China Coal Energy Company Limited

Ladies and gentlemen, good afternoon. Welcome you to come to this China Coal Press Release. I'm Jiang Xun. I'm very honored to be the host today. So according to this China Security Bureau of the requirement and for all those Chinese SESECs requirement of this improvement of the quality of that. So today we are organizing this event. China Coal, Shanghai Energy, Xinji Energy for this 2023 annual report and we are jointly share with you for the last year for our operation results and also looking forward to this future development. I also would like to thank all the analysts and investors for all the care and support for this China Coal and subsidiaries. We have China Coal Executive President Mr. Zhao Zhongzhe and Madam Xiong Yushan for this independent director of the Board of Officers and Vice President Zhang Guoxiu. Chief Expert General Manager of Petrochemical and Coal Industry Zhang Miqin and Director President of Shanghai Energy Independent Director Wu Na of Shanghai Energy and Chief Accountant Wang Chao and Duan Jianjun and President of Xinji Energy Wang Zhigen Independent Director Wang Guoliang from Xinji Energy General Accountant of Xinji Energy, Wang Xueping, and VP of Xinji Energy, Yu Xupi, and Secretary of Board of Directors, Dai Fei, and all the people in charge of different departments today. We will have four different items. And the first one, we will introduce this strategic development of China Co. and the plan for 2024. And for all the different three companies, we introduce the 2023 key work and all... The different 2024 arrangements and we also have the interactions with online and offline investors and analysts. First of all, we will invite Mr. Zhao Hongze to share with us 2023 China Coal Arrangement and 2024 plan. Distinguished guests, ladies and gentlemen, good afternoon. Welcome you to 2023 Collective Performance Day. Press release of China Coal Holdings. I am Zhao Rongzhe, member of the Standing Committee of China Coal Party Committee, Chief Accountant, Executive Director, and President of China Coal. Sincerely, thank you for your long-term concern and care for China Coal. So now I will briefly introduce the basic situation of China Coal and the subsidiaries for the strategic plan and the work arrangement. China Coal is a state-owned super large key enterprise supervised by the State Owners Assets and Supervision and Administrative Commission of the State Council. The only central enterprise in this whole coal industry and the shoulders important mission of ensuring national energy security. The main business includes coal production, Coal Trade, Coal Chemical Industry, Power Generation, Coal Mine Construction, Coal Mine Equipment Manufacturing, and Engineering and Technical Services. We have three public companies, Shanghai Energy and Xinji Energy. So we all together have 0.123 million staff with... Management Asset Amount of 600 Billion Yuan and it was awarded as the A-Level Business Performance by State-Owned Enterprise Supervision Administration Commission of State Council and ranked among the Fortune 500 so the basic Coal Production Trade, Coal Chemical Industry, Coal Mine Equipment Manufacturing, etc. So in August 2006, with the approval of SESEC, China Coal exclusively initiated establishment of China Coal Energy and gas listed in Hong Kong Stock Exchange. in December 2006 and we come back to Shanghai Stock Exchange in February 2008. At present China Coal holds 58.37% of the share of China Coal Energy so China Coal Energy has been listed among the top 100 industries of the listed companies in China and has has been rated as excellent on A-level by Shanghai Stock Exchange for consecutive 14 years. Shanghai Energy was listed in Shanghai Stock Exchange in August 2001, and now China Coal Energy holds 62.43% of the share. So after years of development, Shanghai Energy has formed a comprehensive recycling industry chain integrating coal, electricity, railway, and energy services. So we currently have the coal production capacity of 11.49 million tons. Its capacity of thermal power and new energy is 1.083 million kilowatts. And the self-operated railway line is 186 kilometers. And the annual transportation capacity is also 13 million tons, which has strong strength in the power field of power and water treatment and maintenance. We all together have 15,000 employees with a total asset managed of 24.5 billion yuan. So Xinji Energy is also listed on Shanghai Stock Exchange in December 2007. So in 2016, 30.31% of the share of Xinji Energy held by China Development and Investment Corporation were transferred to China Coal. So Xinji Energy is mainly engaged in coal electricity, energy and other businesses. The coal production capacity is 23.5 million tons. The installed capacity of a coal-fired plant Power Holding Company is 798 kilowatts and installed capacity of share