Earnings Call: Q4 2019

Mar 31, 2020

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 annual results announcement of 2019. [Foreign language] Now may I introduce the management of the company today. [Foreign language] The Chairman of the company, Mr. Zhao Keyu. [Foreign language] 你好，大家下午好。公司总经理赵平先生。The president of the company, Mr. 赵平。赵总您好。大家好。公司副总经理吴森荣先生。The vice president of the company, Mr. 吴森荣。吴总您好。你好，大家好。公司副总经理李建民先生。The Vice President of the company, Mr. 李建民。李总您好。主持人好，大家好。公司总会计师黄立欣先生。The Chief Accountant of the company, Mr. 黄立欣。黄总您好。好，大家好。公司副总经理及董事会秘书黄潮泉先生。The vice president and board secretary to the company, Mr. 黄潮泉。黄总您好。你好，大家好。 [Foreign language] People in charge of the related departments are also joining us in this meeting. [Foreign language] First of all, the President of the company, Mr. Zhao Ping will review the business performance for the annual results of 2019, followed by Q&A session. May we have the owner to invite Mr. Zhao to review the business performance? And Mr. Zhou Biao will conduct the English interpretation. 女士们、先生们，大家好，欢迎各位参加华能国际2019年年度业绩推介电话会议。 Ladies and gentlemen, welcome to attend the conference call for the 2019 annual results of the company. 首先我回顾一下2019年公司的经营成果，然后简要地展望一下公司的经营任务。2019年，按照中国会计准则的计算，2019年公司实现合并营业收入1734.85亿元人民币，同比上升2.13%，归属于本公司股东的净利润16.86亿人民币，同比上升17.21%，每股盈利为0.06元。按照国际财务报告准则计算，2019年公司实现合并营业收入1740.09亿元人民币，同比上升2.63%，归属于本公司权益持有者的净利润7.66亿元人民币，同比上升4.34%，每股盈利为0.01元。公司利润同比上升的原因，主要是境内业务燃料价格下降和资产减值损失增加的综合影响。 First I will talk about our performance in 2019, then I give a brief introduction to our operation tasks in 2020. According to PRC accounting principles, the company realized consolidated operating revenue of CNY 173.485 billion, increasing by 2.13% year-on-year. Net profit attributable to the equity holders of the company was CNY 1.686 billion, increasing by 17.21% year-on-year. And the earnings per share was CNY 0.06. According to IFRS, the company realized consolidated operating revenue of CNY 174.009 billion, increasing by 2.63% year-on-year. The net profit attributable to the equity holders of the company was CNY 766 million, increasing by 4.34% year-on-year. And the earnings per share was CNY 0.01. The main reason for the increase of the net profit is the comprehensive impact of the decrease of fuel costs of our domestic business and the increase of asset impairment loss. 2019年，公司中国境内各运行电厂累计完成发电量4050亿千瓦时，同比下降5.91%。市场交易电量占比56%，同比增加13个百分点。电价降幅持续收窄，全年平均利用小时3915小时，同比减少293小时。燃煤机组利用小时是4222小时，同比减少273小时。在公司燃煤电厂所在的绝大部分区域中，公司利用小时领先当地的平均水平。 In 2019, the total power generated by company's domestic operating power plant for the year amounted to 405 billion kilowatt hours, representing a year-over-year decrease of 5.91%. The market-based power volume accounted by 56%, increasing by 13 percentage points year over year. The tariff discount for this part narrowed continuously, and the annual average utilization hours of the company's domestic power plants reached 3,915 hours, representing a year-over-year decrease of 293 hours. The utilization hours of coal-fired power generating units was 4,222 hours, representing a year-over-year decrease of 273 hours. In most of the areas where the company's coal-fired power plants are located, the utilization hours of the company were in a leading position. 公司境内电厂全年平均结算电价417元每千千瓦时，同比下降0.35%。此外，公司各电厂累计完成供热量2.4亿吉焦，同比上升10.69%。 An average statutory for the company's domestic operating power plants was CNY 417 per megawatt hour, decreasing by 0.35% year over year, and the total heat supplied by the company's domestic operating power plants amounted to 340 million gigajoule, representing a year-over-year increase of 10.69%. 公司全年共采购原煤1.83亿吨。公司研判煤炭市场的走势，优化采购策略和区域供应结构，加强与重点大矿合作的力度，提前锁定优质低价资源，有效降低了公司的燃料采购成本。公司境内电厂全年单位燃料成本为人民币223.22元每千千瓦时，同比下降5.77%。 Throughout the year, the company procured an aggregate of 183 million tons of coal. By judging coal market trends, optimizing procurement strategy, and original supply structure, reinforcing cooperation with major coal mines, targeting high quality, low cost resources on an advanced basis, the company reduced the procurement price of coal effectively, and the unit fuel cost of its domestic power plants throughout the year was CNY 223.22 per megawatt hour, representing a decrease of 5.77% year over year. 公司一直以来注重节能环保和技术创新，积极推进热电联产、烟气协同治理、机组灵活性改造等新技术的应用。煤耗水平始终保持行业领先。燃煤机组环保设施运行均符合环保要求。未来公司将继续加强新技术的研发应用，持续保持节能环保的改造力度，推进清洁生产水平不断提升。 The company has always placed energy saving and environmental protection and technology innovation as its utmost priority. Enhanced new technology applications including the cogeneration, flue gas, co-benefit control projects and the units flexibility renovations, leading the industry in terms of coal consumption rates, which meet all the requirements of environmental protection. The company will also continue to enhance research and application of the new technology and maintain the renovation levels on energy saving and environmental protection, improving the clean productions. 公司继续推进风电、光伏等清洁能源项目的开发，不断优化电源结构。2019年，公司新投产项目共128万千瓦，全部为清洁能源项目，其中新投产风电机组86万千瓦，光伏发电42万千瓦。 The company progressed the clean energy construction of wind and solar projects to optimize power structure continuously. During the year, the controlled generation capacity of the newly commissioned totaled 1,380 megawatts. All of these are clean projects with the wind generating units and solar units of 860 megawatts and 420 megawatts respectively. 截至2019年底，公司可控发电装机容量达到1.07亿千瓦，权益发电装机容量9,368万千瓦。公司清洁能源装机比例上升至17%，其中天然气发电装机容量超过1,000万，风电装机容量达到590万，其中海上风电是60万千瓦，光伏发电装机容量达到138万千瓦。公司电厂广泛分布在中国26个省、自治区和直辖市，并在新加坡全资拥有一家运营电力公司，在巴基斯坦投资一家运营电力公司。 At the end of 2019, the company's controlled and equity-based generation capacity was 107 gigawatts and 93.68 gigawatts respectively. The clean energy ratio increased to 17%, including more than 10 gigawatts of gas power, 5.9 gigawatts of wind power, which has 600 megawatts of offshore wind, and 1.38 gigawatts of solar power. The power plants of the company are located in 26 provinces, autonomous regions, and municipalities in China. The company also has a wholly owned power company in Singapore and an invested power company in Pakistan. 