Bloks Group Limited - Annual Report 2018

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2018年報 ANNUAL REPORT

協合新能源集團有限公司 CONCORD NEW ENERGY GROUP LIMITED

截至二零一八年十二月三十一日止年度 FOR THE YEAR ENDED 31 DEC. 2018 股票代碼 STOCK CODE 182

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CONTENTS 目錄

Corporate Information Chairman’s Statement Management Discussion and Analysis Biographical Details of Directors and Senior Management

Report of the Directors Corporate Governance Report Environmental, Social and Governmental Report Independent Auditor’s Report Consolidated Statement of Profit or Loss Consolidated Statement of Profit or Loss and Other Comprehensive Income

Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Five Year Financial Summary

2 公司資料
4 主席致詞
8 管理層討論及分析
60 董事及高層管理人員的個人資料 65 董事會報告 81 企業管治報告 95 環境、社會及管治報告
175 獨立核數師報告 184 綜合損益表
185 綜合損益及其他全面收益表 186 綜合資產負債表 188 綜合權益變動表 190 綜合現金流量表 192 綜合財務報表附註 400 五年財務概要

2018 年報協合新能源集團有限公司

CORPORATE INFORMATION 公司資料

BOARD OF DIRECTORS

Executive directors

Mr. Liu Shunxing (Chairman) Ms. Liu Jianhong (Vice Chairperson) Mr. Yu Weizhou (Chief Executive Officer) Mr. Niu Wenhui Mr. Gui Kai Dr. Shang Li

Non-executive director

Mr. Wang Feng

Independent non-executive directors

Mr. Yap Fat Suan, Henry Dr. Jesse Zhixi Fang Ms. Huang Jian Mr. Zhang Zhong

COMPANY SECRETARY

Mr. Chan Kam Kwan, Jason

AUDITOR

Deloitte Touche Tohmatsu Certified Public Accountants

FINANCIAL INSTITUTIONS

Industrial and Commercial Bank of China China Development Bank Bank of China International Finance Corporation Goldman Sachs Group China Everbright Bank Agricultural Bank of China Hua Xia Bank Huaneng Tiancheng Financial Leasing Co., Ltd. Everbright Financial Leasing Co., Ltd. State Grid International Leasing Company Ltd. Citic Financial Leasing Co., Ltd. China Resources Leasing Co., Ltd.

董事會

執行董事

劉順興先生（主席）劉建紅女士（副主席）余維洲先生（行政總裁）牛文輝先生桂凱先生尚笠博士

非執行董事

王峰先生

獨立非執行董事

葉發旋先生方之熙博士黃簡女士張忠先生

公司秘書

陳錦坤先生

核數師

德勤 • 關黃陳方會計師行執業會計師

金融機構

中國工商銀行國家開發銀行中國銀行國際金融公司高盛集團光大銀行中國農業銀行華夏銀行華能天成融資租賃有限公司光大金融租賃股份有限公司國網國際融資租賃有限公司中信金融租賃有限公司華潤租賃有限公司

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CORPORATE INFORMATION 公司資料

REGISTERED OFFICE

Clarendon House 2 Church Street Hamilton HM11 Bermuda

PRINCIPAL OFFICE IN HONG KONG

Suite 3901, Far East Finance Centre 16 Harcourt Road Admiralty Hong Kong

BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG

Tricor Tengis Limited Level 22, Hopewell Centre 183 Queen’s Road East Hong Kong

WEBSITE

www.cnegroup.com www.irasia.com/listco/hk/concordnewenergy/

註冊辦事處

Clarendon House 2 Church Street Hamilton HM11 Bermuda

香港主要辦事處

香港金鐘夏愨道 16 號遠東金融中心 3901 室

香港股份過戶登記分處

卓佳登捷時有限公司香港皇后大道東 183 號合和中心 22 樓

網站

www.cnegroup.com www.irasia.com/listco/hk/concordnewenergy/

2018 年報協合新能源集團有限公司

CHAIRMAN’S STATEMENT 主席致詞

Dear Shareholders,

On behalf of the board of directors (the “Board”) of Concord New Energy Group Limited (“the Group” or “Group”), I would like to present to the Shareholders the annual report for the year ended 31 December 2018. For the year ended 31 December 2018 (“the Year”), the Group generated a revenue of RMB1,414,070,000, and realised a profit of RMB502,406,000, representing an increase of 151.16% as compared with the corresponding period last year. The basic earnings per share was RMB5.88 cents. As at 31 December 2018, net assets of the Group reached RMB5,546,739,000 and its net assets per share was RMB0.65.

2018 was a year of rapid growth for the Group.

During the Year, the results of the Group after its strategic transformation was remarkable, with accelerated development of its main power generation business. In 2018, the Group’s attributable power generation was 3,635.77 million kWh, representing an increase of 48.55% over last year. In particular, the power generation of the Group’s wholly-owned and holding wind power plants represented an increase of 138.17% over the previous year. The proportion of revenue from power generation business to the Group’s revenue increased significantly to 88.48%.

During the Year, the Group continued to optimise the structure of its power generation assets and steadily implement the construction of its projects. During the Year, the total installed capacity of newly commissioned wind power and solar power plants of the Group was 471MW, all of which are wholly-owned by the Group. In particular, 470MW installed capacity belongs to wind power plants located in southern regions with no power curtailment. As at the end of the Year, the installed capacity attributable to the Group was 2,277MW, with installed capacity of its wholly-owned and holding power plants reaching 1,611MW, representing 70.75% of the total installed

尊敬的各位股東：

本人謹代表協合新能源集團有限公司（「本集團」或「集團」）董事會（「董事會」），向各位股東提呈本集團截至 2018 年 12 月 31 日年度之業績報告。截至 2018 年 12 月 31 日之 12 個月（「本年度」），本集團獲得收入人民幣 1,414,070,000 元，實現盈利人民幣 502,406,000 元，較去年同期上升 151.16%，每股基本盈利人民幣 5.88 分。於 2018 年 12 月 31 日，本集團淨資產達到人民幣 5,546,739,000 元，每股淨資產為人民幣 0.65 元。

2018 年，是集團高速增長的一年。

本年度，集團戰略轉型後收效顯著，主營發電業務快速發展。2018 年，集團權益發電量為 363,577 萬千瓦時，較去年增長 48.55%。其中，集團獨資及控股風電廠發電量較去年增長 138.17%，發電業務收入佔比大幅增加，佔集團收入的 88.48%。

本年度，集團繼續優化發電資產結構，穩步推進項目建設。年內，集團共新增投產的風電和光伏電廠 471MW，全部為獨資項目。其中風電廠裝機容量 470MW，全部位於南方不限電區域。截至本年末，集團權益裝機容量 2,277MW，其中獨資及控股電廠的權益裝機容量 1,611MW，佔集團權益裝機容量的 70.75%。在集團權益裝機容量中，風電廠裝

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CHAIRMAN’S STATEMENT 主席致詞

capacity. The installed capacity of wind power plants accounted for 86.21% of the total capacity attributable to the Group. The asset structure of the Group was improved with further enhancement of its quality of assets.

During the Year, the Group insisted on the strategy to lower the Levelized Cost Of Electricity (“LCOE”). In particular, we actively tracked and timely applied new technologies, new wind turbine types, and new processes in the construction of the Group’s invested projects and built high-quality, high-efficiency power plants at low costs. The efficiencies of newly installed power plants are significantly higher than those of the operating power plants located in the same area. We also promoted the application of energy internet of things (IoT) and construction of regional control centers in the production of power plants, implemented refined management and minimized required manpower, thus reducing the cost of power generation. The application of POWER+ system has improved the level of operation and maintenance, and increased equipment availability and power generation output. The newly commissioned power plants of the Group in 2018 have significantly reduced the LCOE, and so did the established power plants.

During the Year, the Group achieved satisfactory results in its new business, and in the area of energy internet of things business, it actively launched the development and pilot run of POWER+3.0, intelligent inspection system (“Yixun”) and Enterprise Asset Management strengthening the functions and applications of big data, as well as building the Group’s platform of “intelligent operation and maintenance”. As at the end of the Year, POWER+ system has been serving power plants up to a total of 5GW capacity. In the area of financial leasing, energy storage, micro-grids and distribution networks, we have achieved remarkable progress.

