Earnings Call: Q2 2019

Jul 30, 2019

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 first half year results announcement of 2019. [Foreign language] Now, may I introduce the management of the company today. [Foreign language] The President of the company, Mr. Zhao Keyu. [Foreign language] [Foreign language] 大家好。 [Foreign language] The Vice President of the company, Mr. Zhao Ping. [Foreign language] 大家好。 [Foreign language] The Vice President of the company, Mr. Li Jianming. [Foreign language] 大家好，主持人好。 [Foreign language] The Chief Accountant of the company, Mr. Huang Lixin. [Foreign language] 你好，大家好。公司董事会秘书黄朝泉先生。The Board Secretary to the company, Mr. Huang Chaoquan. 黄总您好。你好，大家好。出席本次会议的还有公司相关业务部门的负责人。People in charge of the related departments are also joining us in this meeting. 公司总会计师黄立新先生会先为我们回顾 2019 年中期业绩表现。接下来是问答时间。现在有请黄总介绍公司业绩表现，并由公司周彪先生做英文交替传译。First of all, the Chief Accountant of the company, Mr. Huang Lixin will review the business performance for the first half year results of 2019, followed by Q&A section. We will have the honor to invite Mr. Huang to review the business performance, and Mr. Zhou Biao will conduct the English interpretation. 下面有请黄总。女士们，先生们，大家好！欢迎各位参加华能国际中期业绩推介电话会议。 Ladies and gentlemen, welcome to attend the conference call for the interim results of the company. 昨天公司公布了上半年经营情况，上半年在面临国家经济结构转型、全社会用电量增速明显回落的宏观经济形势下，公司继续巩固和加强安全清洁生产水平，积极参与电力体制改革，加大低碳清洁能源投资开发，稳步推进企业提质增效工作，技术创新取得新进步，燃料保供控价能力不断增强，在不利的经营环境下，较好地完成了既定的目标任务。 The company released its interim results yesterday. In the first half of the year, faced with the macroeconomic environment in which the national economy underwent structural transformation and the growth rate of total electricity consumption witnessed a substantial decline, the company continued to enhance the level of safe and clean production, actively participated in the power industry reform, intensified efforts on investment and the development of low carbon clean energy, steadily promoted the efficiency and the performance of enterprises, made progress in technological innovations, continuously enhanced the ability of fuel supply and price control, and successfully fulfilled the established goals and targets on an unfavorable business environment. 按照中国会计准则计算，上半年公司实现合并营业收入834.17亿元人民币，同比上升0.88%，归属于本公司权益持有者的净利润38.2亿元人民币，同比上升79.11%，每股盈利为0.23元。按照国际财务报告准则计算，上半年公司实现合并营业收入836.03亿元人民币，同比上升1.45%，归属于本公司权益持有者的净利润34.42亿元人民币，同比上升98.78%，每股盈利为0.2元。公司净利润同比上升的原因主要是燃料价格同比下降。 According to the PRC accounting principles, the company realized consolidated operating revenue of CNY 83.417 billion, increasing by 0.88% year-on-year. The net profit attributable to the equity holders of the company was CNY 3.82 billion, increasing by 79.11% year-on-year. The earnings per share was CNY 0.23. According to the IFRS, the company realized consolidated operating revenue of CNY 83.603 billion, increasing by 1.45% year-on-year. Net profit attributable to the equity holders of the company was CNY 3.442 billion, increasing by 98.78% year-on-year, and the earnings per share was CNY 0.2. The main reason for the increase of the net profit is the decrease of fuel costs year-on-year. [Foreign language] In the second half of the year, the company will continue to strengthen production safety, focus on energy conservation and emission reduction, promote the development in low carbon clean energy, enhance quality and efficiency, initiatively adapt to the power industry reform, proactively increase market share, strive to reduce fuel costs, optimize debt structure and constantly improve business performance so as to consistently provide long-term sustainable and increasing returns for the shareholders of the company. Next, my colleagues and I are glad to answer your questions. Thank you. 好，谢谢黄总的介绍。接下来是问答时间。Thank you, Mr. Huang. We have come to the Q&A section。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。Please state your name and your organization before your question。大家好，如需提问，请在话机上按星一，排队等候。先星号键再数字1。Hello everyone, if you would like to ask any questions, please press star 1 on your telephone keypad。Thank you。大家好，第一位提问者是来自晨曦资本的高远，你好，你可以提问了。你好，您这边声音是放开了，您可以直接提问，谢谢。你好，晨曦资本这边的高远。这位曹会长，您可以提问了。喂，你好，主持人能听到吗？可以听得到，您可以直接说，谢谢。你好，我想请教一下管理层，咱们公司一季度和二季度的含税入炉标煤价格分季度是多少钱，然后度电供电煤耗是多少？此外，咱们新加坡大士能源的上半年电量营收和净利润情况，能不能请各位管理层介绍一下？谢谢。 