Earnings Call: Q2 2022

Jul 28, 2022

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International Incorporated, I would like to welcome you all to the conference call regarding the interim results announcement of 2022. [Foreign language] Now may I introduce the management of the company today. [Foreign language] The director of the board and the President of the company, Mr. Zhao Ping. [Foreign language] 主持人好，大家好。 [Foreign language] The Chief Accountant of the company, Mr. Huang Lixin. [Foreign language] 你好，大家好。 [Foreign language] The Vice President and the Board Secretary to the company, Mr. Huang Chaoquan. [Foreign language] 主持人好，大家好。 [Foreign language] The Chief Economist of the company, Mr. Fu Qiyang. [Foreign language] 你好，大家好。公司监事及总经理助理徐建平先生。 The Supervisor and Assistant to the President, Mr. Xu Jianping. 徐总您好。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. 公司副总经理、董事会秘书黄潮泉先生会先为我们回顾 2022 年上半年业绩表现，随后正式问答时间。 First of all, the Vice President and the Board Secretary to the company, Mr. Huang Chaoquan will review the business performance for the interim results of 2022, followed by Q&A session. 现在有请黄总介绍公司业绩表现，由公司刘天宇女士做英文交替传译。 May we have the honor to invite Mr. Huang to review the business performance, and Ms. Liu Tianyu will conduct the English interpretation. 女士们、先生们，大家下午好。欢迎各位参加公司中期业绩推介电话会。下面我先简要介绍一下公司上半年生产经营和基本建设的情况，然后和公司领导及同事们与大家进行交流。 Ladies and gentlemen, good afternoon. Welcome to the company's interim results conference call. Please let me briefly introduce company's production, operation and development in the first half of the year, and the management and my colleague would like to answer your questions. 昨天公司公布了上半年的经营业绩。上半年公司面对复杂严峻的市场形势，紧紧围绕年度目标任务，积极应对克服燃料价格大幅上涨等多种因素，安全生产总体平稳，转型发展有序推进，积极履行了为社会提供充足、可靠、环保电能的责任。上半年受燃煤采购价格同比大幅上涨影响，公司业绩亏损。按照中国会计准则计算，2022年上半年公司实现合并营业收入1168.69亿元人民币，同比上升22.68%，归属于本公司股东净利润负30.09亿元人民币，每股收益为负0.26元人民币。 The company has just released operating results in the first half of the year. Facing the complicated market situation, the company had overcome multiple challenges from the fuel market, maintaining safe operation and orderly pushed forward the transformation and development. The company has fulfilled the duty of supplying sufficient reliable and environmental friendly power. In the first half of the year, the company results were affected by a significant increase in coal prices, which resulted in a loss. Under the Chinese accounting standards, the company achieved a consolidated operating revenue of CNY 116.869 billion, increasing by 22.68%. Net profit attributable to company's shareholder was negative CNY 3 billion. The earning per share was negative CNY 0.26. 电力热力生产方面，公司境内电厂合计完成上网电量1965.44亿千瓦时，同比下降5.61%。境内发电设备平均利用小时1760小时，同比下降220小时。供热量同比增加8.61%，受全社会用电需求下降较多、清洁能源发电量同比增加、火电机组燃料成本持续高位运行等因素影响，公司火电发电量同比下降。公司新能源投产并网容量同比增加，新能源发电量同比增长。电力营销方面，公司坚持量价统筹，巩固和提升公司的综合电价水平。上半年境内电厂平均结算电价同比增长20.7%。 In terms of power and heat generation, the company's domestic electricity sold was 196.554 billion kWh, decreasing by 5.61%. The average utilization hour were 1,760 hours, decreasing by 220 hours. Heat supply increased by 8.61% year-on-year. Affected by decline in power demand, increase in renewable energy generation, and high fuel cost of thermal units, the company's thermal power generation has decreased year-on-year, while renewable energy power generation rose due to increased installed capacity. In terms of the marketing, with volume and price coordination, the average tariff increased 20.7% year-on-year. 燃料供应方面，公司积极争取国家政策支持，着力推动电煤中长期合同签约履约，不断优化内外贸供应结构，积极采取有效措施，应对进口煤资源紧张的不利因素。但受市场总体形势影响，公司燃料采购价格同比大幅上涨，尤其是公司装机占比较大的下水煤区域电厂，煤价涨幅较大。上半年，公司境内电厂单位燃料成本为每兆瓦时376.7元，同比上涨50.49%。 In terms of the fuel supply, the company is seeking the policy support, signing and implementing contracted coal resources, optimizing supply structure, and adopting measures to cope with the tight supply of imported coal. However, affected by the overall situation, the procurement price increased significantly, especially for the power plants that consume seaborne coal. The unit fuel cost in the first half of the year was CNY 376.7 per MWh, a year-on-year increase of 50.49%. 转型发展方面，公司坚持推进清洁能源项目开发建设。上半年，公司新增装机容量350万千瓦，新能源新增装机311万千瓦，其中风电194.6万千瓦，光伏116.6万千瓦。公司可控发电装机容量12219.9万千瓦，低碳清洁能源装机容量占比24.33%。风电、光伏发电装机容量达到了1696万千瓦。 In terms of the development, the company is pushing forward clean energy development. In the first half of the year, the company added 3.5 GW of units, including 3.11 GW of renewable, 1.94 GW of wind power, and 1.16 GW of solar power. The company's installed capacity reached 122 GW, among which 24.33% is low carbon clean energy. Wind and solar capacity reached 16.96 GW. 下半年，公司将坚持稳中求进的总基调，抢抓机遇，攻坚创效，进一步抓好安全生产、经营管理、绿色发展等方面的工作，努力完成全年工作目标任务。公司将抓住长协煤的政策机遇，努力提升长协签约及兑现率，优化进口煤供应结构，多措并举控制燃料成本，坚持效益为先，量价统筹，积极应对市场变化，加强电力营销管理，增发效益电，坚持绿色低碳发展，加大新能源开发建设力度，加快推进火电结构优化，拓展综合能源服务，创新融资工具，拓宽融资渠道，积极利用绿色金融政策，防范资金风险，实现降本增效。公司将聚焦效益和质量，扎实履行社会责任，推动经营发展各项工作不断提升。 