機容量佔比為 86.21%。集團資產結構得到改善，資產質量進一步提高。

本年度，集團堅定執行降低度電成本策略。在項目投資建設中積極跟蹤並應用新技術、新機型、新工藝，建設優質、高效、低成本的電廠，同一地區的新投運電廠效益顯著高於已運營電廠；電廠生產領域全面推廣能源物聯網應用及區域集控中心建設，推行精細化管理，少人或無人值守，降低發電成本；通過應用 POWER+ 系統提高運維水平，提高設備可利用率，提升發電量。集團 2018 年新投運的電廠，度電成本均大幅降低，存量電廠的度電成本也有所下降。

本年度，集團在新業務方面取得了可喜的成績。在能源物聯網業務上，積極開展 POWER+3.0、智慧巡檢系統（易巡）、資產管理系統 (EAM) 開發並投入試運營，加強大數據功能應用，打造集團「智慧運維」平臺。截至本年末，POWER+ 系統已纍計幫助客戶管理超過 5GW 容量的電廠。在融資租賃、儲能、微網、配網項目上也都有所斬獲。

2018 年報協合新能源集團有限公司

CHAIRMAN’S STATEMENT 主席致詞

After years of hard work, the Group’s power generation business has become the core supporting business segment of the Group, contributing to the Group with better asset quality, strengthened comprehensive capability and ample development potentials.

In 2018, the renewable industry in the PRC has already entered the era of grid parity in advance under the backdrop of various policies of the industry issued in the PRC. With the effective easing of the situation of national power curtailment, the continuous lowering of power generation costs of renewable energy, the general trend of closing coal-fired power plants as a result of the reform in supply-side of energy. Particularly, it is the unswerving commitment to the control of environmental pollution of the Chinese government that has shown us the enormous development potentials in this industry.

In 2019, the Group will:

Focus on the main business of power generation, accelerate the construction of the Group’s existing projects with the advantage of high electricity price and high efficiency to maintain the growing trend of the Group.
Continue to strengthen the management of safety in power plants’ production and uplift the economic efficiencies of power plants.
Continue to pursue the principle of the lowest “LCOE”, focus on optimizing design, innovative applications and up-lifting of the income of the newly installed power plants, to promote intelligent operation and maintenance of power plants and to increase the income of commissioned power plants through technology transformation and application of the “POWER+” system.

經過幾年的努力，集團的發電業務已經成為集團的核心支柱產業，集團的資產質量更健康，綜合實力更強，發展後勁更足。

2018 年，中國可再生能源行業政策頻出，國內可再生能源行業已提前步入平價上網時代。但隨著全國限電形勢的有效緩解，可再生能源發電成本的持續下降，關停燃煤電廠等能源供給側改革的大趨勢，尤其是中國政府堅定不移的治理環境污染的決心，讓我們看到這一行業仍然存在廣闊的發展空間。

2019 年，集團將：

1、繼續專注發電主業，加快推進集團現有的一批電價高、效益好的項目建設，保持企業增長態勢。
2、繼續加強電廠安全生產管理，提高電廠經濟效益。
3、繼續貫徹「度電成本最低」原則。注重優化設計，創新應用，提高新投產電廠收益；通過技術改造、POWER+ 系統應用，推行電廠智慧運營，提高存量電廠收益。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CHAIRMAN’S STATEMENT 主席致詞

Continue to step up the efforts in the area of energy internet of things, continue to promote product development and application of “POWER+” system; promote intelligent operation and maintenance of power plants through high-tech measures such as energy internet of things, big data analysis, artificial intelligence, etc., and provide energy supply, comprehensive energy management and other derivative services to distributive photovoltaic and poverty alleviation power stations as well as users in the area of energy storage.
Continue to nurture new businesses, develop and construct a number of projects on the power generation supply-side as well as the user-side; and explore the synergetic development of the Group’s energy storage, operation and maintenance as well as energy internet driven by the financial leasing business.

It is expected that the Group’s competitiveness will further improve in the coming year of hard work.

After years of accumulated efforts, the Group has accumulated rich experience in project development, construction, operation and maintenance, and has trained a team of high quality and dedicated talents. That is, the Group is in possession of strong development resources. Looking forward to the future, the whole staff of the Group will be able to adapt to the era of competitive bidding, seize the development opportunities and achieve a quantum leap of the Group with the courage and spirit as if we are in a startup business.

4、繼續加大在能源物聯網領域的投入，繼續推進 POWER+ 系統的產品研發和應用，通過能源物聯網、大數據分析、人工智能等高科技手段推進電廠的智慧運營，並向分佈式光伏、扶貧電站和儲能領域的用戶提供能源供應、能源綜合管理及其他衍生服務等。
5、繼續培育新業務，開發與建設一批發電側和用戶側儲能項目，並探索以融資租賃業務帶動集團儲能、運維、能源物聯網業務的協同發展。

期望通過新的一年的努力，能夠繼續提升本集團整體競爭能力。

經過多年的積累，集團在項目開發、建設、運營等方面獲得了豐富的經驗，鍛煉了一支高素質、團結一心的人才隊伍，擁有了雄厚的發展資源。展望未來，集團全體員工將在競價上網時代順應形勢，抓住發展機遇，以再次創業的精神奮勇拼搏，實現集團新的飛躍。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT

In 2018, the global economy continued with a trend of moderate growth with slowing momentum. There has been obvious divergence in the growth trends and monetary policies of major economies. Only the performance of the U.S. economy has exceeded the market’s expectation. Facing a complex and grim external environment, China’s economic continued to remain generally stable, and develop with steady overall stability and progress. Statistics from the National Bureau of Statistics showed that the GDP for the whole year of 2018 exceeded RMB90 trillion for the first time and representing a year-on-year increase of 6.6%.

The efficiency of China’s energy industry improved significantly, further consolidating and developing the positive momentum of improving quality while maintaining stability. China’s total electricity consumption for 2018 was 6.8449 trillion kWh, representing a year-on-year growth of 8.5%, 1.9 percentage points higher the growth of last year. The clean energy industry expanded steadily, and the installed wind power and photovoltaic power generation capacity continued to maintain a stable growth. According to the statistics from the National Energy Administration of the PRC (the “NEA”), as of the end of 2018, the China’s installed wind power and photovoltaic power generation capacity had reached 360GW, accounting for 18.9% of the total installed power generation capacity. Wind power and photovoltaic power generated 543.5 billion kWh of electricity throughout the year, accounting for approximately 8% of the total power generation. The newly installed grid-connected wind power capacity was 20.59GW, and the accumulated grid-connected capacity had reached 184GW by the end of December, representing a year-on-year increase of 12%. The newly installed photovoltaic power generation capacity was 44.26GW, of which, newly installed photovoltaic power generation capacity from centralised photovoltaic power plants was 23.30GW, while that of distributed photovoltaic power plants was 20.96GW. By the end of December, the national installed photovoltaic power generation capacity had reached 174GW, representing a year-on-year increase of 34%.