I'm from Morningstar Capital. Two questions. First is could you please provide us the standard coal price and the coal consumption rates for the first quarter and the second quarter of this year? The second question is about the Tuas Power business performance. Could you please provide us the power generation, the revenue and its net profit for Tuas Power for the first half of this year? 我来给你报告一下今年一、二季度的除税的标煤单价，一季度是746.45元每吨，二季度是735.64元每吨。 Well, for the first two quarters for the standard coal price after tax, it was CNY 746.45 per ton for the first quarter, and CNY 735.64 per ton for the second quarter. 这个是含燃气电厂的，纯煤机的除税的标煤单价，一季度是703.63元每吨，二季度是699.81元每吨。 The figure mentioned right now is including the coal and gas business. Specifically for the coal, the standard coal price after tax was CNY 703.63 per ton for the first quarter and CNY 699.81 per ton for the second quarter. 下面我再给报告一下新加坡今年上半年的情况。今年上半年新加坡大士公司收入是62.03亿，去年是54.03亿。 For the Tuas performance for the first half of this year, the total revenue of Tuas was CNY 6.203 billion comparing to CNY 5.403 billion of last year. 利润呢，今年是负的2.39亿，去年是负的1.95亿。比去年上半年同期增亏了4,400万。主要原因是今年电力市场继续供过于求，电力供应是每度电是降了两分钱。 Well, for the net profit for the Tuas Power in the first half, it was Loss making about CNY 239 million compared to the same period of last year of CNY 195 million. The net loss increased by CNY 44 million. The reason for that increase was mainly due to the surplus of the supply of Singapore power markets, and also it leads to the decrease of the marginal contribution about 2.4 cents. 好的，感谢管理层。我还想问一下，咱们一二季度的度电供电煤耗大概是什么水平？ Also following question about the coal consumption for the first half of this year. 这个是这样，我们这个供电煤耗有个上半年的，没有按季统计。上半年的供电煤耗是境内的301.94，去年的同期是300.81克每千瓦时。 For the power consumption rate for the electricity sold for the first half of this year, it was 301.94 gram per kilowatt hour. Comparing to the same period of last year, which was 381 gram per kilowatt hour. 好的，谢谢管总，我没有别的问题了。感谢您的提问。大家好，如需提问，请在话机上按星1，排队等候，先星号键，再数字1。If you'd like to ask any questions, please press star 1 on your telephone keypad. Thank you. 大家好，下面一位提问者是来自里昂证券的刘家阳。你好，您可以提问了。能听到吗？喂？听到吗？你好。可以，请讲。你好，管理层你好，我是里昂的刘家阳，恭喜这次业绩谈好。我有三个问题，第一个问题就是可不可以提供我们单燃机、单煤机，还有总体的一季度跟二季度的单位燃料成本，还有它同比的变化比例呢？第二个问题就是，其实我们今年因为我们说了一个很积极的做风电的计划，还有我在二季度的报里面看到我们现在有搞核电了，就是nuclear。那请教一下我们现在的计划是怎么样的呢？那第三个问题，就是你觉得我们全年那个利用小时那个指引，会不会受现在的环境会有所调整呢？谢谢。 First, congratulations to the good results for the first half of the company. I have three questions. First is could you please talk about the unit fuel cost for the first quarter and the second quarter respectively in terms of the gas, coal, and also the average level, and also the year-on-year change. The second question is about your investment plan for the wind. Actually, in the second quarter, we see you also mentioned the plan for the nuclear. Could you talk about the progress of this investment plan? And the third question is about the utilization hours. Because for the first half you have underwent the decreasing situation. Could you please talk about whether you will change the guidelines for the whole year's utilization hours? 我先回答你的第一个问题，就是19年上半年的分季度的单位燃料成本的情况，就综合起来，一季度是219.72元每千千瓦时，二季度是228.48元每千千瓦时。上半年是223.81元每千千瓦时，上半年比去年同期是降低了5.57%。 For the unit fuel cost. For the first quarter, it was CNY 219.72 per kilowatt hour. The second quarter it was CNY 228.48. For the first half it was CNY 223.81, decreasing by 5.57% year-on-year. 其中煤机的单燃一季度是211.09元每千千瓦时，二季度是220.14元每千千瓦时，然后上半年是215.33元每千千瓦时，同比下降了6.27%。 Specifically for the coal, unit fuel cost for the first quarter was CNY 211.09 per megawatt hour, and the second quarter it was CNY 220.14. For the first half, it was CNY 215.33, decreasing by 6.27% year-on-year. 对于燃气机组而言，一季度单燃是374.14元每千千瓦时，二季度是397.65元每千千瓦时，上半年是384.42元每千千瓦时，同比增加了5.26%。 For the gas, the unit fuel cost for the first quarter was CNY 374.14 per megawatt hour, and the second quarter was CNY 397.65. For the first half, it was CNY 384.42 per megawatt hour, increasing by 5.26% year-on-year. 请问这位采访者还有其他的问题吗？你好，我来回答第二个问题。根据公司年初风电投产的计划是235万。我们目前还是按照既定的目标，在有序地推进项目的施工建设。 Well, in terms of the wind investments, actually we have a plan for the whole year of the newly added capacity, which will be 2,350 megawatts for the wind projects. Currently, all the projects are in progress smoothly. We don't have any change. 好。我来回答第三个问题。