu Tianyu will conduct the English interpretation. 女士们，先生们，欢迎各位参加华能国际2023年中期业绩推介电话会议。昨天公司已发布中期经营业绩，下面我简要介绍有关情况。 Ladies and gentlemen, welcome to the interim results conference call of Huaneng Power International. Yesterday, the company has released the interim results. Please let me give a brief introduction. 上半年公司围绕年度目标任务，抓住市场机遇，科学推进生产经营、改革发展等各项工作，经营业绩实现同比大幅提升。按照中国会计准则计算，上半年公司实现合并营业收入1,260.32亿元人民币，同比上升7.84%。归属于本公司股东的净利润63.08亿元人民币，同比增利93.17亿元，上升309.67%，每股收益为0.31元。 In the first half of the year, the company centered on the annual target, seized the market opportunities and pushed forward operation and development. The operating results improved significantly. Under the Chinese accounting standard, the company achieved a consolidated operating revenue of CNY 126 billion, increasing by 7.84%. Net profit attributable to company's shareholder was CNY 6.3 billion, increasing by CNY 9.3 billion or 309.67%. The earning per share was CNY 0.31. 在电力生产方面，公司积极研判电力市场，在全社会用电量增长、水电出力相对不足的背景下，合理安排公司火电机组运行检修节奏，发挥顶峰保供作用，火电发电量同比增长。同时，新能源装机容量持续增加，电量增幅显著。上半年，公司境内各运行电厂累计完成上网电量2,111.48亿千瓦时，同比增长7.43%。发电设备平均利用小时1,799小时，同比增加39小时，平均结算电价515.23元每千千瓦时，同比上升1.89%。 In terms of power generation, facing increased power consumption and insufficient hydropower output, the company researched the power market, and with proper operation and timely maintenance to ensure the power supply in the peak season, the company had a significant increase in thermal power generation. The growth in renewable capacity also contributed to the increase in generation. In the first half of the year, the company's domestic on-grid power sales was 211 billion kWh, increasing by 7.43%. The average utilization hours were 1,799 hours, increasing by 39 hours. The average tariff was 515.23 CNY per MWh, increasing by 1.89%. 在燃料供应方面，公司抓住市场有利时机，积极发挥长协资源保供控价的作用，持续做优进口煤，优化存煤结构，燃料成本控制成效显著。上半年，公司境内电厂单位燃料成本为338.30元每千千瓦时，同比下降10.18%。 In terms of coal supply, the company seized the opportunity, utilized the contracted coal to ensure supply and control prices, optimized imported coal and inventory structure. The company's fuel cost control has been effective. The unit fuel cost of the first half of the year was 300. I am sorry, 338.34 CNY per MWh, a year-on-year decrease of 10.18%. 在转型发展方面，公司紧紧围绕国家构建新型电力系统的总体要求，加快清洁能源项目的开发建设。上半年公司基建新增装机容量405.1万千瓦，其中风电40.9万千瓦，光伏249.7万千瓦，燃机49.5万千瓦，煤机65万千瓦。上半年关停9台燃煤机组，共计146.5万千瓦。截至6月底，公司可控发电装机容量达到1.3亿千瓦，风电、光伏发电装机容量达到2266万千瓦，低碳清洁能源装机占比增至28%。 In terms of development, focusing on the government's requirements of new power system, the company is pushing forward clean energy development. In the first half of the year, the company added 4.05 GW of units, including 409 MW of wind power, 2,497 MW of solar power, 495 MW of gas power and 650 MW of coal-fired power. The company shut down nine units with a total capacity of 1.46 GW. By the end of June, the company's installed capacity reached 129.995 GW. Wind and solar capacity reached 22.66 GW. Low carbon clean energy accounts for 28% of total capacity. 在海外运营方面，大士能源抓住新加坡电力市场电价相对较高的有利时机，克服天然气市场供应紧张等影响，保持机组安全稳定运行，动态优化市场策略，不断提升单位售电边际贡献，经营业绩持续增长。上半年实现税前利润28.9亿元人民币，同比增利21.49亿元人民币。 In terms of overseas operation, Tuas Power seized the opportunity of high tariff, overcame disadvantage of tight supply of natural gas, maintained safe operation, optimized competition strategy and raised marginal contribution. The profit had increased continuously. In the first half of the year, the profit before tax was CNY 2.89 billion, increasing by CNY 2.15 billion. 下半年公司将全力推进清洁能源项目建设，应投尽投，能投早投。密切跟踪煤炭市场变化，科学制定采购策略，优化供应结构，着力控制燃料成本。深入研究电力市场供需形势，积极应对市场变化，做好保供稳价工作，多发增发效益电量。进一步拓宽融资渠道，用足用好绿色金融政策，努力控制融资成本，实现降本增效，进一步推动经营业绩迈上新台阶。 In the second half of the year, the company will continue the clean energy development and accelerate the transition, strive for full and early operation of renewable energy, track the coal market and develop procurement strategies, optimize the supply structure and control fuel cost, conduct market research, respond to the market changes, and ensure the power supply and stabilize the tariff. The company will strive for profitable power generation, expanding financing channels, implement green financial policy, reduce cost and improve efficiency. 下面的时间，我和我的同事愿意回答各位的提问。谢谢大家。 Now my colleague and I would like to answer your questions. Thank you. [Foreign language] Thank you, Mr. Huang. Here we come to the Q&A session. [Foreign language] To register your question, please press star followed by one on your telephone keypad. Thank you. [Foreign language] Please state your name and your organization before question rise. [Foreign language] The first question comes from Pranin Lao of Citibank. Thank you. 以及有跟过去有明显的改善。我有三个问题想请教的。第一个问题就是想了解，今年上半年公司收那个再生能源补贴，那个增加了是为了多少？跟去年同期比较改变是怎么样？第二个问题，就看到今年上半年那个大煤炭成本下降，应该是比公司3月份时候给的预期下降更多，想知道就是现在公司对今年2023年那个大煤炭成本下降的新的预期是怎么样。