一、經營環境

2018 年，世界經濟延續溫和增長態勢，但動能有所放緩。世界主要經濟體增長態勢和貨幣政策分化明顯，美國經濟表現超出市場預期。在外部環境複雜嚴峻的情況下，中國經濟運行持續保持總體平穩、穩中有進的發展態勢。國家統計局數據顯示，2018 年全年國內生產總值首次突破 90 萬億元大關，比上年增長 6.6%。

中國能源行業效益明顯提高，進一步鞏固發展了穩中向好、穩中提質的良好態勢。2018 年中國全社會用電量累計 68,449 億千瓦時，同比增長 8.5%，較上年提高 1.9 個百分點。清潔能源產業穩步壯大，風電和光伏發電裝機容量和發電量繼續保持穩步增長勢頭。根據國家能源局統計數據，截至 2018 年底，全國風電、光伏裝機達到 3.6 億千瓦，佔全部電力裝機比例的 18.9%。風電、光伏全年發電量 5,435 億千瓦時，佔全部發電量約 8%。當年新增風電併網容量 2,059 萬千瓦，到 12 月底累計併網容量達到 1.84 億千瓦，同比增長 12%。新增光伏發電裝機 4,426 萬千瓦，其中，集中式光伏電站 2,330 萬千瓦，分佈式光伏 2,096 萬千瓦；到 12 月底，全國光伏發電裝機達到 1.74 億千瓦，同比增長 34%。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

During the Year, the operating environment of renewable energy in China displayed the following characteristics:

(1) Changes in Macro Policies Having a FarReaching Impact on the Renewable Energy Industry

In 2018, there was further deepening of the supply-side structural reform in the energy industry. With further improvements in renewable energy planning and the system of industrial policies, positive progress was made in the reform of power system. Various industrial policies were promulgated. The government expedited the progress and implementation of competitive bidding and grid-parity. The promulgation of the 518 Policy (Guo Neng Fa Xin Neng [2018] No. 47) clearly indicated that, for the provinces (autonomous regions and municipalities directly under the Central Government) that had not issued their 2018 annual wind power construction plans, their projects including new addition of centralised onshore wind power projects and offshore wind power projects without confirmed investors, must be subject to competitive bidding for the allocation of resources and establishment of ongrid tariffs. The promulgation of the 531 Policy (Fa Gai Neng Yuan [2018] No. 823) indicated that there would be no arrangement for the construction quota of ordinary photovoltaic power stations. In addition, the market-trading mechanism for electricity continued to improve with accelerated progress in market-trading. Meanwhile, the government cleaned up a large number of planned but not commenced projects at the end of the year to make room for subsequent development. The government

一、經營環境（續）

本年度，中國可再生能源的經營環境存在以下特徵：

（一）宏觀政策變化對可再生能源行業產生深遠影響

2018 年，能源供給側結構性改革繼續深入，可再生能源規劃和產業政策體系進一步完善，電力體制改革取得積極進展。各項行業政策相繼出臺，政府加快了競價及平價上網的落地進程。其中，518 政策（國能發新能〔2018〕47 號）的發佈，明確對尚未印發 2018 年度風電建設方案的省（自治區、直轄市）新增集中式陸上風電項目和未確定投資主體的海上風電項目應全部通過競爭方式配置資源和確定上網電價；531 政策（發改能源〔2018〕 823 號）的發佈，明確 2018 年暫不安排普通光伏電站建設規模。另外，電力市場化交易機制繼續完善、市場化交易進程加快，同時年底各省清理大量已納入規劃但未建

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

(1) Changes in Macro Policies Having a FarReaching Impact on the Renewable Energy Industry (COntinuEd)

sought comments on the quota system three times during the Year and accelerated the implementation of the quota system, encouraged to develop distributed wind power and photovoltaic power that are directly supplied to users, and encouraged power generation enterprises to participate independently and voluntarily in power generation trading according to the Basic Rules for Intermediate and Long Term Electricity Transactions（《電力中長期交易基本規則》）on the basis that they could ensure the safety of power generation and consumption in their operations. In addition, the government vigorously promoted the development of offshore wind power, energy storage and market-based mechanisms for grid ancillary services, leading not only to a new growth driver for the industry, but also the formulation of a plan in the consumption of clean energy. This has significantly increased the share of renewable energy in power consumption and prompted a comprehensive development of the renewable energy sector. With constant improvement of renewable energy policies in 2018, this shift in policy orientation implicates that the development of the industry has already entered the era of competitive bidding and grid parity.

一、經營環境（續）

（一）宏觀政策變化對可再生能源行業產生深遠影響 （續）

項目，為後續發展騰出空間；年內對配額制三次徵求意見，加速推進配額制落地實施；鼓勵發展與用戶直供的分散式風電和分佈式光伏；鼓勵發電企業在保障自身發、用電安全的基礎上，按照《電力中長期交易基本規則》等有關規定自主、自願參與發電權交易。同時，政府亦大力推進海上風電、儲能、電網輔助服務市場化機制等，不僅開拓了行業內新的業務增長點，亦制定清潔能源消納行動計劃，大幅提高電網中可再生能源的消納比例，促進可再生能源領域的全面發展。 2018 年，可再生能源政策不斷完善，政策導向的轉變意味著行業發展已經進入到競價上網及平價上網時代。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

(2) With Wind Power and Photovoltaic Power Curtailment Relieved, the Trend of Clean Energy Consumption Remaining Positive

In March 2018, the NEA of China issued the “Notice on the Results of Monitoring and Early Warning of Wind Power Investments in 2018” （《2018 年度風電投資監測預警結果的通知》）, which indicated that three provinces including Gansu, Xinjiang (including the corps) and Jilin were red alert regions, and other three provinces including Inner Mongolia, Heilongjiang and Ningxia had removed red alert.

In order to facilitate the efforts to make up the weak points of infrastructure, and to take the advantages of the key power grid projects in optimization of the investment structure and the consumption of clean energy and precise poverty alleviation, in September 2018, the NEA published the “Notice on Accelerating the Planning and Construction of a Number of Key Projects for Power Transmission and Transformation”（《關於加快推進一批輸變電重點工程規劃建設工作的通知》）. The Notice proposed to accelerate the construction of 9 key projects including the Qinghai-Henan ultra-high voltage DC project and total of 5 ultra-high voltage DC transmission lines and 7 ultra-high voltage AC transmission lines were planned, to facilitate the consumption of clean energy in the northwest and southwest regions.

According to the statistics from the NEA, in 2018, the national wind power curtailment rate was 7%, representing a year on year drop of 5 percentage points, achieving the lowering of both wind power curtailment volume as well as wind power curtailment rate. The photovoltaic power curtailment rate was 3%, representing a year-on-year decrease of 2.8 percentage points, achieving the lowering of both photovoltaic curtailment volume as well as photovoltaic curtailment rate. In 2018, the national average utilization hours of wind power reached 2,095 hours, representing a year-on-year increase of 147 hours, and the national average utilization hours of photovoltaic power reached 1,115 hours, representing a year-on-year increase of 37 hours. In general, the trend of clean energy consumption remained positive.

一、經營環境（續）

（二）風電、光伏限電緩解，清潔能源消納形勢持續向好

2018 年 3 月，中國國家能源局發佈《2018 年度風電投資監測預警結果的通知》，通知顯示，甘肅、新疆（含兵團）、吉林三省區為紅色預警區域，內蒙古、黑龍江、寧夏三省區已經移除紅色預警。

另外，特高壓輸變電工程的建設也在保障電力供應、促進清潔能源消納、改善環境、提升電網安全水平等方面發揮了重要作用。2018 年 9 月，國家能源局印發《關於加快推進一批輸變電重點工程規劃建設工作的通知》，為加大基礎設施領域補短板力度，發揮重點電網工程在優化投資結構、清潔能源消納、電力精准扶貧等方面的重要作用，提出加快推進青海至河南特高壓直流等 9 項重點工程建設，共規劃了 5 條特高壓直流輸電線路以及 7 條特高壓交流輸電線路，利好西北、西南地區清潔能源消納。

根據國家能源局數據，2018 年，全國風電棄風率 7％，同比下降 5 個百分點，繼續實現棄風電量與棄風率「雙降」；光伏棄光率 3％，同比下降 2.8 個百分點，實現棄光電量與棄光率「雙降」。2018 年 , 全國風電平均利用小時數 2,095 小時，同比增加 147 小時，全國光伏平均利用小時數 1,115 小時，同比增加 37 小時。整體而言，清潔能源消納形勢持續向好。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

(3) Accelerated Advancements in Renewable Energy Technology with Rapid Reduction in Costs

During the Year, renewable energy technology continued its rapid development and the efficiency of renewable energy facilities continued to increase. In respect of wind power, the wind turbines were with longer blades, higher turbine towers and wind energy conversion efficiency, and a better develop ability of low-wind speed resources as well as higher quality and operating stability. In respect of solar power generation, the conversion efficiency of battery modules has been constantly enhancing. Meanwhile, solar thermal power generation and energy storage technology have also been improving, which increase the developable wind and solar resources. Thanks to the advance of technology and market competition, the price of wind turbines and solar power modules have both decreased as compared with the same period in the previous year.