综合考虑国内外宏观经济形势、国家电能替代政策的落实，还有去年发电量基数等因素，下半年电力消费预计仍将延续上半年的平稳增长态势。上半年全社会用电量增长是5%。国家电网预测全年增长是5.5%，即下半年全国的增速有所回升。综合考虑这些因素，公司预计完成年度的预算指引有一定的难度，但我们会加大市场开拓力度，暂不调整年度的预算指引。谢谢。 Combining with the situations in domestic internationally and also the higher base of last year, and also the replacement of the electricity to other energy types, we can see in the second half the overall situations will be maintaining stable. Also according to the SGCC's forecast for the second half of this year, the power consumption growth rate will be around 5.5%, which is a little bit higher than that for the first half, which was 5% year on year growth. For our company, we say currently it's relatively hard for us to reach the target for the whole year, but we are going to try our effort to realize more market share. Currently, we don't have a plan to change the guideline of utilization hours. 现在管理层我没有其他问题了。感谢您的提问。大家好，需要提问，请在话机上按星一，排队等候，先星号键，再数字1。As a reminder, if you would like to ask any questions, please press star one on your telephone keypad. Thank you. 大家好，下面一位提问者是来自长城证券的蒲阳。你好，你可以提问了。公司管理层好。我主要三个问题想要请教一下。第一个就是接着刚刚投资者问的这个问题，我看到燃气的单位燃料成本第二季度是有所上升的，这个是因为增值税下调的这么个影响吗？第二个问题我想问一下，就是7月份目前的发电量，咱们的发电量情况来看，像二季度是否有好转？第三个我想问一下，巴基斯坦项目上半年的盈利情况，以及去年同期的数据，谢谢。 I'm from Great Wall Securities. I have three questions. First is a following question about the gas. You mentioned that the unit fuel costs for the gas business has increased year on year in the first half of this year. Could you please talk about the reason for that increase? Is it impacted by the VAT adjustment? The second question is about the power generation. Could you please talk about the power generation performance in July and also the comparison with that in the second quarter of this year? And third question is about the performance of the Pakistani business. Could you please talk about its first half year's performance and also the figure for that of last year? 燃气的单燃的上升，主要是一些各地的燃气价格的上调影响。 The increase of the unit fuel cost for the gas business is mainly due to the gas price hike in some regions in China. 公司7月份的发电量是负的13%，和二季度负的11%相当。 For the power generation of the July, it is very similar with that of the second quarter, which is double digits decline year on year. 我来回答巴基斯坦的情况。巴基斯坦今年上半年的收入是25.18亿，成本是17.66亿，最后利润是2.37亿。 For the Pakistan's business performance for the first half of this year, its revenue was CNY 2.518 billion, and the operation cost was CNY 1.766 billion, and the profit was CNY 237 million. 好的，我想问一下，Pakistan去年上半年的经营情况是什么？ What is the first half of last year's performance for Pakistan? 我们从今年1月1号开始是并表的，它的其他的去年的数据手头还没有。如果你要的话，我们通过其他方式再给你送过去，通过邮件什么的。同意了，但是咱没有。 For the first half of last year, because we have not consolidated, which has taken place in the first half of this year. If you need that figure, maybe after that, we will try to get the figure for the first half of last year. 好的，我没问题了。谢谢管理层。感谢您的提问。大家好，下面一位提问者是来自国海富兰克林基金的李聪。您好，您可以提问了。各位领导好，听得见吗？听见。我有两个问题，第一个问题是关于电价，想请管理层掌握一下下半年电价情况。第二个问题是关于装机，因为看到今年上半年其实没有什么新增装机出来，想了解一下目前装机的进度，还有下半年的装机的一个指引，谢谢。 I am from Franklin and I have two questions. First is about the tariff. Could you please talk about the guideline or the trend of the tariff in the second half of this year? Also, second is about the capacity, because we noticed that in the first half it did not add a lot of new additions of the capacity. Could you please talk about the guidelines and also the progress of the new project in the second half of this year? 喂，听得见吗？请问者您稍等一下，管理层正在整理，稍等。公司2019年上半年完成电价是419.51元，同比是增长0.22%。目前公司面临着一些电价压力，但是目前看可能国家面临一些市场化加快推进，市场交易比例的增加对电价是带来一定的市场下降的一些风险，但是也面临着一些有利的因素。目前电力市场交易的秩序在逐步好转，市场交易价格在逐步回升，这两年都面临着回升的态势。所以我们预测全年的电价应该是在稳中有升的预测。谢谢。 For the first half of this year, the statutory for us was CNY 490.51 per megawatt hour, increasing by 0.22% year-on-year. For the trend of the tariff, we are facing both the pressure and also we have the positive sides. We notice that the increasing of the market-based power generation and also the orderly transactions in these parts. In general, we say in whole year's forecast, we can make an expectation that the average price for the market-based transaction will be stable, maybe sometimes a little bit higher. 截止上半年，公司今年新增装机14.5万，可控装机容量是增加14.5万。 For the newly added capacity for the first half for our company was 145 megawatts. 请问这位参会者是否还有其他的问题，或者管理层是否有进一步的补充？有补充。