女士们，先生们，大家好。欢迎各位参加华能国际2025年中期业绩推介电话会议。
Ladies and gentlemen, good afternoon. Welcome to the interim result conference call of Huaneng Power International.
昨天公司已发布中期经营业绩，下面简要介绍有关情况。
Yesterday, the company released the interim result. Please let me give a brief introduction.
上半年，在董事会的正确领导下，公司围绕年度目标任务，抓住市场机遇，积极推进生产经营、转型发展、科技创新、境外项目管理等各项工作，绿色发展实现新突破，经营业绩再上新台阶。
In the first half of the year, under the leadership of the board of directors, the company centered on annual targets, seized the market opportunity, pushed forward operation, transition, innovation, and overseas management, achieving breakthroughs in green development and operating performance.
按照中国会计准则计算，上半年公司实现合并营业收入¥1,120.32亿元人民币，同比下降5.7%。归属于本公司股东的净利润¥92.62亿元人民币，同比增长24.26%。每股收益为¥0.5元。
Under the Chinese accounting standard, the company achieved a consolidated operating revenue of ¥112.032 billion, decreasing by 5.7%. Net profit attributable to the company's shareholder was ¥9.262 billion, increasing by 34.26%. The earning per share was ¥0.5.
电力生产方面，上半年公司境内各运行电厂累计完成上网电量2,056.83亿千瓦时，同比下降2.37%。降幅环比收窄。
In terms of the power generation, in the first half of the year, the company's massive concrete power cells was 205.68 billion kilowatt-hours, decreasing by 2.67%, with a decline narrowing quarter on quarter.
在当前竞争更加激烈的电力市场新格局中，公司认真研判市场变化趋势，坚持降本增效、效益优先、科学制定交易策略，着力提升机组灵活性调节能力，有效保障容量电费获取和辅助服务收益，实现平均结算电价¥485.27元每兆瓦时，牢牢守住经营的基本盘。
In the increasingly competitive power market, the company analyzed the market trend, balanced volume and price with efficiency first to formulate trading strategies, and enhanced the flexible capability to secure capacity and auxiliary services payment. The average tariff was ¥485.27 per megawatt-hour, firmly safeguarding the core of operations.
燃料供应方面，公司抓住市场有利时机，科学优化采购策略，提高长期合同履约质量，采购低价现货煤，努力优化存煤结构，燃料成本控制成效显著。
In terms of the coal supply, the company seized the opportunity, optimized procurement strategy, improved the quality of contracted coal, purchased low-cost spot market coal, and optimized inventory structure, achieving significant results in cost control.
上半年，公司境内电厂累计入炉、除税焦煤单价¥917每吨，同比下降7.23%。
Standard coal price in the first half of the year was ¥917 per ton, a year-on-year decrease of 9.23%.
转型发展方面，公司坚持低碳转型的战略方向，抢抓新能源市场化政策窗口期，在确保安全合规、质价双优的前提下，全力推进新能源项目建设。
In terms of development, the company continued the green transition, seized the policy window for the renewable marketization, and pushed forward the construction on the premise of safety, compliance, quality, and cost effectiveness.
上半年新增装机容量799万千瓦，其中新能源626万千瓦，公司可控发电装机容量达到1.53亿千瓦，新能源发电装机容量达到4,409万千瓦，低碳清洁能源装机占比增至39.12%。
In the first half of the year, the company added 7.99 gigawatts of unit, including 6.26 gigawatts of renewable. The company installed capacity reached 163 gigawatts. The renewable capacity reached 44.09 gigawatts. The low carbon clean energy accounts for 39.12% of total capacity.
海外运营方面，大势能源认真研判新加坡电力和燃料市场变化，准确把握市场政策，敏捷响应市场变化，持续推进经营管理，上半年经营效益保持较高水平。
In terms of overseas operation, TUAS Power interpreted the policy and the research. The power and fuel market actively responded to the market changes. The profit remained at a relatively high level.
上半年，大势能源实现税前利润¥13.63亿元人民币，巴基斯坦萨基瓦尔电厂经营效益保持稳定，实现税前利润¥4.36亿元。
In the first half of the year, the profit before tax of TUAS was ¥1.363 billion. The performance of Sahiwal Power Plant in Pakistan remained stable. The profit before tax was ¥436 million.
下半年，公司将紧跟国家战略规划，坚持质量第一、效益为先，持续优化发展方向、布局和结构，积极顺应新能源大规模入市的新变化，强化政策和市场研究，坚持保量稳价不动摇，动态优化营销策略，提升发电效益。
In the second half of the year, the company will follow national strategic plans focused on quality and efficiency and optimize its development direction, layout, and structure. The company will adapt to the marketization of renewables, conduct policy and market research, dynamically optimize marketing strategy, and improve generation efficiency.
公司将密切跟踪煤炭市场变化，进一步优化采购结构，多措并举控制煤炭采购成本，强化资金经营管理，保持合理稳健的融资结构，保障能源安全供应和绿色低碳转型的资金需求。
The company will track the changes in the coal market, optimize the procurement structure, and take multiple measures to control coal costs. The company will strengthen funds management, maintain a stable financing structure, funding for energy security, and green transition.
公司将坚持把高质量稳增长摆在更加突出的位置，不断提升风险控制力、发展协动力和价值创造力，努力实现经营业绩稳中有进，高质量完成全年各项目标任务。
The company will prioritize high quality and steady growth, enhance risk control, new development, and value creation capability, and strive to achieve steady progress in operating performance and high-quality completion of annual goals.
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.
谢谢王董事长的介绍，接下来是问答时间。Thank you, Mr. Wang. Here we come to the Q&A session. 如需提问，请在话题上按星1键等候，按星号键，再按1键。To register your question, please press star followed by 1 on your telephone keypad. Thank you. 欢迎各位提问，也请各位在提问前告诉我们您所属的机构和姓名。Please state your name and your organization before question raised. 有请第一条问题。The first question comes from 刘显达 of Citibank.
