#1中国长江电力股份有限公司 China Yangtze Power Co., Ltd. 2020 and Q1 2021 Performance Roadshow May 2021#2Table of Contents I. Overview Chapter II. Financial Performance in 2020 III. Operating Performance and Highlights in 2020 IV. 2021 Business Plan 长江电力 China Yangtze Power Co., Ltd. Page 3 9 13 23 2#3I. Overview (长江电力 China Yangtze Power Co., Ltd.#4Overfulfillment of tasks and successful closing in 2020 The generation capacity of cascade stations has exceeded 210,000 GWh for four consecutive years The annual generation capacity of the Three Gorges Hydropower Station reached 111,802 GWh, setting a world record for the annual generation capacity of a single hydropower station 2269 (100 GWh) 2500 2000 1500 1146 1166 1050 943 987 1000 500 2061 2109 2155 2105 Record highs in investment income (RMB 100 million) 501 40 40 30 30 20 20 10 10 13 11 10 11 222 22 13 23 23 31 24 27 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0 41 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 中国长江电力股份有限公司 China Yangtze Power Co., Ltd. Record high in total profit (1) Record high in market value (RMB 100 million) 400 Year-on-year growth rate of 22% in total profit in 2020 (RMB 100 million) The market value reached RMB 473.7 billion in 2020. The Company firmly 5000 ranked first among listed companies in China's power industry and came top among the global listed power companies 4357 325 4044 4000 300 267 270 266 3430 3494 252 3000 2785 200 154 149 136 117 101 100 2237 2000 1761 1049 1134 1043 1000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 长江电力 Source: periodic reports and other publicly disclosed information of the Company China Yangtze Power Co., Ltd. 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 4 (1) The total market value for 2011-2020 is the market value corresponding to the closing price on 31 December#5Significant growth in performance and new highs in share prices 20% 15% 10% 5% 0% Luz Del Sur (Peru) was successfully delivered -5% -10% -15% Jan. Feb. Mar. Apr. May Jun. The first batch of units of the Wudongde Hydropower Station was put into operation GDR was successfully listed on the London Stock Exchange Jul. Aug. Sep. Oct. Nov. Dec. -Power (SWS) industry index CYPC share price trend 长江电力 Source: Wind China Yangtze Power Co., Ltd. Note: The change of stock price is based on 2 January 2020 7.56% 2.58% 5 OT#6Fullfilment of dividend commitments and leading dividend Cash Dividends and Dividend Payment Rates of the Company over the Years (RMB 100 million) 200 87.3% 100.0% 76.7% 75.5% 68.2% 150 54.3% 100 67.2% 66.2% 69.5% 80.0% 61.3% 60.5% 52.0% 51.7% 51.3% 54.6% 52.8% 51.4% 52.9% 60.0% 156.9 149.6 149.6 149.6 159.2 40.0% 50 78.5 20.0% 54.7 62.6 16.5 29.1 22.1 27.9 20.3 35.4 42.2 42.0 46.3 0.0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total cash dividends Dividend payment rates (%) 8 Comparison between dividend yield ratio of the Company and other market conditions 6 4.4 4 3.6 T 2 0 H 5.7 4.4 4.3 3.7 2.9 H 2013 2014 2015 2016 2017 2018 2019 ■CYPC dividend yield ratio Dividend yield ratio of A- Dividend yield ratio of share market power industry Yield of 10-year treasury bonds |MSCI China dividend yield ratio 长江电力 Source: Wind China Yangtze Power Co., Ltd. (1) The 2020 Profit Distribution Plan was implemented after being reviewed and approved at the general meeting 6#7Optimistic feeling about the Company and stable shareholder structur Leading number of shares of fund investors at the end of 2020 in the industry (RMB 100 million) 100.0 596 80.0 60.0 40.0 20.0 78.2 0.0 CYPC SDIC Power Huaneng Power International, Inc. CNNF Huadian Power International Corporation Limited Market value of fund shareholding GD Power Zhejiang Zheneng Development Co., Electric Power Co., Ltd. Ltd. -Number of shareholding funds (Nr.) 800 Shanghai Power Guiguan Power Datang Power The number of shares of foreign institutional investors (FIIs) (1) has steadily increased, and that of China Securities Finance Corp. has remained stable 600 400 200 0 (100 million shares) 25.0 20.0 5.9 5.8 5.7 15.0 10.0 3.0 3.0 3.0 5.0 12.8 6.6 0.0 2019/12/31 (%) 8.6 8.7 10.0 8.0 6.0 2.9 2.9 4.0 2.0 12.5 6.6 13.1 6.6 19.5 6.6 19.8 6.6 2020/3/31 2020/6/30 2020/9/30 2020/12/31 Number of shares of foreign Number of shares of China Securities institutional investors