is 1.29 million kilowatts in 2022. It was elected as the CESEC government demonstration enterprise So by the end of 2003, the total management is 36 billion yuan and 18,000 employees here. So energy is an important material basis for national economic and social development. So in the report of the 20th MPC has said the energy revolution, acceleration of construction of new energy system is very important as a stabilizer and a ballast stone for the safe and stable supply of energy. So coal plays an essential role in holding an important role of the new energy development and the China Coal has thoroughly implemented the spirit of 20th MPC report and hope to achieve carbon peaking and carbon neutrality. So make overall plan for safeguarding the national energy security and promote the green and low carbon transformation has improved that. So this is also like having the overall development. And then it also have the two joint ventures and to give full play to this coal electricity, chemical, new service, dense industrial chain. Accelerate the construction of the two hedging mechanism, hedge the downside risks of the coal market with coal electricity, joint venture, and hedge the future carbon emission restraints mechanism with coal electricity, joint venture, and renewable energy. So China coal has... Planned by 2025 With the capacity to be improved And they use Shanxi, Shaanxi As this supply And to focus on this high quality development To hope to have this Green and low carbon transformation As this first class Energy company So Shanghai Energy will also focus on This local coal industry To vigorously develop the new energy vehicle and to also have this Shanghai and Jiangsu and Xinjiang large-scale land resources to also have the presence in the new energy and comprehensive energy industrial services and strive to build a transformation and development demonstration enterprise. So... will vigorously develop like coal and coal-fired power industry and construction of wind power, PV, pumped storage and other projects to also hope to build the energy demonstration enterprise. I have to say that China calls the two joint venture development model and development orientation of a holding listed company can not only give full play to this role of coal-fired power to ensure this bottom line of national energy security, but also gain time for the comprehensive realization of a clean and green transformation, which is conducive to the improvement of this energy efficiency, hoping to achieve the carbon picking and carbon neutrality goals to improve this economic benefits Coal Energy Company Limited accelerated the optimization of its layout based on the resources and orientation of the consumption, promoted the landing of the two joint ventures, and achieved remarkable results in its transformation and development. So the new breakthrough has been made in the scale of coal-fired energy generation. We have already got this new breakthrough. Development characteristics for small inner brain and a bigger outer brain to promote the realization of the production carbon emission. So we also conscientiously improve this three-year action plan of SESEC to improve the quality of listed company controlled by the central enterprise and also achieve the excellent results in the mid-term supervision and evaluation of SESEC. Coal Energy Company Limited Coal Energy Company Limited Multi-level and virtuous development to also effectively carry on this information. And then for Shanghai Energy and China Co., and they also have this all together comprehensive capacity to be comprehensive technology. significantly. So this is also marked this 14, 75 years of China's establishment. This is also career year for the realization of the objective of the task of the 15th five-year plan. So the China Coal and its listed companies have adhered to the guidance of President Xi. And we also have already got this central one. And then this is also like catering to all those different ones. And then to actively participate in this new development one. and they also will focus on those key strategies And then this is also like improve all those high level ones and to also continuously improve this organizational structure to also have this value creation and to also have this new quality improvement. This is also like accelerating the development of that. So this is also having this three different listed companies and then to also have all those internal construction and then to also focus on that. And this is also like having the specific operation to also have the investors to know that. And then this is also like accelerating the effective feature and then to also have this high quality development to also make a bigger... Thank you so much for Mr. Zhao. Now I'm going to share with you about China Coal Energy and 2024 and the work and the 2023 performance.