一个是电价，我想再进一步问一下，一个是市场电的目前上半年的占比情况，还有市场电就是市场电的一个折扣。这是第一个需要补充。第二个的话，装机这块的话，我想了解一下下半年的一个计划，谢谢。 Also more specifically about the tariff, could you please talk about the tariff discount and also the percentage of the market-based power generation? Second also, could you please talk about the second half's plan for the newly added capacity? 上半年公司市场电占比47.05%。上半年公司的交易电价，较批复电价下降，每千千瓦时31.33元。 For the first half of this year, the market-based power generation accounted for 47.05% of our total power sales, with a tariff discount of CNY 31.33 per megawatt hour. 关于装机，下半年我们会依据年初制定的目标继续推进，争取完成年初设定的装机目标。谢谢。 In terms of the second half's plan, we're going to try our effort to reach the whole year's guideline, which we've made at the early stage of this year. 好了，谢谢管理层。感谢您的提问。大家好，下面一位提问者是来自国金证券的杜匡洲。你好，您可以提问了。各位管理层领导好，我有三个问题想请教一下。第一个的话是，公司开始说的一季度的和二季度740多元的这个煤价是采购煤价还是入炉煤价？如果是采购煤价的话，那么入炉煤价是多少？第二个问题，公司上半年进口煤的吨数是多少？第三个是下水煤里面长协的比例有多少呢？谢谢。 I'm from 国金证券. I have three questions. The first is about the standard coal price. You mentioned that your standard coal price for the first quarter and the second quarter. Could you please talk about whether this price is the purchasing price or it's the consumption price? If it's the purchasing price, what is the corresponding consumption price for the first quarter and the second quarter? The second question is could you please provide us the amount for the coal imported from the overseas market? The third question is could you please provide us the percentage of the seaborne long-term contract? 我来回答这个问题。上半年公司的原煤采购价是507块2毛3，同比下降了9.5%。上半年的下水长协兑现率89%。长协比例89%。进口量上半年公司进口煤量是2395万吨，同比减少了76万吨，基本持平吧。 For the first half of this year, the natural coal purchasing price for us was CNY 507.23 per ton, decreasing by 9.5% year-on-year. For the fulfillment rate for the seaborne long-term contract was 89%. We imported coal from overseas markets totally 23.95 million tons, which is very similar to that of last year. 领导您好，我还想再问一下，入炉煤价是多少？前面能听到我的问题吗？可以的，请稍等一下。入炉的我刚才说过，刚才你问的那个700多的都是不含税的，入炉的这个是标煤单价。好的，明白了。 We confirmed that the figures mentioned for the first quarter and second quarter coal price is the standard coal price after tax and which is based on the consumption side. 感谢这位参会者的提问，也感谢领导层的解答。下面一位提问者是来自瑞士信贷的周天宇。你好，你可以提问了。管理层你们好，我这边有两个问题想请教一下。第一个想问一下，管理层可不可以展望一下对三季度的电量的同比增速，以及煤价的走势的看法？第二个问题是关于电价这边的，第一个想问一下，今年因为增值税下调之后，我们火电这边的电价，管理层觉得接下来会不会有调整的可能？然后另外一个就是说除了增值税下降这部分的电价之外，额外的管理层觉得这个发电电价是否有调整的可能性？谢谢。 From Credit Suisse. I have two questions. First is about the third quarter guideline on trend. Could you please talk about the power generation trend and also the coal price trend in the third quarter of this year? The second question is about tariff. Actually, we noticed that VAT has adjusted. Could you please talk about its impact on the thermal one's tariff? Also, do you expect that the government will adjust the price for the thermal? Also, besides of the VAT factors, do you think there is other factors which will make the government to adjust the tariff for the thermal one? 根据年初的发电量预算指引，下半年三季度应该至少不低于3到4之间这个增速。 In terms of the power generation in third quarter, according to our calculations, in the third quarter, the power generation growth may be roughly between a 3% or 4% year-on-year growth. 下半年煤价的走势，我来回答一下。下半年总体来看，国家相关部委已经核准审批开工、已经核准的大型煤矿将陆续投产，供应将逐步地增加。近期国家发改委要求加快煤炭优质产能的释放速度，晋陕蒙主要产煤地区要带头落实，大型煤企要挖潜增量，加快优质产能的煤矿建设。另外煤矿环保以及安全生产水平有所提高，煤炭供应将相对充足。近期陕西的煤管票也开始放松，预计后续煤炭产量较高于上半年。需求方面，虽然近期气温比较高，煤炭需求有所增加，但受产业转型升级、能源双控、清洁能源、核电、水电增发等各种因素的影响，电煤需求将会受到一定的抑制。综合分析，我们认为下半年电煤市场总体呈基本宽松的态势，价格中心下移的概率加大，波动的幅度也有所收窄。 In terms of the coal price trend in the third quarter, we can see in the following factors into consideration. First is about the production. The government has some notice to the coal suppliers in terms of its increasing its advanced coal productions, and also to reopen some coal mines, which has no problems in terms of their safety and environmental problems. So we can see that the supply of the coal in the second half will be relatively adequate. Also because of the demand will be curbed, impacted by the increase of the power from the clean energy sectors. So in general, we will say in the second half, the supplies and the demand situations will be eased compared to that of first half of this year. So, the coal price fluctuations will be squeezed and the coal price will be in a stable way. 