第三个问题就是我们比较上半年那个平均电价大概515，比一季度518是有些下降。想知道公司对电价未来是怎么看？会不会因为煤炭价格下降，未来电价也会下降，还是公司觉得应该不会？就这三个问题。谢谢。 I have three questions. First, what is the company's revenue from our Singapore subsidiary in the first half of the year? The second question is about the unit fuel cost. In the second quarter 2023, the unit fuel cost has dropped for the company. What is the company's unit fuel cost guidance in the second half of the year? Third question related to the tariff. In the first half of the year, the company has achieved CNY 515 per MWh tariff. What is the company's future guidance for the tariff? 下面请财务与预算部负责人及相关人员回答第一个和第二个问题。关于可再生能源补贴，今年上半年是回收了约1个亿。从去年的情况来看的话，由于去年国家政策的安排和集中发放的节奏不同，去年同期大约发放了86个亿。 In the first half of year, the company has collected renewable energy subsidy CNY 100 million. Due to the policy support in the last year, the company has collected CNY 8.6 billion of renewable subsidy. 关于燃料成本的这个问题，我先向投资人报告一组数据，如果从季度环比来看，除税的耗用煤种标煤单价，咱们二季度的数据是1,046块钱左右，一季度是1,132块钱左右，降幅接近8%。 About the standard coal price. In the second quarter it was CNY 1,046/ton and comparing to the first quarter's CNY 1,132/ton, it has an 8% decrease. 公司不做一个比较具体的单位燃料成本的后续的研判，但是大家也非常明确，入炉的耗用煤种标煤的单价是随着采购单价而波动的，所以后续相信会有大量的关于采购这方面问题进行细化。也建议咱们投资人根据后续的关于燃料采购的一些情况的研判，再做见仁见智的关于单位燃料成本的研判。 The company does not have a guidance for our unit fuel cost in the second half of the year. It will be related to our procurement cost. Please refer to our future questions. 那么请经营管理部的负责人或相关人员介绍第三个问题。在回答你这个问题之前，我先把公司营销业务的一些基本情况做个简单介绍。今年上半年公司完成发电量2,241亿千瓦时，同比增长7.5%，高于全国水平3.7个百分点。其中煤机增长5.3%，燃机增长9.2%，光伏增长77%，风电增长22%。电价方面，公司平均上网电价每千千瓦时515.23元，同比上涨1.9%。公司交易电量完成1,851亿千瓦时，同比增长7.9%，交易电量占比87.7%，同比持平。交易电价每千千瓦时485.8元，比基准电价上涨81.5元，增长20.2%。其中煤机交基准电价增长21.7%，燃机交基准电价增长5.6%，风电交易电量占比27%，交基准电价降低5.2%，光伏交易电量占比21%，增长1%。 First, let me give a brief introduction about the company's tariff and power generation. In the first half of year, the company had a total power generation of 224 billion kWh. It had a 7.5% increase and was 3.7% higher than the national average. The coal-fired power generation increased by 5.3%, gas-fired 9.2%, solar power 77%, and wind power 22%. In terms of the tariff, the average tariff was CNY 515.2 per MWh. It had a 1.9% increase. The market-based power sales were 185.1 billion kWh. It had a 7.9% increase. The market-based power sales accounted for 87.7%. The tariff of market-based power sold was CNY 485.8 per MWh. It had a CNY 81.5 per MWh increase comparing to the benchmark. The tariff hike was about 20.2%. For coal power, the market-based tariff had a 21.7% tariff hike. For gas power, the tariff hike was 5.6%. For wind power, the market-based power accounted for 27% of total power sales, and it had a 5.2% decrease compared to the benchmark. For solar power, it accounted for 21% of the total power sales, and it had a 1% increase compared to the benchmark. 关于下半年的电力市场和公司电量电价的情况，中电联预测全社会用电量下半年还是保持稳定增长的态势。综合考虑国内外经济形势、冬夏两季气温情况以及去年低基础等因素的影响，全国电力供需总体紧平衡，部分区域、部分时段电力供应偏紧。预计下半年全社会用电量同比增长6%到7%。 In the second half of the year, according to CEC, the power consumption maintains stable, and considering the domestic and overseas economy and the winter summer peak and the low base factors in the last year, the power demand and supply will be in a tight balance. In some areas, we may face periodic tightness in power supply. It is estimated that in the second half of year 2023, the power consumption will increase by 6%-7%. 电力供应方面，新能源装机保持快速增长，下半年来水量增加，全国水电量增长，公司煤机发电量将受到影响。预计下半年公司发电量增速低于上半年增长水平。 From the supply side, the renewable energy maintained a rapid growth. Considering the stronger hydro output, the power generation nationwide will increase, and the thermal power generation will be affected. We estimated that in the second half of the year, the power growth rate will be lower than what we have achieved in the first half of the year. 电价方面，由于电价主要受煤炭价格变化、平价新能源项目投产、电价政策和供需关系等方面的影响。目前公司已经签约了中长期交易电量3029亿kWh，签约电价每千kWh 472元，较基准电价上浮19%。近期随着全国煤价的回落，新能源参与市场交易规模扩大，下半年交易电价下行可能性加大，具体回落程度取决于煤价供需以及电价政策等因素。公司的综合电价预计会较上半年有所下降。 In the second half of the year, the tariff was mainly affected by the coal price change, the renewable energy capacity that without feed-in tariff, and the tariff policy and also the supply and demand structure. For now the company has signed 302.9 billion kWh of long term contract with an average tariff of CNY 472 per MWh. It has a 19% increase compared to the benchmark. With the price drop in the coal market and the larger participation of renewable energy to the spot market. In the second half of the year, the market-based tariff will have greater possibility to decrease, and it will also be affected by the coal price, the demand and supply and also tariff policy. We estimated that the company's tariff will decrease in the second half of the year. [Foreign language] Thank you. 好，谢谢管女士，谢谢。