先生您好，下午好。我有三个问题想请教，也恭喜你们上半年良好的业绩。第一个问题就是，我看到二季度公司单位燃料成本同比下降的幅度应该是比一季度多的，想知道主要的原因，还有公司管理层对下半年我们单位燃料成本的展望。第二个问题是有关新能源发展的，上半年我们光伏上了大概4.3GW，风电上了1.9GW，想知道我们现在对2025年新能源，包括风电光伏装机的目标现在是怎么样，风电光伏分别占多少，还有对于我们公司2025年总的开支经营策略是怎么样。第三个问题是有关现金流的，我看今年上半年我们的经营现金流同比是增加了7倍，我自己算有大概¥307亿，那在经营现金流大幅改善的情况之下，想知道管理层对今年我们分红比例的预期是怎么样，会不会提高，大概就是这三个问题，谢谢。
I have three questions. First, in the second quarter, we can see the unit fuel cost decrease greater than the unit fuel cost decrease in the fourth quarter. Could you talk about the reason for that? Could you give us the unit fuel cost guidance in the following quarters? Second, about the company's renewable development. The company has added 4.3 gigawatts of solar units and 1.9 gigawatts of wind units. Could you talk about the company's outlook for the renewable addition in 2025? What percentage will be the wind power, and what is the proportion for the solar power? Could you give us the guidance for the CapEx in the year of 2025? Third question is about the company's cash flow. We can see from the report that free cash flow have increased by ¥30.7 billion. Under this circumstance, what will be the dividend payout ratio of the company? Will the company raise the payout ratio? Thank you.
请财务部负责同志回答第一个问题，请运营部回答第二个问题。
您好，我首先回答您的第一个问题，关于这个单位燃料成本，二季度当季的这个单位燃料成本是¥269.42元每千千瓦时，一季度的这个当季的是¥272.68元每千千瓦时，环比确实下降了¥3.26元每千千瓦时。The unit fuel cost in the second quarter was ¥269.42 yuan per megawatt-hour, comparing to the first quarter's ¥272.68 yuan per megawatt-hour, that's a quarter-on-quarter decrease of ¥3.26 yuan per megawatt-hour. 这个燃料成本大幅下降的原因主要还是得益于公司充分把握燃料市场价格下行的这个局面，科学统筹长期煤采购与现货煤的采购，使公司的燃料成本进一步降低。回答完毕，谢谢。The reason of the company's cost decrease is, the company has seized opportunity in the market, coordinated the purchase of the contracted coal and spot market coal, and pushed forward the cost decrease of the fuel. Thank you. 关于您的第三个问题，公司的现金流，经营现金净流入同比增加了¥307亿元，然后这个也主要是得益于公司对这个燃料成本的有效管控，火电板块的这个利润同比增长比较大。To your question about our operating free cash flow, it has increased by ¥32.7 billion yuan. This was mainly due to the fuel cost decrease for our thermal sector; the profit of the thermal sector have increased significantly. 公司为了与股东更好的共享公司的这个经营发展成果，权衡公司未来的发展需求，2024年度已经积极响应国家这个加强资本市场建设、增强投资者回报的这个政策，相应的提高了分红的比例，向全体股东每股派发现金红利¥0.27元每股，累计的这个派发金额是¥42.4亿元，同比上一个年度，我们这个派发的金额是增加了¥11亿元，分红的比例也由57.14%提高到了58.78%。
The company has insisted on sharing our performance results with our shareholders, considering the company's operational demands and the government policies. The company has raised our dividend payout ratio. In the year of 2024, the company has paid ¥0.27 per share of dividend. The total dividend payment amounted to ¥4.24 billion; it has increased by ¥1.1 billion, and the payout ratio increased from 57.14% to 58.78%. 下一步，公司也将继续坚持积极稳定的派息政策，综合考虑公司战略规划、经营效益、资本开支、股东意愿等多方因素的基础上，研究积极响应这个新国九条的相关政策要求，努力为股东提供更加丰厚的回报。 In the future, the company will insist on sustainable dividend payout policy, and considering our development guidance, our operating results, the CapEx, and the willingness of our shareholders to continue to research the dividend payout policy and implement the government policy, and to insist on a stable dividend payout.
各位同学好，我回答您关于第二个关于这个新能源这个项目展望的一个问题。截止到这个6月末，公司的这个目前在建项目的总的规模在1,913万千瓦，其中新能源的规模是1,136万千瓦，风电是572万千瓦，光伏是564万千瓦。
About your question of renewable guidance, for now the company has 19.13 gigawatts of units under construction, including 11.36 gigawatts of renewable. The wind amounted to 5.72 gigawatts; solar amounted to 5.64 gigawatts.
对于今年全年新能源的投产展望，目前公司还是坚持年初的整体1,000万千瓦的规模，其中风电项目大概在420万千瓦左右，光伏在580万千瓦左右。
The company will maintain our whole year guidance at the beginning of the year, which is 10 gigawatts of renewable addition, including 4.2 gigawatts of wind and 5.8 gigawatts of solar.
好，谢谢。
Thank you.
好，谢谢各位同学。
有请下一条问题。The next question comes from 许亚玲 of Fatai Energy. 各位领导好，首先恭喜公司上半年取得非常亮眼的成绩，然后我这边有几个问题想要请教一下。第一个是关于公司的层面，就是我测算了一下，公司其实二季度风电的租电和光伏的租电盈利大概在1毛6到1毛7的水平，然后风电的租电净利润，应该是利润总额，大概是同比下降了1.9分，光伏大概是同比下降了0.5分，但是整体来说其实光伏的利润是有一点超我们预期的，所以想请领导帮我们拆分一下，就是说公司一季度和二季度分别的这个风电和光伏的利用小时数，以及他们的同比的变化情况，还有他们各自的这个综合上网电价以及同比的变化情况。第二个问题也是关于公司层面上，想请领导帮我们拆分一下这个二季度，这个纯煤的充电的电价，它的容量电价和电量电价分别是多少，同比的变化是多少，以及它的入江煤单价和煤耗的水平以及同比的变化。第三个问题呢，其实是想请教一个行业性的问题，因为我们最近也看到说有三库审有出台征求意见稿，这个想要把容量电价在2026年提高¥330每千瓦，但是其实通过这个乘以容量系数等一系列的计算以后呢，它最终，充电企业能达到的这个水平可能是远远低于¥330每千瓦的。所以想请教一下公司是看待这个三库审的这个政策的出台，以及我们对2026年其他的省份的容量电价的政策的变化有没有什么新的预期。以上是我的三个问题，谢谢。
We have three questions. First, in the second quarter, the company's unit profit for wind and solar sector was around ¥160 to ¥170 per megawatt-hour, and that is exceeding our expectation, especially for our solar sector. So could you give us the utilization hour of wind and solar sector in the first quarter and second quarter, and the year-on-year changes? Could you give us the tariff of those two sectors in the first and second quarter? Second, could you give us the tariff of our coal sector in the second quarter, and the tax payment of the coal sector, and what was the year-on-year change? Could you talk about the standard coal price of the company as well as the coal consumption rate? Third, in Jiangsu Province, it has introduced a capacity payment policy to ¥360 per kilowatt-hour. However, we think the final compensation will be lower than that level. How does the company review this problem, and what was the company's perspective that if that policy will be taken in other provinces?