Finance Corporation Limited Shareholding ratio of foreign institutional investors Shareholding ratio of China Securities Finance Corporation Limited 长江电力 Source: Wind China Yangtze Power Co., Ltd. (1) FIIs include Mainland Stock Connect and GDR investors 7#8Successful closing of 13th Five-Year Plan Installed capacity (10 MW) 8000 6000 4000 2000 (1) Generation capacity Completion rate (%) 106.98% Completion rate (%) 107.13% (100 GWh) 12000 of cascade stations 10698 10000 6428 10000 6000 8000 6000 4000 2000 0 0 2016 2017 2018 2019 2020 "13th Five- Year Plan" results "13th Five- Year Plan" objectives 2016 2017 2018 2019 2020 "13th Five- Year Plan" results "13th Five- Year Plan" objectives Revenue from main operations (RMB 100 million) 3000 Completion rate (%) 100.06% Total profit (RMB 100 million) Completion rate (%) 116.67% 1600 2,572 2,570 1400 2500 1,379 1,182 1200 2000 1000 1500 800 600 1000 400 500 200 0 0 2016 2017 2018 2019 2020 长江电力 "13th Five- "13th Five- Year Plan" Year Plan" results objectives 2016 2017 2018 2019 2020 "13th Five- Year Plan" "13th Five- Year Plan" results objectives 8 (1) Installed capacity = controllable installed capacity + equity installed capacity + management installed capacity China Yangtze Power Co., Ltd.#9(长江电力 China Yangtze Power Co., Ltd. II. Financial Performance in 2020#10Sustained and sound growth in profitability 1 Net profit attributable to the parent 2 EBITDA company (RMB 100 million) 300 (RMB 100 million) 550 263.0 +22.07% 500 250 215.4 200 438.9 450 400 3 Net cash flows from operating activities (RMB 100 million) 450 410.4 492.6 +12.24% +12.54%. 400 364.6 350 150 350 300 2019 2020 2019 2020 2019 2020 4 Weighted average return on equity 5 Ratio of total operating cost to operating revenue 6 Basic EPS 17.5% 55.0% 16.71% -225BP +194BP 52.05% 52.5% 15.5% 14.77% 13.5% 50.0% 47.5% (RMB) 1.6 +21.05% 1.1853 1.2 0.9792 49.80% 0.8 0.4 11.5% 45.0% 0 2019 2020 2019 2020 2019 2020 长江电力 China Yangtze Power Co., Ltd. 10#11Financial management creates value and capital structure remains excellent The Company achieved significant cost reduction and efficiency increase through accurate judgment, seizing the window period, innovating financing methods and raising low-cost funds through multiple channels In 2020, financial expenses totaled RMB 4.986 billion, with a year-on-year decrease of RMB 225 million Electricity charges receivable were collected to provide a strong financial guarantee for production and operation Continued decline in financial EBITDA interest protection EBITDA-total debts ratio (RMB 100 million) expenses (x) multiples 70 9.53x (x) 10 8.44x 3.8 59.0 58.5 60 8 7.34x 7.62x 3.63x 3.6 52.1 49.9 00 6 3.38x 3.34x 50 3.4 40 40 4 2 3.2 3.10x 3.0 30 2017 2018 2019 2020 2.8 2017 2018 2019 2020 2017 2018 2019 2020 Collection of electricity charges receivable Assets-liabilities ratio Cash interest protection multiples (1) (%) 56% 54.74% (x) 12 120% 10.09x 100% 100% 100% 51.71% 8.98x 8.18x 8.45x 52% 90% 49.40% 8 48% 46.10% 60% 4 44% 30% 0% 40% 0 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 长江电力 China Yangtze Power Co., Ltd. (1) Cash interest protection multiples = (Net cash flow from operating activities + interest expenses + income tax) / interest expenses 11#12Abundant and stable cash flow Net cash inflow: RMB 279.3 billion Revenue from electricity sales and rendering of services: RMB 65.7 billion Cash received from disposal of investment: RMB 91.5 billion Borrowings: RMB 99.1 billion Net cash outflow: RMB 277.4 billion Purchase of goods/services: RMB 9.5 billion Taxes: RMB 12.2 billion Employee compensation: RMB 2.6 billion Investment: RMB 101.3 billion Cash paid for acquisition of subsidiaries: RMB 24 billion Acquisition or construction of fixed assets and intangible assets: RMB 3.6 billion ■ Debt repayment: RMB 96 billion Dividend distribution and interest repayment: ◉ RMB 19.3 billion Outflow Cash flows from operating activities Cash received from sales of goods or rendering of services: RMB 65.7 billion Taxes paid: RMB 12.2 billion Cash paid for goods and services: RMB 9.5 billion Cash paid to and for employees: RMB 2.6 billion Cash flow generated from investment activities Cash received from disposal of investment: RMB 91.5 billion Cash paid for investment: RMB 