有请下一条提问，来自海通证券吴杰提问. The next question comes from Wu Jie of Haitong Securities. Thank you. 各位领导大家好，我是海通证券的吴杰。我有几个问题，第一个就是二季度我们看到煤炭的价格，刚刚也说了，下滑相对于一季度还是比较明显的，但是我们煤电板块的盈利按照我们的测算，可能因为大士能源那边也披露了，然后倒推回来的话，可能我们火电这边——或者领导干脆帮我们介绍一下，我们分板块的净利润，因为利润总额我看是披露了，然后净利润。我们也有利润总额，利润总额倒看的话，其实相对于一季度改善不是特别明显。我的测算是我们除了燃料成本以外的其他的成本可能会有一些增长。我不知道这个我们应该怎么理解，是不是因为二季度我们的火电的供热的减少导致了我们煤耗增加，还是说包括一些电量因为也不是特别的高，有没有办法帮我们拆一下这个构成？另外的话，还有一个大家都非常关注的，我们刚刚领导也说了，我们二季度的煤机的电价同比增长21.7%，然后这个一季度可能大家不一定记得住，能不能帮我们再说一下跟一季度环比，我看好像是不是也是持平的这么一个水平，能不能再帮我们确认一下？然后第三个小问题，我们的新加坡电厂这边，好像应该是汽机为主，这边的电价到目前为止是个什么状况？能不能帮我们展望一下下半年新加坡电厂的情况？好，我就这三个问题，谢谢。 I have three questions. First, in the second quarter, the company's coal costs have dropped significantly. However, the coal sector's profit was lower than our expectation. Could you please provide us the net profit to different energy resources and explain the reason that caused this situation. Is that because the fixed costs have increased? Is that because the heating season has ended and coal consumption for our power sector have increased? Second question is about our tariff. You just said it, in the second quarter the tariff have increased by 21.7% year-on-year. What is the quarter-on-quarter change of our second quarter's tariff? Third question related to the Singapore subsidiaries. Could you please provide us some information about the tariff in Singapore business and what is the company's guidance in the second half of the year? 请财务与预算部负责人及相关人员回答第一个和第二个问题。之后，我再请生产环保部的负责人说明一下煤耗的情况。首先，拆分一下季度之间不同板块的利润的变化情况。刚才说到了，从净利润这个角度去看，二季度煤机的利润在2.6亿元左右，这是税后的净利润这个部分。燃机是1400万左右，风电是19亿左右，光伏是6亿左右。水电是2000万左右，生物质是盈亏平衡。 First, let me give you the net profit breakdown to different energy sectors. First, net profit of coal sector was CNY 260 million, gas sector CNY 14 million, wind sector CNY 1.9 billion, solar sector CNY 600 million, hydro sector CNY 20 million, and the biomass sector is break even. 如果聚焦到煤机板块来看的话，二季度的利润是较一季度增加了5.4亿元左右，增幅在190%以上。 If we focus on the coal sector in the second quarter, it has increased CNY 540 million and it increased by more than 190%. 如您所预期的，公司的各项成本费用得到了有效的控制。那么在几个煤机板块涉及到的主要经营数据，再给各位投资人报告一下。从上网电量的情况来看，二季度的上网电量煤机是在865亿左右，而一季度是895亿左右。煤机的上网电量是大约有3.4%左右的一个下降。当然这个是刚才符合您的预期，就是在供热季和供热季结束之后，季度之间会出现一个规律性的变化。 Let me break down some cost and revenue situation for our coal sectors. The company controlled the cost of our operation in the second quarter. The power generation of our coal sector was 86.5 billion kWh. Comparing to the first quarter, 89.5 billion kWh, it has a 3.4% decrease. Yes, it is because the heating season has ended and affected by the heating sector. The power generation has decreased. 从煤机的电价情况来看，二季度的煤机电价是略低于497块钱每千瓦时，而一季度是略高于497块钱每千瓦时，略有下降，微小的一个下降。 In terms of the tariff of the coal sector in the second quarter, the tariff was a little bit higher than CNY 497 per MWh. However, in the first quarter a little bit lower than this number and in the first quarter it was a little bit higher than CNY 497 per MWh, so it has a slight decrease. 从单位燃料成本的情况来看，二季度煤机的单位燃料成本是接近329块钱，而一季度大约是333块钱，降了超过一个百分点。 In terms of unit fuel cost, in the second quarter, the unit fuel cost of coal sector was CNY 329 per MWh. Comparing to the first quarter, CNY 333 per MWh. It has a 1% decrease. 当然这里边会存在由于供热季之间的差异，所以供电煤耗是有一定的变化。具体的煤耗情况，我的同事会给您进一步介绍。 Because of the heating season, the coal consumption rate has varied in the first and second quarter, and my colleague will give you further information. 我是生产部负责人，我来解释这个煤耗上升。的确像所说的，二季度跟一季度比，供热比确实是大幅度下降，是影响煤耗上升的一个主要因素。当然了，也有负荷率和厂用电率，还有入炉煤热值的原因，供热比是一个主要原因。另外一个就是我们二季度可能进口了大量的煤，可能煤质相对下降，也是影响热值上升的一个主要原因。回答完毕。 Let me answer your question about the coal consumption rate. Yes, in the second quarter, the coal consumption rate has increased. It is mainly because of the heating factor, and it is also affected by the company's thermal unit utilization and the house consumption rate, and also the heating value of our coal purchase. In the second quarter, because the company have increased the imported coal, so the quality has changed and it affected our coal consumption rate. 请大势办负责人回答第三个问题。投资人，投资人你好，我来介绍一下大士能源的相关业务情况。公司连续四年制定了大士能源稳经营、防风险、促发展工作方案，持续加强了对新加坡大士能源的经营督导，深入研判了新加坡电力、燃料、资金市场，积极开展管理提升行动，全面落实优化机组运行安全管理、优化燃料结构和组合方式、优化运营管理方式、优化零售合同组合的四个优化工作，不断夯实大士能源的安全生产基础，持续提升大士能源的市场竞争能力，实现了经营业绩的快速增长。 The company have began the promotion in the continuously four years to maintain the operation, guarded the risk and accelerated development, and continue the supervision to the Tuas Power, continue to judge the Singapore market, both the fuel market and the financial market, and the power market. The company also optimize our management in safety, in fuel, and in operation, also in the retail contract. So it laid a solid foundation for our safety production, and it enhanced our competitiveness in the Tuas Power market, and also it had a rapid growth for our operating result. 