请财务部回答第一个问题，运营部相关同志回答第二个和第三个问题。
关于风电和光伏的利用小时按季度拆分，第二季度风电的利用小时是539小时，光伏的利用小时是338小时，第一季度风电的利用小时是594小时，光伏的利用小时是245小时。
The utilization hour of wind in the second quarter was 539 hours; in the first quarter, 594 hours. The utilization hour of solar in the second quarter, 338 hours; first quarter, 245 hours.
关于这个风电和光伏的电价的拆分，第二个季度风电的平均结算电价是¥470.09每千千瓦时，光伏的平均结算电价是¥485.39每千千瓦时。
The average tariff of wind in the second quarter was ¥470.09 per megawatt-hour; solar ¥385.39 per megawatt-hour.
第一个季度风电的平均结算电价是¥487.97元每千千瓦时，季度环比确实是下降了¥60元每千千瓦时。光伏的平均结算电价是¥400.16元每千千瓦时，季度环比下降了¥17.88元每千千瓦时。风电的季度环比是下降了¥17.88元每千千瓦时，光伏的环比下降了¥14.76元每千千瓦时。
The average tariff for wind in the first quarter was ¥487.97 per megawatt-hour, decreasing by ¥17.88 quarter on quarter. The average tariff for solar was ¥400.16 per megawatt-hour, decreasing by ¥14.76 quarter on quarter.
好，各位同学好，我来回答您提的第二个问题，关于煤机纯煤机的相关指标。第一个是，首先在利用小时方面，一季度的，我们一季度纯煤机的利用小时是6,964小时，二季度875小时，上半年全年的煤机的小时数是1,839小时，同比下降141小时。电价，纯煤机的电价，一季度的电价是467元每千千瓦时，二季度的电价是476元每千千瓦时，上半年合计471元每千千瓦时。在这个除税的入炉煤价方面，一季度是887.64元每吨，二季度是809.64元每吨，上半年是848.99元每吨。
Utilization hours of our coal sector in the first quarter: 964 hours; second quarter: 875 hours; first half of year: 1,869 hours, decreasing by 141 hours. The average tariff of our coal sector in the first quarter: ¥467 per megawatt-hour; second quarter: ¥476 per megawatt-hour; first half of year: ¥471 per megawatt-hour. The standard coal price in the first quarter for the coal sector: ¥664 per ton; second quarter: ¥809 per ton; and in the first half of year: ¥848.99 per ton.
关于这个工业煤耗，上半年公司煤机的工业煤耗是295.9克每千瓦时。
Coal consumption rate in the first half of year was 295.9.
投资者您好，我回答您第三个问题。关于三库审容量电价新政，第一个是我们也认为这是一个积极的信号，它相当于是在政策层面上促进这个煤电从过去的电量主体电源向调节性电源转变的一个进一步的推动。如刚才我们同事也所言，就是今年上半年煤机的利用小时同比下降141小时，这个数据也印证了这一点。
First, about the company's coal utilization hour, we can see it's a positive policy signal that coal-fired units will become adjustable, flexible power resources; utilization hours decreased have proved this point of view.
第二个就是关于这个碳排放的问题，确实，就您所言这个，尤其对于刚才的热电机组，它的这个在实际回收方面可能是达不到100%的，但是我们经过分析，其实这个在我们可以从也在研究现在从生产改造方面进行一些措施，能够尽量提升它实际的一个回收系数水平。
Second, as you just said, the recovery rate ratio of our capacity payment in Jiangsu Province won't reach the 100% level; however, the company is having research to have some operational renovations of our units. With this update, we will increase our compensation level.
第三点就是您关注的这个政策下一步的推广，就是现在据我们所了解，可能这个政策想实现100%的全容量回收，前提是在现货运行地区，然后对于非现货地区的话，还是按照之前1501号文件，就是说2026年，提升到逐步提升到50%的回收固定成本比例，然后之后再进一步的提升。
About the future steps of this policy, we can see the 100% recovery ratio of capacity payments only happens in the areas that have small markets. For the areas that do not have small markets, the current case will be followed; that is, by the end of 2026, the coverage ratio will be 50% of the fixed cost. Thank you.
有请下一条问题。The next question comes from 杜莹莹 of Canton Security.
各位管理层大家好，我是招商建设的研究员宋莹莹，非常恭喜公司二季度获得了亮眼的业绩。我这边有三个小问题想请教一下。第一个是关于煤炭产品的提价，请教一下我们上半年的煤炭采购结构，长期和现货的比例到底是多少？第二个是想进一步追问一下关于电价的情况，分板块的市场化交易电价情况是怎么样的？然后以及我们火电这边容量电价的情况，分摊到度电大概是什么样的情况以及长期的变化？第三个是想请教一下关于净利润的拆分，谢谢。
I have three questions. First, about our coal procurement, what is the coal procurement structure in the first half of the year? What is the proportion for long-term contracted coal and spot market coal purchase? Second, about our tariff, could you give us the market-based tariff breakdown to different energy types? What is the company's capacity tariff for our coal units? What was the year-on-year change? My third question is, could you please give us the net profit breakdown to different energy types?
运营部，这个先回答第一个问题。投资者您好，上半年，共计采购商限煤4,290万吨，现货煤1,563万吨，进口煤2,661万吨，然后整体结构。
In the first half of the year, the company had purchased 42.9 million tons of coal, including 15.63 million tons of coal from the domestic market and 28.61 million tons of coal from the overseas market.
其中国内长期的比例是49.24%，煤气交货比例17.94%，进口煤比例32.83%。
The long-term contracted coal accounted for 49.24% of total purchase; small market coal accounted for 17.94%; and imported coal accounted for 32.83%.
投资者您好，关于这个提到的交易电价的有关的各板块的情况给您汇报一下。公司上半年全口径的交易电价是¥435.09元，交易的整个占比是84.64%。
The company's market-based tariff in the first half of the year was ¥435.09 per megawatt-hour; it accounts for 84.64% of our total power sales.
其中煤机的交易价是430.29元每千千瓦时，然后交易比例100%；燃机是597.88元每千千瓦时，比例是18.9%。
The market-based tariff for coal-fired units was ¥430.29 per megawatt-hour; 100% of our total power sales are market-based; and gas units ¥497.88 per megawatt-hour; 18.9% of our power sales are market-based.