关于你刚才问的第三个问题，我们分两部分来回答。我先说一下增值税下调对电价和煤价的影响，然后我们有关营销的负责人再跟你回答一下，有没有其他的影响电价的因素。增值税从今年的4月1号开始，下调了3个百分点。理论上来说，因为增值税是价外税，不影响不含税的收入和成本。但是电力企业的实际来看，定价的依据都是含税的电价跟含税的煤价，包括煤价这535，也都是一个含税的依据。因此具体的对财务的影响，就主要取决于含税电价变化过程中对不含税价格的影响。从一季度来看，从电价的角度，我们综合的影响来看，不含税的电价等于是同比上涨了7厘钱，相当于增加了收入大概6亿左右。目前从煤价的情况来看，我们相关的原料部门正在协调，争取也下调不含税的煤价，但是具体是降多少，取决于跟煤矿的谈判。综合来看，增值税下调对公司整体是一个正面的影响。 Talk about the VAT's impact. Since April 1st, the government has adjusted the VAT down about 3 percentage points. Actually, we say this will be having some impact on the tariff of the power and also the coal price. For the first half, we say this VAT's impact for the power tariff has a positive increase about CNY 0.007 per kilowatt hour, which will roughly bring increase of the revenue about CNY 600 million. For the coal price, actually, we try our best to decrease the coal price, but actually, the outcome will be negotiated with the coal suppliers. So in general, this VAT adjustment is a positive side for our performance. 除了市场交易对电价有影响以外，还有以下几个因素。自7月1号起，海南分公司戈枕水电上网电价下调1.37分，湖南分公司湘西水电上网电价下调2分，浙江分公司石塘水电上网电价下调1.46分。以上按年初预算安排的基数电量进行测算，预计今年减少公司含税收入322.73万元。另外一个还有就是，浙江省利用增值税下降的空间，降低了省内的煤机的基数电价1.07分，从7月1号执行。省内的交易电量不受电价影响。以年初的预算安排测算，预计今年减少含税收入4,220万元。 In terms of the impact of the tariff, besides the VAT, we also noticed that the government has cut the tariff for the hydro. For our company, we have some hydro projects in Hainan and Hunan and Zhejiang. Separately, the magnitude of the tariff cuts for Hainan was CNY 0.0137 per kilowatt hour, and for Hunan, the cut magnitude was CNY 0.02. For Zhejiang, it was CNY 0.0146. Totally, roughly, there will be negative impact on our revenue, about CNY 3 million. Also for Zhejiang Province since July 1st, they will cut the standard tariff for the whole province, about CNY 0.0107 per kilowatt hour. This does not have impact on the market-based power generations tariff. This will lead to a negative impact on the revenue, about CNY 42 million. 管理层你好，我可不可以追问一个小问题，就是除了浙江省之外，在其他省份的话，管理层觉得火电电价有没有下调的可能性？谢谢。 Also a follow-up question about the tariff adjustments. Excluding the Zhejiang province, is there any other provinces which they have a plan to adjust the thermal tariffs? 目前还没有接到相类似的情况，浙江应该是一个特例。 Well, besides Zhejiang, currently we have not received any notice from the government in terms of the tariff adjustment in other provinces. 感谢管理层的解答，也感谢这位参会者的提问。大家好，下面一位提问者来自于平安证券的严佳媛。你好，您可以提问了。管理层好，我可能刚刚已经有点漏了，就是我看到那个中报当中有一个地方，在今年电力收入这块，境外分布的话，它的其他收入有25个亿，相比去年的1个亿是多了24个亿，这块大概是一个什么样的收入结构呢？谢谢。 From Ping An Securities. I have a question about the balance sheet. We noticed that in your interim report that the revenue from the other items has increased a lot. For the first half, it was CNY 2.5 billion comparing to CNY 100 million last year, increasing by CNY 2.4 billion. Could you please talk about the detail about that? 今年收入里的其他收入，这个25.46亿，都是巴基斯坦项目的收入。为什么是这个作为一个其他收入呢？因为按照我们在巴基斯坦建电厂跟当地政府的协议，从会计角度来说，不把它作为一个运营的，跟一个普通电厂完全一样。它的收入是等于给政府租赁设备的角度，我们是回收了一个资产出租的收入。因此，从会计的角度，把它列了一个其他的收入，而不是售电的收入。所以我们相应的呢每次公布发电量、售电量也是不含巴基斯坦项目的生产经营情况。 For the power revenue, the RMB 2.546 billion other revenue from the power business is coming from the revenue of Pakistan business. The reason for this is that we have an agreement with the Pakistani government that the Pakistani power plant is not considered as the common power plant as we have in domestic power plants. This revenue is coming from their leasing items. We can see the power generation for the first half of this year does not include the power generation from Pakistan. 好的，谢谢管理层，我没有其他问题了。感谢您提问。大家好，有需提问，请在话机上按星一，排队等候，先星号键，再数字1。If you would like to ask any questions, please press star one on your telephone keypad. Press star followed by one. Thank you。下面一位提问者是来自国泰君安的史晓雨。你好，你可以提问了。管理层你们好，我是国泰君安证券史晓雨。我有两个问题，第一个问题是有关我们燃料成本的，就是我们报表上那个473亿的燃料成本是纯境内的燃料成本吗？就含不含巴基斯坦和大士能源？然后另外，管理层可不可以帮我拆一下，就是我们境内的燃料成本当中，供电燃料成本和供热的燃料成本分别是多少？另外有没有一季度、二季度，还有上半年供热的数据？这个是有关燃料成本的。第二个是有关人工成本的，我看我们今年的二季度人工成本上升9%多，我们全年有没有人工成本上升的一个指引？我们人工成本后面会有一个什么样的政策？比如说每年上升10%左右这种。还有一个问题，第三个问题，就是能不能拆一下我们几个重点区域的盈利情况，就是山东、广东、浙江、江苏、辽宁和福建分公司上半年的利润。另外我很想要一下分板块的，就是煤电、气电，还有风电光伏板块的利润情况。谢谢。三个问题。 