在分红政策方面，在公司章程规定的公司每年以现金方式分配的利润原则上不少于当年实现的合并报表可分配利润的50%的基础上，公司还制定了2018年至2020年股东回报的规划。公司每年以现金方式分配的利润，原则上不少于当年实现的合并报表可分配利润的70%，且每股派息不低于CNY0.1元。 For the dividend payout policy based on the company's article of association, the cash dividend payouts will not be less than 50% of the distributable profit in each year's consolidated financial statement. The company also made the shareholders return plan for the three years from 2018 to 2020 that the annual cash dividend payout shall be no less than 70% of the distributable profits in the consolidated financial statement that year, and such dividend shall be no less than CNY 0.1 per share. 3月31日，董事会已通过决议，建议2019年度公司利润分配预案为向全体股东每股派发现金红利0.135元人民币，该决议将提交公司的股东会批准。未来公司将继续实施积极、平衡、稳定的派息政策。 On March 31st, the board has passed the resolution that the company proposed to declare a cash dividend of CNY 0.135 for each share to all shareholders for 2019. The resolution will be subject to shareholders approval at the annual general meeting of the company. In the future, the company will continue to follow a progressive balance and a stable dividend policy. 2020年公司将进一步强化市场改革、创新和风险意识，以安全环保为基础，坚持以质量和效益为中心，以改革创新为动力，进一步优化结构，优化运营，优化资产，进一步加强公司治理。公司将努力应对疫情带来的影响，力争全年发电量达到4100亿千瓦时左右，平均利用小时达到3800小时左右。公司将进一步控制各项成本和不必要的投入，努力争取更好的经营业绩。 In 2020, the company will further strengthen market orientation, reform implementation, innovation incentive and risk awareness with the safety and environmental protection as the foundation, quality and efficiency as the core, and the reform innovation as the driver. The company will further optimize its structure, operations and assets and further enhance corporate governance. The company will strive to cope with the various pandemic impact, try to reach the annual power generation of approximately 410 billion kilowatt hours with an average utilization hour of about 3,800 hours. We will continue to control costs and unnecessary investment, try to achieve a better operating performance. 下面的时间，我和我的同事愿意回答各位的提问。谢谢大家。 Well, next, my colleagues and I are glad to answer your questions. Thanks. 谢谢赵总的介绍，接下来是问答时间。Thank you Mr. Zhao, here we come to the Q&A session。欢迎各位提问，也请各位在提问前告诉我们您所属的机构及姓名。下面有请第一条问题。Please state your name and your organization before question raise。May I invite the first question, please？各位参会者大家好，如需提问，请在话机上按星一键，即按星号键，再按数字1。谢谢。If you would like to ask any question, please press star 1 on your telephone key pad, press star followed by 1。Thank you。大家好，第一位有请光大证券于洪光提问。你好，有请。诸位参会者，您的声音放开了，您可以提问了。谢谢。你好，听得清吗？喂？喂？管理层你好。抱歉，您这边的线路听得不太清楚。下面有请里昂证券的刘家阳先提问，谢谢。喂，管理层听到吗？你好。哎，请讲。你好，管理层，非常好。我有三个问题。第一个问题，可不可以说一下我们去年煤机还有天然气发电的单位燃料成本，还有同比的变化。然后第二个问题，因为大家也知道，今年全年或者说上半年，我们这个情况比较严重，因为肺炎。你觉得对我们交易电的电价或者是结构会不会有压力呢？那第三个问题，你们目标吧，今年我们风电或者其他电源的新增的装机是多少呢？谢谢。 I am from CLSA. I have three questions. First is, could you please talk about the coal and gas unit fuel cost for 2019 and also its year-on-year change? The second question is under the current very strict environment and the bad situations for the whole economy. Could you please talk about whether the company is under the pressure of enlarging the tariff discount for the market-based power volume? The third question is the target of this year. Could you please provide us the newly added capacity plan for this year? 我来回答你的第一个问题，2019年煤机的单燃是214.03元每千千瓦时，燃机的单燃是389.62元每千千瓦时。煤机的同比下降6.35%，燃机的同比上升3.88%。 Well, for the unit fuel cost, for the coal, the unit fuel cost was CNY 214.03 per megawatt hour, decreasing by 6.35% year-on-year. Unit fuel cost for gas was CNY 389.62 per megawatt hour, increasing by 3.88% year-on-year. 好，我来回答第二个关于电价压力的情况。目前看今年的电价，我们预测总体还是以稳定为主，主要是从下面三个方面进行分析。 In general, we say the tariff will be maintained in a stable level. Maybe there will be following three factors to explain that. 第一个就是国家从今年开始实行了煤电的电价机制，基准电价加浮动电价机制，基准电价，上网电价审批权也已经下放到各地方政府。目前我们了解的情况看，各地政府对于基准电价的态度还是以稳定为主。 First is in terms of the new tariff pricing mechanism, which is based on the benchmark plus the fluctuations. Also the decision to make the price fluctuations is given to the local government. Currently, we say the local government want to maintain the stable tariff levels. 第二个影响因素就是市场交易电价的影响。目前看，我们了解的情况是疫情以后，我们大多数已经签订年度协议的用户，对市场交易价格并没有新的降价的诉求。 The second is about the market-based power volume. Actually, after the pandemic outbreak, currently for the users, we have signed contracts for the power sale. Currently, they have not negotiated with us to cut their tariff. 另外，市场交易部分还有一部分从今年开始新进入市场的中小型用户，这一部分用户目前看，总体来说，这些是中小型用户，电价在他们的成本中的比例比较小，对电价的敏感性比较小一些。目前来看，总体我们认为这一部分的用户，总体的降幅会小于以前的大用户的降价幅度。 For the new entrants in terms of the medium size and small size end users into this market, because the cost for the power in these companies has a relatively smaller percentage, they are not so sensitive to the price change of tariff. We estimate that the tariff discount for this part end users will be less than that of the big users. 我们在日常的经营管理中也会要求各基层企业以稳定电价为主要目标。 Also in our management internally, we try to maintain the stable price levels for the different areas of our power plants. 所以我们会用逐步收窄交易电价的折扣率，回收交易价格水平来对冲有可能出现的交易比例的提高。 So, in our internal management, we try to narrow the tariff discount to offset the negative impacts of the increasing power percentage in this part. 第三个因素就是从电网执行国家降价5%这个政策来看，从国家到地方到电网企业也承诺这个5%的降价不会传导到发电企业。目前我们了解情况，各地也没有这样的政策，所以这个政策对我们也没有影响。 The third factor is that in terms of the 5% tariff cuts given to the end users, no matter the great companies, the local government, they are all promised that this kind of tariff cut will not be passed to the power producers. 行，我就回答这么多。 That's the answer to this question. 我来介绍一下今年新增装机的一个计划。合计呢，今年准备新增装机662万千瓦。那么分类来讲，风电337万，光伏91万。风电和光伏合计的这个新能源是468万。下来有9.5万的生物质，有174万的燃机。以上低碳清洁能源的合计是652万千瓦，还有10万千瓦的煤机，合计就是662万千瓦。 In terms of the newly added capacity plan for this year, we're going to totally add 6,620 megawatts. Among this, we have about 4,680 megawatts for the renewable projects, including 3,370 megawatts for wind, 910 megawatts for solar. We're going to add 95 megawatts for the biomass projects and 1,740 megawatts for the gas power projects. In total, we have 6,527 megawatts for the low-carbon clean energy projects for this year. We have 100 newly added capacity in coal. 