Chairman's Message

Dear shareholders:

2018 was the beginning year to land the spirit of 19th National Congress of the Communist Party of China and also an extraordinary year for CYPC. The General Secretary of the CPC Central Committee, Xi Jinping, inspected the Three Gorges Project and delivered an important speech. Under the leadership of the Board of Directors, all employees of the Company earnestly studied the spirit of the General Secretary's speech, kept in mind the entrustment, overcame difficulties, worked hard, effectively dealt with many difficult problems in power production, marketing, capital operation, business development and other aspects, set a new record in production and operation, opened up a new situation in reform and development, fully completed various objectives and tasks, and achieved good results.

In 2018, the Company continued to realize safe and efficient operation of cascade stations, generating 215,500 GWh of electricity throughout the year, a record high for three consecutive years. For the first time, the annual power generation of the Three Gorges Hydropower Station exceeded 100,000 GWh, once again setting a new record for the annual power generation of a single hydropower station in China. Key indicators of cascade stations are among the industry's leading levels. Through the implementation of joint dispatching, cascade hubs have played an irreplaceable role in flood control, shipping and ecological water replenishment, and the comprehensive benefits of the pillar of a great economy are increasingly prominent.

In 2018, in the face of profound changes in the macro economy and the expiration of preferential tax policies and other complicated situations, the Company strove for perfection in production, actively competed for the market, made steady investments to generate income, carefully calculated and reduced costs, and achieved a total profit of 27 billion yuan and an investment income of 2.7 billion yuan for the whole year. With the capital market in the doldrums, the Company's market value has remained stable and reached a record high of 392.7 billion yuan, ranking first among A-share listed power companies.

2019 is the 70th anniversary of the founding of the People's Republic of China and the key year to build a moderately prosperous society. With the overall slowdown of international economic development, the downward pressure on the domestic economy, and the deepening of electricity market reform, opportunities and challenges coexist. CYPC should keep in mind the important instructions given by General Secretary Xi Jinping during his visit to the Three Gorges, the mission responsibilities entrusted by the Party and the state, and be firmly the leader of the world's hydropower industry. We will manage the pillar of a great economy represented by the Three Gorges Project at a higher position, unswervingly improve and strengthen the main power generation business, always manage the safety risks control, dig deep into the potential of joint dispatching of cascades, and give full play to the comprehensive benefits of flood control, shipping and water replenishment of cascade hubs. We will speed up the construction of power marketing capability and actively adapt to the direction of power market reform in the future. Under the guidance of continuously enhancing the vitality of the system and mechanism, we will continue to deepen the internal reform of the enterprise, and truly establish the system and mechanism to adapt to market competition and meet the needs of the long-term development of the enterprise, so that the development of the enterprise will always maintain its youthful vitality. We will steadily push forward new business, give full play to the advantages of large hydropower technology and management, let CYPC become the national business card of China's hydropower operation and management, lead the development of the world's hydropower industry, and present the 70th anniversary of the founding of People's Republic of China with outstanding achievements.

Lei Mingshan, Board Chairman


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