上半年大士能源实现税前利润28.90亿元，同比增加利润21.49亿元。 In the first half of the year, the Tuas have achieved a profit before tax of CNY 2.89 billion. It has CNY 2.149 billion increase comparing to the same period last year. 上半年大士能源的平均含税电价是1,446元每千千瓦时，去年同期是810元每千千瓦时。 The average tariff is CNY 1,446 per MWh. It was CNY 810 per MWh in the same period last year. 上半年大士能源的平均售电单位边际贡献是637元每千瓦时，去年同期是180元每千瓦时。 The average marginal contribution of Tuas Power was CNY 637 per MWh. It was CNY 180 per MWh in the same period last year. 下半年大士能源面临的内外部市场环境较前几年总体相对有利。从目前情况来看，预计下半年部分时段市场电价仍有可能保持相对较高的水平。 In the second half of year, Tuas Power has environment favors its operation. From the current situation, we estimate that in some period of time, the tariff can maintain at a relatively high level. 同时我们也看到，考虑到目前国际市场天然气供应紧张局面的缓和，以及新加坡其他发电商有一台前期停用的机组在下半年修复后投运，以及新加坡能源管理局从2023年7月1日开始实施电力批发市场最高限价政策等因素，预计下半年新加坡批发市场电价大幅波动且高企的程度将受到抑制，发电商的高电价收益将受到限制，市场电价预计未来将逐步回归合理水平。 At the same time, considering the tightness in the natural gas supply has been eased off and another standby unit will be re-put into the market. The EMA will implement the Temporary Price Cap for the wholesale market. We estimated in the second half year the wholesale market tariff, the fluctuation will be smoothing out. The high marginal contribution will be limited for the generator. We estimate that the tariff will return to a reasonable level. 大士能源将动态优化市场竞争策略，不断提高市场竞争能力，努力争取当前市场条件下最好的盈利水平。回答完毕。 Tuas Power will optimize our competitive strategy to enhance our market competitiveness and strive for a better operating result in the current market situation. 好的，谢谢领导的回答，很全面了。然后刚才临时有客户又让我帮忙再问一下，说刚刚只问了净利润，没有问规模净利润，想麻烦领导帮忙，能不能再拆一下这个规模。另外的话，我还想确认一件事情，就是按照我们二季度的情况，大家特别关注三季度，因为刚刚二季度领导也说了二季度电量就是因为供热的这个问题，所以说我们的煤耗相对高一点，三季度和四季度是不是可以展望这个煤耗可能会有所改善，相对于二季度来讲的话。然后我想知道，比如说参考去年的水平，我们三季度跟二季度之间的供热煤耗会下降多少？这两个问题再补充一下，谢谢。 I have a follow-up question. First, could you please give us the profit attributable to the shareholder breakdown to different energy sources in the second quarter? Will the company's power consumption rate recover in the third quarter and first quarter? By what percentage it will drop? 关于二季度的规模净利的拆分，这也是和税后利润是一样的，做了一个示意性的拆分。煤机板块大约是3.8个亿，燃机大约是1,400万，风电接近18个亿。 As for the second quarter profit attributable to shareholders as follows: For the coal sector, it was CNY 380 million. For gas sector, it was CNY 14 million. Wind sector CNY 1.8 billion. 光伏板块是5.4亿，水电约2,000万，生物质是盈亏平衡。 For the solar sector, it was CNY 540 million. Hydro sector CNY 20 million. For biomass sector, it breaks even. Thank you. 说一下煤耗的。煤耗的影响因素呢，主要是刚才也说了，是负荷率、供热比，还有入炉热值。从这个要推测三季度呢，它应该跟去年基本是一致的。因为主要可能看将来的负荷率，可能随着经济的增长，这负荷率逐步地上升，可能是影响比较大的。另外一个是煤价的逐渐降低，我们采购的煤的煤质也逐渐变好，这个可能也是正影响。具体的数我还不好说，手头没有，回头再给。 About company's coal consumption rate. As I just mentioned, it was affected by our utilization, the heating supply and the heat value of our coal. We estimated it will remain the same level as the third quarter last year. We think it's mainly affected by our utilization. If the macro economy have growth and utilization growth, it will affect our coal consumption. If we purchased coal with better quality, it will also have a positive impact to our coal consumption rate. Thank you. 好的，谢谢领导。是我刚刚一下子迷糊了，因为刚刚下车。本来是想表达我们三季度的固定成本会相对于二季度，因为随着电量的如果有增加的话会摊薄，我是想表达这个意思，所以刚刚问的问题问得不对，不好意思。我就这些问题，谢谢。有请下一条问题来自申万证券的邓思婷提问，谢谢. The next question comes from Deng Siting of Shenwan Securities. Thank you. 喂，各位领导好。感谢各位领导的解答。我也想关于大士能源有几个小问题。一方面是刚才有领导提到下半年的话，可能长期电价，批发市场会有一个价格帽，那这个价格帽相较于我们上半年以及去年的话，这个价格的一个变动幅度是如何？然后包括新加坡现在是否是现货市场机制呢？主要是这个。然后同时我们知道大士能源主要是几台燃气机组嘛，这块的话目前的气价和气源这块能否麻烦领导介绍一下？这是第一个问题。然后第二个的话，主要是我们看到公司现在有差不多120亿的一个商誉，这个商誉的话，能否请领导拆一下大概是什么结构？然后主要想看一下是不是新加坡这块是有影响吗？谢谢领导。 I have two questions. First is about the Tuas Power. As you just mentioned, Singapore market will have a Temporary Price Cap for the wholesale market. Could you please tell us the quarter-on-quarter change if it was implemented to the market? The second, is the Tuas Power participate in the spot market? Is the Singapore power market have a spot market mechanism? What is the Tuas Power's natural gas purchase from and what's the natural gas price? Also the company have CNY 12 billion goodwill. Could you please tell us some detail about the goodwill? Thank you. 请大势办的负责人回答第一个问题。投资人您好，我来回答一下新加坡电力市场和价格帽的相关问题。新加坡电力市场分为批发电力市场和零售电力市场，也就是一级市场和二级市场。目前两个市场都是完全竞争的电力市场，价格主要是由供需关系来影响。 First let me answer the question about the Temporary Price Cap. The Singapore power market was divided into the wholesale market and retail market. It is all market driven and is affected by the power supply and demand structure. 批发电力市场，也就是现货市场的价格，反映了实时电力市场的供需关系。电力零售市场的价格反映了未来一段时期内的供需关系，一般是一年到两年左右。 The wholesale market reflects the spot price of our power and the retail market reflects the future estimation of the power price. It was affected by the supply and demand in the future month. 