现在管理层我可以在这里问一个问题吗？我们那个风电呢，337万千瓦，我们有多少是海上的，有多少是陆上的？谢谢。 Following question about the newly added is for the wind. You have said there are 3,370 megawatts for wind. Could you please split it by the offshore and onshore wind? 风电的分类呢，大约有120多万是海上风电，主要集中在江苏，另外还有浙江和辽宁。江苏的占比就超过了100万，陆上风电大概是250万左右。 Well, in terms of the newly added capacity for the wind this year, we have around 1,200 megawatts for the offshore wind, mainly located in Jiangsu, Zhejiang and Liaoning provinces. Especially for Jiangsu, the newly added capacity in this area is around 1,000 megawatts, and the rest are the onshore wind. 现在还没有其他问题。感谢您的提问。下面有请光大证券于洪光提问。您好，有请。管理层您好，我这边有三个问题。第一个是关于资产减值这块，因为我们看到今年集体的19年集体的资产减值是超过同业的，想问一下关停电厂数量比较多的原因是什么？然后这个是咱们公司的一个个例，还是后面会成为煤电行业的一个趋势？那对于后续资产减值，2021年的资产减值是否会有一个展望？谢谢。第二个问题就是关于市场电比例，因为我们看到2019年市场电的比例提升了13个点，是有一个较大幅度的一个提升。那2021年的话，我们预计市场电比例还有大概多少的提升空间？那目前市场电合同的签订是否因为疫情的影响受到一些滞后？第三个问题是关于分红政策的问题，就是现行的这个分红政策是2020年即将到期了，那2021年之后我们是否会有一个分红政策的一个长期的展望？谢谢。 I am from Everbright Securities. I have three questions. First, we noticed that the shutdown of small units has been surpassed by your peers. Could you please talk about the reason for that? Also, could you please talk about the trend for the future in terms of the shutting down of the small units? The second question is about the market power percentage. You said that in 2019, this percentage has increased by 13 percentage points. Could you please talk about the trend this year and also whether it is impacted by the virus pandemic? The third question is about the dividend policy. Actually, your dividend policy will be expired by the end of 2020. After that, do you have a new plan for the dividend payout policy? 我说一下市场电的问题。市场电今年我们年初预算做的，年初的市场电的比例是61.02%，比19年是56.4%，这个比例应该说差得也不算太大。目前已经签订的市场电年度合约达到了1,188亿。目前看这个比例，应该说根据电改的进程来看，目前这个比例还是可以的。疫情对这个影响不大，后续各地还会陆续进行签约。 In terms of the market-based power volume, actually, we expected that for the whole year, the market-based power volume will be accounting for 61%. This is a little bit higher than that of last year. Currently, we have signed a contract with the amount of 118 billion kilowatt hours. Based on the current situations, we say it is fine for us to implement these contracts. 好，机组关停的情况。目前投产年限比较早，投产超过25年以上的机组分布在12个电厂，总共有25台。这些机组从17年开始，就是依据规则，基本上都进行相应的延寿评估，请有资质的单位，之后再做相应的改造。这些机组里呢，只有南通电厂的一、二号机组，这是根据省里的要求进行了关停。其他涉及到的上安、大连、石洞口两个厂，以及福州、德州、黄台、岳阳、珞璜等等，这些电厂，或者是已经进行了评估，有的已经得到了延寿的批复，有的目前正在进行相关的工作，就没有大量的关停这个情况。 Well, in terms of the units to be shut down in the future, currently, for the units with life expectancy more than 20 years, we have totally 25 generating units distributed in 12 power plants. Actually, since the year of 2017, we have made the renovations on these kind of units to enlarge its life expectancy. Currently, except for the 2 units of Nantong power plant, the units of other power plants have been approved and evaluated to extend its life expectancy. So currently, we say there will be no big volume shutdown for our generating units. 我来回答你的另外两个问题。第一个关于公司的分红政策。那么刚才我们总经理已经在介绍材料里头详细地介绍了现行的公司的分红政策。那么为了回报股东，让全体股东来共享公司发展的成果，公司是一贯坚持积极的分红政策。那么今年2019年，公司综合考虑了各方面的因素，决定了分红水平在这个最低的要求上面做了一个适当的提高。那么这个也是响应了国家监管精神的这个要求，也是顺应了特别是中小股东的这个愿望。我想至于2020年以后，就这个三年股东回报规划结束以后，那么具体的分红政策的调整，还要需要做进一步的研究。但是我想公司坚持积极、平衡、稳定的分红政策，应该来说是不会变的。 Well, in terms of the dividend payout policy, as President Mr. Zhao has introduced right now, we actually try to return our shareholders and we also maintain the very productive policies in terms of the dividend payout. In the year of 2019, combining the different factors and also basing on the minimum payouts of CNY 0.1, we increased the dividend payout to our shareholders to meet the regulatory and our shareholders' requirements and demand. As for the year of 2020, we will make the study to make a very reasonable dividend payout policy. Also, we are going to continue to insist on the productive balance and stable dividend payout policy. 那么关于资产减值，我想可能大家也比较关注，可能其他投资者也会有一些跟进的问题，我想在这儿一并做一个介绍。一个就是说今年的资产减值的金额是比较大。那么我们在具体的资产减值公告里头，有详细的说明。那么主要的这些资产还是分散在比较多的地区的。原因也刚才提到的，例如关停的，也有一些市场因素，导致的经营的进一步的变差。当然也有一些其他的资产本身出现了一些质量问题，像是要报废，要处理的。那么我们经过第三方协助，我们做了评估以后，做出了这么一个处理。我想说公司今年的处理，实际上也是公司常规下的对资产减值的处理的方式。 In terms of the impairment, actually, this is a very focused question for current. First, I will make a brief introduction to this impairment of this year. You will notice that the impairment is relatively higher than the previous years. Also, we announced the details of this impairment in our announcement yesterday. Actually, I believe that this impairment is coming from maybe some shutdown of some small units, and also some power plants, which has been impacted by the market environment. Also, we have disposed of some fixed assets. All of these impairments have been appraised and evaluated by the third intermediaries. As to the relatively higher impairment, we still think this impairment disposal is in line with their normal commercial business. 那么也就是说我们不会对资产减值预设目标，制定计划。那么我们是会在每个资产负债表日，根据这个准则的要求来审视是不是出现减值迹象，然后来做进一步的认定和处理。我想要说的就是减值是一个处理，当然这个会对公司的业绩形成压力，但我们不会因为有这样的压力，我们就选择性地处理或者不处理。我在这要想补充的就是，这种原则是一贯的。那么也就是说在咱们18年以及以前年度也是这样处理的。也就是说18年及以前年度，我们的资产减值不论是金额是多大多小，也是做了充分的计提了。同样的，今年这个情况，这种减值的迹象就是出现在今年。那么我们也是可以说我们已经足额地计提了，也不存在着该提未提的情况。那么至于2020年，你现在去做这样的判断还是很困难的。但是我想说的就是，如果市场环境较目前没有大的变化，或者说有利的变化和不利的变化基本抵消以后，我们认为是不会再存在大幅减值的情况的。 Sure, we understand that maybe the disposal of the impairment of assets will have some pressure to our results and the performance. But I believe we cannot hide from the fact that all of these impairments should be made. Actually, in 2018, we made a very thorough appraisal and evaluations of our assets and made the impairment. Also, in the year of 2019, we did the same thing. So we believe that all these assets had been disposed if it is necessary. For this year, it is still very difficult under the current situation, but I believe if there will be no big change, no matter it is good or bad, or the good factors can be offset by the bad factors, there will be no big impairment for this year. 好的，感谢管理层的分享。我们没有其他问题了，谢谢。感谢您的提问。大家好，下面有请摩根大通的Steven Cui提问。你好，叶庆。谢谢管理层，我有几个小问题想请教一下。第一个我想请问一下，可以麻烦管理层给我们一下煤价今年你们的看法。我们看到最近煤炭的库存好像有一点提升，那您觉得短期来看的话，煤价是不是还有一个下调的空间呢？第二个是想请问一下，我们看到今年的税率，这个平均的税率有一个提升，想请问一下主要的原因是哪里的？