In the second half of the year, the company will seek progress while maintaining stability, seize the opportunity and tackle the challenges. The company will focus on the safe production, operation management and complete the full year targets. The company will seize the policy opportunities and increase the signing and fulfillment of long-term coal contracts, optimize the supply structure, and take multiple measures to control the fuel cost. Insist on profitability, coordinating volume and price, response to market changes and strive for profitable power generation. Continue the green development and move forward the clean energy construction. Optimize the thermal structure and expand the energy services. Explore innovative and various access to finance, and use green financial policies to guard against risks and reduce costs. The company will focus on quality and profitability, fulfill the social responsibility, and drive the future growth of the company's operation and development. 下面的时间我们开始回答各位的提问。谢谢大家。 Now we would like to answer your questions. Thank you. [Foreign language] Thank you Mr. Huang. Now we come to the question answer session. [Foreign language] Ladies and gentlemen, to register your question, please press star followed by one on your telephone keypad. Thank you. [Foreign language] The first question comes from 刘佳妮 of CICC. Please go ahead. Thank you. 各位管理层，大家下午好。我这边有两个问题想要请教一下。第一个问题是我们看到上半年整体风光的盈利还是表现不错的，在整个风况比较贫困的情况下实现了一个快速的增长。但是燃煤这边的上半年这边亏—— 刘总您好，您那边声音有点不清晰，您能再说一遍您的问题吗？现在可以听到吗？现在清晰多了。谢谢。好的，我这边第一个问题主要是我们看到燃煤这边上半年整体的亏损达到了90亿元，这边也是超过我们的预期的，尤其是二季度的燃料成本环比还是继续在攀升，这个和我们一些同业表现出现了一些分化。那我们想请管理层能不能给到我们二季度燃煤和燃气的分别的单位燃料成本，以及入炉标煤单价的情况，以及二季度分月来看的一个趋势，就是四、五、六月份的分趋势是什么样子的。另外也想问一下，就是七月份发改委再次呼吁中长期合同签订之后，我们整体的加签、补签、换签的这个工作进行得怎么样？目前来看，符合国家合理区间范围的占比是否有明显的提升，大概到了一个什么样的一个区间了。还有就是说政府现在对于没有执行的这些煤矿，是否有帮助开展一些监察惩罚性的一些措施，对于我们三季度来讲，有没有实质性的一些帮助？那第二个问题是更多的关于海风这一块。前不久，华能集团两毛钱拿福建海风的项目，还是影响比较大的。市场上也有各种专家来解读这个事情，我们也想听一下公司管理层对于这件事情的看法。第一个是我们华能国际是否有参与在这个当中。第二个，市场也想关注，像两毛钱这种低价竞争，是否是一个单独个例，还是未来这种激烈的低价竞标会是一个更大的趋势。还有就是这样大概率，从当下这个成本来看，大概率不怎么赚钱，或者是甚至有亏损风险的这个项目，后续有没有可能出现毁标不做的可能性，以及不管我们是否有参与其中，管理层是怎么看待这类的所谓的战略投资，以及项目回报要求底线的一个坚守之间的一个选择。主要是这两个问题。 I have some questions relating to sectors. First about the company's coal price. As the company's released number, the company has lost CNY 90 billion in the first half of the year. In the second quarter, the fuel cost increased comparing to the first quarter, and it is different from our peer companies. In the second quarter, could you please provide us with the coal and gas unit fuel cost and standard coal price? Could you please give us the trend of the fuel cost in April, May and June in the second quarter? In month of July, NDRC has released another notice to urge for a re-sign of the coal contract. Is the company's coal contract signed in the reasonable range as by the government? Does the government have taken serious measures to control the signing of the contract? What will be the third quarter's coal price like? My second question concern with the offshore wind bidding in Fujian. As we all know, the market has it that the company has bidded Fujian offshore wind power in a very low tariff, about CNY 200 per MWh. What is the management view on this issue? Has Huaneng Power International participated in the bidding process? Is that CNY 200 per MWh tariff can be profitable in the future? Is that a trend in the offshore wind project? In the situation that the tariff continued to decrease, is that just an occasional case or is that a trend through this industry? How does the company think about the IRR requirement and the future development of renewable energy? 首先我来回答投资人的对于入炉煤的标煤单价的现实数据的问题。之后，我的同事将从采购的角度，对后续的煤价的走势做一个指引。从二季度发电业务的入炉煤的标煤单价来看，煤折标煤单价是1,245块钱左右。气折标煤单价大约在2,155块钱左右。 Firstly, let me answer the question about the unit fuel cost. In the second quarter, the unit fuel cost of coal sector was 1,245 CNY per MWh. For gas sector, it was 2,155 CNY per MWh. 你好，现在我回答一下您关于下半年煤炭市场，代表公司做一下对于煤炭价格的一个展望。上半年相信大家也比较了解，主要受到印尼出口限制以及俄乌地缘政治冲突等因素的影响，煤炭的供应处于一个紧张的状态，导致价格大幅上涨，特别是进口煤的减量十分明显。1到6月份，全国的进口煤体量是同比下降了17.5%，导致沿海区域的资源补给显著减少，联动港口和产地的价格大幅上涨。1到6月份，具有代表性的北方港口5,500大卡市场的平均价格是1,229元每吨，同比增加433元每吨，处于历史同期的最高水平。 Please let me answer the question about the coal market and the guidance of the second half of year. In the first half of the year, affected by the Indonesia ban on exported coal and Russian and Ukraine conflict, the global coal supply was very tight. That leads to a price increase in the coal market. The quantity of imported coal has dropped dramatically. In the first six months, the imported coal nationwide has dropped 17.5%. With the tight resources supply, the price increased dramatically. In the first half of the year, we take North Port 5,500 Kcal coal as an example. The average price was 1,229 CNY per ton, it increased by 433 CNY per ton, and hit a historical high. 进入到6月份以来，随着国家的303号文在5月1号全面执行，加上国内增产保供政策的持续发力，我们也可以看到供应端出现了明显的改善，原煤产量大幅同比出现了明显增长。从统计局数据的口径显示，1到6月份全国的原煤产量达到了21.94亿吨，同比增长了11%。同时，需求端受到疫情冲击，以及清洁能源持续向好等多重因素影响，出现了一个比较明显的下降。随着供应增加，需求减少，我们也可以看到社会面的库存是大幅提升，煤炭紧张的供需形势大幅缓解，也导致我们看到了最近在旺季，产地港口，包括印尼和中国相关的中低卡市场，煤价都出现了明显的下行。截止到昨天，北方港5,500大卡的动力煤是到了1,185元每吨，比3月份的高点1,720下降了535元每吨。同时我们电厂主力燃烧的5,000大卡现货价格已经回到了国家限价1,050的下方，昨天是收报于1,035元每吨。