今年上半年，受新加坡上游管道气供应不稳定、部分发电商机组检修和非计划停运较多，以及今年第二季度新加坡电力需求增加相对较快的因素影响，新加坡电力市场的有效供应总体偏紧，部分时段批发电力市场的电价波动较大，批发市场电价的较高水平也带动了零售市场电价保持了较高水平。 In the first half of year, there were uncertainty of the power supply in the Singapore market. Some units were in maintenance and there are some unplanned outage of thermal units. The demand and supply structure has changed. Because of the tightness in wholesale market, it also affected the retail market price to went up. 新加坡的能源监管机构EMA也一直在关注电力市场的变化。为了确保新加坡电力供应安全与稳定，实施了一系列的电力市场监管政策，并计划从今年7月1日开始实施批发市场最高限价政策，也就是TPC政策，以缓解新加坡电力批发市场的电价波动。 The Singapore power supervision, which is EMA, have supervised the market in order to maintain a safe and stable operation of the power market. From July 1st, it will have the TPC policy to the wholesale market, and that will affect our tariff. 新加坡电力批发市场的价格上限是SGD4,500每兆瓦时。 The price cap for the wholesale market was SGD 4,500 per MWh. 在批发电力市场最高限价政策TPC政策实施后，如果连续48个交易时段，也就是24个小时的平均电价超过动态的系数值，将会触发价格上限。然后这个系数我们经过测算，在2023年7月1日至7月15日测算的这个价格帽的上限是SGD500每兆瓦时。 If the price have 24 hours continuously exceeding the TPC in the wholesale market, it will trigger the policy to come into effect. We have an estimation that if it will implement in July 1st to July 15th, 2023, the pricing cap will be at SGD 500 per MWh. 另外也报告一下新加坡批发市场上半年的平均电价情况。一季度是SGD262每兆瓦时，二季度是SGD375每兆瓦时。 Let me give you the average tariff for the wholesale market. In the first quarter, it was SGD 262 per MWh, in the second quarter SGD 375 per MWh. 今年以来，公司指导大士能源制定了天然气采购策略，有效应对并化解了新加坡主要发电商天然气合同集中到期后的供应不确定性风险。目前已经签订的合同基本上满足了大士能源今年及未来四年的天然气供应需求。 The company have supervised Tuas Power to sign some natural gas purchase agreement to deal with the uncertainty of natural gas supply. For now, the company have signed enough contracts that will meet our requirements in next four year. 今年上半年，大士能源天然气的平均采购单价是12.28美元每个MMBtu。 In the first half year, the average fuel cost of natural gas in Singapore Tuas Power was $12.80, $28 US per MMBtu. 2022年上半年的天然气平均采购单价是16美元每个MMBtu。 The first half of year 2022, the natural gas cost was 16 US dollar per MMBtu. 回答完。请财务与预算部负责同志回答第二个问题。您看到的。关于您看到这个商誉的数值，在合并报表上现在是不到120个亿。那么从新加坡的角度来讲，现在大士的商誉是超过110个亿，所以这个余额主要是新加坡的商誉构成的。同时我们也看到，由于受到新币对人民币汇率的一个波动的影响，这个新加坡的商誉的数值会略有波动。 The goodwill of the company was RMB 12 billion. Tuas was the major part, it was RMB 11 billion. It is also affected by the exchange rate. Thank you. 好的，我的问题到此结束。谢谢各位领导。 [Foreign language] The next question comes from Zhang Tao of GF Securities. Thank you. 好的，各位管理层大家好，我是广发证券的张涛。因为大家都看到了大士能源这次的业绩喜人，我们刚才也听到了各位投资者关于大士的一些问题，我们只有一个小问题要补充一下，关于大士批发市场和零售市场在我们的销售占比大概是多少？然后再一个是，其实我们也看到了新加坡有多个电价，我们看到统一能源价格的电价，7月份已经出现了大概环比6月30%个点的下降。我想问一下，这部分对于公司的影响，是不是跟批发零售的比例还有比较大的关系？然后第二个问题是想问一下，我们一季度的时候也提过这个问题，公司的二季度的调峰收入大概是多少？然后这部分收入的成本要如何计量？第三个问题是目前我们看到组件价格已经持续的回落了，那么想问一下，从公司十四五的绿电建设目标来看，公司的投运目标和规划建设目标是否有调整？调整的方向是什么样的？我就这三个问题，谢谢管理层。 I have three questions. First question related to Tuas Power. Could you please provide us the proportion of the company's power sales in wholesale market and retail market? The unified tariff in Singapore market has dropped by 30% quarter-on-quarter. Will that have something related to our proportion in the two markets? The second question is about some companies ancillary service revenue. What is the company's revenue from peak load management in the second quarter? How can we put the cost of the peak load management? Third about the PV module price. As the PV module price have dropped, will the company change its goal in the capacity that put into operation this year? 请大势办负责同志回答第一个问题。陶主任，您好，我来回答大士能源的相关问题。第一个问题是关于大士能源的电量结构。从平均情况来看，大士能源的固定合同的电价，也就是政府管制电价的比例大约是在15%左右，来自于零售市场的电价的比例占比大约是在75%到80%左右，剩余的来自于批发市场，也就是电力库的电量。 First let me introduce you the structure of the company's Tuas Power sold. First, Tuas have a fixed contract account for 15% of our power sold, and the retail power sold accounts for 75% to 80% of our total power sold. The other is from the wholesale market, which is the electricity pool. 从7月份批发市场的电价来看，7月份新加坡的批发市场电价出现了一个明显的下降。我们认为这个主要是7月份新加坡电力需求较5月份和6月份出现了一个明显的降低，降低的最高负荷降低的程度大约是在50万到60万千瓦。 In July, the wholesale market tariff has dropped significantly. We think it is mainly because the demand has dropped and the utilization has dropped about 500 MW. 7月份电力需求降低的主要原因，我们认为主要还是气候的原因。新加坡7月份今年的雨比较多，所以说气温比较低，需求相对较低。 We think in July it is mainly because of the weather. The demand has dropped for power because it had a lot of rain in Singapore and the temperature dropped. 另外从电力供应方面看，7月份新加坡其他一家发电商的一台以前停用的机组投入运行，也带动了批发市场电价的下降。 In July, a standby unit had been re-operated. It also leads to a drop in the wholesale market price. 新加坡能源管理局在昨天发布的最新的市场信息显示，未来十年新加坡的电力需求还是保持较前期更为乐观的一个估计。新加坡能源管理局预计，从2023年到2032年，新加坡电力的最高负荷需求，年度的复合增长率在2.6%到5.3%之间。 