中国再生能源投资二零二四年年报

Project in China在中國之項目 Lunaobao, Hebei河北綠腦包 Danjinghe, Hebei河北單晶河 Siziwang Qi, Inner Mongolia內蒙古四子王旗 Changma, Gansu甘肅昌馬 Mudanjiang, Heilongjiang黑龍江牡丹江 Songxian, Henan河南嵩縣 Nanxun, Zhejiang浙江南潯 Contents 94Independent Auditor’s Report101Consolidated Statement of Comprehensive Income103Consolidated Statement of Financial Position105Consolidated Statement of Changes in Equity106Consolidated Statement of Cash Flows107Notes to the Consolidated Financial Statements193Five-year Financial Summary 2Corporate Information4Chairman’s Statement9Management Discussion and Analysis18Directors and Senior Management23Corporate Governance Report63Environmental, Social and Governance Report82Report of the Directors Corporate Information DIRECTORS Executive DirectorsMr. OEI Kang, Eric(Chairman and Chief Executive Officer)Mrs. OEI Valonia LauMr. WONG Jake Leong, SammyMr. LEE Shiu Yee, Daniel Independent Non-Executive DirectorsMr. CHENG Yuk WoMr. TIAN YuchuanMr. ZHANG Songyi AUDITOR Moore CPA LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor COMPANY SECRETARYMr. LAI Kam Kuen, Ricky PRINCIPAL BANKERS 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 OF BUSINESSIN HONG KONG 75(852) 2731 0000(852) 2722 1323 9/F., Tower 1, South Seas Centre, 75 Mody RoadTsimshatsui East, Kowloon, Hong KongTelephone: (852) 2731 0000Fax: (852) 2722 1323 PRINCIPAL SHARE REGISTRAR AND TRANSFERAGENT 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 TRANSFER AGENTIN HONG KONG 18346 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 ELECTRICITY DEMAND CONTINUES TO RISEFASTER THAN GDP 6.8%5% China’s electricity demand continues to rise faster than GDP growth.According to the China Electricity Council, in 2024, electricityconsumption in China increased 6.8% compared to GDP growth of 5%.Government stimulus in the fourth quarter helped achieve China’s targetgrowth rate. 1,200,00011,250,00031,400,00025.5%28.1%35% However, electricity consumption is increasing not only because ofGDP growth, but also because of the increase in electrification acrossindustries. The number of newly registered electric cars increased to11.25 million in 2024 compared to 1.2 million in 2019. For the entire year,there were 31.4 million electric cars. The usage of artificial intelligenceis also increasing demand. As a result, electricity consumption as apercentage of total energy consumption increased to 28.1% in 2023compared to 25.5% in 2020. According to the China Electricity Council,this is expected to reach 35% by 2030. 18%54845.0%8541,200 Meanwhile, China’s wind and solar industry continues to grow rapidly.According to the National Energy Administration, wind capacity rose18% to 548 GW and solar capacity rose 45.0% to 854 GW of installedcapacity. China’s goal was to have 1,200 GW of combined wind andsolar capacity by 2030, so they are already ahead of schedule. And, forthe first time ever, wind and solar energy exceed coal power in capacity.China’s power sector is set to achieve peak emissions in 2025. WIND CONDITIONS WERE DISAPPOINTING IN 2024 1,323.11,8031,423.81,9407%7.5%8.1%11.6%13.5%11.8%30% For 2024, wind resources were disappointing compared to 2023. Totalpower dispatch at the Company’s wind farms in 2024 was 1,323.1 GWhor 1,803 utilization hours, a decrease of 7% compared to 1,423.8 GWhor 1,940 utilization hours in 2023. Power dispatch at Mudanjiang was7.5% lower, in Sizwang Qi 8.1% lower, in Danjinghe 11.6% lower, inChangma 13.5% lower, and in Songxian 11.8% lower. However, powerdispatch at Lunaobao increased 30% as the construction of a newtransmission line at the end of 2023 reduced curtailment. Chairman’s Statement WIND CONDITIONS WERE DISAPPOINTING IN 2024(continued) 6.25.8 Much of this decline happened because of poor wind conditions duringthe first half of the year. Wind resources were particularly disappointingduring January and April. From January to June of 2024, the averagewind speed for all the Company’s wind farms decreased to an averageof 5.8 m/s compared to 6.2 m/s in the same period in 2023. Powerdispatch was also impacted by unusually cold weather at Songxian.Heavy