The 14th Five-Year Plan period marks China's first five-year phase in embarking on a new journey to build a modern socialist country in all respects and striving toward the Second Centenary Goal. It represents a critical period for advancing the green and low-carbon transformation of energy and fulfilling the climate change response targets outlined in China's Nationally Determined Contributions (NDCs). It is also a significant stage for CYPC to deepen reform and innovation and achieve high-quality development.

Over the past five years, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, CYPC resolutely implemented the decisions and deployments of the CPC Leading Group of China Three Gorges Corporation (CTG). Embracing the country's most fundamental interests, the Company confronted challenges head-on, pursued perfection, scaled new heights, and made selfless contributions. Through these efforts, it has successfully achieved steady progress in production and operations, accelerated the formation of new quality productive forces, and yielded fruitful results in high-quality development. All in all, the Company has delivered satisfactory performance in promoting socioeconomic development, advancing green transformation in energy sectors, and maintaining capital market stability.

Focusing on core business to consolidate development foundations and cement the "stable" momentum

The Company has consistently prioritized its core responsibilities and leveraged the comprehensive benefits of key national projects, achieving remarkable results in work safety, flood control and disaster mitigation, water resource utilization, and energy supply assurance.

During the 14th Five-Year Plan period, work safety remained stable and orderly, and all units of the Wudongde and Baihetan hydropower plants were safely commissioned on schedule, completing the construction of the world's largest clean energy corridor. The Company has achieved the "double zero" target in work safety of power production for multiple consecutive years. The Company's endeavor in flood control and disaster mitigation has also delivered significant outcomes. The cascade reservoirs implemented integrated utilization of their total flood control capacity, conducting six flood regulation operations that impounded over 34 billion cubic meters of floodwater. This effectively ensured flood safety in the Yangtze River Basin and safeguarded the safety of lives and property along the river. Water resource utilization was highly efficient and effective. Specifically, the cascade reservoirs have supplied over 153 billion cubic meters of supplemental water; the Company has conducted 65 ecological scheduling operations across five categories; the Xiangjiaba ship lift has achieved total cargo volume of 7.8 million tons, playing a vital role in ensuring regional water supply, maintaining ecological balance, and promoting shipping development of the Yangtze River. During this period, the Company fulfilled a number of major power supply assurance missions, including multiple rounds of power supply assurance for significant events or holidays such as the Centenary Celebration of the Communist Party of China and the Olympic Winter Games Beijing 2022. The world's largest clean energy corridor has generated over 1,360 TWh of electricity, thus safeguarding national energy security.

Leveraging innovation-driven development to unlock growth engines and cultivate "advancing" potential

The Company has precisely grasped research requirements under new circumstances and achieved remarkable breakthroughs in management mechanisms, platform development, technological R&D, and results commercialization.

Organizational structures have been continuously improved. The Company has established the Science & Technology Research Center and the Technology Innovation Department. It has also been granted approval to build its first Academician Workstation and the Postdoctoral Programme, providing robust organizational support for technological innovation. The building of research platform has been consistently strengthened. The Company has been deeply dedicated to the development of industrial internet platforms, hydropower satellites, and digital twins while actively employing and deploying intelligent sensing technologies such as satellite remote sensing, drones, and robots to enhance core competitiveness. Industry-academia-research collaboration has been deepened further. By integrating resources from universities, research institutes, and industrial partners, the Company has been granted 36 national and ministerial/provincial-level science & technology projects, secured over 4,000 domestic patent grants and 38 international patent grants. These accomplishments led to its recognition as a "National Intellectual Property Advantage Enterprise".

Expanding market to optimize development structure and stimulate "vitality" sources

Following the strategic layout of CTG, the Company has methodically expanded its development landscape, making positive progress in three strategic fronts: electricity market expansion, deep-rooted presence in large-scale hydropower, and the growth of overseas business.

Through implementing targeted strategies in electricity market, the Company has continuously improved its marketing system, and effectively ensured the efficient conversion of "water flow to electricity flow and then to cash flow". The Company has advanced an integrated development of "source-grid-load-storage", which is represented by the "ballast" role of large-scale hydropower projects, a strong start in pumped storage business, and smooth progress in the construction of the Lower Jinsha River Integrated Wind-Solar-Hydro-Storage Base. The Company has set examples in integrated smart energy. Specifically, the "Yangtze River Three Gorges 1" cruise ship and "Three Gorges Hydrogen Ship 1" have been put into operation; "zero-carbon dam area", "zero-carbon institution", and "zero-carbon campus" have also been successively implemented. Overseas operation & maintenance projects have seen steady and orderly development. The Company has always strove to be an industry leader, with "small yet beautiful" projects emerging prominently, and international influence and competitiveness gaining significant increase.

Deepening reforms to unleash development momentum and enhance "strong" capabilities

Through changing mindsets and taking proactive actions, the Company has advanced enterprise reform in depth, thus achieving notable results in institutional innovation, management enhancement, and supply chain security.

Through actively serving national strategies, the Company has provided reliable support for key national projects. Through strengthening supervision over overseas enterprises and mixed-ownership enterprises, the Company has continuously improved standardized management. The three-year SOE reform initiative has concluded successfully, with the Company selected as a "World-Class Professional Leading Demonstration Enterprise" by the State-owned Assets Supervision and Administration Commission (SASAC) and rated as a "benchmark" in the "Double Hundred Actions" special assessment for four consecutive years. The Company has resolved risks of imported supply disruptions and hazardous chemical management challenges, ensuring the supply chain resilience of large-scale hydropower projects. The Company's market capitalization peaked at CNY 789.8 billion, ranking among the top global listed power companies.

Action and dedication drive prosperity and achievement. Looking ahead to the 15th Five-Year Plan period, CYPC will remain steadfastly aligned with the central priorities of the Party and the nation in this new era. Under the sound leadership of the CPC CTG Party Group, we will adhere to the general principle of seeking progress while maintaining stability, and implement the new development philosophy fully, faithfully and comprehensively. Our central mission will be driving high-quality development, characterized by a sharp focus on our core businesses, a balanced integration of development and security, a continuous enhancement of corporate core functions and competitiveness, and strict Party self-governance. These concerted efforts will accelerate our establishment as a world-leading clean energy listed company centered on hydropower, thereby providing robust support for CTG's strategic development!