The EMA has just announced the 10-year plan about the power market and it stayed optimistic about the power demand in next 10 years. So during 2023 to 2032, the EMA estimates the utilization will increase by 2.6% to 5.3%. EMA此前的估计大约是在2%左右。回答完毕。 The formal estimation was about 2% for EMA. 请经营管理部负责同志回答第二个问题。上半年公司所属区域的各47家火电单位均参加了这个辅助服务市场。其中辅助服务电费的共计收入是15.34亿元。然后一季度咱们是7.92亿元，也就是算下来二季度是7.42亿元。 All our 47 subsidiaries have participated in the ancillary services. In the first half of year, the ancillary service revenue was about CNY 1.534 billion. In the first quarter it was CNY 792 million. In the second quarter, it was CNY 742 million. 关于调峰有基本调峰和深度调峰，在成本计量方面较为复杂，公司这是没有单独的计量统计。 The company has not had the cost of these ancillary services because the calculation was very complex. 请投资管理部负责人回答第三个问题。投资人你好，我来回答您第三个问题，关于新能源发展的目标的问题。按照国家碳达峰和碳中和的以及构建新型电力系统的一个总体要求，公司在去年已经正式编制了这个集团公司的发展规划。在发展规划里面，公司明确了要围绕绿色低碳循环的发展，推进电力、源网荷储一体化以及多能互补智慧能源系统的建设，以碳达峰碳中和为目标，推动能源绿色低碳转型，有效降低碳排放。通过实施可再生能源的替代，大力发展新能源，转型发展煤电，有序发展气电以及其他清洁能源发电，积极布局抽水蓄能，构建源网荷储一体化以及多能互补的发展格局。也提出了我们要到2025年，就是十四五末，公司的低碳清洁能源的装机占比较达到45%左右。 As the government has released its target of carbon peak and carbon neutrality as well as the new power system, the company has its own plan in the 14th Five-Year. During the 14th Five-Year period, the company will focus on the green transition and recycling development and to push forward integrated and complementary system build and take carbon peak and carbon neutrality our goal to push forward the green and low carbon transition and decrease our emission. The company will also use renewable energy to substitute to our thermal units and optimize our thermal units, select gas fire units, and other kinds of clean energy resources. The company will also focus on the pumped storage. With this integrated and complementary growth path, by 2025, the company's low carbon clean energy capacity will account for 45% of our total capacity. 从目前执行的过程，从整个这个"十四五"规划的执行情况来看，公司的规划已符合国家的有关政策和公司的整体的战略的发展方向。目前，公司也没有对"十四五"规划进行一个调整的安排。鉴于近期虽然光伏组件的价格出现了波动，但是对于光伏项目的整体发展的方向来看，虽然价格在波动，但是对于项目资源的获取这些方面，还是需要在其他的方面付出更多的一些努力。所以这一块来说，我们对于光伏在整个"十四五"期间的整体的发展目标，目前也没有新的发展指引，还是继续执行我们"十四五"规划总体占地到45%的总体目标。谢谢。 The company's 14th Five-Year Plan was in line with the government policy as well as the company's development strategy. The company hasn't adjusted our capacity plan for renewable energy. Because the PV module price has a constant fluctuation, the company hasn't changed our target of the solar power capacity. The company will continue to strive in obtaining those resources. In general, the company will continue the 14th Five-Year, 45% proportion of renewable energy in our total capacity mix. Thank you. 好的，谢谢公司管理层。还有一个小问题补充，就是我们看到了财务报表里面有一个与总部相关的亏损，这个是什么构成？以及它是记录在中国电力分部呢，还是在各个电力分部之间去分摊的？最后一个小问题，谢谢管理层，没有其他问题了。 I have a follow-up question. In our report, we have a loss related to our headquarter business. Could you give us more details about this? 这个费用主要是公司本部和分布在全国各省区的管理机构的这一块的费用，这个费用基本上是不对下面的经营单位进行分摊的。 This cost is mainly attributed from the headquarter and our subsidiary management fee. This won't be allocated to our detailed business. 好的，谢谢管理层，我没有其他问题了。 [Foreign language] The next question comes from Yu Hongguang of Guotai Junan. Thank you. 管理层好，国泰君安证券的于红光。我这边也有三个问题。第一个问题是关于煤电这边，从区域来看的话，我们上半年或者二季度公司煤电是否还有亏损的区域？如果有亏损的话，主要是在哪些地区？第二块是关于新能源这边，我想追问一下，一个是关于咱们今年的新能源装机的目标，因为我们看到整个的一个装机进度是比往年会更为乐观，所以今年的这个8吉瓦的新能源装机目标是否会更新？第三个问题是我们看二季度投产的新增的这些光伏项目里面，大概组件的采购价格是什么水平？谢谢。 I have three questions. First, about our coal sector. In the first half of the year or the second quarter, is there any power plant still made loss? Where does that locate? Second question about our renewable energy target this year. Does the company update our 8 GW renewable target in 2023? Third question, as the PV module price have dropped, what is the company's module price in the second quarter? 请财务与预算部负责人回答第一个问题。关于各个省的燃煤机组的亏损的情况，公司的燃煤机组大约分布在23个省市区。从亏损的个数来看的话，23个里边有9个是亏损的，亏损的程度不一，主要是黑龙江、辽宁、华北、山西、安徽、河南、湖南、湖北、甘肃。 About the company's loss situation, nine subsidiaries made loss in our 23 regions. They are follow regions: the provinces like Heilongjiang, Liaoning, North China, Anhui, Henan, Hebei, Hunan, and Gansu. 一共9个。 In total, there are nine regions. 请工程管理部负责的同志回答第二个问题。好，我来回答一下关于新能源的发展问题。公司今年的基建目标从年初确定了，我们新能源的计划开工是8900兆瓦。其中我们今年计划投产的新能源项目是8085兆瓦，投产了218个项目。 The company planned to put 8.9 GW of renewable energy into construction this year. Our total capacity plan in 2023 is 8.085 GW. The project number was 218. 目前到上半年，我们新能源的投产是2906兆瓦的，83个项目已经投产了。但是我们全年的目标，大家也知道，我们现在的建设的条件逐步转好，相对的组件的价格也在降低。但是从目前的进步来讲的话，我们新能源的目前的投产目标没有改变，仍然维持原来。好，回答完毕。 In the first half of year, the company has put 2.9 GW of renewable energy into operation. There are 83 projects in total. In the second half of year, we will face a better condition and the PV module price has dropped. However, the company has not changed our target of renewable energy capacity. 