Advancements in renewable energy power generation technology constantly drove down the Levelized Cost Of Electricity (“LCOE”) and enhanced the competitiveness of renewable energy commercialisation and operations. In the imminent age of grid parity, the competitive advantage of renewable energy has become most obvious.

一、經營環境（續）

（三）可再生能源技術進步加快，成本加速下降

本年度，可再生能源技術繼續保持快速進步，設備效率持續提升。在風電方面，風機槳葉更長，塔筒更高，風能的轉化效率更高，低風速資源可開發性增強，風機質量提升、運行穩定；在太陽能發電方面，電池組件的轉化效率不斷提高。與此同時，光熱發電、儲能技術亦在不斷進步，使得可開發風光資源增加。受益於技術進步和市場競爭，風機價格、太陽能發電組件價格和電池價格均比上年同期大幅下降。

可再生能源發電技術進步，使度電成本大幅下降，增加了其商業化運營的競爭力，在加速到來的平價上網時代，可再生能源具有明顯的競爭優勢。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

(4) Continuing Promotion of Power System Reform

In 2018, the policies on the construction of the electricity market continued to improve, encouraging power grid enterprises to participate in inter-province and inter-region power trading, prompting various types of power generation enterprises to enter the market, and opening the market for eligible users. With further optimization of the power trading mechanism in the market, power trading continued to increase in terms of scale and proportion. Meanwhile, in 2018, the NDRC, the NEA and other departments issued a series of policies on incremental power distribution reforms, which basically established the policy system of incremental power distribution reform and further expanded the channels for social capital to enter into the power grids, creating a new business model for the industry. The promotion of the “distributed projects in close proximity to users” policy was expected to be a new highlight of the power system reform, which would not only contribute to the further development of the new energy industry and accelerate the achievement of zero subsidy, but also facilitate the continued promotion of market-based power trading and the implementation of the reform’s original intention of “controlling the industry but allowing competitions at both ends”.

一、經營環境（續）

（四）電力體制改革持續推進

2018 年，電力市場建設政策繼續完善，鼓勵電網企業參與跨省跨區電力交易，推進各類發電企業進入市場，放開符合條件的用戶進入市場；電力市場化交易機制進一步完善，市場化交易電量規模和交易比重繼續提升。同時，2018 年國家發展改革委、國家能源局等部門發佈的一系列增量配電改革相關政策，基本建立了增量配電改革的政策體系，進一步拓寬了社會資本進入電網領域的渠道，為行業創造出新的商業模式。分佈式「隔牆售電」政策的推進，有望成為電改新亮點，不僅將促進新能源行業的進一步爆發，加速落實零補貼，還將促進電力市場化交易的持續推進，落實「管住中間、放開兩頭」的改革初衷。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

(5) Tight Financing for Renewable Energy Industry, Policy Support from Government Increased

In 2018, China’s monetary policy remained sound and neutral. Though factors such as financial deleveraging and Sino-U.S. trade friction increased the difficulty in financing renewable energy. While there was a slight increase in financing costs, the borrowing interest rates of financial institutions were generally stable. The central bank announced four times targeted reserve requirement ratio (RRR) cut during the Year, and supported financial institutions to expand their credit facilities to small and micro enterprises, private enterprises and innovative enterprises through measures such as increased refinancing, increased rediscount quotas and flexible credit policies.

一、經營環境（續）

（五）可再生能源行業融資偏緊，政府政策支持力度加大

2018 年，中國貨幣政策繼續保持穩健中性，金融去杠杆、中美貿易摩擦等因素導致可再生能源融資難度有所加大，融資成本略有上升，但金融機構貸款利率總體趨穩。央行于年內開展了四次定向降準，並通過增加再貸款和再貼現額度、信貸政策等措施支持金融機構擴大對小微企業、民營企業和創新型企業的資金投放。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW

The Group achieved remarkable results in its strategic transformation. Revenue and profit of its power generation business segment increased significantly. The Group made correct judgments of the time and situation, accurately set its development direction and grasp the market opportunities. On the one hand, it strengthened its efforts in the development and construction of wind power projects in regions where power curtailment was not implemented and increased the income quality of incremental assets through the investment in a number of power generation plants which enjoyed high electricity prices in areas with no power curtailment, as well as through the aggressive application of new technologies and new wind turbine types. On the other hand, it utilised the intelligent operation technology of Internet of Things to reduce the cost of power generation, and properly managed its existing assets, thus achieving remarkable increases in power generation and profit. Meanwhile, businesses related to the renewable energy industry such as the Energy Internet of Things, distributed wind power, distributed photovoltaic power, energy storage and financial leasing achieved remarkable expansion.

In 2018, the Group achieved a total income of RMB1,414,070,000 (2017: RMB1,035,967,000), an increase of 36.50% over the same period of the previous year; profit attributable to equity holders of the Group amounted to RMB502,406,000 (2017: RMB200,036,000), increased by 151.16% as compared with the same period in the previous year. The basic earnings per share were RMB5.88 cents (2017: RMB2.33 cents); and the fully diluted earnings per share were RMB5.87 cents (2017: RMB2.33 cents).

二、業務回顧

集團戰略轉型成功，成效顯著，發電業務收入和利潤大幅增加。本集團審時度勢，準確把握發展方向和市場機遇，一方面加大不限電地區風電項目的開發建設力度，投資了一批電價高、非限電區域內電廠，並積極採用新技術、新機型，提升增量資產的收益質量；另一方面運用物聯網智慧運營技術，努力降低發電成本，做好存量資產的經營，集團電廠發電量和利潤實現大幅增長。同時，能源物聯網、分散式風電、分佈式光伏、儲能及融資租賃等可再生能源產業相關業務均得到有力拓展。

2018 年，集團共實現收入人民幣 1,414,070,000 元（2017 年：人民幣 1,035,967,000 元），較上一年度同期上升 36.50%；集團權益持有人應佔溢利人民幣 502,406,000 元（2017 年：人民幣 200,036,000 元），較上一年度同期上升 151.16%；每股基本盈利為人民幣 5.88 分（2017 年：人民幣 2.33 分）；每股全面攤薄盈利為人民幣 5.87 分（2017 年：人民幣 2.33 分）。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

As at the end of the Year, the net assets of the Group amounted to RMB5,546,739,000 (31 December 2017: RMB5,255,146,000) and its net assets per share was RMB0.65 (2017: RMB0.61).

(1) Rapid Growth in Power Plant Performance and Significant Increase in Asset Quality
i. Satisfactory Development of the B u s i n e s s o f P o w e r G e n e r a t i o n ; Significant Growth in Wind Power Generation
- In 2018, power generation output attributable to the Group increased significantly, an increase of 48.55% over the previous year. The Group’s whollyowned power plants showed significant increase of 88.91% in power generation compared to the previous year. During the Year, the Group’s share of power generation from its jointly-owned power plants grew by 8.74% over the previous year, benefiting from continuing reduced curtailment in the northern regions and improved operating efficiency.