所以我们认为随着政策继续发力，加上中长期合同三个100%政策的支持下，后续公司在煤炭的资源供应以及价格方面都将获得有力的保障，公司下半年的保供压力会逐步地缓解，煤价也将逐步地趋于稳定。 In June, the government released Document 303 have officially come into effect, the domestic market has a better supply and demand situation. We can see the supply of coal has increased significantly. In the first six months, the raw coal capacity was about 2.194 billion tons. That increased by 11% year-on-year. From the demand side, we can see, affected by the pandemic control and renewable energy capacity increase, the demand has dropped. With the supply increase and demand drop, the inventory has increased nationwide. The tight supply has eased, especially in the peak season. The coal price import in the pit head and the Indonesia coal price have dropped significantly. The North Port 5,500 Kcal coal was 1,185 CNY per ton. That has a 535 CNY per ton decrease comparing to the highest point throughout the year. For the companies purchased 5,000 Kcal coal, the price has dropped to 1,035 CNY per ton. With the policy support and the implementation of three 100%, we think the supply and demand situation for the company will be eased and will have less pressure in the second half of the year. 投资者您好，现在我回答一下第二个您关于中长期合同换改签以及相应的惩罚措施的问题。7月1号，国家发改委组织召开了电煤中长期合同保供会。会议的精神主要是贯彻落实党中央国务院关于煤炭保供稳价决策部署，以及李克强总理、韩正副总理关于电煤中长期协议签订履约的重要指示要求。在会议上继续地要求煤电双方贯彻落实三个百分之百，就是100%的签约，100%的履约，以及100%的执行303号文的价格机制。 About the re-sign process of long term contract coal. On July 1st, the government had held another conference meeting about the long term contract coal supply, to implement the central government stabilized price notice. In the conference meeting, the government has asked the three 100%, which is 100% signing, 100% fulfillment, and 100% implement the pricing mechanism asked by the government. 本次会议之后，公司迅速地抓住了机遇，然后落实政策，开展了电煤中长期合同的换签、改签和补签这些工作，同时把"签一补三"这个条款加入了合同，在短期内取得了明显的成效。 After the meeting, the company has began the re-signment of our long term coal contract, add punitive clause into our contract that have achieved the sound result in a relatively short time. 截止到7月8号的口径，公司和上游的供应商签订了电煤中长期合同12,453万吨，和6月底相比是增加了600万吨，中长期合同的覆盖率达到了83.5%。 Up until July 8th, the company had signed in total 124.53 million tons of coal contract with our upstream suppliers. It has a 6 million tons increase comparing to the month of June, and the coverage rate reached 83.5%. 在这些电煤中长期合同中，完全符合国家价格机制的有10,682万吨，比6月底增加了1,057万吨。 In those contract, the contract with the government regulated pricing mechanism amounted to 106.82 million tons. It has 10.57 million tons increase comparing to the month of June. 截止到目前，公司仍然在这个国家主管部门的组织下，积极地与上游供应商沟通对接，努力地提升合同签约率、覆盖率，还有履约率。我们预计下半年随着国家政策持续发力，公司的长协合同签订履约率将继续地改善和提升。公司也将积极地争取资源，严格按照国家政策执行合同，力争实现三个百分之百。 The company is now still negotiating with our upstream suppliers to implement the contract and make sure the fulfillment rate of the coal contract be increased and implemented the pricing mechanism. With the government support, we estimated that in the second half of the year, the fulfillment situation will be better comparing to the first half of the year. With the resources increased, capacity increased, we believe we can implement the three 100%. 回答完毕，谢谢。投资者您好，我来回答您第二个问题，关于福建海风的问题。首先，华能集团公司一直是鼓励各个区域积极参与投资建设海上风电项目。近期华能集团与福建省投集团组成的联合体参与了福建连江外海项目的一个竞争性配置。这里面我们股份公司并没有作为投标主体参与这个项目。 Huaneng Group has always encourages subsidiaries to invest in offshore wind projects and recently participated in the competitive allocation in Fujian Lianjiang Open Sea Project. Huaneng Power International is not the investor of this project. 另外，海上风电是公司在新能源发展方面的一个重要的投资方向。那么公司在项目的投资方面一贯坚持采取的是一个审慎的投资理念，坚持投向的是项目质量好，投资收益比较高，且满足公司投资收益基本要求的项目，也是重点寻求规模化、基地化、优质的新能源项目，从而提升公司的新能源装机的比例。那么从公司近期决策的一个海洋风电项目来看，该项目的全投资税前内部收益率也达到了8%左右。 The offshore wind project has always been company's important investment direction. The company will practically develop renewable energy and invest prudently, insist on investing projects with high quality and profitability that meet the company's IRR requirement. The company has always searched for the large scale base project and continue to raise the portion in renewable energy. In the recent project, the pre-tax IRR of offshore wind project has reached 8%. 对于海洋风电的长远发展，特别是在目前的风机的价格水平下，按照各个省份的煤电的基准价来测算，我们个别建设条件比较好的项目，目前也具备了达到平价上网的条件。但是从整体来看，海洋风电距离大范围的平价上网还是有一定差距的。十四五期间，随着海上风机的进一步的大型化的发展，通过主机、基础、施工等各个方面的成本的协同下降，以及技术进步带来的利用小时数的进一步提升，海洋风电的平价发展进程也将逐步地加快。 The company has always attached great importance to the long term development of offshore wind projects. Under the current tariff level, as the offshore wind project use the benchmark tariff of the coal units, only a few projects can reach the IRR requirement. But for a large-scale offshore wind project to be profitable under current tariff level, it still has a long way to go. During the 14th Five-Year Plan, the company will continue to focus on large-scale offshore wind projects. With the cost reduction in the wind turbine and foundation, with the utilization hour increase, we believe in the future, the offshore wind without feed-in tariff will be profitable. 好，回到MB，谢谢。管理层，我这边还有一个小问题想跟进一下。我们看到整个二季度现金流这一块表现还是比预期的要好一些，尤其是看到应收账款的一个回落。