and you can see year 2023 and we are going to strengthen and to accelerate and to accelerate everything and we are going to improve the energy and we are going to create a new high and you can see the output of commercial coal and it was 134.24 million tons and increase of 15.05 million tons of In 2023, the company continues to implement the major national strategic deployment, went all out to ensure the coal energy supply and strengthen the production. Organization optimized production, they all accelerated open peer stripping. And the company gives full play to the ventures of channels, strengthen the coordination of production and marketing, and goes all out to ensure the supply of electric coal. strictly implement the national coal price policy, take the lead in the mainstreaming market order, fully guarantee the full payment. of coal contracts. In 2023, the sales volume of commercial coal was 284.9 million tons, an increase of 21.99 million tons year-on-year, 84% increase among them. The self-produced commercial coal increased by 13.57 million tons, with an increase of 11.3%. Secondly, and the company's coal chemical business continues to strengthen the basic management of production, significantly evaluate the operation status of the device, effectively control on-plan shutdown, pay close attention to energy saving and consumption reduction in abnormal working and condition management. Realized under the stable and long-term operation of the device, in year 2023, the output for the coal mechanical products was 6.036 million tons, a year-on-year increase of 369,000 tons. among which the output of puffing is 1.487 million tons and that of the URI is 2.06 million tons increased by 232,000 tons and the company actively go on goal against the defluctuation of the coal chemical products and we flexible across the marketing strategy and marketing layout can use to improve the consumer service. In year 2023, the sale volume of coal chemical products was 6.26 million tons, an increase of 9.7%, among which the sales volume of polypene was 1.479 million tons and the reburing was 2.141 million tons, increased by 349,000 tons, making sales by 1.919 million tons Thirdly, the company continued to optimize their production and organization, actively released advanced production capacity, further promoted reduction of expenditure, improved quality and efficiency. In year 2003, the unit sales and of self-produced commercial coal was 307.1 yuan ton, a year-on-year decrease of 15.83 yuan ton, down 4.9%. among which the cost of materials decreased by 10.04 yuan ton and 15.4%. And you can see that transportation expenses and port charges decreased by 4.45 yuan ton, down by 6.7%, mainly due to the change of the sales structure, the proportion of sales that bear transportation expenses in the port, Expenses have decreased, and other costs decreased by 7.13 yuan down 18.9%, mainly in accordance with the measurement measure of the use of security fees. The cost of outsourcing mining engineering increased by 5.6%. up by 16.9%, mainly according to the Regiment of Product Organization, and the change of geological conditions, the engineering quantity of the outsourced mines has increased. In year 2023, the unique sales of the polypen was 6,375, A year-on-year decrease of 7.4% and unit sales really reached 1,619 yuan town. A year-on-year decrease of 14%. The unit sales of the maiden was 1,889 yuan town. A year-on-year decrease of 155 yuan per town and down 7.6%. In year 2023, the average selling price of a company's self-produced commercial coal was 602 yuan ton on year-on-year decrease, among which the thermal coal is 532 yuan ton. And you can see that the coin in coal, the average price was 1,386 yuan per ton, and you can see it dropped by 20.8%. The sale price of authorized trading coal was 644 yuan ton, and it's down 168 yuan ton year-on-year, down 20.7%. The sales price of the polyphene was 6,907 yuan per ton, a year-on-year decrease of 494 yuan ton and down by 6.7%. And the sales price of urine was 2,423 yuan ton, a year-on-year decrease of 189 yuan ton. The sales price of the emitter platform dropped by 11.1%. And you can see we have achieved the historical high of the operation performance. In the case of a sharp drop in coal prices and a significant year-on-year decline in the benefits of the coal industry, the company deepened the link management, vigorously promoted the production and efficiency improvement of the whole industry chain, and strived to maintain a steady growth trend in benefits since the 14th five-year plan. Equipment enterprise actively sees market orders, organize production significantly and efficiently, and maintain good momentum in production and operation through transformation and upgrading. Given the reform in scientific and technological innovation, the total output value of coal mine equipment in the whole year was 11.43 million yuan, a year-on-year increase of 14.8%. The sale, scale