From Guotai Junan. Actually, we have three questions. Firstly, it is about the fuel cost. Could you please talk about whether you reported the RMB 47.3 billion fuel cost is the domestic side or also including the overseas business? Could you please split the cost from the power generation and also the heat supply in the first quarter and the second quarter, and also the heating revenue in the first quarter and the second quarter of the company? The second question is about the labor cost. We noticed that the labor cost has increased by 9%. Could you please talk about the guideline of the whole year's increase? Is there any policy to regulate the labor cost? Could we understand that the labor cost increase magnitude will be stable, maybe in 10% year-on-year? The third question is about the profits. Could you please provide us the figure in terms of the different important regions for your company, for example, in Shandong, Guangdong, Zhejiang, Jiangsu, Liaoning, and also for the profit in the different energy mix, including the coal, gas, wind, hydro, and solar? 我先回答你最简单的问题，就这个473.18亿燃料成本。是包含境内的是442.38亿，和中新电力的新加坡上市的30.81亿。巴基斯坦这个成本我刚才已经说了，因为它的核算方式的不同，它这个收入在其他业务收入，成本在其他业务成本，所以说燃料成本里头就没有巴基斯坦，就主要是境内跟新加坡的。 First I talk about the fuel cost. The total fuel cost for us for the first half was RMB 47.3 billion. This including the domestic business and the Singapore business, which was RMB 44.238 billion and RMB 3.081 billion respectively. This does not include the cost from Pakistani business with the same reason with the revenue. 这个燃料成本里头，其中供热的燃料费是47.07亿，今年是47.07亿，去年是41.98亿。 For the fuel cost for the heating supply, the cost for this year was CNY 4.707 billion comparing to CNY 4.198 billion, first half of last year. 从重点区域的盈利情况来看，我们今年这个64.43亿的利润总额里头最大头还是华东地区，包括江苏、浙江、上海，今年上半年是19.87亿，这是最大的。第二位的是山东，17.49亿。第三个是广东分公司，是11.86亿。第四是华中，8.76亿。还有华北的7.1亿，东北的4亿。 In terms of the breakdown of the different regions profit, the first one is the profit from East China, including the Jiangsu, Zhejiang and Shanghai, which has a total gross profit about CNY 1.987 billion. The second is from Shandong, which has CNY 1.749 billion. The third one is Guangdong, the profit was CNY 1.186 billion. The fourth one is the Central China. The profit from Central China with profit about CNY 876 million. For the North China, it was CNY 710 million. For the Northeast, it was CNY 400 million. 从分板块的情况来看，今年上半年燃煤是37亿，燃气是3.73亿，风电是12.34亿，光伏是2.18亿，水电是0.15亿，还有7.36亿的投资收益。 For the different energy mix, the profit from coal business was CNY 3.7 billion. For the gas, it was CNY 373 million. For wind, it was CNY 1.234 billion. For the solar, it was CNY 218 million. For hydro, it was CNY 50 million. Also we have CNY 736 million from the investment gains. 刚才问到关于公司人工成本的这个事，我解释一下。影响公司人工成本变化的有几个方面，其中有一个方面是由于规模的变化，可能就是人员的增减带来的工资的人工成本的变动。当然这个相对来说是影响小的一部分，最主要的还是公司的工资总额的调整。公司的工资政策基本上是参照国资委对央企的管理的模式，最终由董事会来确认。由于18年的时候，对照目标来讲，公司实现的这个绩效的考核非常好，所以18年的时候在12月份，相对预上来讲，确认了一个比较多的工资进来。在今年发生的时候，就有一部分已经确认为今年的基数了。所以同比来看，在一季度、二季度，有一个比较大的提升，但是全年来看，我们不认为有这么大幅度的增加。 In terms of the labor cost, actually, the factors impacting the labor cost may be in various considerations. First is the scale of the company, because we have newly added capacity and also the new units consolidated into the company. But in general, we say this impact is not so huge. The second is maybe the major one for the impact is the adjustment of our wage, and the policies of the wage regulation is based on the SASAC policy and also confirmed by the board of directors. For last year, because we have finished all our operation tasks very well, so in December, we recognized relatively higher wages than the previous month. So this has been recorded in the first quarter and the second quarter, resulting in the increase comparing to that of last year. But in general, for the whole years, we don't think there will be a huge increase in terms of the labor cost. 好的，谢谢管理层。我想再补充一个小问题，我们上半年的供热收入一共是多少？一季度和二季度分别是多少？ And also a question about the heating supplies. Could you please provide us the revenue from the heating business for the first quarter, second quarter and the first half? 今年上半年的供热收入是CNY 58.59亿，一季度是CNY 50.4亿，二季度是CNY 8.19亿。 Of the revenue from the heating supply for the first half totally, it was 5.859 billion RMB. Among these, we have 5.014 billion RMB from the first quarter and 819 million RMB from the second quarter. 好的，谢谢管理层，没有别的问题了。谢谢您的提问。大家好，下面一位提问者是来自中银国际证券的费云清。你好，你可以提问了。谢谢管理层，我这边也是三个问题。第一个还是关于电价的，可能比较长期一点，因为我们看到上个月发改委发了全面开放经营性用户的发用电计划的一个文，里面有一句话提到等这个计划全面放开之后，会再探索未来的电价形成机制。我想请教一下这句话我们应该怎么去理解，公司现在了解未来的电价定价机制会不会有什么变化？