能不能跟我们分享一下，是不是主要是这个可再生能源基金补贴拖欠的这个情况是有在改善？能不能跟我们介绍一下最近回收的一个情况，以及截止到6月底我们还剩下多少的补贴待回收？ I have a follow-up question. In the second quarter, we can see the company's operating cash inflow was better, and that was because the account receivable has decreased for the company. Is that because of the subsidy collection of renewable energy? Could you please provide us with more information? What is the remaining outstanding subsidies in the month of June? 我来回答您关于可再生能源补贴回收的问题。确实在上半年的时候，利用了国家的政策优势，加速了可再生能源回收的速度。年初公司可再生能源补贴的余额是137亿，本期新增加了39亿，本期回收了86亿。630的期末余额大约是90亿。 Please let me answer the questions about renewable energy subsidies. In the first half of month, with the government policy support, we accelerate the collection of our renewable energy subsidy. In the beginning of this term, the outstanding subsidy accounted to CNY 13.7 billion. In this term, it has increased with CNY 3.9 billion. We have collected CNY 8.6 billion subsidy in this term. So by the end of June 30th, we have outstanding subsidy of CNY 9 billion. Thank you. 好的，谢谢管理层，我没有其他问题了。 [Foreign language] The next question comes from Liu Xianda of Citibank. Please go ahead. Thank you. 管总，下午好。我是路演答，华平银行的。我有三个问题。第一个问题就是，看公司现在对2022年的整年单位燃料成本，大概有没有一些跟去年改变的指引？是大概是增加那个百分比了，因为上半年增加比较多，想知道就是对今年整年的指引是怎么样。第二个问题就是也看到今年上半年咱们的发电量同比有一些下降，那对今年2022年整年，我们售电量，还有利用小时，现在的指引是怎么样？第三个问题是看到最近有关光伏那个设备的这个是比较高，想知道就今年公司对2022年我们新能源装机容量的目标现在是怎么样，还有里头风电跟光伏里头的分差又是怎么样？谢谢。 I have three questions. First, could you please give us unit fuel cost guidance of 2022? What will be the change comparing to the last year? Second, in the first half of the year, the power generation of the company has decreased. Could you please give us the guidance of the power sold and utilization hour in the year of 2022? Third, as the capacity of solar projects have increased nationwide, what will be the company's target of renewable energy capacity added in the year of 2022? For what proportion was wind and what proportion will be solar? Thank you. 首先来给各位投资人汇报一下公司二季度单位燃料成本的水平。公司二季度单位燃料成本综合是396.51元每千千瓦时。煤机的单位燃料成本是391.29元左右每千千瓦时。而燃机的单位燃料成本大约在470元每千千瓦时左右。 First, about the unit fuel cost in the second quarter, the combined unit fuel cost in the second quarter was about CNY 369.5 per MWh. For coal sector, it was CNY 359.29 per MWh. Gas sector it was CNY 470 per MWh. 投资者您好，我来回答一下关于下半年这个煤价市场一个展望的问题。首先就是从全年的这个供应来看，我们看到这个供应端是在持续地改善。从1到6月份的这个原煤产量来看，全国的原煤产量是生产了21.94亿吨，同比增长了11%。 Please let me answer the question of the coal price guidance. In the whole year, we can see the supply will be eased in the second half of the year. In the first half of the year, the nationwide coal production capacity was 2.194 billion tons. It has an 11% increase. 下半年随着煤炭保供稳价的力度持续地发力，我们认为全国的原煤产量还将持续在1200万吨以上的一个高位水平。 In the second half of year, with the policy support to ensure the supply and stabilize the price, we believe the raw coal production will continue to be at 12 million tons. 从需求端来看，下半年受到疫情好转，经济稳增长措施效果显现，加上还有极端天气等因素的影响，我们认为煤炭的消耗量将会比上半年有所增长。 From the demand side, in the second half of year, affected by the pandemic, the recovery of macro economy and weather, we believe the coal consumption will increase comparing to the first half of the year. 但是国家的稳经济大盘政策落地需要时间，加上清洁能源的规模化替代，我们认为煤炭消耗的增幅是有限的。 However, with the government policy to stabilize the economy and the capacity growth of renewable energy, we believe the consumption growth will in a limited level. 三季度从目前电厂以及中转港环节的库存来看，都处于一个历史同期的偏高水平。我们认为三季度的煤炭基本面的供需条件会较二季度环比继续地改善，所以也看到最近煤价在旺季出现了一波明显的下行。无论是港口产地还是印尼、中低卡沿海市场，降幅都是非常显著的。In the third quarter, we believe the inventory will remain at a relatively high level both in the power plant and in the port area. In the third quarter, we believe the coal demand and supply situation will be eased comparing to the second quarter, and we can see a price decrease in summer peak season. The price of Indonesia coal and the seaborne coal has decreased. [Foreign language] We think our supply pressure will come at the winter peak period, but with the government policy support, we will strive for the three 100% implementation. In the winter peak, we think the price and quantity will be better and our pressure will be eased comparing to the first half of the year. [Foreign language] Thank you. 我来回答投资者关于新能源建设发展的第三个问题。虽然我们上半年受到疫情和天气相关因素的影响，但是我们目前新能源的发展推进还是达到了预期。 Please let me answer your question about renewable energy development. In the first half of the year, although we are affected by the pandemic and the weather, the renewable energy construction and development is in our expectation. 目前我们不会考虑调整全年新能源发展的原有的计划。原有的计划，我们新能源今年发展的推进的程度是803万，这么原来的计划，这里头包括303万的风电和500万的光伏。 We are not going to change our target of renewable energy construction this year. Our original plan was to add 8.03 GW of renewable energy, among which 3.03 GW are wind power and 5 GW are solar power. 回答完毕。 Thank you. 谢谢管理层。问一下，刚才第一个问题可能我讲得不是太清楚。其实要不我这样问吧，管理层有没有大概估值，我们单位燃料成本需要下降到什么水平，我们公司才可以开始有利润？ I will add a follow-up question. When will the company turn profitable to reach a reasonable unit fuel cost? 按照上半年的经营数据，以火电板块半年来做盈亏平衡测算的话，大约是除税的入炉煤的标煤单价要在CNY 1,050到CNY 1,060左右，也就是煤入炉的单位燃料成本在CNY 319左右的情况下，煤机板块能够基本实现盈亏平衡。