二、業務回顧（續）

截至本年末，集團資產淨值人民幣 5,546,739,000 元（2017 年 12 月 31 日：人民幣 5,255,146,000 元），每股淨資產為人民幣 0.65 元（2017 年：人民幣 0.61 元）。

（一）電廠效益高速增長，資產質量大幅提高
1、電廠業務發展喜人，風電發電量大幅增長

2018 年，集團權益發電量大幅增長，較上一年度增長 48.55%。其中，集團獨資電廠發電量較上一年度大幅增長 88.91%。本年度，受益於北方地區限電繼續緩解及營運效率改善，集團合聯營電廠權益發電量較上一年度增長 8.74%。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

二、業務回顧（續）

(1) Rapid Growth in Power Plant Performance and Significant Increase in Asset Quality (COntinuEd)
（一）電廠效益高速增長，資產質量大幅提高 （續）
i. Satisfactory Development of the Main Business of Power Generation; Significant Growth in Wind Power Generation (COntinuEd)
1、電廠業務發展喜人，風電發電量大幅增長 （續）

Total Attributable Power Generation Output (GWh) 權益總發電量（吉瓦時）

權益總發電量（吉瓦時）	權益總發電量（吉瓦時）
The Group’s Invested Power Plants 集團持有股權的電廠		The Group’s Wholly-owned Power Plants 其中：獨資電廠
Business Segments and Regions 業務板塊及區域	2018 2017 Change rate 2018年 2017年變化率	2018 2017 Change rate 2018年 2017年變化率
Wind Power Generation 風電發電量 Including: 其中： Northeastern China 東北區域 Northern China 華北區域 Northwestern China 西北區域 Eastern China 華東區域 Central Southern China 中南區域 Southwestern China 西南區域	3,187.91 1,997.17 59.62% 338.94 269.73 25.66% 438.55 430.02 1.98% 141.05 126.29 11.69% 567.37 457.47 24.02% 1,507.52 563.59 167.49% 194.47 150.06 29.59%	1,865.43 783.22 138.17% — — — — — — — — — 323.37 217.90 48.40% 1,347.59 415.26 224.52% 194.47 150.06 29.59%
Photovoltaic Power Generation 光伏發電量 Including: 其中： Northeastern China 東北區域 Northern China 華北區域 Northwestern China 西北區域 Eastern China 華東區域 Southwestern China 西南區域 Overseas Regions 海外區域	447.86 450.29 -0.54% 0.01 — — 43.32 25.64 68.95% 12.51 63.89 -80.42% 59.44 59.31 0.22% 311.55 285.59 9.09% 21.04 15.85 32.74%	430.54 432.16 -0.37% 0.01 — — 31.04 12.57 146.94% 12.51 63.89 -80.42% 54.40 54.26 0.26% 311.55 285.59 9.09% 21.04 15.85 32.74%
Total 合計	3,635.77 2,447.46 48.55%	2,295.97 1,215.38 88.91%

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

二、業務回顧（續）

(1) Rapid Growth in Power Plant Performance and Significant Increase in Asset Quality (COntinuEd)
（一）電廠效益高速增長，資產質量大幅提高 （續）
ii. Significant Increase in Utilization Hours, Further Reduction in Curtailment Rates
2、利用小時數大幅提升，限電比例進一步下降

In 2018, the weighted average utilization hours of the wind power plants invested by the Group have increased significantly to 2,148 hours, higher than the national average of 2,095 hours, of which the weighted average utilization hours of wholly-owned wind power plants were 2,288 hours. The weighted average utilization hours of photovoltaic power plants invested by the Group were 1,379 hours, which was also higher than the national average of 1,115 hours, whereas that of the Group’s wholly-owned photovoltaic power plants were 1,356 hours.

2018 年，集團投資持有股權的風電廠加權平均利用小時數顯著提升，達到 2,148 小時，高於全國平均水平（2,095 小時）。其中，獨資風電廠加權平均利用小時數為 2,288 小時。集團投資持有股權的光伏電廠加權平均利用小時數為 1,379 小時，同樣高於全國平均水平（1,115 小時），其中，獨資光伏電廠加權平均利用小時數為 1,356 小時。

Weighted Average Utilization Hours of Power Plants (Hour) 電廠加權平均利用小時（小時）

	電廠加權平均利用小時（小時）
	The Group’s Invested Power Plants 集團持有股權的電廠	The Group’s Wholly-owned Power Plants 其中：獨資電廠
Business Segments 業務板塊	2018 2017 Change rate 2018年 2017年變化率	2018 2017 Change rate 2018年 2017年變化率
Average Utilization Hours of Wind Power 風電平均利用小時	2,148 1,921 11.82%	2,288 2,072 10.42%
Average Utilization Hours of Photovoltaic Power 光伏平均利用小時	1,379 1,367 0.88%	1,356 1,313 3.27%

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

二、業務回顧（續）

(1) Rapid Growth in Power Plant Performance and Significant Increase in Asset Quality (COntinuEd)
（一）電廠效益高速增長，資產質量大幅提高 （續）
ii. Significant Increase in Utilization Hours, Further Reduction in Curtailment Rates (COntinuEd)
2、利用小時數大幅提升，限電比例進一步下降 （續）

B e n e f i t i n g f r o m t h e s i g n i f i c a n t improvement in the nationwide grid curtailment and the increase of highquality wind power projects in southern China areas with no power curtailment, the operating efficiency of the Group showed strong improvement for the Year. The average wind power curtailment rate of the wind power plants invested by the Group was 4.03%, decreasing significantly as compared to the same period of previous year and was lower than the level of national average. The wind power curtailment rate of wholly-owned power plants was only 0.06%. The average photovoltaic power curtailment rate of the photovoltaic power plants invested by the Group was 12.35%. The increase in the curtailment rate is mainly due to the curtailment rate increase of the Tibet photovoltaic power plant.

本年度，受益於全國限電形勢大幅好轉，及南方不限電地區優質風電項目的增加，集團營運效益顯著提升。集團投資持有股權的全部風電廠平均棄風率 4.03%，同比上一年度顯著下降，低於全國平均水平，獨資風電廠限電率僅為 0.06%。集團投資持有股權的光伏電廠平均棄光率 12.35%，棄光率的上升主要由於西藏光伏電廠的棄光率增加。

Wind and Photovoltaic Power Curtailment Rates of Power Plants (%) 電廠棄風棄光率 (%)

	電廠棄風棄光率(%)
	The Group’s Invested Power Plants 集團持有股權的電廠	The Group’s Wholly-owned Power Plants 其中：獨資電廠
Business Segments 業務板塊	2018 2017 Change rate 2018年 2017年變化率	2018 2017 Change rate 2018年 2017年變化率
Wind Power Curtailment Rate 風電棄風率	4.03% 9.10% -5.07%	0.06% 0.19% -0.13%
Photovoltaic Power Curtailment Rate 光伏棄光率	12.35% 7.49% 4.86%	13.60% 8.31% 5.29%

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

二、業務回顧（續）

(1) Rapid Growth in Power Plant Performance and Significant Increase in Asset Quality (COntinuEd)
（一）電廠效益高速增長，資產質量大幅提高 （續）
ii. Significant Increase in Utilization Hours, Further Reduction in Curtailment Rates (COntinuEd)

2、利用小時數大幅提升，限電比例進一步下降（續）

During the Year, the Group implemented centralised monitoring and control and smart energy management through the construction of 4 centralised monitoring and control centres in Hunan, Hubei, Anhui and Tibet, the application of the “POWER +” system and development of the enterprise asset management (“EAM”) system. The level of intelligent inspection and maintenance grew rapidly, and the availability of the wind turbines in the Group’s invested wind power plants increased effectively, reaching 97.78%, of which the availability of the wind turbines in its wholly-owned wind power plants was 98.30%. The availability of the photovoltaic power plants invested by the Group was 99.18% whereas that of the Group’s wholly-owned photovoltaic power plants was 99.03%.