第三个想请问一下，我们有没有一个目标，就是新能源占我们总装机容量的一个占比。谢谢。 I am from JPMorgan. I have three questions. The first is, could you please talk about the trends of the coal price? We noticed that the coal inventories nationwide has increased. So is there any downside for the coal price this year? Second question is about the tax rates. We noticed that the average tax rate has been increasing this year. Could you please talk about the reason for that? Third question is, could you please provide us the renewable capacities percentage goal for your company? 我来回答一下第一个问题，就是2020年煤炭市场的一个基本判断。在回答这个问题之前，我想先说一下2019年我们煤炭市场供需的一些数据。根据我国国民经济和社会发展统计公报显示，2019年全国原煤产量38.5亿吨，同比增加4%。 Maybe I first will give some theories or figures for the coal nationwide. According to the national statistics figure, the total coal production for the year of 2019 was 3.85 billion tons, increasing by 4%. 海关数据显示，2019年进口煤数量3亿吨，同比增加6.3%。这样加起来的话，全年总的供应量是41.5亿吨。 Also combined with the customs figure about imported coal around 300 million tons, increasing by 6.3% year-on-year. The total coal was 4.15 billion tons. 根据煤炭运销协会的数据，2019年全国煤炭的消耗量大概是41.3亿吨，同比是增加2.2%。可以看出，供给是大于需求的。所以整个市场是呈现一个偏宽松的状态。北方港口的市场价格，2019年同比下降61元每吨，降幅是9.3%。 Also, we have the figure about the consumption of coal for last year was 4.13 billion tons, which was increased by 2.2%. Compared to these two figures, we can see that the supply exceeds the demand of the coal. That means the relatively ease of the balance of the situation for the coal supply and the demand. Also, based on the figures from the northern ports, the price has been decreased by CNY 61 per ton for the whole year, decreasing by 9.1% year-on-year. 就是从下水煤这个可比口径来看，公司的下水煤价的降幅是大于北方港口煤价的降幅。公司下水煤的天然煤价是501.7元每吨，降幅是9.9%。 For the company, the seaborne coal procurement price for last year was CNY 501.7 per ton, decreasing by 9.9% year-on-year, which has a relatively bigger magnitude in terms of the price change than the port price. 从2020年的供需预测来看，需求方面受新冠疫情对国际经济的影响，目前国内疫情基本得到了控制，但是宏观经济的下行压力比较大。在新基建投资的拉动下，我们预测用电量增幅将会延续一个低增长。 For the year of 2020, in terms of the demand side of the coal, under the impact of the COVID-19 pandemic, though the domestic situation is being controlled, there will be some pressure for the national and macroeconomy. With the surplus and the incentives plan of the new infrastructure construction, maybe for the whole year, the consumer demand growth will be maintained in a relatively lower growth. 新能源装机继续快速增长，清洁能源发电比例继续快速增加，对火电的挤压作用进一步增强，对电煤的需求会形成一个明显的抑制。 Also, we can see that the increasing renewable power capacity and also the increasing percentage of the power generation from the renewable sectors, this will have a negative impact on the power generation for the coal-fired sector. 供给方面，国家相关部委已经核准、省批开工核增的大型煤矿继续投产，供应将保持稳中有增。另外，煤矿的环保安全生产水平有很大的提高，各类检查对煤矿正常生产的影响是逐渐弱化的。我们认为煤炭供应将处于一个充足状态。 Also in the supply side of the coal market, we can see after the approving of the several coal mines of the big suppliers by the government, the production of the coal has been increased. Also we can see that the impact coming from the environmental protection and safety factors has been weakened. So in general, the supply side is very easy. 从目前的实际情况看，虽然疫情对煤炭供需两方面都有影响，但是煤矿的复工复产情况相对要好于下游工业企业的复工复产情况。我们总体判断，2020年煤炭市场将由供需平衡向供需宽松过渡，电煤的价格重心将会进一步下移。 Though it is being affected by the COVID-19 pandemic, the recovery of the production from the coal mines is better than other industries. So we expect that for this year, this market of coal will be maintaining a stable level. Maybe there is still room for the coal price to be decreased. 19年所得税税率上升的主要原因是因为19年计提的资产减值准备，按照税法的有关规定，是没有办法在事先扣除，形成了一个税款差异，造成应纳税的有效税率的费用比较高，所得税税率偏高。 For the questions of the higher average tax rate, this is just because of the increase of the impairment, which cannot be deducted for the tax, and that results in the increase of the relative fees. 公司新能源和清洁能源的装机占比的预测情况是这样的。预测到2020、2021、2022年度的年底，风电光伏合计的新能源的占比大约分别是10%、14%和18%，到2025年我们力争达到30%。 In terms of the percentage of our renewable sectors, we have a serious plan, roughly 10% for 2020, and 14% for next year, and 18% for 2022. Also a long-term target, roughly planned 30% for 2025. 如果包括生物质、水电和燃机在内的低碳清洁能源，以上的数据三个年末的占比分别是22%、25%和28%，到2025年底也力争到40%。 If plus the percentage from the biomass, the hydro, and also the gas capacity, this percentage will be 22% for this year, 25% for next year, 28% for the year of 2022, and also a longer-term target for 40% for the year of 2025. 现在管理层我可以追加一个小问题吗？我看到我们今年的分红，每股就是增长了30%多，这个比我们盈利的增长稍微高，那我想问这个主要的考虑是什么呢？谢谢。 Another following question about the dividend payout has increased by 30% year-on-year. Could you please talk about the reason of this dividend payout increase? 分红的事刚才其实已经介绍到了，按照这个三年股东回报规划，19年的分红应该是实现利润的70%，至少分配1毛钱。我们现在每股盈利不到1毛钱，所以我们也应该分配1毛钱。那么在这个水平上略有提高，我刚才也说到，我们综合考虑了各方面因素，也响应了政府监管的要求，响应了中小股东的愿望，考虑了公司的经营的状况，包括未来的资本开支的情况，现金流的情况，综合各方面因素，根本目的还是回报股东，让所有股东来享受、共享公司发展的成果。 Well, in terms of the dividend levels, actually, we have talked about that this is made based on the three years dividend payout plan, which is no less than 70% and no less than CNY 0.1 per share. Also, because of the EPS was less than 0.1, the minimum level of the policy, and also combining the consideration of the requirements of the regulatory and also the demand from the medium-sized and small investors, so we increased these dividend payout levels. 好，谢谢管理层。感谢您的提问。下面有请睿远基金的吴飞提问。你好，请提问，谢谢。喂，可以听到吗，管理层？请讲。管理层好，想请教三个问题。第一个是关于减值的，因为确实从过去的几年来看的话，基本上每年的话，到年底公司都有大额的减值。应该来讲，过去三四年的话，公司整体的减值应该已经计提了超过100亿了，然后今年的幅度可能是尤其大的一年。另外的话，其实前面赵总也是对这个减值的细项，包括公告里面也做了比较多的一些分析。这里边我想问的是，确实因为这几年，作为华能来讲的话，其实是一个三地上市的一家电力龙头企业，那么除了有些客观原因之外，我们在内部的管控上来讲，有没有做过一些反思？包括项目的选择，包括政策的预判。那么未来来说，我们如何去避免这种持续性大额减值？包括在我们的新项目选上来讲的话，这方面后续公司会有一些什么样的一些改变？这是第一个问题。那第二个问题是关于这个集团收购一些资产的情况，因为确实过去几年来讲的话，大股东向上市公司确实注入了比较多的资产，但从目前来看的话，有几个大资产其实还是很让人担忧的，包括像滇东能源的话，目前账面上的这个商誉已经有了110亿，但是这几年的效益一直很不好。另外一点的话，像滇东雨汪煤电转化项目来讲的话，基本上目前账面上已挂了差不多有80亿的订单，这个工程一直没有转过，而且整个项目推进一直是不太理想。此外的话，包括这一次，现在16年我们收购的山东公司来看的话，其实今年的话，整个的利润和程度一直是没有达到预期的。另外一点的话，就是包括巴基斯坦的项目来讲的话，包括整个回款也存在着一些问题。那么我们从上市公司，从接延收购资产来讲的话，我们上市公司以后如何保持我们上市公司独立性，这是第一个问题。那第二点的话，能否建议大股东以后在收购资产的时候，更多考虑上市公司中长期的这个发展，而不是把上市公司当做一个垃圾桶，我觉得这是我的第二个问题。那第三个问题是关于这个市值的。那么从目前来看的话，其实确实整个我们港股的这个PB值有到0.3倍这样一个很低的一个位置，然后包括你像最近的话，孙广和的话也做了一些这个港股的回购。