CYPC Held a Successful Performance Briefing at SSE

On April 30, CYPC, a public company in which China Three Gorges Corporation has a controlling stake, announced that it held a performance briefing for 2020 and first quarter of 2021 on Shanghai Stock Exchange. Zhang Xingliao, Board Director and President of CYPC, Zhan Pingyuan, Chief Financial Officer, LI Shaoping, Board Secretary, and heads of relevant departments had an in-depth communication with more than 2,000 investors and analysts both online and offline.

The meeting introduced the company's annual operating performance and the completion of the 13th Five-Year Plan (2016-2020). In 2020, in the face of unfavorable factors such as the COVID-19 pandemic and huge floods, all CYPC employees worked together and overcame difficulties, and fully exceeded the production and operation targets. Key indicators such as revenue, profit and market capitalization all hit record highs, with operating revenue of 57.783 billion yuan, up 15.86 percent year-on-year.

With the national key projects - Wudongde and Baihetan hydropower station, being well prepared for construction, the international business getting a major breakthrough, and the capital operation being highly effective, CYPC brought the "13th Five-Year Plan" to a successful close. In addition to creating value, CYPC also attached significance to the return to shareholders and proposed to distribute cash dividends of RMB 0.7 per share.

In the first quarter of 2021, CYPC generated 31.537 TWh of electricity, a decrease of 10.64 percent compared with the same period of the previous year due to poor inflow to the Yangtze River; however, investment income rose sharply year-on-year, effectively smoothing out the performance fluctuations and helping CYPC achieve operating revenue of RMB 8.9 billion in the first quarter, an increase of 5.8 percent year-on-year, and net profit attributable to the mother company of RMB 2.9 billion, an increase of 25 percent year-on-year.

“The major task during the 14th Five-Year Plan period (2021-2025) is to consolidate the fundamentals and develop new space. This includes increasing investment and mergers & acquisitions in the large-scale hydropower industry, building an international platform, optimizing power distribution and sales, entering the integrated smart energy field, and building a hydro–wind–solar power operation and management platform,” Zhang said.