第二个问题是关于我们的进口煤的采购价格，想问一下二季度我们进口煤的平均采购价格，原煤跟标煤分别是多少？然后展望下半年的话，我们觉得进口煤的量上面会不会有一些限制，全年采购的总量会不会达不到4000万吨这样一个水平，价格方面会有什么趋势？第三个问题是关于公司的分红政策，因为公司之前定70%的分红政策的时候，我们还没有现在这么大的风电的资本开支的计划，那就想问一下，我们现在这个分红政策会不会有调整的可能？谢谢。 From Bank of China International, I have three questions. First is about the tariffs. Maybe in a longer term perspective, we noticed that during the NDRC has issued a notice that they will open all of the power plant. And according to its notice, the government will study and push forward the power tariff mechanism in the future. So could you please talk about your understanding of this notice and its regulations? Could you please talk about the trend of the power tariff in the future? The second question is about the imported coal price, including the natural coal price and also the standard coal price for the second quarter of this year. And also, could you please talk about the trend for the second half of this year in terms of its purchasing amount and also the price trend? The third question is about the dividend policy, because you have to release no less than 70% of dividend payout ratio policy. At that time, you do not release the huge investment of the wind projects. Right now, do you have any plan to change this dividend payout policy? 按照国家放开一般工商业发电计划这个通知，未来全国的一般工商业将进入市场。按照文件的要求，这一部分新增的用户将和发电企业、售电公司签订长期协议，或者按照市场交易办法签订合同。我们仍然在跟踪国家对放开一般工商业电价以后的电价政策的变化。我们预测应该还是走市场化的方向，不会变，未来也一定会按照市场化机制，将这部分用户拉入市场。 According to the NDRC's notice that in the future, all the consumers from the general industrial and commercial industries will enter into this market-based power generation market, and this will increase the percentage of this part of power generation. We will keep close eyes on the reform and also the actual progress. We believe in general, the market-based trend will be continued in the future. 进口煤的有关情况。二季度进口煤原煤是459.4元，标煤是731.3元。全年4000万的量总体应该能完成。进口煤的价格总体呈下降趋势。今年以来，国家海关部门加强了针对进口煤质量的安监和环保项目的一些检测。但是考虑到迎峰度夏和迎峰度冬两个保供时段，预计的进口煤政策会相对稳定，但劣质煤仍是管控的重点。 In terms of the imported coal price for the second quarter, the natural coal purchasing price was CNY 459.14 per ton. For the standard coal purchasing price, it was CNY 731.3 per ton. We expect that the total amount of the coal purchase from the overseas market will be reaching 40 million tons, as we made at the early of this year. The imported coal price will be keeping declining in the second half of this year. According to the government's customs regulations and the inspections in terms of the quality and also the environmental concerns, and also combining with the consideration of the supply securing, we believe that the price and the supply of the imported coal will be in a stable way. 分红政策方面，我们目前是执行了一个三年的临时的股东回报规划，今年是第二年，我们会继续执行。那么明年呢，我们想如果只要这个回报规划对我们股东是有利的话，我们也不会调整。 Actually, no less than 70% of the dividend payout ratio is made for three years from 2018 to 2020. This is a temporary regulation and policy for the dividend payouts. This is the second year of this policy. For the next year, if the company thinks it is good for the interest of the shareholders, we will continue this policy. 谢谢管理层，我还想追加两个小问题，一个是关于财务成本的。我们看到今年上半年，我们国内的财务成本是同比略有下降，不到48个亿，但海外这边好像增长了4个亿，是不是主要因为巴基斯坦项目的并表带来的？因为刚才领导提到的巴基斯坦的数，我们看期间费用可能有5个多亿。然后今年下半年的话，资金面如果持续宽松的话，我们看我们的平均借贷成本是不是还有继续下降的空间，国内这一部分。然后第二个问题是关于我们减值部分，上半年主要有2.66亿的减值，主要是洛阳热电的破产准备。然后我们觉得上半年我们的亏损面情况的话，我们觉得未来还会不会有继续的减值的准备？谢谢。 I have two questions. First about the financial cost. We noticed that for the domestic financial cost, it has decreased about CNY 4.8 billion, but consolidating the overseas business, the financial cost has increased CNY 400 million. This is solely due to the consolidation of the Pakistan and Singapore. How do you expect the second half trend for the financial cost if the government continue the relatively ease policy? The second question is about impairment. We noticed you have made about CNY 226 million impairment for the Luoyang cogeneration's bankruptcy. Could you please talk about the trend for the second half of this year? Is there any other impairment for these types? 关于财务成本的，我觉得你理解的是完全正确。公司合并起来，其实今年上半年是55.02亿，同比增长了3.54亿，主要是并了一个巴基斯坦的4.13亿，扣除这个影响，因为去年它是没并表，今年并表就是纯净增加了4.13亿。扣除中新跟巴基斯坦项目之后，境内的利息支出48.52亿，同比减少了1.16亿，其中因为融资成本的降低，减少了1.84亿。 