那么想请教第三问题的话，就说对于华能集团来讲的话，包括上市公司这边来看的话，后续如何建议大股东在市值维护方面做出哪些一些可能的一些措施？谢谢。你提了一个非常好的问题，尤其是第一个问题。那么我想这个资产减值的处理，这个是对资产负债表日，也是当前咱们报表上的这个资产的价值的一个重新按照当前的状况做一个评估以后的再确认。那么我想这个是一个准则的要求，我觉得这种应该来说是一个专业的判断，这个应该是能够得到大家的认可的。当然你提了一个很好的问题，就是说为什么会出现这样的减值的迹象。那么这个我觉得会很复杂。比方说我们19年处理的这些资产的项目，有政策出现调整的状况，比方说我们刚才提到的一些要去淘汰的、关停的一些小机组，也有一些我们争取发展机会，去等容量替代，关停一些能耗低的机组等等，这有些政策方面的，也有发展方面需要的。当然也有一些是对过去投资的一些资产出现了一些新的变化。比方说你刚才也提到我们的这个滇东能源的煤矿这个事，它推进的就不是很理想，因为这里头因素也比较复杂，也有技术层面的原因在里头。那么具体我们也有项目的，也有这方面的介绍。那么也就是说，这里头我们遇到的一些经营环境会发生一些特殊的变化。那么比方说我们一些经营状况，应该大家知道，多年或者至少三年以来火电机组普遍存在的还是比较大的亏损面的，从50%，现在逐渐好转，50%、40%、30%，现在还有20多%。那么也就是说，这种经营环境带来的这种压力，对你资产的价值的冲击一定是比较大的。像这种情况，将来如何去避免，尤其是在项目选择上面，在发展上面，来追求更高效益的、更高质量的发展，这个我觉得应该是要认真思考的一个问题了。那么当然刚才也提到了一些其他的，尤其是你也提到了一些关于大股东资产注入的。那么我相信大股东是在履行他对上市公司做出的、支持上市公司的承诺的。他也是避免同业竞争，然后将一些符合上市公司标准的资产，在不断地注入上市公司。那么对于这些交易，应该来说都是经过很严格的批准程序的。我们应该来说认为当时的定价是合理的。那么会有遇到不达预期的情况，这个也是刚才提到一种市场环境的变化。尤其是我们也披露了，你们看到今年大股东对上市公司的补偿里头具体提到，其实多数的，尤其对电量、对电价，以及多数的参数的预计还是很准的，很多项目也是很准的。那么对煤价的判断出现了一些偏差，这也很正常。我们来看看煤炭市场这几年的波动，大家普遍都认为是超出预期，不仅是超出我们预期，超出投资的预期，也超出政府一些管理部门的预期的。所以像这种情况，那么我想大股东他的出发点仍然是坚持好，要支持上市公司的发展。 Well, you have raised very good questions regarding the current situations. In terms of the current impairment this year, it is strictly based on the evaluations of the prices, and also has been audited by the auditors. Actually, as I talk about the factors and the reasons for this impairment, there are several aspects which should be noticed. The first is the policy. I do know that there are some units will be shut down, just because of it may be regulated by the authorities, and also maybe some of the replacements from the small units to the bigger units. This is because of the policy change for this kind of assets. The second is some assets we have invested for past years, especially as you mentioned, in the assets and the power plants in Yunnan and the coal mines. Actually, this asset is very complicated to explain for its performance because of the change of the operational environment. As you know, for past years, that the loss-making power plant percentage from the 50% has been improved to currently maybe more than 20%. So this kind of change of the operational environment has a relatively bigger impact on the performance on some of these power plants. Of course, for the investment, we still believe we should be much more cautious and prudent to make the decision, and in the future also to avoid some maybe investment has the potential loss in the future. You have mentioned that the assets injection from the controlling shareholders. Actually, for the past few years, the controlling shareholders has injected some assets just because to avoid the competition from the listed company under the regulation of the regulatory authorities. Of course, this kind of transaction has been appraised and evaluated by the expert, and we believe that the procedures and the pricing mechanism is reasonable. Of course, some of these assets is less than the expectations. You can see the announcement we made last night that some of these assets, the parent company will give the compensation according to the agreement when we made the transactions. Actually, this is understandable because there are some reasons and factors we cannot expect at that time. But we do believe and we still think that the controlling shareholders will give the continuous support to the listed company in the future. 关于这个市值维护相关的问题，我想华能国际自成立以来，我们是持续得到了大股东的积极支持。大股东除了向公司注入了大量的优质资产以外，还多次也参与了公司的定向增发，也通过它的其他的下属公司增持公司的股票。那么我们认为大股东还会继续支持公司的发展，尤其是在资源整合力度方面，在推动资产结构优化方面，提升公司盈利能力和发展潜力方面，促进公司保持一个健康的、稳健的发展。关于相关的市值维护的建议，我们也在和大股东做一些持续的讨论。但是目前我们不知道，也不掌握大股东是否有具体的增持计划。 In terms of the measures to improve the market capitalization, we do believe that the controlling shareholders, the parent company, will continue to support the listed companies. For past years, they have injected lots of assets to the listed companies and also they subscribe the newly issued shares through different channels and subsidiaries. We do believe in the future, they still make this support to the list companies. In terms of the business consolidation and also optimization of our energy structure, and also the improvement of the profitability of the current assets. We have made the study and research analysis with the parent company in terms of how to raise the capital market evaluations. But currently there is no detailed plan can be disclosed. 很感谢贵公司这种回答。因为确实跟公司跟着时间比较长，以前来讲的话，确实我觉得华能国际不管是从装机规模还是公司管理上来讲的话，都是整个电力行业里边首屈一指的公司，包括每年的年报、业绩会的话，其实大家包括买方、卖方，包括管理层，大家现在讨论很融洽的一次。但是这几年来讲的话，其实每次看完年报，大多数的时间都是比较失望的，而且大家也打趣地说每年要变成一次吐槽大会，希望管理层能够正视过往发生的一些问题，包括大股东入股之前的一些情况，然后能够真正地把华能国际确实在管理上做比较大的一个调整，希望我们不要在每次年会都变成一个吐槽大会。谢谢。 Actually for the past years, Huaneng Power has maintained a very good relationship, no matter the fund or the analysts in the securities. We hope that in the future the company can maintain the same relationship just as the previous years, and maybe discuss with the parent company how to avoid such kind of situations to happen in the future. 感谢贵公司这种回答，我没有其他问题了，谢谢。好。感谢您的提问。下面有请个人投资者吴合龙提问。您好，有请。喂，你好。喂，请讲。好的，管理层好。我有几个问题想问一下。第一个问题就是，我发现公司在披露年报之前，会披露发电量、收电量，还有电价。但是通过这个公告算出来的营收，2019年和实际咱们披露的营收这个差距有点大，但是16年、17年、18年却基本上是吻合的。这是为什么呢？这是我第一个问题。然后第二个问题就是，公司咱们目前的维护性的资本支出是多少？未来一两年会不会出现设备老化，相关的这个维护性资本支出就会迅速增加？基本上就这两个问题。 I have two questions. First is, actually every year, you announce the power generation and the tariff figures. Also, these figures can be calculated to the results of your operating revenue. But for past years, we understand that it is OK for these calculations. But for this year, for 2019, we noticed that there is a big gap between the operating revenue you announced yesterday with the power generation and tariff level you announced in January. That is the first question. The second question is, will you please provide us the CapEx level for the maintenance? Also, is it possible that along with the units, that their CapEx for their maintenance will become bigger and bigger? 你好，第一个问题就是根据发电量、收电量公告出来的收入，它只是境内的发电量和境内的电价乘出来的，所以它只是境内发电厂的那一块收入。差异比较大的一块是我们巴基斯坦的一块收入，大概19年是48个亿。 