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China Power Reports a 33% Increase in Net Profit to RMB1.71 Billion in 2020, as Clean Energy Segments Contribute Strong Growth

China Power International Development Limited
2021-03-19 18:37 5186

HONG KONG and BEIJING, March 19, 2021 /PRNewswire/ -- China Power International Development Limited (the "Company" or "China Power", 2380.HK) announced its financial results for 2020.

In 2020, the total electricity sold by China Power amounted to 88,255,525MWh, a 5.62% growth compared to the previous year. The Company recorded a year-on-year growth of 2.39% in revenue to RMB28.43 billion. The profit attributable to equity holders ("net profit") of the Company amounted to RMB1.71 billion, representing an increase of 33% compared to the previous year. The earnings per share was RMB0.17. The final dividend per ordinary share was RMB0.13(equivalent to HK$0.16).The dividend yield was approximately 9% based on current share price.

Mr. TIAN Jun, Chairman of the Board and the Executive Director of China Power said, "Despite the pandemic's impact on the economy and demand for power in 2020, the Company continues to implement its transformation. We are gradually seeing investment benefits as the operational efficiency across the firm's clean energy assets improve. Each business sector has achieved significant development, supported by the effective corporate finance and capital management. The strong results have strengthened our determination to continue transforming the business and enhance corporate value in the coming fiscal year. We will be committed to establishing a clean energy company."

Key milestones in 2020:

The installed capacity of clean energy continues to increase, driving the Company close to its goal of clean energy transition

China Power remains committed to establishing itself as an integrated clean and low-carbon energy enterprise. As at 31 December 2020, the total combined installed capacity of clean energy including hydropower, wind power, photovoltaic power and gas power was 11,805.8 MW in total, accounting for approximately 43.98% of the total installed capacity and representing a year-on-year increase of 1.87%. In 2020, The electricity sales of clean energy recorded a year-on-year increase of 5% to 33,485,314 MWh, representing 37.95% of total electricity sold. The clean energy business also reported a revenue of RMB10.67 billion, accounting for 37.66% of the total revenue, representing an increase of 4.05% as compared with last year.

As at 31 December 2020, the attributable installed capacity of the projects under construction was 2,357 MW.

"Grid parity" and "competitive-bidding" special projects became the driving force of renewable energy business

In 2020, "Liaoning Chaoyang 500MW Photovoltaic Grid Parity Project", the largest photovoltaic grid parity project among the first batch of its kind in China, was put into full operation. Another three photovoltaic competitive-bidding projects in Ningxia Province with 440MW capacity in total were also put into production successively during the year. These projects became a key driver of China Power's renewable energy business, and led the Company develop away from relying on subsidies.

Introduced the next-generation power mode with integrated and smart energy

In 2020, CP Zhihui, a subsidiary of the Company completed four integrated intelligent energy projects in Beijing, supplying power in a more economic, efficient, greener and safer way.

Paved the way for international development by managing and investing in global projects

China Power entered into an Entrusted Management Agreement with CPI Holding and SPIC Overseas, paving the way for international development in future. Additionally, SPIC Guangxi Electric Power Company, a subsidiary of the China Power, established a joint venture that will serve as a platform for investments in the ASEAN region, focusing on the investment and development of clean energy. This will provide beneficial experience for the Company's overseas projects in the future.

Outlook for 2021

In alignment with China's dual circulation economic strategy, as well as the Chinese government's carbon emissions peak and carbon neutrality goals, China Power will focus heavily on further developing its potential and improving operational efficiencies to drive performance growth in all aspects in 2021. This includes accelerating the firm's transformation strategy and doubling down on the construction of green, low-carbon and smart energy resources; to advance the market reform process within the Company for high-quality developments.

In the coming year, the Company will actively explore development opportunities and continue to enhance its core competitiveness and industry influence. The Company strives to realize the rapid development of the clean and smart energy industries and complete its transformation as a high-quality enterprise.

About China Power International Development Limited (2380.HK)

China Power International Development Limited ("China Power", 2380.HK) was established in Hong Kong on 24 March 2004. It is controlled by the majority shareholder State Power Investment Corporation Limited (SPIC), the only integrated energy group that owns coal-fired power, hydropower, nuclear power and renewable energy resources in the PRC.

The shares of the Company were listed on The Main Board of the Hong Kong Stock Exchange on 15 October 2004 with the stock code 2380. The Company's key business includes investment, development, operation and management of coal-fired power, hydropower, wind power, photovoltaic power. Its businesses are located in the major power grid regions of China.

As at 31 December 2020, the Group's total combined installed capacity was 26,845.8 MW, including 44%, or 11,805.8 MW clean energy capacity. The attributable installed capacity was 23,878.2 MW, including 39.34%, or 9,393.6 MW clean energy capacity.

To learn more about the Company, please visit www.chinapower.hk

Source: China Power International Development Limited
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