of financial business has reached a new high, and the concentration of funds and management efficiency are leading the industry. In year 2023, the company realized an operating income of 192.969 billion yuan. The total realized profit is 33.049 billion yuan, up 0.5% year-on-year, with a three-year compound growth rate of 12.6%. The net profit attributable to shareholders of the parent company was 19.534 billion yuan, a year-on-year increase of 7%, with a compound growth rate of 19.2% in three years. Basic earnings per share was 1.47 yuan per share, up 6.5% year-on-year. The company's comprehensive gross profit margin is 25.1%, which is the same as with that in 2023. The net cash inflow from operating activities was 43 billion yuan, The year-on-year changes of the total profit in 2023 are as follows. The main profit increasing factors are as follows. First, the asset impairment reserve decreased and profit increased by 85.16. Second, the sales volume self-produced commercial coal increased and profits increased. Number three, the unit price of the self-produced commercial coal decreased and profit increased by 2.221 billion yuan for the financial expenses. decreased and profits increased by 333 billion yuan. Fifth, coal chemical enterprises increased profits by 403 million yuan. Sixth, the power generation and the heating business increased profits by 254 million yuan. Seven, the net non-profit expenditures reduced. Number eight, less profit increased by two billion yuan. The company's total assets were 349.638 billion yuan, a year-on-year increase of 2.7%. Returned shareholders' equity belonging to the parent company was 144.12 billion yuan, a year-on-year increase of 10.1%. The asset liability ratio at the end of the year was 47.7%, down 3.8 percentage points from the beginning of the year. The ratio of assets to liabilities at the end of the year was 28.5%, which was 5.8 percentage points lower than that is at the beginning of the year. In 2023, the company's capital expenditure plan is closely focused on coal, coal chemical industry, coal-fired power, new energy, and coal mine equipment, including capital construction projects, equity investment, technological transformation. In year 2023, the capital expenditure plan totaled 18.02 billion yuan, with a total of 15.757 billion yuan, accounting for 77.44% of the annual plan. Among them, the trial operation of Da Hai Ze coal project was good and the past completion accepted smoothly. And Wu Zhengqi and the mine and the An Jialin coal mine have approved to increase nuclear production capacity by 10 million tons per year. The construction of Libby Coal Mine and the coal mine progressed steadily. and the Yushengqi and the Q-Multiply 660 MW Co-Electricity Integration Project was approved and the investment decision was completed. The 263 MW NPV project in the first phase of Shanghai Energy and the new energy demonstration base and will be connected to the grid for the power generation In 2024, the company plans to spend 16.009 billion yuan, an increase of 1.6% compared with the actual commission in 2023. Among them, the planned capital construction project is 8.726 billion yuan, the planned equity investment is 245 million yuan, and the planned investment of technological transformation renewal is 7.038 billion yuan. divided by business sectors. The coal sector plan to arrange 7.556 billion yuan and the Coal Chemical Industry Board and in-depth efforts were made to deepen and upgrade the reform of state-owned enterprises, and various under-based tasks were completed through high standards. Six enterprises were newly selected through double-hundred actions and scientific reform admissions and actions of the State Council's state-owned asset supervision and administration commission, complete reform of the headquarters company and its affiliated enterprises. attached great importance to science and technology innovation regarding innovation as the first driving force to lead development. Directly implement President Xi Jinping's thought of ecological civilization and earnestly fulfill the ecological and environmental protection responsibilities of the central enterprises. In 2023, the investment in environmental protection was 3.03 billion yuan, an increase of 1.15 billion yuan of 61%. No sudden environmental incidents occurred throughout the year. Now, since the company went public, the profit distribution policy has remained stable. During 2021 to 2023, the accumulated cash dividend was 15.317 billion yuan, since listing the total cash dividend of the company has exceeded 30 billion yuan, giving maximum consideration to the overall interest of all shareholders and the sustainable development of the company. By the end of December 21, 2023, the net profit attributed to shareholders of listed companies in the Audit Consolidated Financial Company in 2023 is as follows. and it follows and you can see the board of directors of the company stressed