Well, for the financial cost, you're right. For the understanding of this financial cost, actually for first half, the total financial cost for us was CNY 5.502 billion, increasing by CNY 354 million. This has included the financial cost which we consolidate in the first half of this year, CNY 413 million. Excluding that and also the Singapore's financial cost, the cost for the domestic business was CNY 4.852 billion, decreasing by CNY 116 million year on year. Among this decrease, the cost decrease bring the decrease of the few cost about CNY 184 million. 从财务的展望来看，目前大家其实也都是共识，从全球跟国内的宏观经济形势，跟主要经济体的货币政策的走势，加上全球大概上半年已经有五六个经济体已经进行降低利率水平。美国可能最近也有机构预测75%的可能进行降息。从这个来看，因为目前金融经济都是全球联动的，我们感觉应该是金融成本、融资成本会是一个稳中趋降的趋势。 For the outlook of the financial cost, we own the global market and also the domestic market, and also the central bank's monetary policy trend. Also there are some economics has cut the interest rate by 5 to 6 percentage base points. Also there is the expectation that the US federal will cut the tariffs maybe with the possibility of 75%. So we say the surrounding environment is very good for the financial cost control. So we expect that for our company, the financial cost will be in a stable trend, and also may be a little bit lower than the first half of this year. 关于减值的情况，我们一直都是每个报表编制的日子，我们都会根据会计准则的八号准则资产减值来进行这些评估。今年两笔，洛阳主要是2019年5月份，洛阳市政府受大气污染压力的影响，要求洛阳阳光热电在明年的年底要关停，因此依照会计的准则进行了减值的评估。然后海口电厂主要是根据海南发给我们的文件，要求它必须在明年的6月份进行关停。所以说我们按照会计准则要求也进行了评估。关于三季报跟年底，我们会继续评估有关的政策的影响，结合我们生产经营的情况，会严格根据会计准则的要求，进行相关的测试跟合适的会计处理。 For the first half of this year, we have two impairment items based on the accounting standard number 8. Actually, for Henan province in Luoyang, in May this year, the government required that the power plants for the cogeneration in Luoyang must be shut by the end of next year. Also for the power plants in Haikou, the NDRC of Haikou required that these two units must be shut down before June of next year. So after the assessment of impairment of the company, we do these two impairment items for the first half. In the second half, we also will continue to make the assessment based on the government's policy and also the government's operational situations to see whether there will be a further impairment. 好的，非常感谢管理层，我没有其他问题了。非常感谢各位的积极提问和管理层的耐心解答。由于时间的关系，我们将邀请最后一位提问者。大家好，最后一位提问者是来自中金公司的朱亦轩。你好，你可以提问了。各位管理层好。我这边有两个关于明年的展望的小问题。第一个是关于煤价，刚刚管理层有提到说，今年下半年应该会是整体一个稳中有降的趋势，那明年的话管理层有什么相关的看法？第二个问题是关于风电。新增装机的部分，管理层刚刚有提到说全年应该是一个有序推进的一个过程，那明年的话新增装机会是怎样的一个情况？谢谢。 I am from CS. I have two questions. First is, right now, you mentioned that the trend of the second half for the coal price will be stable and maybe down a little bit compared to the first half. Could you please talk about the trend for the coal price next year? The second question is about wind projects. You said that for this year's wind project, it has constructed smoothly. Could you please talk about the expectation for the next year of the addition of the wind project? 好，关于煤价是这样的，我们根据上半年煤价的完成情况，以及下半年煤炭市场的一些走势，综合公司考虑，把煤价指引由年初的530下调到510，下调的幅度是3.8%。至于下半年的煤价，刚才我大概做一些解释。总体是电煤市场呈基本宽松状态，价格中心相应下移的概率加大，波动的幅度也比上半年要收窄。至于明年的情况，应该是后半年面临很多的不确定性，贸易摩擦、政策、基建各方面因素很多，所以明年的情况，现在我们也不太好做趋势性的判断。谢谢。 For the coal price, actually, combining the consideration of the first half's operation performance and the second half's judgment, we have changed the guidelines for the whole year's coal purchasing price from the original CNY 530 per ton to now CNY 510 per ton. This has 3.8% decrease compared to the earlier guideline. As we talked right now, because of the relatively easy market supply and demand situation, the coal price will be stable, maybe sometimes it will be down a little bit. The fluctuations of the coal price will be squeezed. For this year, it is easy to say that the coal market is very positive for us. But for next year, it is hard to make the forecast because of the uncertainties, including, for example, the Sino-U.S. trade conflict and also the governmental policy and the plan of the infrastructure building. For us, we say it is not easy to make a forecast of the next year's movement of the coal price. 未来几年公司将大力促进新能源的发展，坚持基地型规模化的这种开发思路，持续优化公司电源装机结构，提升公司的盈利能力，也去主动适应未来发电市场的变化。谢谢。 In terms of the future development of the clean sector, we are going to try effort to make more investment in the renewable sectors based on some higher scale base and also to try effort to optimize our energy mix to adapt it to the market change.