本年度，集團通過湖南、湖北、安徽、西藏 4 個集控中心的建設、POWER+ 系統應用及資產管理系統 (EAM) 的建設，全面推進集控中心及智慧能源管理，智能化檢修水平迅速提升，集團投資持有股權的風電廠風電機組可利用率有效提高，達到 97.78%，其中，獨資風電廠機組可利用率為 98.30%。集團投資持有股權的光伏發電廠可利用率 99.18%，其中獨資光伏電廠可利用率為 99.03%。

Availability of Wind Turbines and Photovoltaic Power Plants (%) 風電機組可利用率、光伏電廠可利用率 (%)

	The Group’s Invested Power Plants 集團持有股權的電廠	The Group’s Wholly-owned Power Plants 其中：獨資電廠
Business Segments 業務板塊	2018 2017 Change rate 2018年 2017年變化率	2018 2017 Change rate 2018年 2017年變化率
Availability of Wind Turbines 風電機組可利用率	97.78% 97.19% 0.59%	98.30% 98.53% -0.23%
Availability of PV Power Plants 光伏電廠可利用率	99.18% 98.73% 0.45%	99.03% 98.50% 0.53%

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(1) Rapid Growth in Power Plant Performance and Significant Increase in Asset Quality (COntinuEd)
iii. Average Feed-in Tariffs of Wind Power Maintained at Relatively High Levels; Proportion of Traded Power Volume of Wholly-owned Projects Decreased

In 2018, under the combined impact of growth in installed capacity in the whollyowned power plants and the declined tariffs for power transactions, the weighted average feed-in tariff of wind power plants invested by the Group increased to RMB0.5595/kWh (including VAT) (the same period of 2017: RMB0.5582/kWh). For photovoltaic power plants, the weighted average feed-in tariff was RMB0.9446/kWh (including VAT) (the same period of 2017: RMB0.9698/kWh). The weighted average feed-in tariff of wind power plants whollyowned by the Group was RMB0.5948/kWh (including VAT) (the same period of 2017: RMB0.5830/kWh). For wholly-owned wind power plants, the weighted average tariff (exclusive of subsidies) was RMB0.3910/ kWh. For wholly-owned photovoltaic power plants, the weighted average feed-in tariff was RMB0.9073/kWh (including VAT) (the same period of 2017: RMB0.9357/kWh).

二、業務回顧（續）

（一）電廠效益高速增長，資產質量大幅提高 （續）
3、風電平均上網電價仍維持較高水平，獨資項目交易電量佔比下降

2018 年，受獨資控股電廠裝機容量增長及交易電量電價下浮的綜合影響，集團投資持有股權的風電廠加權平均上網電價有所回升，為人民幣 0.5595 元╱千瓦時（含增值稅）（2017 年同期：人民幣 0.5582 元╱千瓦時），光伏發電加權平均上網電價人民幣 0.9446 元╱千瓦時（含增值稅）（2017 年同期：人民幣 0.9698 元╱千瓦時）。其中，集團獨資風電廠加權平均上網電價人民幣 0.5948 元 ╱千瓦時（含增值稅）（2017 年同期：人民幣 0.5830 元 ╱千瓦時），獨資風電廠加權平均不含補貼電價 0.3910 元╱千瓦時，獨資光伏電廠加權平均上網電價人民幣 0.9073 元╱千瓦時（含增值稅）（2017 年同期：人民幣 0.9357 元╱千瓦時）。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(1) Rapid Growth in Power Plant Performance and Significant Increase in Asset Quality (COntinuEd)
iii. Average Feed-in Tariffs of Wind Power Maintained at Relatively High Levels; Proportion of Traded Power Volume of Wholly-owned Projects Decreased (COntinuEd)

During the Year, the traded power volume of the Group’s wholly-owned power plants amounted to 256.21 million kWh, accounting for 11.16% (the same period of 2017: 171.29 million kWh, accounting for 14.09%). Traded wind power volume reached 121.55 million kWh, accounting for 6.52% of wholly-owned wind power generation (the same period of 2017: 63.74 million kWh, accounting for 8.14%) and average reduction in wind power tariffs over the approved benchmark feedin tariff was RMB0.0145/kWh) (the same period of 2017: reduction of RMB0.0275/ kWh). Traded photovoltaic power volume amounted to 134.66 million kWh, accounting for 31.28% of the whollyowned photovoltaic power generation (the same period of 2017: 107.55 million kWh, accounting for 24.89%) and average reduction in photovoltaic power tariffs over the approved benchmark feed-in tariff was RMB0.0837/kWh (the same period of 2017: reduction of RMB0.0790/kWh).

二、業務回顧（續）

（一）電廠效益高速增長，資產質量大幅提高 （續）
3、風電平均上網電價仍維持較高水平，獨資項目交易電量佔比下降 （續）

本年度，集團獨資電廠交易電量為 25,621 萬千瓦時，佔比為 11.16%（2017 年同期：17,129 萬千瓦時，佔比為 14.09%）。其中，風電交易電量 12,155 萬千瓦時，佔獨資風電發電量的 6.52% （2017 年同期：6,374 萬千瓦時，佔比為 8.14%），風電電價比核准的標桿電價平均降幅為人民幣 0.0145 元 ╱千瓦時（2017 年同期：降幅 0.0275 元╱千瓦時）；光伏交易電量 13,466 萬千瓦時，佔獨資光伏發電量的 31.28%（2017 年同期： 10,755 萬千瓦時，佔比為 24.89%），光伏電價比核准的標桿電價平均降幅為人民幣 0.0837 元╱千瓦時（2017 年同期：降幅 0.0790 元╱千瓦時）。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(1) Rapid Growth in Power Plant Performance and Significant Increase in Asset Quality (COntinuEd)
iv. Significant Increase in Income and Profit of Wholly-owned Power Plants; Continuous Improvement on Return of Jointly-owned Power Plants

In 2018, the Group’s wholly-owned power plants achieved a total income of RMB1,251,109,000, an increase of 74.36% over the same period of the previous year, accounting for 88.48% of the Group’s revenue (2017: 69.27%).

During the Year, the Group’s whollyowned power plants achieved a total net profit from power generation of RMB511,276,000, and the Group shared net profits totalling RMB149,619,000 from its associates and joint ventures.

二、業務回顧（續）

（一）電廠效益高速增長，資產質量大幅提高 （續）
4、獨資電廠收入及利潤大幅增長，合聯營電廠效益繼續改善

2018年，集團獨資電廠共實現收入人民幣1,251,109,000元，較上一年度增長74.36%，佔集團收入的 88.48%（2017 年：69.27%）。

本年度，集團獨資電廠共實現發電淨利潤人民幣 511,276,000 元，集團分享聯營公司及合營企業淨利潤人民幣 149,619,000 元。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

二、業務回顧（續）

(1) Rapid Growth in Power Plant Performance and Significant Increase in Asset Quality (COntinuEd)
（一）電廠效益高速增長，資產質量大幅提高 （續）
iv. Significant Increase in Income and Profit of Wholly-owned Power Plants; Continuous Improvement on Return o f J o i n t l y - o w n e d P o w e r P l a n t s (COntinuEd)
4、獨資電廠收入及利潤大幅增長，合聯營電廠效益繼續改善 （續）

Revenue and Net Profit of Power Plants (RMB)

電廠收入及淨利潤（人民幣：元）

	2018 2018 年	2017 2017 年	Change rate 變化率
Revenues of Wholly-owned Power Plants 獨資電廠收入 Including: 其中： Wind Power 風電 Photovoltaic Power 光伏	1,251,109,000 906,206,000 344,903,000	717,548,000 366,295,000 351,253,000	74.36% 147.40% -1.81%
Net Profit of Wholly-owned Power Plants 獨資電廠淨利潤 Including: 其中： Wind Power 風電 Photovoltaic Power 光伏	511,276,000 419,089,000 92,187,000	233,871,000 145,630,000 88,241,000	118.61% 187.78% 4.47%
Net Profit of Jointly-owned Power Plants 合聯營電廠淨利潤 Including: 其中： Wind Power 風電 Photovoltaic Power 光伏	149,619,000 140,654,000 8,965,000	127,186,000 121,222,000 5,964,000	17.64% 16.03% 50.32%

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(2) Investment and Construction of Power Plants

In 2018, the construction of the Group’s projects proceeded steadily. The invested power plants were all high-quality wind power plants in regions with no power curtailment in southern China. The Group’s installed capacity continuously increased. During the Year, the Group reduced its LCOE and increased the power generation efficiency by aggressively promoting the use of new technologies, adopting the latest wind turbines, and at the same time optimising designs and strengthening the management of project construction progress, whereby the Group effectively reduced the overall construction cost of projects, greatly increased the amount of power generation, significantly reducing LCOE, and tremendously increased the competitiveness of power plants.

i. Continued Increase in Installed Capacity of Power Plants; Proportion of Whollyowned Power Plants Increased Over the

二、業務回顧（續）

（二）電廠投資與建設

2018 年，集團項目建設穩步推進，所投資風電廠全部為南方不限電區域的優質風電廠，集團裝機容量持續增長。本年度，為了降低度電成本，提高發電效率，集團積極推廣使用新技術、應用新機型，同時通過優化設計、加強建設項目進度管理等措施，有效降低了工程整體造價，大幅提高了發電量，度電成本降低明顯，極大地提高了電廠的競爭能力。

1、電廠裝機容量持續增長，獨資電廠佔比逐年提升

Years

During the Year, the total installed capacity of the Group’s invested power plants under construction was 1,068MW (the same period of 2017: 1,006MW), all of which were wholly-owned projects. Among them, 6 were continued construction projects, with an installed capacity of 340MW; 15 new construction projects were started with an installed capacity of 728MW.