这是一个框算的示意性的一个结果。 In our rough estimation, if we calculated number based on what happened in the first half of the year, the thermal sector break-even standardized coal price would be around CNY 1,050 to CNY 1,060. The unit fuel cost would be about CNY 319 per MWh. 好，谢谢。可以再讲一下，今年上半年我们原煤价格，还有原煤单位燃料成本分别是多少吧。刘总来说说上半年的单位燃料成本的情况吧。刚才向大家报告了二季度的数据，上半年公司的单位燃料成本是CNY 377每千瓦时左右。谢谢。 In the first half of the year, the unit fuel cost of the company was about CNY 377 per MWh. [Foreign language] In the first half year, the power generation of the company was 208 billion kWh, decreased by 5.6%. That was because the following three reasons. 一个是受疫情的影响，全社会用电量的增速在放缓，尤其是在东部沿海地区，受疫情影响更为严重，这些地区也正好是我们装机比较集中的地区。 First reason is that affected by the pandemic, the power growth rate has decelerated, especially in the areas of the east to south coastal area, which our power plants locate. 第二就是今年上半年水电和光伏的发电量增长比较明显，都超过了20%。水电的增幅是20.3%，光伏的增速是29.8%，这样就相应地挤占了火电的发电空间，而我们的火电装机比例相对比较大。 In the first half of year, the power generation for hydro and solar power has grown dramatically. For hydropower, it has growth 20.3%, and for solar power, it has increased 29.8%. That dampens our power generation for thermal sector, which accounts for the most part of our capacity. 第三个原因就是电煤的价格一直在持续高位运行，这样我们部分边际成本为负的电厂，在完成保供任务的前提下，一般是采取了少发策略。 The third reason is that the fuel cost for thermal units was at a relatively high level. For our power plants with negative marginal contribution, we have a strategy to decrease the power generation. 由于上述的原因，所以对于完成年初制定的发电量任务产生了一些影响。我们稍微下调了发电量计划，但是公司也提出了发电量必须保持正增长的目标。 Because of the above reasons, the company has changed our target in the second half of the year and that slightly decrease our power generation target. Our guidance of power generation is still positive. 全年预计发电量完成4575亿千瓦时左右。这样下半年的发电量预计是2500亿千瓦时左右，利用小时达到3750小时。 The whole year guidance of power generation will be 457.5 billion kWh, that is 250 billion kWh for the second half of the year. Utilization hour is estimated to be around 3,750 hours. Thank you. [Foreign language] The next question comes from Steven of JP Morgan. Please go ahead. Thank you. 陈波，有三个问题想请教一下。第一个的话，想请问一下我们有没有算过在现在的光伏的组件下，我们光伏项目的IRR一般大概有多少呢？第二个想请问一下的话，就是我们的风电的发展里面，比如说在十四五里面，我们的陆风跟海风中间有没有一个分拆呢？就是想了解一下我们在十四五的海风的装机大概会有多少。第三个想请问一下的话，就关于我们燃煤电价的涨幅。因为看到上半年的话也是同比上升20%以上，那下半年的话，我们觉得那个电价的水平能够维持吗？谢谢。 I have three questions. First, under the current situation that the PV module is in a relatively high price, what is the company's IRR of our solar project? Second, about the wind power development in the 14th Five-Year Plan, what will be the capacity added of offshore wind and onshore wind power? What will be the company's capacity plan? My third question is about the tariff. Could you please give us a guidance of the thermal power tariff? In the first half of the year, we have achieved a 20% hike in the thermal power tariff. What will it be like in the second half of the year? 投资人你好，我来回答您这第二个问题。根据公司十四五的发展规划，总体上我们是安排在十四五期间，力争实现海上风电净增装机250万千瓦左右。谢谢。 First about the development in the 14th Five-Year Plan. During the 14th Five-Year period, the company is estimated to add 2.5 GW of offshore wind. 你好，这是关于光伏组件对收益影响的问题。从今年上半年光伏组件运行的情况看，大概比去年平均价每瓦大概高0.15。这是一个情况。从公司我们对收益控制上来讲，还是按照既定的投资收益控制。那0.15的每瓦的增长，大概影响收益0.2到0.3这个水平，影响并不是特别大。我们在工程控制上，会通过其他方面的形式，对组件价格增加的影响进行一些弥补和消除。从目前我们运行的项目来看，基本没有太大影响。 About the PV module price in the first half of year, in the first half of year, the PV module has increased CNY 0.15 per watt comparing to the last year's. If we estimate it based on the current profitability, we can see that it will affect our IRR by 0.2%-0.3%. For now, we can't see a great influence to our current existing construction in the solar projects. 投资者您好，我回答一下您关于电价的问题。上半年公司电价完成是505.7，同比增长了20.7%，这个水平还是好于我们的预期的。 In the first half of the year, the company's average tariff was CNY 505.7 per MWh. It has an increase of 20.7% year-on-year. It is better than our expectation. 最主要的原因还是成本的推动，因为煤价确实是高于我们原先的预估水平。从细分的原因来看，有三方面，一个就是部分地区有些高耗能的价格突破了20%，再一个就是利用这种分时曲线，还有一些现货交易，也都超过了20%的这种水平。 The main reason for the tariff hike is the fuel cost. Our coal cost is higher than our estimation, and the price hike is mainly by the more than 20% tariff hike from the high energy consuming industry and the peak-valley spread and also from the spot market tariff. 一般而言，影响电价水平的两个最重要的因素，一个就是成本，一个就是供求关系。但是从目前的情况来看，成本还是最主要、最敏感的一个因素。 The tariff is mainly driven by two factors. One is our fuel cost, another one is the supply demand situation in the electricity market. For now, we can see the coal cost is the main reason for the tariff hike. 刚刚我的同事也介绍了，现在这个电煤价格还是有呈现下降的势头，有这种迹象。因此我们认为下半年我们在月度电价和现货交易上维持现有的这个水平还是有难度的。 From now we can see that it has a possibility that the fuel cost will drop in the second half of year. So in the monthly bidding and spot market price, it may have some challenges to maintain the tariff level. Thank you. 现在冠青，我可以再问一个小问题，就是我们刚才讲我们的煤价，如果是盈亏平衡的话，大概是1050块左右，那这个的话是不是我们讲是上半年的那个电价提高20%的，那如果我们讲是电价没有上涨的话，我们盈亏平衡大概是多少呢？谢谢。 What will be our break even standard coal price if the tariff do not have the 20% hike? 