that 30% of the net profit of 19.54 billion yuan attributable to shareholders of listed companies should be included in the consolidated financial statements in 2023 in accordance with China County standard for business enterprises and in 2024 and the company adhered to general tone of steady progress, continue to promote stock efficiency improvement and incremental transformation, focused on improving the ability of scientific and high-quality development of the enterprises. The annual production and sales volume of self-produced commercial coal is planned to be 129 million tons. and above all, the production and sales volume of polyfume products is more than 1.45 million tons and production and sales volume of urea is more than 1.85 million tons. We are willing to carry out special actions to improve quality, increase efficiency, and stabilize growth. Focus on the following tasks. First, around the goal of planning and building a world-class energy enterprise in the 14th five-year plan, continue to optimize the industrial layout to promote the development and the construction of the two joint ventures demonstration projects with high quality. The second is to carry out in-depth reforms around the strengthening core functions and improve core competitiveness. Number three, we adhere to the world-class benchmarking, continue to deepen the management, accelerate transformation of digital intelligence. Number four, And we are going to further improve the scientific and technological innovation systems, strengthen the construction of innovation ability, and gather the advantages of internal scientific research for a joint force of innovation. And the fifth is to coordinate development of safety, do a good job in safety and environmental protection from strict duty and improve it. Good compliance management, long-term mechanism, effectively prevent and resolve all kinds of major tasks and effectively prevent the control risks in key areas. Seek these to further promote special actions to improve the quality of listed companies controlled by central enterprises and continuously raise, improve corporate governance and information disclosure quality, strengthen communication with investors. and for dear investors, analysts, company management and all colleagues will keep up in mind with the initial mission, make persistent efforts for your head actively participate in China style modern energy practice and build a new achievements of the world class energy enterprise with high quality development. Thank you so much for listening. So now please give one applause to Mr. Adam Mao and Mr. Wang to introduce the business performance of Shanghai Energy and the 2024 work arrangement. Distinguish the guests and all the investors and analysts and media friends. Good afternoon, everybody. In the spring and in this beautiful March and the spring is breezing and the weather is warm in this beautiful season and full of vitality and hope as the chairman of Shanghai Datong Energy, I'm very honored and very happy to meet you through this performance briefing. And first of all, on behalf of Shanghai Energy, I would like to send a warm welcome to our investors, analysts, media friends attending today's meeting. I would like to extend my heartfelt thanks and sincere greetings to friends from all walks of life. Now, I would like to briefly introduce the Shanghai Energy's business performance in 2023 and keyword completion, the future deployment plan, and keyword arrangement in 2024 to all shareholders, investors, analysts, and media friends. Firstly, Shanghai Energy's operating performance and key work vision in 2023. So, year 2023 is a crucial year for Shanghai Energy to anchor new departmental goals and implement new departmental strategies. And it is also a crucial year for Shanghai Energy to promote reform and transformation with unprecedented efforts. Over the past year, Shanghai Energy has always adhered to the guidance of President Xi Jinping's thought on socialism with Chinese characteristics for a new era. Actively implement the departmental The requirement of stock efficiency improvement and incremental transformation accelerated the implementation of the 1-2-3-4-5 transformation with the care, the guidance and help support of China Coal and investors. The board of directors of the company, together with management and all employees, worked hard to overcome difficulties, work hard. and we deliver a very good report to all the shareholders. So firstly, the company's profits remain stable. The company overcame the complex geological conditions of the coal mines and the downward trend of the main products market in 2023, the output of the raw coal was 8.0255 million tons and the output of commercial coal was 6.4609 million tons. The output of clean coal was 416,000 tons and the power generation is 3.703 billion kWh. The aluminum processing output is 97,800 tons and the equipment repair capacity is 19,300 tons. And