101.3 billion (mainly for short- term financial investment and strategic investment) Cash paid for acquisition or construction of fixed assets, intangible assets and other long- term assets: RMB 3.6 billion ☐ Cash flow generated from financing activities Borrowings received: RMB 99.1 billion (mainly bank borrowings, corporate bonds, etc.) Cash paid for debt repayment: RMB 96 billion Cash paid for distribution of dividends, profits and interest repayment: RMB 19.3 billion t (RMB 100 million) 2,793 (2,774) 3,000 2,400 1,800 1,200 (RMB 100 million) (RMB 750 100 million) 662 (252) 1200 (RMB 100 million) 15001 1,200 931 600 (1,292) (1,230) 900 1200 450 600 300 300 410 150 600 73 (0.9) 92 Inflow 0 Beginning balance 长江电力 China Yangtze Power Co., Ltd. Change in Ending exchange balance rate 0 900 600 300 (30) -300 0 (360) -600 -300 12#13(长江电力 China Yangtze Power Co., Ltd. III. Operating Performance and Highlights in 2020#14Overfulfillment of power generation and power consumption targets Record high in power generation The four cascade stations, namely Three Gorges, Gezhouba, Xiluodu and Xiangjiaba, had a t otal annual generation capacity of 226,930 GWh, hitting a new high. The annual generation capacity of Three Gorges Hydropower Station reached 111,802 GWh, refreshing the world r ecord for the annual generation capacity of a single hydropower station created by Itaipu Bin acional in 2016 The cascade stations have stood the test of "long-term, large-load and uninterrupted" operati on in the main flood season, and the full load generation duration of Xiluodu, Xiangjiaba an d Three Gorges Hydropower Stations has reached a new high. Significant marketing results The task of power consumption was successfully completed in 2020. The fe ed-in tariff of the Company has remained relatively stable in the past five ye ars. The Company has followed the pace of power system reform, improved marketing ability, established power sales companies, and explored and optimized marketing system and mechanism Feed-in Tariff of the Company in 2016-2020 Planned Generation Capacity/ Actual Generation Capacity of Hydropower Stations in 2020 and 2019 634 615 608 331 330 337 1118 970 969 276.80 (100 GWh) Actual generation Planned 276.78 276.86 (RMB/MWh) 270.05 264.90 186 185 191 generation Generation in 2019 2016 2017 2018 2019 2020 Xiluodu Xiangjiaba Three Gorges Gezhouba Record high in work safety forms "Promoting Safety by Science and Technology" Online operation of the safety management "Green Production" Take action to implement "overall protection of Yangtze River" 11th Year 3rd Year Zero casualties and zero Zero minor injuries equipment accidents 长江电力 China Yangtze Power Co., Ltd. Source: periodic reports and other publicly disclosed information of the Company information platform 14#15Continuous enhancement of joint dispatching capability of cascade stations The cascade stations in the upper reaches of the Yangtze River implement the joint dispatching to continuously improve the utilization efficiency of water resources 975 1000 825 800 Wudongde 600 400 200 0 600 Baihetan Design water level (m) Three Gorges 175 Gezhouba 66.5 'Accurate scheduling" promotes water conservation, generation increase and efficient utilization Accumulated flood detention and storage of 380 Xiluodu Xiangjiaba Geheyan Shuibuya Gaobazhou Qingjiang River $ Water conservation and generation increase of hydropower stations under joint dispatching since 2010 (100 GWh) 120 100 228822 80 60 43 33 40 50 76 55 Xiluodu and Xiangjiaba Hydropower Stations were put into operation, and joint dispatching of four reservoirs started 96 99 96 91 92 92 The first batch of units of Wudongde Hydropower Station was put into operation, and joint dispatching of five reservoirs started 99 99 cascade reservoirs 36 billion m³ Proportion to the total flood detention of reservoirs in the middle and upper reaches of the Yangtze River 60% 24-hour hydrological forecast accuracy of cascade reservoirs 98% Improvement of hydropower utilization of cascade stations 4.54% The joint dispatching of the five reservoirs successfully responded to the A third largest basin-wide flood in the Yangtze River since the founding of PRC, and withstood the test of the biggest flood peak since the establishment of the