风电的交易价是495.36元每千瓦时，交易比例是45.5%；光伏的交易价是383.77元每千瓦时，比例是35.2%。
The average market-based tariff for wind was ¥495.36 per megawatt-hour; 45.5% from the market sales. And for solar, ¥383.77 per megawatt-hour; the proportion was 35.2%.
上半年关于容量电费的情况，上半年公司总共预计收到容量电费补贴是¥48.7亿元，折合度电的容量电费的影响电价是¥30.79元每千瓦时。
The capacity payment in the first half of year was ¥4.87 billion; and it was ¥30.79 per megawatt-hour.
同比上涨了2.17元每千瓦时；上涨的主要原因还是因为今年的煤电的发电量同比下降，那么容量电费在折算的时候的，折算容量电价的时候，这个电费电价水平有所提升。
It has a ¥2.17 per megawatt-hour increase comparing to the same period last year; that was mainly because the coal power generation had decreased this year and the proportion of capacity payment increased. 投资者您好，我来回答您的第三个问题。关于净利润，国内这一块按板块的拆分，煤机是¥59.89亿元，燃机是¥5.27亿元，风电是¥34.33亿元，光伏是¥18.58亿元，水电是¥0.13亿元，生物质是¥0.03亿元，谢谢。 The net profit accounts for different energy types: the coal-fired power ¥5.989 billion; gas power ¥527 million; wind ¥3.433 billion; solar ¥1.858 billion; hydro ¥13 million; biomass ¥3 million. Thank you. 有请下一条问题。 The next question comes from 江涛 of Guanghua Security.
喂，可以听到吗？
可以听到了，谢谢。
好的，各位领导好，也恭喜公司取得了比较优异的通道业绩。我有三个小问题想请问一下。 第一个问题是关于电价的问题，我们看到今年二季度的煤气电价下降，但是电价并没有下降，想问一下这个是否与市场化交易有关系？那么公司有没有通过相关市场当中的电价实验当中少拍一些电，多电价实验的多拍一些电的方式提升了综合电价，以及有没有在长期的合约当中通过买入比较便宜的低价市场电的方式实现少发电多赚钱之类的事情？那么想问一下这个事情在各个省份之间有没有差异？这是我的第一个问题。 我的第二个问题是，我们看到今年通报当中公司提到了对于青岛的热电联产的项目发了一个REITs，那么想问一下目前从这个审批的方面来看，是否已经可以把火电当成一个相对来讲稳定的资产，因为它能够发REITs，想问一下这个背后的现金流的情况和它的盈利预测的情况？ 然后第三个问题是关于财务的问题，看到今年三季度少数股东损益比和净利润的比例是大概20%左右，比一季度要低大概7个百分点，想问一下这个的原因？ 这是我的三个问题，谢谢。
I have three questions. The first was about the company's tariff in the second quarter; the power generation for coal-fired have decreased; however, the tariff remains stable. Is that because our market-based tariffs have increased, where the company have less power generation when the tariff was low in small market and have more power generation when the tariffs are high? Could you talk about the differences between this trading strategy in different provinces? Second, we can see from our interim result report that we have REITs issuance spending in Qingdao Province, and could you talk about the approval process of these REITs? Does that mean that the thermal power can be a stable asset in the future? Could you talk about our estimation of the cash flow as well as the profits? Third of three questions about our minority interest; the minority interest have decreased in the second quarter; would you give us the reason?
运营部的同志负责回答第一个问题；经济院部的负责同志回答第二个问题；财务部的同志负责回答第三个问题。 投资者您好，先回答您第一个问题，就是您提到的这一系列特别的急缺，是我们今年二季度煤电量价统筹的一个体现。因为形势是这样几个特点：第一个就是说整个今年新能源和用电还是比较多，供需宽松，所以我们整个发现整个现货市场的话，这个零电价和负电价的时长比去年是显著增加的。就在这个情况下，我们的煤机只要是在中长期比现货高的时候，肯定是有动力来进行这种市场上的策略性的增发和减发，这是在现货地区。 另外在中长期地区的话，主要还是由于之前我们年度签的长协的水平价格还是比较稳定，我们的这个整个的发电量还是基本上和合约进行执行。在非现货地区的话，我们整个的发电量基本上是和合约保持同步的稳定，不会有太大的偏差。所以整体上来看的话，你会发现我们的电量还是有所下降，但是电价还维持在一个相对可以的水平，这就是总体来讲我们量价统筹的一个结果。
In the first half of the year, the company has made up our trading strategy that we coordinate between the volume and the price. There are two sectors of that. First, in the spot market area, because this year the renewable addition was significantly increased in the first half of the year, there's an oversupply of power in the market. So the spot market price we can see a longer time period that we have a negative tariff. So for our coal units, we have incentive to increase our generation when the price is high and decrease our generation when the price is low. Second, in the area that we only have long-term, mid to long-term contract power sales, the company's power generation remains stable, the contract we signed remains stable. So combining all the two factors, although our power generation has decreased, the tariff remains stable in the second quarter. 投资者您好，公司近两年，就是这几年来，我们一直在积极的盘活这个火电资产，争取拓宽我们权益融资的渠道，我想相信大家也可以从我们过去的披露当中能够看到，在过去两年我们是在市场上成功发行了多项类REITs产品。那对于刚才您提到的公募REITs这个产品，因为这个确实目前实际上还没有真正发出，我们是在做前期的一些申报准备工作，目前的阶段是在地方发改委在审核的阶段。
About the question about the insurance of our REITs, in the recent years the company has had several attempts to securitize our thermal assets and the burden of financial access. So in the last two years the company has issued several equity-based private REITs, and for now for the REIT you just mentioned, they are now in the approval process and we are waiting for the approval of the provincial NDRC. 这个其实也可以看到是我们在多方争取的前提下，这个我刚才听您的提问，相信您对这个公募REITs也有一定了解，就是前期实际上火电资产是发改委那边是不可以纳入到这个底层资产的，这个也是在我们这个上市公司向这个监管侧有关的这个机构，包括发改委积极呼吁的这个情况下，目前是这个煤电的这个资产可以纳入到这个公募REITs这个发行的底层资产，所以我们现在在积极推动这个这项工作，也希望能够完成这个争取，就是能够完成首批的这个煤电REITs的发行。至于您提到的这个现金流，这方面我们只是这个现金流的这个是它的这个模型的测算是基于未来这个供热需求做的一个测算，谢谢。 The company has absolutely reported to the government authorities about the insurance of public REITs, and previously the thermal power hasn't been included in the insurance; however, with the company's effort, we are hoping we can be the first tier to issue a public issued REIT, and as for the cash flow, the cash flow will be based on the demand of heat supply. 投资者您好，我来回答您的第三个问题，关于这个少数股东损益比上净利润的这个比例环比降低，就是公司的这个净利润当中是少数股东享有的这个部分占比说明相对降低了，然后母公司实际享有的这一部分就相对提高了，也就是说公司这个非全资电厂的这个利润环比是下降了，而全资电厂的这个利润环比是增加了，谢谢。