本年度，集團投資電廠的總建設裝機容量 1,068MW（2017 年同期： 1,006MW），全部為獨資項目。其中，續建項目 6 個，裝機容量 340MW；新開工建設項目 15 個，裝機容量 728MW。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(2) Investment and Construction of Power Plants (COntinuEd)

i. Continued Increase in Installed Capacity of Power Plants; Proportion of Whollyowned Power Plants Increased Over the Years (COntinuEd)

During the Year, the Group newly added 10 power plants into operation with a total installed capacity of 471MW (the same period of 2017: 439MW), all of which were wholly-owned projects. Among which, 9 were wind power plants with an installed capacity of 470MW and 1 was distributed photovoltaic power plant with an installed capacity of 1MW.

As at the end of the Year, the Group owned shares in 74 grid-connected wind power and photovoltaic power plants with a total installed capacity of 3,189MW (the same period of 2017: 2,718MW) and an attributable installed capacity of 2,277MW. Among them, 55 were wind power plants with an installed capacity of 2,857MW (the same period of 2017: 2,387MW) and an attributable capacity of 1,963MW, and 19 were photovoltaic power plants with an installed capacity of 332MW (the same period of 2017: 331MW) and an attributable installed capacity of 314MW.

As at the end of the Year, the Group had 43 wholly-owned grid-connected wind power and photovoltaic power plants with a total installed capacity of 1,611MW. Among which, 26 were wind power plants with an installed capacity of 1,308MW, and 17 were photovoltaic power plants with an installed capacity of 303MW.

二、業務回顧（續）

（二）電廠投資與建設 （續）

1、電廠裝機容量持續增長，獨資電廠佔比逐年提升（續）

本年度，集團共新增投產 10 間電廠，總裝機容量 471MW（2017 年同期： 439MW），全部為獨資電廠。其中，風電廠 9 間，裝機容量 470MW，分佈式光伏電廠 1 間，裝機容量 1MW。

截至本年末，本集團持有 74 間併網發電之風電及光伏電廠股權，總裝機容量 3,189MW（ 2017 年同期：2,718MW），權益裝機容量 2,277MW。其中風電廠 55 間，裝機容量 2,857MW（2017 年同期： 2,387MW），權益裝機容量 1,963MW；光伏電廠 19 間，裝機容量 332MW（2017 年同期：331MW），權益裝機容量 314MW。

截至本年末，本集團獨資持有 43 間併網發電之風電及光伏電廠，總裝機容量 1,611MW。其中風電廠 26 間，裝機容量 1,308MW；光伏電廠 17 間，裝機容量 303MW。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

二、業務回顧（續）

(2) Investment and Construction of Power Plants (COntinuEd)
（二）電廠投資與建設 （續）

i. Continued Increase in Installed Capacity of Power Plants; Proportion of Whollyowned Power Plants Increased Over the Years (COntinuEd)

1、電廠裝機容量持續增長，獨資電廠佔比逐年提升 （續）

Attributable Installed Capacity (MW) 權益裝機容量(MW)	Attributable Installed Capacity (MW) 權益裝機容量(MW)	Attributable Installed Capacity (MW) 權益裝機容量(MW)
	The Group’s Invested Power Plants 集團持有股權的電廠	The Group’s Wholly-owned Power Plants 其中：獨資電廠
Business Segments and Regions 業務板塊及區域	2018 2017 Change rate 2018年 2017年變化率	2018 2017 Change rate 2018年 2017年變化率
Installed Wind Power Capacity 風電裝機容量 Including: 其中： Northeastern China 東北區域 Northern China 華北區域 Northwestern China 西北區域 Eastern China 華東區域 Central Southern China 中南區域 Southwestern China 西南區域	1,963 1,493 31.48% 162 162 0.00% 186 186 0.00% 103 103 0.00% 379 248 52.82% 1,053 714 47.48% 80 80 0.00%	1,308 838 56.09% — — — — — — — — — 261 130 100.77% 967 628 53.98% 80 80 0.00%
Installed Photovoltaic Power Capacity 光伏裝機容量 Including: 其中： Northeastern China 東北區域 Northern China 華北區域 Northwestern China 西北區域 Eastern China 華東區域 Southwestern China 西南區域 Overseas Regions 海外區域	314 313 0.32% 1 — — 26 26 0.00% 9 9 0.00% 44 44 0.00% 215 215 0.00% 18 18 0.00%	303 302 0.33% 1 — — 20 20 0.00% 9 9 0.00% 40 40 0.00% 215 215 0.00% 18 18 0.00%
Total 合計	2,277 1,806 26.08%	1,611 1,140 41.32%

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(2) Investment and Construction of Power Plants (COntinuEd)
ii. Adjusting National Development Deployment, Exploring Distributed Wind Power, Distributed Photovoltaic Power and Energy Storage Businesses

During the Year, in the “2018 Wind Power Development and Construction Plan” (“2018 年風電開發建設方案 ”) issued by the provincial energy bureaus, the Group had a total of 5 wind power projects (a total of 400MW) listed in the annual development and construction plan, all of which were located in regions with good grid access conditions and without power curtailment. In 2018, the Group had 4 new approved wind power projects (a total of 349MW). In addition, the Group has 4 new approved/ registered photovoltaic projects (a total of 55.4MW).

Currently, the scale of total wind power projects of the Group which are in construction but not yet in operation reached 833MW, and the scale of the projects which have been approved but not yet commenced reached 598MW. During the Year, the Group newly signed contracts for wind resource of 4,078MW and photovoltaic resource of 137MW. The Group closely follows the development of renewable energy technologies, utilises advanced equipment such as high anemometer towers and laser anemometers to continuously track and evaluate the wind resources it holds, and selects wind and photovoltaic resources with the best economic benefits under the current technology and cost levels to participate in the competitive biddings

二、業務回顧（續）

（二）電廠投資與建設 （續）
2、調整全國開發佈局，開拓分散式風電、分佈式光伏和儲能業務

本年度，在各省能源局印發的「2018 年風電開發建設方案」中，本集團共有 5 個風電項目（共計 400MW）列入年度開發建設方案名單，這些項目全部位於電網接入條件較好、非限電區域。2018 年，本集團新增核准 4 個風電項目（共計 349MW），備案 4 個光伏項目（共計 55.4MW）。

目前，集團在建但未投產風電項目規模 833MW，已核准未開工項目 598MW。本年度，集團共新簽約風資源 4,078MW，新簽署光伏資源 137MW。集團緊密跟蹤可再生能源技術發展，利用高測風塔、鐳射測風儀等先進設備，對所持有風資源進行持續跟蹤和評估，在現有技術和造價水平下優先選擇經濟效益最好的風光資源參與競價和平價發電項目的開發與建設。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(2) Investment and Construction of Power Plants (COntinuEd)
ii. Adjusting National Development Deployment, Exploring Distributed Wind Power, Distributed Photovoltaic Power and Energy Storage Businesses (COntinuEd)

During the Year, the Group strengthened its development efforts in distributed wind power and photovoltaic power projects, and has put into operation the nation’s first high-altitude echelon-use energy storage project on the power generation side in Tibet. The Group also actively developed energy storage projects on the power generation side and user side.

iii. E x p a n d i n g F i n a n c i n g C h a n n e l s , C o n s o l i d a t i n g C a p i t a l S t r e n g t h , Guaranteeing Project Construction

During the Year, the Group optimized its capital allocation and further expanded its financing channels by successfully issuing green corporate bonds and convertible loan. During the year, the total external borrowings of the Group amounted to approximately RMB3,824,905,500, including the disbursement of a convertible loan of HK$233,800,000 by the Group to International Finance Corporation (“IFC”), the issuance of green bonds of US$0.2 billion in Hong Kong and the entering into of a convertible loan agreement of US$50 million with the Goldman Sachs Group.