reservoirs Three Gorges Reservoir 75,000 m³/s Xiluodu Reservoir 18,200 m³/s 0+ 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 长江电力 China Yangtze Power Co., Ltd. Source: periodic reports and other publicly disclosed information of the Company 15#16Orderly preparation of Wudongde and Baihetan Hydropower Projects During the "14th Five-Year Plan", the Company will further consolidate, deepen and expand the development mode of "large hydropower plus," operate and manage the giant cascade stations in the Yangtze River Basin, successfully complete the production preparation and power generation of Wudongde and Baihetan Hydropower Projects, and continuously promote optimized joint scheduling in the basin A • • Wudongde Hydropower Station • • In 2020, the Company took over 8 active units of Wudongde Hydropower Station, and successfully achieved the goals of "the first hundred days of stability" for the first 4 units put into operation and the "zero unplanned outage" for the units taken over. Installed capacity: 10,200 MW Estimated annual generation capacity: 38,900 GWh It is planned to fully take over the production equipment and facilities of Wudongde Hydropower Station in 2021. Baihetan Hydropower Station The Baihetan Power Plant was established to implement the concept of "combination of construction and management and seamless handover", fully participate in project construction and steadily promote the development of production organization, technical management and standardized management systems, laying a solid foundation for water storage and power generation. Installed capacity: 16,000 MW 长江电力 China Yangtze Power Co., Ltd. • • Estimated annual generation capacity: 62,400 GWh It is planned to take over the first batch of generator units of Baihetan Hydropower Station in 2021#17Solid promotion of power distribution and sales • Give full play to the advantages of It took four years to successfully complete the overall listing of power distribution and sale businesses in Chongqing Wanzhou District (Three Gorges Water Conservancy) Liangjiang New Area (Changxing Electric Power) Fuling District (Julong Power) Youyang County Qianjiang District A (Wujiang Electric Power Xiushan County Integration of four networks Power distribution and sales 01 Power Distribution and Sales Microgrid 03 Carry out power sales through The Company seized the opportunity of power transformation to build an industrial chain of "power generation, distribution and sales" and form a strategic layout of power distribution and sales focusing on Chongqing and Hubei and covering more than 10 provinces and cities in China Henan Shaanxi Sichuan Hubei Zhejiang Chongqing Anhui Yunnan Guangxi Guangdong Strategic Layout of Power Distribution and Sales Smart energy, shore power, industrial hydrogen production and distributed PV 05 02 04 Energy storage technology and application Internet + user side energy efficiency management 长江电力 17 China Yangtze Power Co., Ltd.#18Breakthrough progress in international operations ➤ Direct investment project 长江电力 On 24 April 2020, 83.64% equity of Luz Del Sur, the largest power distribution company in Peru, was delivered. China Yangtze Power Co., Ltd. LUZ DEL SUR • Luz Del Sur has a franchise right for permanent power distribution in southern Lima, the capital of Peru, with stable ope ration benefits and continuous growth, and is one of the utility companies with important influence in Peru. ⚫ In 2019, Luz Del Sur's power distribution revenue accounted for about 28% of the total power distribution revenue in Pe ru, ranking first. 28 September 2019 The Company signed the Equity Acquisition Agreement with Sempra Energy in USA. 24 April 2020 83.64% equity of Luz Del Sur was delivered in a remote manner. 23 December 2020 The strategic investment introduction project was delivered. After the delivery, joint investors held a total of 29.97% equity in Yangtze Andes. International clean energy technology consulting February 2021 The mandatory tender offer of the remaining 13.68% equity of Luz Del Sur was completed. At present Establish a management and control platform in Peru, promote the development of hydropower projects to be built, implement the management and control plan of Luz Del Sur, and ensure smooth handover and stable operation Brazil The Company continued to provide technical support for the operation and management of Brazil's large hydropower project, and successfully completed the optimization of the power production and management system of 14 hydropower stations of China Three Gorges (Brazil) Co., Ltd. 