中国再生能源投资二零二三年年报

Project in China Contents 2Corporate Information公司資料4Chairman’s Statement主席報告書8Management Discussion and Analysis管理層討論及分析18Directors and Senior Management董事及高級管理層21Corporate Governance Report企業管治報告59Environmental, Social and Governance Report環境、社會及管治報告78Report of the Directors董事會報告書89Independent Auditor’s Report獨立核數師報告97Consolidated Statement of Comprehensive Income綜合全面收入報表99Consolidated Statement of Financial Position綜合財務狀況表101Consolidated Statement of Changes in Equity綜合權益變動表102Consolidated Statement of Cash Flows綜合現金流量表103Notes to the Consolidated Financial Statements綜合財務報表附註179Five-year Financial Summary五年財務概要 Corporate Information DIRECTORS 黃 剛先生（主 席 兼 行政 總 裁）黃 植 良 先生李 肇 怡 先生 Executive DirectorsMr. OEI Kang, Eric(Chairman and Chief Executive Officer)Mr. WONG Jake Leong, SammyMr. LEE Shiu Yee, Daniel 鄭 毓 和先生田玉 川先生張 頌 義先生 Independent Non-Executive DirectorsMr. CHENG Yuk WoMr. TIAN YuchuanMr. ZHANG Songyi AUDITOR 大華馬施 雲 會 計 師事務所有限公司執 業會 計 師註冊 公眾 利 益 實體核 數 師 Moore CPA Limited(Formerly, Moore Stephens CPA Limited)Certified Public AccountantsRegistered Public Interest Entity Auditor 賴 錦 權 先生 COMPANY SECRETARYMr. LAI Kam Kuen, Ricky PRINCIPAL BANKERS 交 通 銀 行股 份有限公司中國 建 設 銀 行股 份有限公司招 商銀 行股 份有限公司大新 銀 行有限公司中國工商銀 行股 份有限公司上 海浦 東發 展 銀 行股 份有限公司 Bank of Communications Co., Ltd.China Construction Bank CorporationChina Merchants Bank Co., Ltd.Dah Sing Bank, LimitedIndustrial and Commercial Bank of China LimitedShanghai Pudong Development Bank Co., Ltd. REGISTERED OFFICE Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Corporate Information HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 香 港九龍 尖 沙 咀 東麼地 道75號南洋中心一期 九 樓電話：(852) 2731 1000傳 真：(852) 2722 1323 9/F., Tower 1, South Seas Centre, 75 Mody RoadTsimshatsui East, Kowloon, Hong KongTelephone: (852) 2731 1000Fax: (852) 2722 1323 PRINCIPAL SHARE REGISTRAR ANDTRANSFER AGENT Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3Building D, P.O. Box 1586Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3Building D, P.O. Box 1586Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands BRANCH SHARE REGISTRAR AND TRANSFERAGENT IN HONG KONG 香 港中央證 券 登 記 有限公司香 港皇 后 大 道 東183號合和中心46樓 Computershare Hong Kong Investor Services Limited46th Floor, Hopewell Centre183 Queen’s Road EastHong Kong E-MAIL ADDRESSinfo@cre987.com info@cre987.com www.cre987.com WEBSITEwww.cre987.com 987 STOCK CODE987 Chairman’s Statement CHINA’S WIND AND SOLAR INDUSTRY CONTINUESTO GROW RAPIDLY China’selectricity demand continues to rise.According to theChina Electricity Council, in 2023, electricity consumption in Chinaincreased6.7%as the lifting of the country’s zero-Covid policyresulted in a resumption of economic activity and increased demand.The economy is expected to continue strengthening in 2024, withdemand for electricity expected to rise an additional 6.0%. 中國電力需求 持 續 上 升 。根 據中國電力企 業聯 合會 的 資 料，於二零二 三年，由於 中國 取消新冠疫情清零政 策，推動經濟活動恢復及需求 增加，中國用電 量 增加6.7%。於二零二四年，經 濟 預 期將 持 續 走強，電力需求預計將 額 外增長6.0%。 China’s wind and solar industry continues to grow rapidly—even fasterthan the government’s original plans. China’s goal was to have 1,200GW of combined wind and solar capacity by 2030. According to theChina Electricity Council, China’s capacity may reach 1,300 GW bythe end of this year—six years early. Of the 1,300 GW, 530GW willbe from wind and 780 GW will be from solar. If this is realized, thetotal capacity for wind and solar will be higher than that for coal andcould account for 40% of the country’s total installed capacity, higherthan the 37% estimated for coal fired-power. 中 國 風 能 及 太 陽 能 產 業 持 續 快 速 增 長，甚至快 於政 府原本的計劃。中國的目標 是 到二零 三 零 年 實 現1,200吉 瓦 的 風 能 及 太 陽 能 總發電 裝機容量。根 據中國電力企業聯 合會的資 料，到今 年年底，中國的裝 機 容量可達 到1,300吉瓦，提前六年實現目標。於該1,300吉瓦中，530吉瓦將來自風能及780吉瓦將來自太陽能。若此預 期實現，風能及 太陽能總 裝機 容量將超 過 煤炭的發電 裝機 容量，並可佔據 全國總 裝機 容量的40%，高於 燃 煤發電估計所 佔的37%。 WIND CONDITIONS IMPROVED IN 2023 於二零二三年，風力資源較二零二二年顯著改善。除牡 丹江外，所有風力發電場之 風力資源 均有所改善。平均風 速 達 到5.92米╱ 秒，較二零二 二年 提 高3.1%。如 圖 所 示，一月、四月、十一月及十二月的風力狀況極佳。一月的發電量為上一年同期發電量的兩倍有餘 。 For 2023, wind resources improved significantly compared to 2022.Wind resources improved at all windfarms except for Mudanjiang.Windspeeds on average reached 5.92 m/s,a 3.1%increasecompared to 2022. As reflected in the graph, the wind conditionswereexcellent in January,April,November and December.Theelectricity dispatched in January was more than double the previousyear’s dispatch. Chairman’s Statement HOWEVER, THE RAPID GROWTH IN WIND FARMAND SOLAR CAPACITY ALSO RESULTED IN HIGHERCURTAILMENT 中國的輸 電線 路跟不上新風力發電場增長的步 伐。此 外，由於相 比 燃 煤發電 廠 發電，可再生能源發電較不穩 定，電網仍 依賴 燃 煤發電，因此部分太陽能及 風能發電 並 未得到利用。 China’s transmission lines have not kept up with the growth of newwind farms. Also, because renewable power is more unstable thanpower from coal fired plants, the grid still relies on coal fired powerand s