这个应该是一个线性的关系。刚才我们说到的是在现行的电价的情况下，在487块钱左右的煤电的电价的情况下，燃料的入炉煤的标煤单价大约在1050到1060。那如果是我们要恢复到不涨电价之前，也就是又恢复到下降20%及以下的电价，直接我们可以用电价差，这两个电价差除1.13，这就是一个净的下降。那这部分其实就是燃料成本的一个变动的空间。那么再看我们现在大约在两百八十几的供电煤耗的水平上，大致能框算一下，我没直接算出来，但是计算的逻辑应该就是这个了。报告完了。好，谢谢冠青。 Calculated based on our current tariff situation, that is the coal tariff, about CNY 487 per MWh. Our break-even standard coal price will be CNY 1,050-CNY 1,060. If we calculated under the situation that the tariff does not have the 20% hike and may have a discount to benchmark tariff, we should use our tariff to divide it by 1.13 and to calculate the fuel cost range respectively. That calculation was under the premise of 280 coal consumption for unit. Thank you. [Foreign language] The next question comes from Huang Xiujie of Guosen Securities. Please go ahead. Thank you. 公司领导您好，我是国信证券黄秀杰。有三个小问题想请教公司领导。一个是咱们新能源确实这次是按照分板块公布了这个税前利润，海风的利润大概是多少？包括分板块的一个税后利润有没有？第二个是海风，因为最近我们了解到是广东省一些事故的问题，可能在核查海风的一些开工许可的问题，就问这个会不会影响我们后面的一些增加配置，包括一些海风的核准，或者说现在已经要开工的一些项目。这是第二个问题。第三个就是电价方面，因为咱们火电应该是大比例都上浮了20%。我们的风电，陆风、海风、光伏，目前它的市场化比例和市场化价格是一个上浮还是一个折价的情况。主要是这些。 I have three questions. First, you have released the profit before tax breakdown to different energy sources. Could you please give us the number of the profit before tax for offshore wind power and the net profit for the offshore wind power? Second, as the Guangdong province has begun the inspection of the construction of the offshore wind, is that will have an effect or any impact to the competitive allocation or the bidding afterwards? My third question is about the tariff. As you just said, the thermal sector tariff has increased over 20%. What is the tariff like for the wind power sectors? Is that tariff have a positive increase or decrease comparing to the benchmark? 首先我来回答海上风电的利润情况和分板块的税后利润的情况。从海风的情况来看的话，上半年已经并网的海上风电的容量实现的利润超过了12亿。 The offshore wind of the company in the first half of year have achieved CNY 1.2 billion profit. 那么这次我们在中国上海的年报里面，也是积极地响应了各位投资人的要求，在报表的这个部分已经披露了各个板块的税前的利润。从税后利润的角度来看的话，本次也做了一个适宜性的拆分。从上半年来看的话，煤机是亏损了82个亿左右税后利润。燃气是盈利了接近3个亿，风电是盈利大约32个亿，光伏是盈利接近5个亿，水电是盈利了4,000万左右，生物质是略微亏损2,400万左右。 We have released the profit before tax for different energy breakdown. Now I'll give you the number of the net profit to each of our sector. For the coal sector, the net profit was negative CNY 8.2 billion, gas sector CNY 300 million, wind sector CNY 3.2 billion, solar sector CNY 500 million, for hydro sector it was CNY 14 million, and for the biomass sector it was negative CNY 24 million. Thank you. 我来回答一下你的关于广东沿海的海风建设问题。这个我们没有接到相关的这个情况的汇报，我们广东沿海的各个新能源项目还是推进正常。 We haven't had any notice about the issues you just said. Our construction alongside the Guangdong province is normally operational and normally constructed. Thank you. 投资者您好，我来回答一下您关于风光交易电站的情况。 [Foreign language] Let me give you the numbers of our market-based wind and solar power sold and tariff. The market-based power sold for our wind sector was 3.31 billion kWh. It accounts for about 24.5% of our total wind power generation, and it has a 4.8% increase year on year. The tariff of market-based wind power was CNY 469.1/MWh. It has a CNY 165.5/MWh decrease comparing to the benchmark. [Foreign language] In the first half of the year, the market-based solar power sold was 630 million kWh. It accounts for 23.9% of the total solar power generation, and it has a 14.7% increase year on year. The tariff was CNY 466.1/kWh, and it has a CNY 118.9/MWh decrease comparing to the approved benchmark. 领导，我想追问一个问题，就是咱们二季度的长期煤执行的占比和进口的占比是多少？当前的长期的占比和进口煤占比是多少？ Could you please provide us the second quarter's long term contract coal proportion and the imported coal proportion? 投资者您好，我来回答您的最后一个问题。二季度公司采购长期合同量是2369万吨，上半年公司的长期合同量是5189万吨，它们的占比分别是54.76%和58.83%。 In the second quarter, the company has purchased long term contract coal amounted to 23.69 million tons. It accounts for 54.76% of our total coal procurement. In the first half of year, the long term contract coal was 51.89 million tons. It accounts for 58.83% of our total coal purchase. 二季度公司累计采购进口煤918万吨，占总采购量的21.2%。 In the second quarter, the company has purchased in total 9.18 million tons of imported coal. It accounts for 21.2% of our total coal purchase. 上半年公司累计采购进口煤1716万吨，占总采购煤量的19.5%。 In the first half of year, the imported coal we purchased was 11.76 million tons. It accounts for 19.5% of our total coal purchase. Thank you. 好了，感谢领导。下面有请来自中信证券, 李想提问. The next question comes from Li Xiang of CITIC Securities. Please go ahead. Thank you. 管理层好，我这边的话有两个小问题。第一个小问题其实就是想请教一下咱们海外的这一块，在这个燃料价格全球都在上涨的过程中，咱们新加坡大士能源这一块盈利比较好，能不能跟我们介绍一下，为什么上半年的话，整个来看大士能源的盈利还表现得相对而言比较突出，背后的原因是什么？这是一个问题。再一个问题就是想请教一下，从咱们的煤炭的问题，就是咱们今年为了保供，发改委都要求大家煤炭的这方面的库存尽可能地维持在一个比较高的水平上。就想请教一下，咱们目前来说，公司的煤炭库存从规模或者从可供天数的这个角度上来看，大概在什么样的水平上？还有就是刚才也提到了，咱们展望的话，是觉得下半年在政府的推动下，煤价很有可能出现比上半年价格低一些的这个情况。那么会不会因为咱们高库存的原因，就导致其实是咱们在三季度的时候，如果即使是煤价降下来，咱们可能在这个成本上来说，看到的这个成本的下降，也是不像市场价格表现得那么突出。这两个小问题，谢谢。 