China Yangtze Power : CYPC Holds the 2022 Supervisory and Board Meeting

CYPC Holds the 2022 Supervisory and Board Meeting

2023-05-06

On the afternoon of April 26, the 2022 supervisory and board meeting of CYPC was held through the "multi-site+video".

The 2022 supervisory meeting was presided over by the Chairman of the Supervisory Board, Zeng Yi, and attended by supervisors of Xia Ying, Teng Weiheng, Ma Zhitao, Huang Xun, and Lu Jinsong. Seven proposals such as the 2022 Supervisory Board Work Report of CYPC were reviewed and approved.

Zeng Yi pointed out that in 2022, CYPC overcame numerous difficulties such as the extremely low water inflow of the Yangtze River. The management led all employees to strive and make progress, achieving excellent performance in consolidating large hydropower, expanding new sectors, releasing new energy, and restructuring major assets. The Company's comprehensive strength was significantly enhanced. In 2023, CYPC will pay more attention to safety production, reform and development, and compliance management, conscientiously implement the requirements of the State-owned Assets Supervision and Administration Commission (SASAC) and the China Securities Regulatory Commission (CSRC) on state-owned enterprise reform and improving the quality of listed companies, promoting high-quality development of the Company.

The 2022 board meeting was presided over by Chairman Lei Mingshan, and attended by directors of Ma Zhenbo, Zhang Xingliao, Hu Weiming, Zhang Biyi, Wen Bingyou, Yan Hua, Huang Delin, Su Tianpeng, et al. Twelve proposals such as the 2022 Board of Directors Work Report of CYPC were reviewed and approved.

Vice Chairman Ma Zhenbo of the Company presented the 2022 Board Work Report at the meeting, while General Manager Zhang Xingliao presented the 2022 General Manager Work Report at the meeting. The reports point out that in 2022, the Company overcame multiple difficulties and challenges, persisted in seeking progress while maintaining stability, optimized management, strengthened reform and innovation, and coordinated asset restructuring, achieving new achievements in various work, including a total operating revenue of CNY52.06 billion, a total profit of CNY26.313 billion, a net profit of CNY21.649 billion, and a market capitalization of up to CNY574.7 billion.

The attending directors fully recognized the Company's production and operation in 2022, pointing out that in the past year, even when facing serious unfavorable factors such as extreme changes in water inflow abundance and drought of the Yangtze River, the Company has achieved new achievements and development in many fields, and successfully achieved a "good start" in the first quarter of 2023, fully demonstrating the comprehensive quality and ability of the Company's management to unite and forge ahead, be diligent and responsible, and explore and innovate. In combination with relevant proposals, the directors present at the meeting put forward targeted opinions or suggestions on tapping the potential and increasing the efficiency of large hydropower businesses, selecting the best among the best in pumping and storage projects, differentiated development of new energy business, preventing investment risks, reducing financial costs, strengthening scientific and technological innovation, and implementing digital transformation.

Lei Mingshan summarized the meeting, fully affirmed the various work in 2022, and thanked the directors, supervisors, and shareholders for their long-term support and guidance to the Company. He requested the management to follow the relevant deployment of the Board of Directors, take the "14th-Five Year Plan" as the blueprint, focus on stable growth work, and coordinate safety and development. The management should lead the Company to stick to its main responsibilities and businesses, continue to tap the potential of large hydropower to increase efficiency, accelerate digital transformation, and effectively improve the joint dispatching capacity of cascade hydropower stations, constantly improving the comprehensive benefits of the largest clean energy corridor in the world; solid promotion of pumped storage, new energy, and smart and comprehensive energy businesses, achieving high-quality development in new business areas; optimize the mechanism of scientific and technological innovation work, strengthen the leadership of scientific and technological innovation, and play its due role in creating the source of original technology and the chief of the industrial chain; and comprehensively deepen reform, implement compliance management requirements, focus on preventing and resolving major risks, promote high-quality development of the Company, and strive to create better returns for shareholders.

The Company's Chief Financial Officer Zhan Pingyuan, Board Secretary Xue Ning, General Legal Advisor Pan Jing, General Manager Assistant Yang Xubin, and relevant department heads attended the meeting as nonvoting delegates.