I have your question about the minority interest decrease. We can, it can reflect the following issue that the proportion of the profits in our minority interest have decreased. The company's wholly owned assets have profits that increase, however, non-wholly owned assets have a profit decrease. Thank you, thank you. 好的，谢谢，我没有其他问题了。有请下一条问题。 The next question comes from 孙辉贤 of Guanghai Haifeng Security. 各位领导好，我是国泰海通研究员孙辉贤，那首先恭喜咱们公司二季度取得了非常优异的成绩，然后我这边也有三个小问题。第一个是想再请教一下各位领导，在目前一个反内卷的一个政策预期下，咱们对于下半年的煤价以及明年的长协电价的展望是怎么样的呢？这是第一个问题。然后第二个问题的话，是想请教一下我们今年和去年的上半年这个永续债这一块的利息总额和利率分别是多少？然后第三点呢，是结合刚刚姜老师提的那个问题，就是刚刚领导回答说公司的非全资电厂的盈利占比是下降的，全资电厂的盈利占比是提升的，那我想请教一下这个趋势在火电里面也是这样的吗？如果说火电的全资电厂的盈利就是比非全资电厂盈利提升更多，这个的主要原因是什么呢？主要是这三个问题，谢谢领导。 So first, my first question: after the anti-involution modified government, what will be the company's outlook for the coal price and tariffs in the following quarter and next year? Second, about the perpetual bond of the company, what is the interest payment as well as the interest rate of our perpetual bond? Third, about the company's minority interest, could you talk about why the company's non-controlling assets profits have increased? 请运营部的相关同志回答第一个问题，财务部回答第二和第三个问题。 投资者您好，随着这个反内卷竞争的整治和这个峰度下，煤炭需求的季节性回升，煤价已经出现了反弹，预计这个叠加下半年，随着这个下半年经济的稳中向好推进和供需的整体的改善，有望根据这个，煤价有可能进行回弹提升，震荡运行，根据供需关系，在6月份的低点位置有可能下半年继续走强。
Thank you for your question about the coal price outlook. In the second quarter of anti-involution and the summer peak season, the coal price has rebounded, and in the second quarter, if the macroeconomy continues to recover and the supply-demand balance continues to improve, the coal price may increase and fluctuate at a certain level. The coal price will be increased on the basis of the prices in the month of June. 投资者您好，关于电价是这样，可以从两个层面，我们是这样看待的。第一个就是从供需层面，就是随着今年现货地区出的越来越多，现货价格走出来的话，势必会对明年的这个长协交易价格产生影响，这个影响至少从现在来看是一个比较负面的，是一个往下的压力。第二个就是从政策层面，因为最近长协电价涉及到一个电力保供，所以现在国家部委也在研究明年的这个电力中长期签约到底一个定电量和电价机制怎么定，现在也在研究过程中，我们也在密切关注，而且做好政策研究的一些争取工作。 About the tariff outlook in the following quarters, first on the supply and demand side, as more and more provinces have implemented spot market that will adversely affect the long-term contract power signing, and second, the government will continue the energy security policy and will push forward the research of the signing of next year. The company will keep track of the progress and actively report to the government authority. 好的，回答您的第二个问题和第三个问题，关于这个永续债，去年年终的时候永续债的成本是3.71%，然后今年年终的时候这个永续债的成本是3.49%，这个下降的原因主要是我们抓住了这个目前债券市场下行的这个有利窗口，接续的这个永续债的成本得到了大幅度的降低。同比下半年的这个全年永续债的利息支出，今年是¥14.14亿元，去年的同期是¥14.58亿元，同比减少了¥0.44亿元。
About the company's perpetual bond, for the first half of last year, the perpetual bond interest rate was 3.71%. This year, first half of year 3.49%, and that was because the company has seized opportunity in the market and have decreased the cost in the perpetual bond refinancing, and the interest payment in the first half of this year was ¥1.414 billion, from the last year first half of year was ¥1.458 billion, that has a ¥44 million decrease. 然后关于第三个问题，少数股东损益比净利润降低，这个因为也确实有这个火电板块带来的影响，比如说我们的北京热电，我们实际控股是41%，但是它的盈利呢，因为受到供热季的影响，它第二个季度的盈利比第一个季度的盈利降低了5亿元，所以造成了少数股东损益占净利润的这个比率有环比的下降。这个主要是由于公司发电单位的这个股权结构所决定的，公司并没有对它做特别的安排，谢谢。
About the minority interest to the net profit decrease, that was partially because of thermal power. For example, our Beijing power generation power plant, the company have a 45.41% of shares, and in the heating season, when the heating season end in the second quarter, the profits have decreased by ¥500 million. That dragged down the minority interest to net profit decrease. That was mainly decided by our power structure. 谢谢各位领导，我没有其他问题了，谢谢。有请下一位问题。 The next question comes from 宋思平 of Huayan Securities. 喂，喂，各位领导下午好，我是华源证券分析师宋思平，也是非常恭喜公司的上半年的喜人业绩。我这边其实主要是两个小问题，想跟我们领导交流请教一下。也是看到公司在今年上半年对部分的电厂做了些减值，想请问一下主要这个减值主要是因为什么原因。另外呢就是咱们今年上半年整个火电厂的一个，公司控股火电厂的一个亏损面的情况。如果新能源这一块不知道是否有统计过它的亏损面的情况，如果有的话希望各位领导也能够分享交流一下。这是我第一个问题。 我第二个问题是，我们今年上半年已经投了有6个多家的新能源，然后这一块想请教一下主要是分布在哪些区域，然后以及这些，然后我们今年下半年因为还有机组的一个在线和市场目标，然后我下半年投的机组可能会主要是分布在哪些区域。这些机组呢就是如果是有本地消纳，本地消纳以及投资额这一块麻烦各位领导们也来分享一下。以上是我的两个小问题。
I have two questions. First about the asset impairment, the company had made about ¥200 million asset impairment in the first half of year, could you give us the reason and could you talk about the loss situation of our thermal sector as well as renewable sector in the first half of year? Second, the company has had 6 kilowatts of renewable capacity in the first half of year, could you talk about the geographic layout of this unit and what will be the geographic layout of our capacity addition in the second half of year? Could you also talk about what is the capacity that is consumed locally, what is the capacity that consumed by the ultra high transmission grid? 请财务部的相关同志回答第一个问题，请运营部的相关同志回答第二个问题。关于这个，您好，我来回答您的第一个问题，关于这个减值，确实公司这个年终的时候对这个沙安电厂和七浦电厂合计做了一个减值是¥2.6亿元，然后这个主要的原因是这个政策性的原因，沙安电厂是它的这个机组，一期和二期投产的时间比较长，然后一期呢是要计划翻平，二期呢是要计划要转应急备用，所以这块对它进行了一个政策性的减值，然后七浦热电也是它的这个两台机组是20，也是投产时间比较久，因为它有这个关停的安排，所以我们对它进行了相关的减值。