长江电力 China Yangtze Power Co., Ltd. wwww Germany In August 2016, the Company acquired 80% equity of Meerwind Offshore Wind Farm Project in Germany with Three Gorges International Peru Brazil Pakistan Technical consulting services for hydropower stations Malaysia Pakistan The Company successfully took over the Karachi Wind Power Project in Pakistan and achieved stable operation; continued to participate in the operation and management of Karot Hydropower Project in Pakistan, and realized orderly operation of the first overseas entity project - Pakistan Wind Power Project in 2020. Investment in electric energy projects • Malaysia The Company provided consulting services for Murum Hydropower Station, improved the production and management system, and improved the operation management level and technical level of personnel. 18#19Focus on the main business, optimize the structure and record highs in investment income RMB 4.053 billion RMB 35.2 billion 91% Annual investment income Annual foreign investment Investment in the main business sector 01. Three Gorges Water Conservancy Built a listing platform for domestic power distribution and sales businesses 02. Luz Del Sur, Peru Built a listing 03. Yunnan Huadian Jinsha River Middle Reaches Hydropower Development Co., Ltd. platform for foreign power distribution and sales businesses Improved joint dispatching capability in the Jinsha River Basin 04. Shanghai Power, Shenergy Planned a strategic layout for the Company's power consumption area 05. SDIC Power, Chuantou Energy Promoted joint dispatching of reservoirs in the Yangtze River Basin 长江电力 China Yangtze Power Co., Ltd. 19#20Achievement of low-cost bond financing and continuous improvement of debt paying ability Comprehensive Financing Cost of New Bonds 5.00% 4.48% AAA RMB 25 billion 4.00% 3.00% 2.00% Corporate credit rating Total funds raised by issuing bonds 1.00% 0.00% 2017 3.97% 3.39% 2.70% 2018 2019 The Company seized the bond issuance window period, and the comprehensive cost of new bonds continued to decline, hitting a new low. (%) 5.00 4.00 3.00 × 2.00 1.00 0.00 Jan. Х 2020 Feb. YTM (AAA): 1 year × Issuance time of the Company (≤ 1 year) Mar. April May Jun. Jul. YTM (AAA): 3 years Aug. Sep. Oct. Nov. Dec. YTM (AAA): 5 years Issuance time of the Company (3 years) Issuance time of the Company (5 years) 20 长江电力 Source: Wind China Yangtze Power Co., Ltd.#21Smooth overseas financing channels and successful GDR issuance Offer price USD 26.46/share Price of A shares: RMB 17.96/share Minimum issue discount 7% Locking in historic high prices Proportion of foreign institutional investors 90% 长江电力 China Yangtze Power Co., Ltd. Proportion of long- term investors Total issue size 74,185,900 shares Corresponding to 742 million new A shares Total proceeds USD 1.963 billion Taking into account the capital demand and the original shareholder's demand GDR issuance benchmark 94% First GDR of domestic industrial enterprises under the mechanism of "Shanghai-London Stock Connect" First "Green Economy Mark" qualification certification obtained from the London Stock Exchange First issuance using the Rule 144A; issuance of audit reports prepared by Chinese audit institutions in accordance with Chinese accounting standards 21#22Active fulfillment of social responsibilities and establishment of environment-friendly enterprises Stick to low-carbon and environmental protection, and build an ecological civilization A Clean energy generation reached 226,930 GWh in 2020, equivalent to reduction of combustion standard coal: 69,531,400 t reduction of CO2 emissions: 191,067,300 t reduction of NOX reduction of SO2 SO2 emissions: 42,400 t NO2 emissions: 44,300 t Reduction of CO2 emissions during the 13th Five-Year Plan period about 887 million t environmental management in strict accordance with ISO14001 Actively promoted resource conservation and recycling, strictly ensured the discharge of waste and pollutants up to standard, and realized the effective