I have three questions. First is as the global market coal price was remained at a relatively high level, what is the reason for the Tuas Power to make a profit in the first half of the year? Second, as the NDRC have released several notices about the coal price, and our inventory maintained at a relatively high level. Could you please provide us with the inventory days of the company currently? My third question is about the guidance in the second half of the year with the policy support you have just said the coal price may drop comparing to the first half of the year. But with the high inventory of the company, will our fuel cost decrease less although the coal price decrease more? 投资人你好，我来回答大士能源的有关问题。上半年大士能源完成发电量63.80亿千瓦时，同比增加了8.89亿千瓦时。发电量大幅增加的主要原因是，上半年新加坡经济复苏较快，一季度经济增长约4%，二季度增长约4.8%。2022年上半年新加坡的电力需求同比增长3.2%。另外一方面，大士能源保持机组安全稳定运行，抓住其他发电商机组检修和停运较多的市场有利机会，积极增发电量。 Please let me answer the question about Tuas Power. In the first half of the year, the power generation of Tuas Power reached 6.38 billion kWh. It has 889 million kWh increase compared to the same period last year. That was mainly because of the macroeconomic recovery in Singapore market. In the first quarter, the economic growth rate in Singapore was 4%. In the second quarter, the economic growth rate was 4.8%, and the power consumption has recovery alongside with the economy. It has a 3.2% increase in the first half of year. Second, the Tuas Power has maintained a very stable operation. We seized the chance that our peers companies were in maintenance and strive for a better power generation in the first half of the year. 上半年大士能源实现税前利润7.41亿元人民币，同比增加利润7.96亿元人民币。利润增长较多的主要原因是，受新加坡电力需求增长较快，国际市场天然气价格高企且供应紧张，其他发电商机组集中检修等因素影响，新加坡电力市场电价持续高位运行。大士能源克服疫情等影响，把握市场有利时机，积极增发电量，售电边际贡献大幅提升。上半年大士能源售电边际贡献同比增加约7亿元。 The profit before tax in the first half of year for Tuas Power was CNY 747 million. It has a CNY 796 million increase comparing to the same period last year. That was mainly due to the power consumption increase and the gas price increase and maintained at high level and other peer companies' maintenance leads to a high tariff in Singapore power market. The company will overcome the difficulties brought by the pandemic and strive for a better profit in the second half of the year. The company's margin contributions have reached CNY 700 million in the first half of year. 下半年公司和大士能源将继续主动作为，抓住当前新加坡电力市场需求增长较快、售电毛利较好的有利时机，努力争取当前市场条件下最好的经营成果。回答完毕。 In the second half of the year, the company will seize the opportunity and strive for a better operating result with the help of the market demand increase and the marginal contribution maintained at a relatively high level. The company will strive for a better operating result in the second half of the year. 投资者你好，我现在回答一下您关于公司煤炭库存的问题。截止到6月30号，公司一共存煤是1192万吨，同比增加132万吨，增幅12.5%，比4月24号上一次一季度披露时候的库存是增长了244万吨。6月30号存煤可用天数是25天。 Please let me answer your question about the coal inventory. On June 30th, the company's total coal inventory was 11.92 million tons. It has a 1.32 million tons increase and 12.5% increase compared to the same period last year. It has a 2.44 million tons increase comparing to the number in the first quarter. Inventory days reached 25 days. 到7月26号，公司的存煤是1197万吨，同比增长271万吨，增幅达到了29.6%。电厂存煤可用天数是20天。从以上的数据也反映，公司在7月份耗煤旺季的时候，由于供应水平较好，所以库存不降反增。 On July 26, the company's total inventory reached 11.97 million tons, and it has a 2.71 million tons increase compared to the same period last year. That is 29.6% increase. The inventory days was 20 days. The company have maintained a relatively high inventory days in the summer peak season. 最近从5月1号开始，国家的303号文件正式执行以后，我们也看到发改委对于推动这个政策落地的力度是非常大的。从5月到7月份，港口的电煤中长期合同价格一直保持在CNY 719元每吨，没有发生变化。 After May 1st, with Document 303 has come into effect, the NDRC have pushed forward the policy implementation. In May to July, the port price of coal was about CNY 790 per ton. 所以我认为，我是倾向于同意您说的，三季度公司燃料采购成本的下降的幅度，可能和市场煤价的走势会出现一定的分化。因为从三季度开始，公司执行电煤中长期合同的比例是在显著增加，我们对于市场煤采购的比例也是有所减少。同时我们也会遵守国家发改委关于电煤中长期合同均匀兑现的这样一个原则。同时为了保障迎峰度冬的能源安全，我们会在三季度煤价下跌的时候采取一个季度采购的策略。所以虽然公司的燃料成本变动可能和市场煤价走势不一致，但我们认为它会比二季度有一个明显的下降。 I agree with your opinion that in the third quarter, the fuel cost will decrease and our coal cost will different from the spot market coal cost. Because in the third quarter, the fulfillment rate will increase and we will purchase less from the spot market, and we will implement the NDRC document notice and prepare for the purchase of the winter peak and apply the appropriate strategy. So our coal price may be not the same with the spot market price. 回答完毕，谢谢。 Thank you. 谢谢。下面有请来自海通证券，吴杰提问。The next question comes from 吴杰 of Haitong Securities. Please go ahead. Thank you. 吴总您好，我们这边没有听到声音。下面有请来自长江证券宋尚谦提问。The next question comes from 宋尚谦 of Changjiang Securities. Please go ahead. Thank you。各位领导好，之前有几个问题，几位投资者都已经问到了。我想再追问一个问题，就是刚才领导在介绍的时候提到了Q2的入炉标煤的话是1,245元每吨，这个是比咱们一季度发布会上介绍的Q1的情况是要低一些的。那这个单位燃料成本的话，Q2反而是有一个非常明显的上升，那是不是因为供电煤耗这个方面是有一个比较明显的一个增长，方不方便把两个季度的供电煤耗的这个数据跟大家分享一下？这是第一个问题。然后第二个问题，关于长协覆盖的情况，在这一轮换改签之后，公司的中长期合同覆盖率达到了83.5%，那剩下的大概是16%到17%的这个比例，是不是全部都是海外的长协了？海外的进口。对于进口这一块的话，如果想换国内的内贸煤，这个能不能够实现？上面是这两个问题，谢谢领导。 