the cost of the raw coal, the power generation, the power supply and washing, and all the processing all decrease with the same caliber. The company runs operating income of 10.9 billion yuan net profit attributable to shareholders of this company of 969 million yuan. Secondly, the breakthroughs have been made in transformation development. Adhering to a long-term perspective and sizing up the situation, the company has studied and formulated medium- and long-term development plans, increased the acquisition of external coal and new energy resources, accelerated construction of coal mines and new energy projects with the strength of the whole company, and actively cultivated new projects. Growth price in 2023, the investment was 1.53 billion yuan, 96% of the annual plan was completed. Xinjiang coal mine project has basically completed and will enter the third phase of project in 2024. The integrated demonstration project of the source grid and storage of Jiangsu headquarters was included in the list of the third batch of large-scale wind power PV bases in China and was included in the medium and long-term development plan of Xuzhou's new energy system. Thirdly, the reform has achieved landmark results, adhered to the height of the company's survival development, pushed forward the reform with unprecedented determination and strength, and constantly stimulated the company's developmental vitality. The reform of human resources optimization has achieved remarkable results through measures such as replacing labor services, dissolving labor contracts, and through consultation encouraging to move to the front line. The cost-reducing step to improve efficiency has been achieved. And you can see that the high-quality completion of the two-level institutional reform, a total of 112 institutions were streamlined, and 1,046 establishments were reduced with the pressure drop ratio reaching 36% and 28%. A differentiated salary distribution mechanism around mutual value creation has been formed. The assessment mechanism of market-oriented operations has been improved, and all of them have implemented smart union accounting and the ability of self-financing, self-survival, and the self-hegemonism of the minds. 4. The overall security situation remains stable. Companies always insist on safety as an important Guarantee for production, operation, and development. It embodies an ideological consensus that civility is absolute first, as first, and forms an effective mechanism of keeping eye down to grasp civility. And you can see that we invest 130 million yuan throughout the year to initially realize the integration visualization mechanism, Standardization, the companies of facility production remain stable with 11th and 6th anniversary of the facility production in Kongzhuang Coal Mall and No. 106 Coal Mine. Fifth, at the last, scientific and technological environmental protection work has been continuously improved. The company insists on scientific and technological innovation as the first driving force to redevelopment with an annual N&D investment of 417 million yuan and the N&D investment intensity of 3.8%. The inactive platform of two institutes, ten institutes, and one center of the National Enterprise Technology Center has passed the annual assessment of the National Development and Reform Commission. We actively fulfill our responsibility of eco-environment friendly, invested 37.82 million yuan and implemented eight eco-environment control projects. The company has realized a cash dividend for 19 years, with a dividend count reaching 3.324 billion yuan, which is 3.79 times of the risk capital. of 877 million yuan from 2017 to 2022. The company's annual cash dividend accounted for more than 30% of the net profit attributable to ordinary shareholders of listed companies in the consolidated statements. In 2023, While continuously promoting revenue, good profit growth and sustainable development, the company decided to distribute a cash dividend of 296 million yuan to all shareholders. The company pays great attention to market development and actively strengthens communication with investors. The market attention and trading activity of Shanghai energy stocks have been improved and enhanced. In the future, the company will grasp the relationship between short-term, medium-term and long-term and create greater value for shareholders on the basis of accumulating energy for the long-term steady growth of the company. Second, Shanghai Energy Future Development Plan. Facing a new strategy of national energy insecurity and the goal of double carbon, Shanghai Energy adheres to the guidance of President Xi Jinping's thought on socialism and trying structures for a new era, comprehensively studies and grimaces Mr. Xi's thought. and we put forward the one, two, three, four, five different strategy according to the 45-year plan and we put on the high quality department of the company, create a new Shanghai energy