那么刚才关于煤电区域亏损这个情况，再补充一句，公司一季度在23个煤电资产分布的区域里边亏损是11个，二季度是9个，二季度的情况有所改观。 About the company's loss situation. In the first quarter, there are 11 regions that in our operating 23 regions made loss. In second quarter, there are nine regions, so the loss-making situation has been improved. 请基金管理部负责同志回答第三个问题。关于第二季度咱们并网的光伏项目的组件的价格。第二季度的话，组件价格，我们集中式光伏和分布式光伏分别都在1块9毛1到1块9毛4左右。为什么是这个价格呢？因为我们目前并网的项目，都是去年在比较高的水平的光伏组件的那个价格阶段进行的设备采购。所以虽然说目前今年的光伏组件价格有下降，但是我们投产的这个，因为它是建设有个周期，所以说价格还是相对偏高，在1块9毛1到1块9毛4左右。回答完毕。 About our PV module price in the second quarter. For all the company's distributed form and centralized form solar project, the PV module price was about CNY 1.91 per watt to CNY 1.94 in the second quarter. It is because that all the project that has been put into operation in the second quarter was purchased in the high point last year. So, the price may have a time lag that we did not see the PV module price drop in our purchase. 好的，感谢管理层。我这边想追问一个问题，和管理层确认一个数据，就是境内煤电在二季度的电价是什么情况？谢谢。 I have a follow-up question about the tariff for our domestic business coal sector. 二季度煤机的当季度的电价是接近497元每千瓦时。 The tariff in the second quarter for our coal sector was CNY 497 per MWh. 好的，感谢管理层。我没有其他问题了。谢谢。 [Foreign language] The next question comes from Zentao of JP Morgan. Thank you. 喂，您好，请问听得到吗？喂，喂，好的。可以听到。好的，谢谢。好的，谢谢领导。就是有几个小问题想请教一下。第一个问题是，刚才领导们就已经说过，我们觉得可能今年下半年市场方面交易的电价就可能会比上半年下降一点点。但是我想请教一下，如果是我们从政府的角度去看的话，你觉得政府会从基准电价上面上调20%，会把这个上调的幅度下调吗？第二个问题想请教一下，煤机方面的目前一季度和二季度长协签订率大概多少？履约率大概多少，还有多少是在那个区间里面呢？最后一个问题想请教一下，我们刚才已经说了煤机，那想请教一下，燃机的一季度跟二季度的标煤单价以及单位燃料成本大概是多少？谢谢。 I have three questions. First question related to tariff. As you just said, the market-based tariff may drop in the second half of year. Will the government have some policy that impacts our tariff change? The second about the coal purchase, what is the company's contract coal honor rate and coverage ratio and by what percentage of our coal purchase was in the government regulated range? The third question about our gas fire units. Could you please tell us the unit fuel cost and standard coal price in the first quarter and the second quarter? 请基金管理部负责同志回答第一个和第二个问题。经营部。你好，关于咱们现在执行的电价，现在主要是1439号文件，基于基准价，上下浮动都是20%。目前没有任何消息说20%这个幅度会进行下调。基本都是根据市场情况进行波动。 About the tariff, for now, the market-based tariff strictly follows document 1439, and it has a 20% range up and down. For now, there is no further information about the policy change and the tariff was fluctuated based on the market situation. 投资者你好，回来回答您的第二个问题。公司长协一季度的履约率大约在75.7%，二季度是在74.1%，基本上都在符合价格区间之内。回答完毕。 The honor rate of our contract coal was 75.7% in the first quarter and 74.1% in the second quarter. Basically, they are all in line with the government's regulated price range. 请财务与预算部负责同志回答第三个问题。关于燃机的标煤单价的问题。燃机汽轮标煤单价二季度大约是CNY2,062每吨，一季度是CNY2,257每吨。 The standard fuel price for our gas fire units was CNY 2,062/ton in the second quarter and CNY 2,257/ton in the first quarter. 同样，燃机的单位燃料成本也会受到燃机负荷的情况和季度供热情况差异的影响。比如说，二季度燃机的上网电量大约是56个亿，而一季度大约是73个亿。 The consumption rate is also affected. The unit fuel cost also affected by the utilization and the heating factor. For example, the power generation for gas fired units in the second quarter was 5.6 billion kWh, in the first quarter was 7.3 billion kWh. 当然一季度和二季度也是存在着供热季之间的差别。这样的话，单位燃料成本，二季度燃机大约是451元每千千瓦时，而在一季度大约是425元每千千瓦时。 The unit fuel cost was affected by the heating season, so it's different in the first quarter and second quarter. The unit fuel cost in the second quarter was CNY 451/MWh. For the first quarter, it was CNY 425/MWh. Thank you. 您好，这边想跟进一下，我们刚才就说了，我们全部都是符合价格区间跟我们的履约率。我想请教一下，我们现在的话，覆盖率大概是多少？ What is the coverage ratio of our signing contract? 你好，我再解释一下长协的问题。我们今年全年签订的长协量大概在1.5亿吨，我们需求量的覆盖比例大概是在95%左右。从兑现情况来看，我们上半年的兑现是在75%，刚才都跟你解释了。 The company has signed 150 million tons of long-term contract coal. It accounts for 95% of our total demand. In the first half of the year, the honor rate was 75%. 明白，谢谢领导。 [Foreign language] The next question comes from Li Yaling of Huatai Securities. Thank you. Hello, good afternoon. 各位领导好，我是华泰的李雅玲，我这边有两个补充的问题。第一个是我们看到经营性现金流的改善，可能上半年不是特别的明显。然后我看是购买商品这个支出的现金流同比有比较大的增长。理论上我们理解这个煤价应该是同比下滑的，但是可能煤炭库存的量是提升了。所以我想请教一下，就是咱们购买商品支出的这个现金流的增长里面，煤价的下行因素带来的减少，以及煤炭库存天数提升带来的增加的影响分别有多少，以及我们存这么多煤是考虑的一个什么样的采购策略？然后第二个就是刚刚领导其实有提到，二季度的煤机的降价是环比有所下滑的，可能下滑程度也不是很多，但是我们还是想了解一下这里面的具体的原因是什么，以及我们怎么去看，比如说更长远的一个时期，比如说明年的煤机的上网电价的变化，谢谢。 I have two questions, first about our operating cash flow. We do not think it has improved enough in the second quarter. So what was the impact from our coal purchase to our operating cash flow? What is the impact of the price change and what is the impact from the volume change and what was the company's procurement strategy? Second question related with the tariff decrease. Could you please give us the reason why the second quarter tariff has a slight decrease comparing to the first quarter? Will you give us a guidance about tariff change in next year? 