About the asset impairment in the first half of year, that was taken in the power plants in Shang of Shang'an and Qifu, the total asset impairment amounted to ¥260 million, that was mainly because the policy reason. First the Shang'an power plants have the plan of shutting down one of its units and backing up one of its units, and for the power plants Qifu, because two of their units have a long term of operation, it also have a plan in shutting down. 关于您的那个亏损面的这个问题，火电的亏损，上半年火电的这个亏损单位有12家，占总共，占这个亏损面的比率是2.5%，然后风电是有一家微亏，光伏有9家单位亏损，谢谢。 About the loss situation in the first half of year, that 12 projects have made loss in the first half of year for thermal sector, that was 2.5% of our total projects. One project of wind have made loss and nine projects of solar made loss. 我来回答您提的第二个问题，今年上半年我们投产的这个新能源项目中，主要的装机集中在海南，华东还有山，河北区域。 In the first half of year, the majority of our capacity addition was in province of Hainan and East China. 关于大气，年内的大基地的项目，目前我们今年计划安排的河北有70万的一个大基地项目，今年准备在下半年要开工，预计年内会有部分，部分规模的投产。目前我们在山东有荆州的85万的一个基地的光伏项目，已经，已经备往投产。
About the renewable energy base project, we have 700 megawatts base project that's being constructed in the province of Hubei. Part of that will be put into operation this year and we have 860 megawatts units in Shandong province and it is aimed to be operated this year. 谢谢。Thank you. 有请下一条问题。The next question comes from 顾丽丽 of Tianjin Security。您好，我是天东证券的分析师顾丽丽，那我这里有三个问题。首先第一个呢是关于这个二级组长纤煤的采购价格，看领导能否帮我们讲一下这个二级组长纤煤采购价格这个具体变化情况。然后第二个呢是刚才的话，虽然我们分板块讲了一下净利润，但是我们还想再看一下就是一二季度的分板块权益净利润这块，大概的一个分拆的情况是什么样的。然后这是第二个问题。第三个呢就是现在因为我们看136号文在陆续的发布过程当中，就是我们现在目前在建项目风光这一块，基于技术电价政策，是否在进行新的这样一个收益率的测算，到此前的话大概有哪些变化，可以简单的帮我们分手分大的这个话题需要或者是细节去做一个简单的分析，谢谢以上三个。I have three questions. First, could you talk about the procurement standard coal price changes in the second quarter? Second, could you give us the profit contributions to equity holders in the first quarter and second quarter breaking down to different energy types? Third, as document 136 has been implemented, could you talk about the changes about our project approval process and could you give us an analysis in different provinces and different regions? 请运营部的相关同志回答一三问题，请财务部的同志回答第二个问题。好的，您好，公司二季度长纤煤采购价格是¥600.77元，然后折边单价是¥877.76，谢谢。
The roll call price of the second quarter was ¥600.77 per ton and the standard call price was ¥877.76 per ton. 全煤价格环比降低¥21。The roll call price has a ¥21 per ton decrease quarter on quarter. 宋思平，您好，我来回答您的第二个问题，关于这个权益利润分板块的拆分。第二个季度煤机是¥20.2亿，燃机是负的¥0.07亿，风电是¥12亿，光伏是¥9.95亿，水电是¥0.3亿。About the profit attributed to equity holders in the second quarter, the coal was ¥2.02 billion, gas negative ¥7 million, wind ¥1.2 billion, solar ¥995 million, hydro ¥30 million. 第一个季度煤机是¥24.21亿，燃机是¥2.7亿，风电是¥14.88亿，光伏是¥4.17亿，水电是负的¥0.19亿。In the first quarter, for coal sector, the profit attributed to equity holder was ¥2.44 billion, gas ¥217 million, wind ¥1.488 billion, solar ¥417 million, hydro negative ¥19 million. 宋总监，关于您的第三个问题，关于136号文出台以后，那么对于新能源项目的开发建设方面，公司对这项目的投资决策方面，目前依然是首先在收益率的指标方面是没有做调整，依然坚持之前的不能低于6%的一个总的标准。After the implementation of document 136, the company hasn't changed our internal rate of return of our decision-making process; it remains 6%. 在项目开发审核结束过程中呢，我们主要从两个方面来进一步的强化，一个是还是坚持从市场的项目、市场的角度来要从市场要效益的这个角度，来实现我们新能源项目的高质量的发展，重点是围绕从这个项目的资源评估、设备选型、接入以及储能配套、配套储能的方案，以及后续的生产运维等多方面，我们整体要形成一些规范性、指引性的意见，来通过这些方面来持续的压降我们新能源项目的这个造价。
About the company's development process, first the company will require the profit from the market to maintain a high quality development; the company will have strict standards in the resources, in the facility, in the grid connection, in the energy storage, and in our maintenance and operation; the company will consider the guidance opinions of the government and the company's development plan. 同时呢，我们也在项目新能源项目评估过程中进一步强化基金评价，通过评审的方式，细化有关电价、电量等风光项目的一些经济性评价的一些边界条件，严格把控投资观；同时我们也会结合国家新能源市场化改革配套的政策和目前各地区实施方案的出台的进展情况，动态的优化调整各个区域的电价、造价以及弃风、弃光率的一些投资决策的一些边界条件的一些新的一些调整，以此来提高我们新能源项目的这个收益水平。And secondly, about the development of and operation, we will strengthen the evaluation of this project and quantify our indicators as in the tariff and in the power generation, and to optimize our investment, and the company will implement the policies and to ensure a high probability and to optimize dynamically our boundaries in cost, construction, fulfillment, and other factors, to increase the profit, the return of our renewable addition. 好，谢谢。Thank you. 有请下一条问题。The next question comes from 朱丽霞 of Xinyue Securities. 各位领导好，我是信越证券的分析师朱丽霞，然后我这边也有三个问题想要问一下。那第一个的话是有关电价，想追问一下就是二级组四个电源的一个上网电价的同比变化，然后包括我们今年看到煤电整体的上网电价的降幅是要比长期的这个降幅要小的，刚才领导也提到了有在现货市场里面交易的这个影响，那想请问一下就是公司上半年有没有统计煤电在现货市场里面实际结算的这个电价，然后包括上半年辅助服务市场的一个收益的分拆，包括分电源的收入和支出以及调峰调频，这个是第一个有关电价的问题。第二个的话是想请问一下就是公司目前的一个最新的综合融资成本，然后包括今年对于整体财务费用的一个展望，然后第三个问题的话想请教一下公司就是目前一系列不变改政策之下呢，对于实物资本开支的一个思路，包括业务发展的侧重，以上是我的三个问题，谢谢。