Well, the big gap in the year of 2019 may be coming from the different business, because the calculation is based on the power generation and the tariff is based on the domestic business. But the operating revenue includes the domestic and overseas business. We have a newly consolidated business from Pakistan, which has contributed us total operating revenue about CNY 2.8 billion for the year of 2019. 我们公司19年的更新改造的支出大概是69个亿。过往年度都差不多在50亿到60亿这个水平上，没有太大的增长或者是减少。 In terms of the maintenance CapEx, actually for the past few years, the range of this CapEx level is from CNY 5 billion to CNY 6 billion, and for the year of 2019, it was CNY 6.9 billion. So we believe it will be in a stable level for the maintenance CapEx level. 好的，谢谢关经理。感谢您的提问。下面有请郑兴股投资的郑广元提问。你好，有请。喂，你好，可以听见吗？哎，请讲。你好，我主要想问一个问题，就是今年一季度开始，煤价呈现大幅下跌这个态势，我想问一下公司一季度的实际的入炉煤价是一个什么情况？另外一个问题，一个是投资者现在非常关心的一个事情，就是2019年公司的这个大幅计提了其资产减值损失，这个其实已经是个过去式了，大家还是更关心未来公司资产减值损失的具体情况，尤其是公司那120亿左右的新加坡那个商誉，这个还是比较担心的，因为最近这两年新加坡一直是亏损状态，120亿商誉觉得还挺大的。I have two questions. First is we notice that the market price of coal in the first quarter has declined a lot. Could you please talk about your standard coal price for the first quarter? The second is, of course, you have provided a very huge impairment in 2019. This has passed. Could you please talk about the future trends for the impairment? Because we notice that there is a very huge goodwill impairment of Singapore Tuas Power, which is about CNY 12 billion. Since the operation of Singapore is loss-making for the past few years, could you please talk about the trends of the future of the Tuas Power business and also the other business prospects in the future? 我来回答一下这位先生的问题。从一季度这个煤炭市场，大家所能得到公认的一个市场的变化就是，相对来说，尤其是进入三月份，市场是一个下行的。但是在二月份的时候，市场还是有一个那个上涨。所以就是说一季度并不是完全的一个下行的一个趋势，这是一个大趋势。至于公司一季度的这个入炉煤价，这个会在我们一季度的这个业绩披露会的时候，向大家进行一个披露。但是我可以，从现在的这个走势来看，整体上公司的煤价同比也是一个下行的趋势，这是与市场的这个走势是吻合的。 In terms of the coal price in the first quarter, we notice that even in general, the first quarter's coal price will be decreasing. But actually, in February, we noticed that the coal price has been surged for a very short time. So, we will release the standard coal price change after the results released in the first quarter. But in general, we believe that the coal price in first quarter will be decreasing year-on-year. 关于大士能源的经营情况，我简单的给你反馈一下。大士能源的商誉是按照新加坡会计准则，我们每年都进行一个测试，有第三方机构完成这个测试，这个测试是按照新加坡的准则来做的。所以说从目前来看，是不存在减值的这样一个趋势。 In terms of the Tuas Power, actually, for the goodwill of Tuas Power, we will do the test every year based on Singapore's accounting principles. Currently, we have not seen any signs of the impairment of this goodwill. 得出这样的结论依据是这几方面：一个是按照新加坡能源市场管理局EMA的预测，大士能源整个新加坡市场的电力是在逐步消化过剩的这个过程当中，在逐步恢复。 According to the figures given by the EMA of Singapore, currently the Singapore power market has gradually consumed the surplus of the supply in Singapore market. 目前来看，新加坡电力市场由于有一批机组的逐渐老化和退役，使得2020年到2024年，新加坡电力市场的供需会逐步地出现由供大于求到逐步平衡或逐步紧张的这样一个状态。 Also, we have noticed that along with some shutdown and renovations of some generating units in Singapore from the year of 2020 to 2024, the power market in Singapore may be adjusted from the current supply surplus to the stable balance of supply and demand, maybe sometimes happen to be a situation of a very tight supply. 随着数据中心在新加坡的一批批建立，预测2021年电力会出现一个相对平衡的状态，2022年就会出现一个紧张的状态。所以电价，特别是批发市场的电价以及零售市场的电价在逐步回升当中。 Also along with the construction of the big data center in Singapore, we expect that in the year of 2020, the supply side and demand side will be balanced and maybe there will be a shortage or very tight situation by the year of 2020. Also the tariff, no matter for the wholesale and the retail side will be recovered. 还有一个因素就是前几年有亏损这样的状态，其实一个很重要的因素就是财务费用跟折旧费用的这一块量是相当大的。随着美联储降息以及新加坡的SOR的下降，以及我们采取的一些再贷代替长期债务的这样一个置换，使我们的财务费用每年都有相当的降低，这样的话使得我们大士能源的经营情况在逐步地好转。 Also for past few years, Tuas Power business making loss continuously. This is mainly because the relatively high of the financial fees and also the depreciations. But along with the rate cuts by the Federal Reserve and also the SOR, maybe in the future, the performance will be better because of the reduced and cut of the financial fees. 最后强调一下，尽管过去的大士能源是经历了亏损，但是从经营现金流来看，它还是处于正的现金流。主要的原因就是折旧比较高，财务费用比较高，这些对于这个单元来讲都是积极的一个正的贡献。 Although they are making loss for the Tuas Power business, but currently we can see a relatively huge positive cash flow from operating activities and higher depreciation percentage. So this is maybe a positive spot to the goodwill table. 这就是最后。 This is the answer to this question. 好的，那我再补充请问一下，首先第一个关于煤价的事情，就是2019年煤价降了很多，那2020年公司的长协基准价是否有一定的下调？第二个还是追问大士能源的，根据大士能源的商誉体量以及资产体量，如果根据一个比较合理的ROE，如果按10%的ROE算的话，大士能源的合理的归母净利润，人民币的话，我觉得应该是十亿到几十亿量级。那公司能给一个未来几年大士能源的归母净利润的一个大体的指引吗？或稍微量化一点，而不是说由于供需改善什么。因为新加坡市场可能不是特别了解，根据A股的火电了解，其实利用小时数对火电的盈利能力其实影响不是特别大，真正影响大的是燃料成本。所以说其实我还是想问一下，能给一个稍微量化的指引吗？就是大士能源合理的利润水平是多少，以及未来几年大约能恢复到什么水平。好的，谢谢。 The following two questions. First is we notice that the coal price has dropped a lot in the year of 2019. Did you see or have you signed any contract with a big drop of the benchmark coal price in terms of the long-term agreement with your coal suppliers in the year of 2020? The second question is about the Tuas. Giving all the huge goodwill and the scale of the assets of Tuas, if we expected that the 10% of the ROE level for Tuas Power, maybe the net profit attributed with the shareholders of Tuas Power will be more than CNY 1 billion. Could you please talk about the guidelines in the future about the maybe the detailed net profit in the following years? 我来回答一下这位先生的第一个问题。2019年公司的煤价实现了一个同比明显的一个下降。这里面长协合同也起到了非常重要的作用。所以2020年长协合同的谈判也是公司降煤价的一个重要的方面。For the coal, actually in the year of 2019, the coal price has dropped a lot. Maybe there is a huge contribution coming from the long term contract. And for this year We are trying to sign the contract with the coal suppliers. 目前2020年的中长期合同还处在一个谈判的过程中，但是从对接的情况看，煤和电两方面对于市场供需宽松的这种认识是相同的。这样意味着对量的这块是可以满足需求。长协的合同量不是双方谈判的焦点。重点是合同的基准价格可以下调多少。 Currently, we are in negotiation with coal suppliers for this year's long-term contract. Currently, both sides do agree that the supply is relatively adequate for the whole year, so the amount of the contract is not the problem. Actually, the focus is on the benchmark price. 从谈判的进展看，部分煤炭企业已经有了价格下调的预期。