I have two questions. My first question is you just released the standard coal price in the second quarter, which is 1,245 CNY per ton. And it is lower than the number in the first quarter. Is that because the coal consumption rate changed? Could you please give us the coal consumption rate in the second quarter? My second question is that you just said the coverage rate after the re-signing was 83.5%. Does that mean that the other 16%-17% is all coming from the imported coal? Could you please talk about the difficulties in signing the domestic coal in substitution to the imported coal? 我想重申一下，刚才我们对除税的入炉的标煤单价的一个数据的一个口径。入炉煤的标煤单价，二季度的时候是CNY 1,245块钱左右，这是没折标煤单价入炉，这个入炉煤价是不含税的，只要是入炉这个口径都是不含税的，因为计入到成本。那一季度的情况来看的话，入炉煤的标煤单价同样也是没折标煤，不含税的价格是CNY 1,222块钱左右，应该是这样子一个口径。是不是我们刚才对数据的理解，当然采购的价格里面都是含税的价格，是有这么一个含税的价差。 Let me clarify the number. All of our following numbers are standard coal price, tax excluded. In the second quarter, the standard coal price, tax excluded, was 1,245 CNY per ton, and in the first quarter, the tax excluded standard coal price was 1,222 CNY per ton. 这里面有一个煤机的，一二季度初步的供电煤耗，因为一季度主要是有大范围的供热，所以供电煤耗在294克左右。那二季度的供电煤耗，因为供热季主要集中在一季度，那单位的供电煤耗在314克左右，确实一二季度在煤耗这个变化上，是有供热季的初期影响的。 The coal consumption rate was relatively lower in the first quarter because of the heat supply. In the first quarter, the coal consumption rate was 294 gram per MWh. In the second quarter, it was 314 gram per MWh. 投资者您好，我来回答一下您的第二个问题，目前我们长协覆盖率83.5%是剔除了3,600万吨的进口煤的这样一个量算出来的长协合同覆盖率。 Our 83.5% coverage rate is imported coal excluded. 对于剩下的16%到17%这样一个缺口，首先第一，我们还是在这个国家相关主管部门的领导下，积极向100%去努力。如果100%的覆盖实现不了的话，我们也会采购一定的现货来补充供应。这个现货不但包括从海外进口煤，也会采购相应的内贸煤来补充。 About the remaining 16%-17% gap, we have following measures. First, we will strive for a 100% assignment in the long term contract coal with the authority support. Second, we will have some substitution coal supply from the spot market, including we purchase from the imported coal market and our domestic coal market. 关于进口煤应急保障合同方面，目前在国家政策的大力推动下，公司进口煤应急保障合同的签订也取得了比较明显的进展。 We have achieved some effect in the assignment of the imported emergency substitutional contract with the help of our government. 截至到7月8号，国家一共分配给公司进口煤应急保障合同是3712万吨。The government has allocated 37.12 million tons of domestic coal to the company by the end of July 8th。其中我们线下已经签订的合同是2259万吨。The company has already signed 22.59 million tons of implemented domestic coal contract。已在全面交易中心录入，并且符合国家发改委关于进口煤应急保障合同价格机制的合同量是2237万吨。The company has signed 22.37 million tons of coal that implemented the government regulated pricing mechanism。受到疫情的影响，公司整体的下水煤耗量我们预计是要低于去年的。我们预计今年的进口煤数量在3600到4000万吨左右，加上我们分配的3712万吨资源，或者说我们更保守一点，就是拿到符合量价的2237万吨的资源来看，我们进口煤的缺口已经补充完整。Under the pandemic this year our seaborne coal consumption will be lower than what we purchased in last year. We estimate 36 million tons to 40 million tons of coal consumption of seaborne coal this year. With our assignments of 37.12 million tons, we think our gap has been met. [Foreign language] Thank you. 领导你好，想追问一个问题，关于咱们权益口径的净利润数据，不知道有没有统计？这个数据方不方便介绍一下？ Could you please provide us with the equity based net profit number? 权益口径各个板块的净利润同样也是由于受到统一财务向下可能存在不同类型的发电资产以及分支机构电厂，所以这些拆分都是示意性的，供各位投资人做参考。从上半年情况来看的话，煤机权益口径的利润是大约亏68个亿，燃机是大约盈利1个亿，风电是盈利30个亿，光伏是盈利超过4个亿，水电是盈利大约4000万，生物质亏损大约是1800万，这个是示意性的结果。 The equity based profit breakdown is only our rough estimation only for your reference. For the coal sector it was negative CNY 68 billion. For gas sector it was CNY 100 million. For wind sector it was CNY 3 billion. For solar sector it was positive CNY 400 million. For hydro sector it was CNY 40 million. For the biomass sector it was negative CNY 18 million. 好的，我没有其他问题了。谢谢各位领导。 [Foreign language] Due to time constraints, we invite last investor to ask question. The last question comes from 于洪光 of 国泰君安. Please go ahead. Thank you. 管理层好。我这边有两个问题可能需要跟进一下，一个是关于电价那块，一个是电价这边的涉及到高耗能这边电价涨幅，就是一季度、二季度或者说上半年是否有拆分。第二个问题是关于咱们的规划问题，因为前面管理层提到全年的新增装机规划是维持原有的指引，那5GW的光伏的新增目标里面是否考虑收购？谢谢。 I have two questions. My first question is could you please give the tariff breakdown to the high energy consuming industries? The second is about the company's guidance of newly added capacity. So in the 5GW of renewable energy, is there any capacities from acquisition? 投资者您好，关于高耗能电价，我们公司实现高耗能电价突破的只有甘肃地区。从我们了解的情况来看，就是一季度高耗能的电价涨幅是上涨了30%比基准价，但是考虑到后来经济增长的因素，二季度开始下调到了25%上涨幅度。 Our only high energy consuming tariff breakthrough is in the province of Gansu. In the first quarter, the tariff has a 30% high comparing to the benchmark tariff. Considering the economic reasons, in the second quarter, the tariff hike have decreased to 25%. 你好，我回答一下您第二个问题。公司年内安排的5GW的光伏投产项目全部为自建项目，没有收购的项目安排。谢谢。 In the 5GW solar capacity added during this year, all of the projects are self-built and there's no acquisition. Thank you. 好的，感谢管理层，我没有其他问题了。谢谢。 [Foreign language] Thank you so much for all the questions and participation today. [Foreign language] 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，感谢大家一直以来给予公司的持续的关注、支持、理解和大力的帮助。今天的电话会到此结束，如果有进一步的问题，欢迎大家会后与公司投资者关系处联系。再次谢谢大家。再次感谢各位出席华能国际电力股份有限公司2022年中期业绩发布会，我们期待下一次业绩时再见。Thanks again for your attendance of the conference call regarding the interim results announcement of 2022. We are looking forward to meeting with all of you in our next results announcement. Thank you.