I have two questions. First about the company's tariff, so could you talk about the changes of our ongoing tariff in the second quarter? As the co-factor power decrease was smaller than our contracted power tariff decrease, was that because of the market-based trading? And what is the spot, what is the tariff of spot sales in the first half of year? And what's the income from the ancillary services? What was the income and expenses of peak and frequency regulation? Second, what's the financial cost in the first half of year and what will be the outlook of financial cost changes? Third, under the policy changes, what will be the CapEx of the 15-year period of the company? And what will be the company's focus on development? 这个你的问题里面这个内容比较多，请这个财务和运营相关负责同志共同回答第一个问题。第二个问题由财务部回答，第三个问题由运营部回答。 首先我来拆分一下这个各板块电价的同比变化。煤电的平均结算电价今年是¥471.47元每千千瓦时，同比下降了¥12.05元每千千瓦时。燃机是¥742.7元每千千瓦时，同比上涨了¥8.38元每千千瓦时。风电是¥479.37元每千千瓦时，同比下降了¥32.53元每千千瓦时。光伏是¥391.27元每千千瓦时，同比下降了¥35.71元每千千瓦时。水电是¥358.63元每千千瓦时，同比上涨了¥3.65元每千千瓦时，谢谢。
First, the tariff and its year-over-year change for the coal sector: the average tariff was ¥471.47 per megawatt hour, increasing by ¥12.05 per megawatt hour; gas ¥742.7, increased by ¥8.38 per megawatt hour; wind ¥479.37 per megawatt hour, decreased by ¥32.53 per megawatt hour; solar ¥391.27 per megawatt hour, increased by ¥35.71 per megawatt hour; hydro ¥358.68 per megawatt hour, increasing by ¥3.65 per megawatt hour. 这个保良科大先生刚刚关于这个调峰辅助服务的方面的情况，公司上半年的调峰的收入合计的收入是8.54亿元，调频的收入是合计的收入是2.27亿元。 About the question of ancillary services income, in the first half of the year, the ancillary services of peak regulation was ¥854 million; from frequency regulation, the income was ¥227 million. 好，其中在调峰里面，煤机的调峰收入是10.42亿元，风电，风电是支出1.68亿元，光伏是支出0.29亿元。 In terms of peak regulation, the income of coal sector was ¥1.042 billion; the expense of wind sector was ¥168 million; the expense of solar sector was ¥29 million. 调频方面是煤机的收入是2.54亿元，风电支出0.14亿元，光伏支出0.12亿元。
About the peak frequency regulation, the income of co was ¥264 million; the expense of wind was ¥14 million; the expense of solar was ¥12 million. 好，关于您提到的第三个问题，十四五期间公司的资本支出方面的情况是，首先十四五时期呢，是我国新型电力系统加速构建期，那么也是公司加快转型发展的一个重要的战略机遇期，公司也将继续坚持推动高质量发展的主题不动摇，我们坚持绿色低碳发展的方向，坚定把新能源作为绿色低碳发展的一个重要方向，加大优质资源和战略资源的储备与转化，然后面向市场的需求打造优质工程，着力提升新能源发展的质量和效益。 During the 14th Five-Year Plan, I'll talk about the capacity, capital expenditure plan of the company during the 14th Five-Year period. It is accelerate period for our building of new power system and is also a strategic opportunity period for the company of transition. The company will insist on high-quality development, continuing of green and low-carbon transition, and the renewable energy development will be a very important sector of the company's development. The company will continue to develop high-quality construction, and the company will try to increase our profitability and efficiency. 关于十四五期间的新能源发展规模以及投资规模，我们目前公司已经启动了有关十四五规划的编制的相关工作，那么后续我们也将结合国家的规划目标的确定情况，以及公司后续的结构布局，以及其他的能源政策以及国家十四五规划的一些总体的安排，我们会进一步的研究确定，那么在合适的时候我们会正式向投资者正式公布，谢谢。
About the company's 15-year plan, now the company is in the research and the preliminary work of the 15-year plan. In the future, the company will combine the government policies as well as the company's layout and structure to have this planned and to expose to our investors. Thank you. 有请，我来回答您的第三个问题。截至上半年，公司合并口径整体的信息负债的综合成本是2.63%，较年初的2.89%下降了26个基点。合并的财务费用是¥33.8亿元，同比也减少了¥5.98亿元。这主要是得益于国家精准有力的稳定的货币政策的落实，但是也体现了公司很抓融资管理，采取各项有效措施，降低资金成本的工作取得了积极的成效。 In the first half of year, the financial interest rate for our interest-bearing debt was 2.63%. Comparing last year's 2.89%, it has a 26 basis points decrease. The financial cost of the company was ¥3.38 billion, and it has decreased by ¥598 million, and that was mainly due to the government's managed monetary policy as well as the company's strategy to decrease our financial cost. 好的，谢谢各位领导。 关于后续成本的趋势，我们认为目前国家相对宽松的货币政策基本面是没有变化的，还会为实体经济营造良好的金融环境，然后会继续加大对绿色发展、对设备更新等重点领域的支持力度。从公司自身的角度，我们也会继续发挥优势，练好内功，用好用足碳减排支持工具、大规模设备更新等金融支持政策来努力降控融资成本。
About the future trend of our financial cost, as the government relaxed monetary policy continues and the financial market helps to support the real economy, the company will make full use of the government's green transition and facilitate renovation money to take the full advantage of this policy support and strive to decrease our financial cost. Thank you. 由于时间关系，我们有请最后一位提问。Due to time constraints, we invite the last question. The last question comes from Li Xiang of Zhongjin Securities. 管理层好，我是中金证券的李想。管理层好，我是中金证券的李想，感谢公司给这个提问的机会，还有恭喜公司取得比较优异的一个成绩。我这边的话有两个小问题，第一个小问题就想请教一下，这个还是有关公司新能源的。当然我也知道这个在"十四五"的时候很多省份也就是刚开始发，很多省也还没有发，所以说这个进一步的执行也还需要观察。我就想请教一下，我们整个来看的话，"十四五"期间公司从今年的角度上来说，"十三五"期间公司新能源发展还是比较小，但是从"十四五"的角度上来说，公司是怎么看待后续的新能源的发展规划的，这是第一个。 第二个的话，就是说想请教一下对于公司来说，目前手上在建的，还有就是计划建的风光项目里边，现在有多少属于大基地项目，这个规模还有这个规模在我们整个风光项目里边的占比是什么样的水平。这部分是不是意味着不会受外在的比如说组件价格的大幅波动，还有就是政府定价方面的调整？大基地的项目，是不是意味着我们会继续不断的推进？这是第一个有关风光新能源的问题。 第二个就想请教一下有关咱们负债率的情况，因为2021年以后现在盈利方面有一个趋势性的改善，咱们2022年之后公司的负债率有一个趋势下行的很明显的趋势。咱们在这种趋势下就想请教一下咱们融资债的问题，这个融资债的规模其实还是蛮大的，咱们是否后面会相应的有一些融资债规模的削减，以及咱们认为后续随着盈利的不断改善，逐步降负债之后，从公司的角度上来看，作为咱们这种在扩张性重资本的行业，咱们的负债率在什么样的水平上比较合适？谢谢。