source in matter of recreating a new Shanghai energy target, speed up industrial upgrading and base department, strive for regional development opportunities and create a new Shanghai energy that is safe, efficient, multifunctional, green and low-carbon, leading the science and technology, modern governance and long-lasting Coal Energy Company Limited Coal Energy Company Limited Coal Energy Company Limited Coal Energy Company Limited Highlight the new advantages of energy integration and focus on the development of coal, electricity, new energy, and comprehensive energy services. Adhere to the three-in-one orientation, that is, the three-in-one orientation conforming to the National Development Strategy integrating with local development planning, and combining with the development strategy of China coal and development reality of that one adhered to the principles of formalization that is according to the four principles of scale, regionalization, integration and benefit coal and new energy resources obtained. 5. According to the implementation of the five strategies, including safety and stability, stock efficiency improvement, incremental transformation, reform and innovation, and party-building guidance to lay the foundation for the company's high-quality development, strive to achieve the goal of 4.545 by the end of the 10-to-5-year plan, the coal production capacity will be stabilized at around 40 million tons, and the total assets of the two major industries will basically reach the peak. The Key Work Regiment of Shanghai Energy in 2024 2024 is a crucial year to achieve the objectives of the 45-year plan. It is also a year of upgrading Shanghai Energy's reform and transformation. Under the guidance of Xi Jinping's thought on socialism with Chinese characteristics in the new era, we will thoroughly implement the work regiments of the Central Economic Work Conference, the National People's Conference, and the China Coal. In accordance with the company's 3588 work idea, with the spirit of I don't have to succeed and the responsibility of I have succeeded, we'll go all out to do a good job in safety production, management reform and transformation, and we will strive for better results. We'll do a good job in the following aspects. The first is to overcome difficulties and organize production in scientific and orderly manner, ensure the annual output of raw coal is 8.89 million tons, that of commercial coal of 6.25 million tons, that of power generation is 3.6 million kWh, that of aluminum processing is 100,000 tons, that of railway freight is 12.3 million tons, that of equipment maintenance is 16,500 tons. Second, the fine measurement and improvement of measurement quality and we ensure the annual operating income is 11.294 billion yuan and profit is 1.235 billion yuan. The third is to set up special classes and fully promote the implementation of 1, 2, 3, 4, 5 different strategy. In terms of the core resources, strive to obtain One or two high-quality coal projects in terms of new energy sources. The basic goal is to obtain 200,000 gigawatts projects. And we are going to accelerate the current projects. And we are going to focus on the Weizhou mine in Xinjiang, the new energy projects, the power grid reconstruction in Datun mining area and other projects. So we are going to secure and the overall investment throughout the whole year and to be 1.780 billion yuan, ensure that more than 70% of the objectives and taxes for new round of reform of our SaaS stack are completed. So we are going to strive to achieve more efficient industries and lean institutions and lean manpower and get the main business alongside technological innovation. And we needed to... accelerate under the speed of the scientific innovation. And we are going to ensure the investment ratio of science and technology, which is about 3.8%. And we are going to focus on the key points and actively guard against the safety, stability, and environmental risks Firmly adhere to the goal of zero deaths and zero group visits and zero exceeding the standard to ensure that no major safety accidents and major leap from group visits. Seven, strengthen confidence and strive to improve the quality of the listed companies. Fully implement the requirements of FASAC and China Coal. and we are going to create maximum value and for the shareholders continuously. So, dear guests, ladies and gentlemen, the Department of Shanghai Energy cannot be separated from your supports. In the future, we need your valuable suggestions of Shanghai Energy's reform development. We will take this performance briefing as an opportunity and listen to your opinions and suggestions and learn from China Coal Energy and Xinji Energy make full use of strength and fight weakness and press ourselves and make great efforts to push Shanghai energy safety production and strive to create greater return to the investors, shareholders and society. Thank you.

Thank you, Mr. Mao.