请财务与预算部负责同志回答第一个问题。您分析的这个问题很好，从采购支出的情况来看的话，公司是有一个同比的净增加，主要就是集中在燃料采购层面。我们简单地做一个价和量的拆分，如果从采购降价的角度来看的话，我们大约少支出，应该是在大数在超过70几亿的这个水平。 About your question about our operating cash flow, yes, the cash flow have increased because our coal procurement and the coal price have dropped. That impact about CNY 7 billion of our operating cash flow. 但其他的影响，主要就是存煤的一个影响和耗用量增加的影响，两个因素都存在的。 The other factors are our piling up inventory and our consumption rate have increased. 请经营管理部的负责同志回答第二个问题，顺便把第一个关于库存的情况也解释一下。投资者您好，我来回答您第二个问题。公司高度重视能源保供工作，贯彻落实国家关于能源电力安全保供的一系列重大决策部署，不断地加强煤炭的采购和库存管理。上半年，公司的库存持续保持一个相对的高位，以应对迎峰度夏和重要时段的保供任务。7月25号，就是昨天，公司的煤炭的库存量是在1440万吨左右，同比增加了240万吨，可用天数目前是22天，能够充分保障迎峰度夏煤炭的安全。 The company attach great importance to our energy, especially the coal supply. We have implemented a series of government policy and reinforced our procurement and inventory management. In the first half of year, the company's inventory maintained at a high level in order to maintain a safe supply for the peak season. By the end of July 25, the inventory of the company was 14.4 million tons. It has a 2.4 million tons increase comparing to the same period last year, and the inventory days was 22 days. We think it is enough for the energy security in the summer peak. 在今年上半年，公司总体的耗用煤量是在9900万吨左右，同比也是有一个9.5%的增幅，这也是我们保持一个相对较高库存的一个原因。回答完毕。 In the first half of year, the coal consumption of the company amounted to 99 million tons. It has a 9.5% increase. This is also the reason why we maintain a high inventory. 关于二季度燃煤的上网电价确实较一季度是有所下降，主要原因还是因为，一个是本身燃煤电厂发电量的结构构成的问题。第二个就是因为煤价下行，然后市场竞争加剧的问题。 The tariff in the second quarter is slightly higher than the tariff in the first quarter is mainly because of first, the coal price has dropped, second, the structure of our power sales. Okay, thank you. 不好意思，我想补充问一下，刚刚领导说可能煤价下行影响了一些电厂的电价，我想问一下，可以的话说一下，是哪几个省份有比较明显的变化吗？然后第二个就是我想补充一个投资者让我代问的问题，就是公司的章程之前是承诺了50%的分红比例的，如果说今年实现盈利以后，是否还会继续落实，以及对后期的分红的一个展望。我没有其他的问题了，谢谢。 Have two follow-up questions. First, in which provinces the tariff was affected by the coal price drop. Second, the company have said the dividend payout ratio should be 50%. As the company made profit this year, what will be the dividend payout plan? 首先刚才说的二季度和一季度比，电价方面只是略有下降。第二个，咱们一季度和二季度，交易电价较基准价上浮都在21%以上。至于说个别省份的电价稍有下降，这个相关数据我们查后再给您发过去。谢谢。 As I just said, in the second quarter, the tariff only have a slight decrease comparing to the first quarter, and the tariff hike maintain above 21%. The detailed number we will give you after the meeting. 关于分红的政策情况，我向投资者做一个介绍吧。公司从1998年开始向股东发派股息，截止到目前，累计分派的股息已经达到626.87亿元。 The company began the dividend payouts since 1998, and the total dividend payout amounted to CNY 62.687 billion. 公司的章程明确了公司的现金分红的政策，也就是公司在当年盈利以及累计未分配利润为正，而且公司的现金流可以满足公司正常的经营和可持续发展的情况下，采取现金的方式进行分配。公司每年以现金方式分派的利润，原则上不少于当年实现的合并报表可分派利润的50%。那么这一个政策在公司章程中的规定目前没有变化。 According to the company Articles of Association, the company's payout policy maintained stable. If in the certain year the company made profit and the undistributed profit is positive, and our cash flow meets the requirement of operating and development, the company will pay out our dividend in the cash form and the dividend payout ratio should not less than 50%. The policy hasn't changed for the company. Thank you. 由于时间关系，我们有请最后一位提问。 Due to time constriction, we invite the last investor to ask. 最后有请来自汇丰银行的杨海洋提问。 The last question comes from 杨海洋 of HSBC. Thank you. 各位领导好，我这边就很快地想问一下，公司上半年有没有统计容量电价的收入大概是多少？谢谢。 I only have a quick question. What is the company's capacity tariff revenue in the first half of year? 请经营管理部负责同志回答这个问题。关于容量电价，现在公司15家燃机电厂，上半年关于容量电价这块的收入是12.67亿元。 About the capacity tariff, the 15 gas-fired units in our company made CNY 1.267 billion revenue from the capacity tariff in the first half of the year. Thank you. 关于煤机这块容量电价，现在目前山东的容量电价和云南的容量电价只是刚刚开始实施。山东的容量电价是在电价里头有所体现。 About the coal fire units capacity tariff in province like Yunnan, it only began just now, we don't have exact number. In province like Shandong, the capacity tariff is included in the average tariff. Thank you. 谢谢各位，也感谢各位管理层的解答。 Thank you so much for all the questions and participation today. 最后请黄总为我们今天的电话会议做个简单的总结。 Finally, Mr. Huang would like to give us a summary. 感谢各位参加华能国际中期业绩推介会，也感谢大家一直以来给予公司的持续关注和大力支持。今天的电话会议到此结束，如果有进一步的问题，欢迎大家会后与公司投资者关系处来联系。谢谢大家。 Thanks for the participation in the conference call. Thank you for your continued support. Here we come to the end of today's conference call. Please contact our IR department if you have any further questions. Thank you. 谢谢黄总，也再次感谢各位出席华能国际电力股份有限公司2023年中期业绩发布会。我们期待下一次业绩期时再见。 Thanks again for your attendance of the conference call regarding the interim results announcement of 2023. We are looking forward to meeting with all of you in our next results announcement. Thank you.