I have two questions first about the renewable development. As we just discussed, after the implementation of the document 136, although the detailed policy hasn't been fully introduced by the provincial government, how does the company view this future development of renewable, and what percentage of the company's planning capacity was a large-scale base renewable project, which will have limited the impact from the policy changes? And my second question is about the company's debt. After the year of 2021, with alongside of the company's profit recovery, the debt asset ratio has decreased. Will the company consider to decrease the scale of our perpetual bond? And what will be the company's targeted debt to assets ratio? 请运营部相关同志回答第一个问题，财务部回答第二个问题。 曹组长您好，我来回答您第一个问题，关于这个136号文以后这个十四五期间，新能源发展的问题，当前我们也在跟踪国家的这个十四五行业规划的编制工作。目前看这个十四五期间，国家仍然将这个新能源发展作为主要的这个方向。目前跟踪的研究的情况，十四五期间将这个新增新能源规模大概在十到十二亿千瓦左右，每年将近2到3亿千瓦左右。当然这个还在研究阶段，现在都还没有确定，我们也在持续跟踪。
After the release of the document 136, the company keeps close track on the plan of 14-year period, and the company followed the policy plan that we think the renewable development will still be a main focus of the government. During the 15-year plan, the government aimed to add one to two billion kilowatts of renewable capacity. 对于我们公司来讲，我们也将坚持推进绿色低碳发展的方向不动摇，坚持在十五五期间坚持把新能源发展作为主攻方向，面向市场需求，打造优质的绿色工厂，着力提升新能源发展的质量和效益。关于十五五期间具体的发展目标，我们还要根据国家十五五规划确定的新能源发展的目标，以及我们公司自己的结构的情况来统筹研究确定。如果相关的目标规模确定以后，我们也会及时向大家公布。The company will insist on the green and low-carbon transition and continue to develop renewable energy projects. The company will, based on the demand and to build some high-quality green projects of renewable and try to increase the quality and the efficiency of our new capacity. The detailed plan will be based on the government and the company's situation. 顾组长您好，我来回答您。回答您第一个问题里边关于公司大基地项目情况的这个问题。首先呢，公司涉及到的这个国家大基地一共三批，其中第一批已经全部建设完成了。这个第二批我们不涉及，第三批呢，这个荆州的80万，25万的光伏呢，已经投产了。后边只涉及到湖北，河北的两个风电项目的这个建设。这两个不涉及刚才您提到的这个有关于组件反倾销对后续组件价格影响的这个情况。我们也会跟踪这个受反倾销这个国家相关的政策的这个影响，光伏组件后续价格的这个变化趋势。好，谢谢。
For the company's large-scale base project, there are three tiers of base projects. The first tier has been complete, and the second tier, the company hasn't had any projects. For the third tier, the company has 850 megawatts units in Jingzhou and two wind projects in Hebei. The company will continue to track the policy changes and analyze the policy impact. 关于永续债这个规模的管控，这个公司呢，作为这个资本密集型的企业，一直把这个控制合理的负债率作为一个重要的目标，努力通过这个稳妥利用财务杠杆来增厚股东回报。2023年和2024年得益于这个经营业绩提升和这个内生权益工具的运用，我们这个资产负债率确实是降到了一个相对比较低的水平，像去年末是65.4%，今年上半年得益于这个经营业绩的提升，又进一步降低到了64.52%。 About the company's perpetual bond, the company takes control of the debt to assets ratio as our target of operating, and the company aims to use the leverage to increase the returns to our shareholders. The debt to assets ratio has decreased because of our improved operating performance. At the end of last year, the debt to asset ratio was 65.4%, and in the first half of this year, the debt to asset ratio decreased to 64.5%. 目前公司这个永续债的规模是¥791亿，这个发行额度呢，也都在股东大会的批准范围之内。这里面的¥325亿呢，是2022年8月国务院常务会议关于能源保供特别债权益资金相关政策来发行的。公司对于这个目前的永续债呢，是没有新增的安排的，并且呢，我们会严格控制这个存续的规模。未来呢，我们还将根据市场和政策的情况，结合这个可利用的权益融资工具，以及自身这个经营发展的要求，做好这个永续债的接续工作。适当的时候也会考虑做一定的减量。谢谢。
The remaining perpetual bonds of the company amounted to ¥79.1 billion. Among those, ¥32.5 billion are the special bonds for energy security. The company hasn't had any new plans for incremental perpetual bonds. However, for the remaining parts, the company will strive to have a better refinance. In the next step, the company will keep close attention to the government and the market changes, will remain a stable amount of perpetual bonds and, at a proper time, decrease the total scale. Thank you. Thank you for that. 感谢各位管理层的解答。Thank you so much for all the questions and participation today. 最后，请阮董事长为我们今天的电话会议做个简单的总结。Finally, Mr. Wang would like to give us the summary. Welcome. 感谢各位参加华南国际中企业际推介会。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工作人员联系。谢谢大家。
Thanks for participating 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 if you have any further questions. Thank you. 再次感谢各位出席华南国际电力股份有限公司2025年中期企业绩发布会。我们期待下一期业绩时再见。Thank you again for your attendance of the conference call regarding the interim result announcement of 2025. We're looking forward to meeting with all of you in our next result announcement.