下一步，公司将继续积极和煤炭方进行对接，努力争取合理的价格机制，为降低全年的燃料采购价格奠定良好基础。 During the negotiations, currently we can see that there is expectation of the coal price drop in some coal suppliers. We are trying to reach the relatively reasonable coal contract to strictly control our procurement coal price. 同时，公司也将根据长协价格谈判的下降程度，和煤炭市场价格的实际走势，灵活调整确定长协合同的比例。目标就是控制燃料采购价格。 Also, we will consider the market price drop magnitude to flexibly adjust the long-term contract implementation ratio to strictly control our fuel cost. 我来继续回答你补充的一些问题。正如你思想的那样，大唐能源这样一个体量，每年有10到15亿这样的盈利，确实是这样一个状态。其实我们在2009年到2012年就是这样一个状态。 Sure, as you say that based on the scale of Tuas Power, the net profit between SGD 1 billion to SGD 1.5 billion is achievable. Actually, we have this kind of performance during the year of 2009 to 2012. 因为2012年到2016年其中的投产400万装机，所以使得新加坡市场供大于求，导致了全行业亏损的一个状态。 That is because during the year of 2012 to 2016, the Singapore power market added around 4 gigawatts, resulting in the adequate supply that making most of the power plants making loss. 刚刚您说利用小时以及燃料成本的关系，其实在新加坡来讲，这几年的利用小时一直维持在5000到5500小时之间。其实新加坡最影响的燃料成本，燃料成本通过掉期，实际上是完全地转移到了售电侧。所以说燃料成本对于新加坡运营的影响是相对小的，基本上是没有影响的。 In terms of you mentioned the utilization hours and the fuel, currently we can see the power market in Singapore has a relatively high utilization hours between 5,000 to 5,500 hours. Also, it's stable. For the fuel side, actually, because of the arrangement of swap, the fuel cost can be transferred to the fuel side. So we can see that there is very little impact coming from the fuel cost. 就你提出来的关于对将来几年的预测，实际上这个预测是相当困难的。但是说实话，我们也做过一个预测，基于疫情的一个情况，我们对2020年到2023年这样一个情况也做了一个初步的预测，根据我们对新加坡市场的了解。 As your question is for the forecast of the net profit, actually it's very hard for us to make a very clear and exact forecast. Of course, we made the internal analysis and the forecast for the performance in the following years under the current virus pandemic situations. 根据EMA提供的今后几年电力增长的供求关系的预计，我们预计2020年我们是还会存在一些亏损，大概是SGD 1亿左右。 According to the forecast given by the Singapore EMA, for this year, Tuas Power will still make loss about SGD 100 million. 随着每年的增长，每年2%左右的增长，就是现在疫情影响，新加坡电力市场需求还是没有出现下降的情况，还是在增长。那么这样的话，每年一方面售电的毛利会增长，我们的财务费用会下降，包括我们的资金费用会相当的下降，所以我们每年都有2000万到5000万的一个增长。 Under the current situation forecast, Singapore expects a 2% growth in power demand. Under this forecast, we can see that the marginal rate for Tuas Power will be recovered. Also, the financial fees will be continuously decreased. Also, the depreciation. So in general, we expect there will be maybe an increase of about 20 million to 50 million. 就是2022年以后，至少2023年之后，我们就会回到之前那种2009到2012年这样的一个状态，我们这个值得期待的。 Maybe it can be expected that after the year of 2023, the performance of Tuas Power will be recovered back to the very good time during 2009 to 2012. That is the answer for the question. 我再补充一下，您说现在新加坡大士能源的平均利用小时数是5000小时，那如果按照中国国内这个水平，5000小时已经是非常优质的机组了。那公司说2009年是什么水平，新加坡大士能源需要利用小时数恢复到多么高的水平，它才能实现那个扭亏。另外的话，说是一亿新元，一亿新元如果按照现在汇率的话，大约就是四舍五入的话，大约是5亿人民币，这5亿人民币的亏损在华能国际的合并财务报表里面可以抵税吗？我的问题基本就这些了，全部问题了。谢谢管理层解答。 Follow-up question about Tuas Power performance. You mentioned that we are back to the 2009 levels. Actually, is it necessary for the utilization hours to be that high to reach this level? The second is that you mentioned that the loss-making for this year will be around SGD 1 million, that is equal to about CNY 500 million. This will be consolidated into the listed company's statement. 按照新加坡会计准则，现在的亏损，它是到将来是可以抵税的，将来盈利以后可以抵税的。 Based on Singapore's policy, after it is making profit, this loss can be deducted for the tax. 你刚刚说这个利用小时，其实新加坡利用小时不低，但是新加坡是一个跟中国市场完全不一样的一个市场，新加坡是一个全竞争的市场，新加坡的发电量并不等于你盈利。新加坡的这个盈利决定于你跟75%到80%跟零售公司谈的这个合同的边际贡献。 Well, actually the market in Singapore is very different from that in China. Actually, the profit level is really determined by the negotiation between the power producers and the retailers. Actually, the profit is mainly coming from the marginal contribution of this contract. That's it for the question. 好的，谢谢管理层。没有问题了。下面有请睿远基金管理有限公司的崔明提问。您好，您可以提问了。各位管理层大家好，我这边主要是两个方面的问题。第一个问题就是关于风电投资的，就港股投资者，因为考虑火电的话就普遍考虑现金流，而港股投资者对于风电的现金流担忧有所担忧，所以它的估值给的是比较低的。而公司是致力于大规模投资风电的这么一个认知。基于这个管理层和二级市场这么大的一个认知差异，公司能否考虑学习华能集团私有化华能新能源的这个做法，将华能国际的港股直接私有化掉？这样的话，既能保持增值，又可以完成管理层大规模投风电的一个想法。这是第一个问题。第二个问题是关于刚才管理层讲的对于未来减值的一个技术性的判断，就是行业不恶化就不会有大的减值了。这个话2017年的时候同样说过一遍，但是18、19年整个行业在好转，而我们的减值在大幅地增加。所以说我想具体追问一下，未来行业不恶化这个定义是指的什么？是指的全国范围内的不恶化，还是说指的我们的一个电厂不恶化？谢谢。I have two questions. First, we noticed that you made a lot of investment in wind, which is not so good for the H share investors because they are worried about the cash flows from the wind project. If the company wants to make strategic investment in wind, do you have to consider or to make the decision to delist the H shares of Huaneng Power, just like Huaneng Renewable? The second question is about the impairment. The management said that if there will be no worsens of the environment in the future, there will be no big impairment. But actually the management says so for the previous years. But we can see that for the previous one or two years, actually the performance of the whole industry is better. So the management understanding of the worsening of the performance situation is in terms of the nationwide situation, or is specifically for some power plants. 我先解释一下我们这个现金流的问题。公司每年的经营活动的净现金流入都在300亿左右，今年更是到了373亿。所以我们目前公司整体的现金流量还是比较充裕的。 Actually, first of all, the question about cash flows. For the past few years, our cash flows is around CNY 30 billion, and for last year, this figure increased to CNY 37.3 billion. So we say for our company, we have a relatively adequate cash flow. 资产减值是针对具体资产或者是资产组的。那么刚才提到，如果说整个行业环境、宏观环境的影响，如果影响到这些特定资产或资产组，那当然是会达到减值标准，那我们一定要做减值。如果说是地方的一些市场环境的变化，影响到这些特定的资产或者资产组，我们也需要对这些特定的资产和资产组做减值的处理。 In terms of the impairment, actually this is really up to the specific asset groups performance or specific assets performance. As long as there will be some impact coming from the macro or the industry impact, and also there may be the policy or the situations in the local areas, there will be some disposals in terms of these assets. 不好意思，我补充一下。我第一个问题，其实我刚刚讲问的并不是整个公司的现金流。其实我们看中港股的火电，就是看中火电的现金流非常好，而公司现在正在大规模地做风电的投资，就这一块的现金流是大家所担忧的。那目前这两年我们的风电投资的规模是非常大的，跟集团又是统一节奏的。