management of biodiversity conservation in all operation places Carried out the ecological scheduling test for spawning and breeding of fish spawning adhesive eggs and demersal eggs in Three Gorges Reservoir Area for the first time, and carried out the joint ecological scheduling test for Xiluodu, Xiangjiaba and Three Gorges Reservoirs. Obtained the "Green Economy Mark" certification of the London Stock Exchange for the first time • Operate hydro projects to give full play to the comprehensive benefits of flood control, water replenishment and shipping Flood detention and storage reached 36 billion m3 in 2020 Water makeup for downstream areas reached 31.2 billion m³ in 2020. "0 Contribute to society and actively fulfill social responsibilities 48 support projects in 2020 RMB 213 million $ invested in the project in 2020 In the flood season of 2020, the Company actively dispatched the reservoirs to conduct flood detention and storage, making a major contribution to the flood control and relief work along the Yangtze River, and was praised by the government. Training of 5165 grass-roots cadres and technicians "Green Economy Mark" accreditation criteria: At least 50% of the total annual income of the enterprise comes from products and services contributing to the global green economy. The "Green Revenue Data Model" developed by FTSE Russell is used as the judgment methodology of the London Stock Exchange to help investors understand the transformation of global industry to a green and low-carbon economy through consistent and transparent data. 长江电力 China Yangtze Power Co., Ltd. 22 22#23(长江电力 IV. 2021 Business Plan China Yangtze Power Co., Ltd.#24"Carbon Neutrality" boosts share price to a new high 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% In the Q1, the Company's share price rose by 13.44%, higher than the growth of the Shanghai Index and the Utilities (SWS) Index On 12 March 2021, the Company's intraday share price reached RMB 21.97, and the market value reached RMB 499.6 billion, recording a new high. -15.00% 2021-1-1 长江电力 China Yangtze Power Co., Ltd. 2021-2-1 2021-3-1 - CYPC Shanghai index Utilities (SWS) 13.44% 11.03% -1.74% 24 14#25Achievement of quarterly profit targets and a "good start" In Q1 2021, the Company overcame the unfavorable factors of low incoming water, successfully completed the power supply during the cold waves and Two Sessions and orderly carried out ecological dispatching and water replenishment, realizing a "good start". Actual Incoming Water of Three Gorges Reservoir in the Q1 (100 million m³) 560 548 (100 million m³) 200 Actual Incoming Water of Xiluodu Reservoir in the Q1 189 186 523 520 484 480 180 503 165 162 160 440 2018 (100 GWh) 360 340 320 300 280 (RMB 100 million) 40.0 30.0 20.0 10.0 353 Q1 2020 140 2018 2019 2019 2020 2021 Generation Capacity 2020 Operating Revenue (RMB 100 million) 90.0 -10.7% 88.0 315 86.0 +5.8% 83.84 84.0 82.0 80.0 Q1 2021 Net Profit Attributable to Shareholders of the Listed Company 25.3% 22.91 28.69 88.70 2021 Q1 2020 Q1 2021 (RMB) Basic EPS 0.16 +21.2% 0.12 0.1041 0.08- 0.04- 0.1262 0.0 Q1 2020 0 Q1 2021 ריו 长江电力 Q1 2020 Q1 2021 25 China Yangtze Power Co., Ltd.#262021 Business Plan "Become a global leader in hydropower industry", insist on innovation-driven development and lead the development of the hydropower industry • Major Objectives in 2021 Safety objective: Ensure the safe, stable and efficient operation of cascade hydro projects, and maintain "zero casualties and zero equipment accidents" for work safety Operation objective: Explore the potential of power generation to ensure the full play of comprehensive benefits; implement the concept of "combination of construction and management and seamless handover" to coordinate the power generation of Wudongde and Baihetan Hydropower Stations 长江电力 China Yangtze Power Co., Ltd. Development Vision Work Key Work in 2021 • Build a new development pattern focusing on hydropower and covering international business, investment business, power distribution and sales, integrated smart energy and new energy businesses Major Objectives Key 26#27Please feel free to contact us, thank you! 长江电力 China Yangtze Power Co., Ltd. CYPC (WeChat public account) (Official Chinese website) (Official English website) 27