我不知道这里面是否是因为上市公司没有独立性，还是什么原因。然后另外一个就是，如果我们因为跟集团保持一致的节奏，那我们是不是跟集团学习一下，把华能的港股，因为0.3倍的、0.4倍的PB，实在是太低了，如果你把它直接私有化掉，那对于国有资产保增值是很有正面作用的。我是想问的这个问题，而不是说你们的现金流不好的问题。 Actually, for the cash flow, the H share investors is worrying about the cash flow from the wind investment. As long as the company make lots of investment in the wind, do you have a plan to do the same thing to delist the H shares of Huaneng Power just like the Huaneng Renewable did? 我来回答你这个问题。实际上公司一直把调结构、优化布局作为推动公司高质量发展的一个重要措施。在未来发展上，我们可能还是把注意力放在了清洁能源的项目上，大力推进绿色转型。公司将发挥区域的管理优势，依托现有的火电的力量和管理资源，向风电光伏这个产业倾斜。公司下一阶段将进一步在东部沿海地区大力发展风电项目，建设海上风电的投资建设运维一体化的效益型规模化的基地。在中东部地区，公司创新应用前沿技术，充分发挥设计经济化的能力和装备技术带来的提升空间，加快风电的步伐。这个事情，这是公司优化结构的一个重要步骤。目前我们还没有得到控股股东关于我们H股的资产，像新能源一样私有化的这个安排。 Actually, we have made the transformation from the original coal-fired projects to the clean energy project in order to optimize our structure. We have made a plan based on the current coal-fired. We are going to add some integration base in the eastern coastal region in terms of the offshore wind project, and also do some technology renovations applications in the central part of China. All of these strategies is to increase or optimize our energy structures. But currently, we don't have a plan to delist the H shares of our company. 好，我刚才说的是集团私有化华能新能源，然后我们说华能国际作为主体去私有化回购港股的H股，其实跟集团是没有关系的。因为从投资的角度，你再投资跟私有化华能国际去回购H股，其实这两个事情看哪一个回报率高嘛。那目前这么低的PB肯定是哪一个回报率高，哪一个是这个更加效率更高一点吧。就这么一个意思。好，谢谢。我问题没有了。谢谢大家。 What I mean is that the buyback of H shares will be much more reasonable and have a relatively higher return. This is my understanding. 非常感谢各位参会者的积极提问。截至目前，我们还看到有很多参会者在排队等候提问。很抱歉，由于时间有限，管理层没有能够在线一一地回答。我们现在将邀请最后的一条问题，请后续有疑问的参会者可以联系我们的公关同事咨询相关的问题。最后，我们有请中银国际证券的Tony Fei提问。你好，有请。谢谢管理层。中银国际的费云清。我这边有三个问题。第一个是关于煤炭采购的，因为看到四月份的长协价格的话，环比有比较大的下降，而且好像如果长协兑现率越高的话，还有额外的折扣。想请问一下公司今年已经签的陆运煤的量有多少，然后准备签的下水煤估计会有多少的量，然后去年同比的数字能不能跟我们分享一下？那第二个问题是关于装机进度的，因为看到公司去年的风电的装机的量跟资本开支的话，其实比年初的预期应该都是要低的。那想问一下，今年我们预期风光要加起来有四个多吉瓦，那么现在我们今年这个计划有没有考虑到一二月份疫情的影响，会不会有一部分延迟到2021年？然后刚才领导也分享了我们未来几年的清洁能源装机的占比情况，那大概算一下的话，我们到21年和22年，每年可能还有四五个吉瓦，甚至更多一点的风光的装机。那这里边的分布能不能跟我们分享一下，还是以风电为主呢，还是在21年之后海上也催迫的话，慢慢地会以光伏装机为主这样一个情况。那么第三个问题是关于我们19年的分部利润，能不能分电源跟境内海外的情况跟我们分享一下？谢谢。 I have three questions. First is about the coal price. We noticed that there was a big drop in March for the coal price. Could you please talk about the percentage of your inland contract price and the seaborne coal contract price? Also the price for the same period last year. The second question is about the capacity addition plan for the wind. We noticed that in the year of 2019, the capacity addition and also the CapEx for wind are both lower than your plan. Also, viewing all the virus pandemic impact, did you consider this impact from this pandemic for this year? Also, maybe there will be some impact potentially entered into the year of 2021. And also, could you please talk about the energy mix for the newly added capacity for 2021, which you have said maybe there will be some 4 to 5 gigawatts addition in that year. Third question is could you please provide us the breakdown of the net profit from the different energy mix and also the domestic and overseas business. 我来回答一下这位先生的第一个问题，关于2020年长协合同谈判。其实刚才这个问题也已经回答过一次，我再重复一下。第一点，上下游对现在的这个市场形势是有很高的共识度。第二点，长协的量不是今年争论的一个焦点。所以说，刚才这位先生提到的下水煤也好，陆运煤也好，这个量的变化，可能最终就是取决于我们价格的一个可以下调多少。第三个方面，我们公司也会利用当前这种相对有利的这种市场形势，加大与煤炭方的这种对接力度，努力争取价格的一个下调。然后根据这个价格下调的情况和后续这个市场的一个走势，我们也会灵活地调整确定这个长协合同的比例。回答完毕。 We talked about the contract right now. Actually for both sides, the supply side and the demand side agree the current situation is there is a relatively adequate supply in the coal market. Also, we do believe that currently amount of the contract is not the key, but the price is. Also, currently we are trying to increase the communications with the coal suppliers, try to cut the coal price settlement, and also based on the actual situation, to adjust the contract percentage implemented flexibly. 关于今年投产的这个目标的确保，公司将在抓好疫情防控的这个大前提下，统筹推进各方面的工作，把疫情的不利影响降到最低。 In terms of the new project this year, of course, we are facing a very strict situation currently. For the company, we are going to cope with this virus pandemic situation to decrease the impact coming from this virus situation to realize our target of the addition of projects. 一些开工和复工的项目，我们会抓住当前季节施工的黄金期，保证一些保电价的项目和一些重大的项目，确保按期完成。那么具体上呢，我们会发挥公司的华能的整体优势，以及发挥我们区域公司的最大的作用。 In terms of the construction period, actually we are going to secure the very important projects to be put into operation as the plan, and also to optimize our advantage in the different areas to realize our target. 目前还是有一些制约的因素，比如说施工单位和人员的进场，比如说设备供货，都还是一些制约我们投产的一些因素，我们都已经专项地来一对一地来解决这个问题。 Also, of course, there are some maybe limitations or problems we are going to solve in terms of the delivery of the equipment and also some employees back to work. 关于未来两年新能源装机的占比的分配，每年的新增就是大约500万千瓦左右。其中风电大概接近三分之二，光伏大概是三分之一强。 For the following two years, for the capacity addition plan, every year we are going to add about 5 gigawatts every year for the renewable, including the wind and solar, which for the wind accounted two thirds of the addition and one third for the solar. 我来核算一下那个分电类型的净利润。就境内的燃煤项目的19年的净利润是负的12.36，燃机的是正的5.05，风电是16.9，光伏是4.37，然后还有一些投资收益，其他的大概有7亿。 In terms of the profit for the domestic business for last year, for the wind, it made a loss about 1.236 billion CNY. For the gas, it is about 500 million CNY. For the wind, it was 1.69 billion CNY, and solar for 3.7 million CNY. Also others, including the investment gains, total about 700 million CNY. 谢谢管理层，我没有其他问题了。 [Foreign language] Thank you so much for all of the questions and participation today. [Foreign language] Finally, Mr. Zhao would like to give us a summary. 非常感谢各位在目前的特殊时期参加公司的电话会，特别也感谢今天的交流中大家对公司所提出的意见和建议。也感谢各位一直以来对公司的大力支持和持续的关注。今天的会议呢，就到此结束，有进一步的问题和建议，也欢迎大家会后与公司投资者关系处继续联系。谢谢大家。 Thanks for attending Huaneng Power's conference call during this current special period. Also thanks for all of your suggestions and recommendations to the company, and thanks for your long-term support and lasting attention to the company. Please contact our IR staff after the conference if you have any further questions or recommendations for the company. Thank you.