二、業務回顧（續）

（二）電廠投資與建設 （續）
2、調整全國開發佈局，開拓分散式風電、分佈式光伏和儲能業務 （續）

本年度，集團加大分散式風電和分佈式光伏項目的開發力度，並在西藏投產了國內首個發電側高原梯次電池儲能項目，也積極在發電側和用戶側開發儲能項目。

3、拓寬融資渠道，鞏固資金優勢，保障項目建設

本年度，本集團優化資金配置，進一步拓寬融資渠道，成功發行了綠色企業債券、可換股貸款。本年度，集團總計獲得外部借款折合人民幣約 382,490.55 萬元，其中包括集團向國際金融公司（IFC）發行的可換股貸款 23,380 萬港元和在香港發行的綠色債券 2 億美元，並與高盛集團簽署了 5000 萬美元的可換股貸款協議。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(2) Investment and Construction of Power Plants (COntinuEd)
iii. E x p a n d i n g F i n a n c i n g C h a n n e l s , C o n s o l i d a t i n g C a p i t a l S t r e n g t h , Guaranteeing Project Construction (COntinuEd)
- On 28 December 2017, the Company entered into the agreement for the convertible loan of HK$233,800,000 with IFC (the “IFC Convertible Loan”). On 23 May 2018, the Group issued the IFC Convertible Loan which consists of three tranches: (i) Tranche I being HK$93,480,000; and (ii) Tranche II being HK$70,110,000; and (iii) Tranche III being HK$70,210,000. IFC has the right to convert all or any part of the outstanding amount of the IFC Convertible Loan into the ordinary shares of the Company at a conversion price of (i) HK$0.5 per Share (for Tranche I); (ii) HK$0.55 per Share (for Tranche II); and (iii) HK$0.6 per Share (for Tranche III) (subject to the adjustments as set out in the agreement for the IFC Convertible Loan (the “IFC Convertible Loan Agreement”)). The closing price per Share is HK$0.34 on the date of the IFC Convertible Loan Agreement.

The IFC Convertible Loan is convertible into approximately 431,449,393 Shares (with nominal value of HK$4,314,493.93). The net proceeds from the IFC Convertible Loan, after deducting the commissions and other estimated expenses payable, amount to approximately HK$230,200,000 have mainly been used to finance the development and construction of the Group’s new wind energy projects in PRC. The net price to the Company for each Share upon conversion of the IFC Convertible Loan is approximately HK$0.534.

二、業務回顧（續）

（二）電廠投資與建設 （續）
3、拓寬融資渠道，鞏固資金優勢，保障項目建設 （續）

於2017年12月28日，本公司就 233,800,000 港元之可換股貸款（「IFC 可換股貸款」）與 IFC 訂立協議。於 2018 年 5 月 23 日，本集團發出 IFC 可換股貸款，由三批貸款組成：(i) 第一批為 93,480,000 港元；及 (ii) 第二批為 70,110,000 港元；及 (iii) 第三批為 70,210,000 港元。IFC 有權按轉換價 (i) 每股 0.5 港元（第一批）；(ii) 每股 0.55 港元（第二批）；及 (iii) 每股 0.6 港元（第三批）（可根據根據 IFC 可換股貸款之協議（「IFC 可換股貸款協議」）所載條款予以調整）將 IFC 可換股貸款之全部或任何部分未償還本金額轉換為本公司之普通股。於 IFC 可換股貸款協議日期，股份收市價為每股 0.34 港元。

IFC 可換股貸款可轉換約為 431,449,393 股股份（面值為 4,314,493.93 港元）。IFC 可換股貸款之所得款項淨額（經扣除佣金及其他估計應付開支）將約為 230,200,000 港元，已主要用於撥資發展及興建本公司在中國之新風電項目。將 IFC 可換股貸款轉換時，本公司之每股股份淨價格約為 0.534 港元。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(2) Investment and Construction of Power Plants (COntinuEd)
iii. E x p a n d i n g F i n a n c i n g C h a n n e l s , C o n s o l i d a t i n g C a p i t a l S t r e n g t h , Guaranteeing Project Construction (COntinuEd)

The Directors consider that the IFC C o n v e r t i b l e L o a n w i l l d e e p e n t h e cooperation between IFC and the Company with IFC being a shareholder of the Company (IFC has held 101,140,000 shares of the Company, approximate 1.17% of the issued share capital of the Company as at the date of the IFC Convertible Loan Agreement). In the event that IFC converts all the IFC Convertible Loan, it will become a substantial shareholder of the Company. The Directors consider that the IFC Convertible Loan will finance the development and construction of the Company’s proposed wind energy projects in PRC. Further, if the conversion right of the IFC Convertible Loan is to be exercised, the capital base of the Company shall be strengthened.

On 13 December 2018 (as amended and restated on 16 January 2019), the Company entered into the agreement (a) for the convertible loan of US$30,000,000 with Goldman Sachs (the “GS Convertible Loan”) which consists of three tranches: (i) Tranche I being US$15,000,000; and (ii) Tranche II being US$9,000,000; and (iii) Tranche III being US$9,000,000; and (b) to grant to Goldman Sachs the option and the right to advance the additional loan of up to an aggregate principal amount of US$20,000,000 to the Company (the “GS Additional Loan”) which consists of three tranches: (i) Tranche I being US$8,000,000; and (ii) Tranche II being US$6,000,000; and (iii) Tranche III being US$6,000,000. Goldman Sachs and other lenders of the GS Convertible Loan and the GS Additional Loan have the right to convert all or any part of the outstanding principal amount

二、業務回顧（續）

（二）電廠投資與建設 （續）
3、拓寬融資渠道，鞏固資金優勢，保障項目建設 （續）

IFC 持有 101,140,000 股本公司股份，於 IFC 可換股貸款協議日期佔本公司已發行股本約 1.17%。董事認為，可換股貸款將加深 IFC 作為本公司股東與本公司之間的合作。倘 IFC 轉換全部 IFC 可換股貸款，其將成為本公司之主要股東。董事認為，IFC 可換股貸款將撥資發展及興建本公司在中國之建議風電項目。此外，倘 IFC 可換股貸款之轉換權獲行使，將鞏固本公司之資本基礎。

於 2 0 1 8 年 1 2 月 1 3 日（於 2019 年 1 月 16 日修訂及重訂），本公司與 Goldman Sachs 就以下各項訂立協議： (a) 為數 30,000,000 美元之可換股貸款（「GS 可換股貸款」），由三批貸款組成： (i) 第一批為 15,000,000 美元；(ii) 第二批為 9,000,000 美元；及 (iii) 第三批為 9,000,000 美元；及 (b) 向 Goldman Sachs 授出選擇權及權利，據此 Goldman Sachs 將向本公司提供本金總額最多為 20,000,000 美元之額外貸款（「GS 額外貸款」），由三批貸款組成：(a) 第一批為 8,000,000 美元；及 (b) 第二批為 6,000,000 美元；及 (c) 第三批為 6,000,000 美元。Goldman Sachs 以及 GS 可換股貸款及 GS 額外貸款之貸款人有權將其各自涉及

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)
(2) Investment and Construction of Power Plants (COntinuEd)
- iii. E x p a n d i n g F i n a n c i n g C h a n n e l s , C o n s o l i d a t i n g C a p i t a l S t r e n g t h , Guaranteeing Project Construction (COntinuEd)

of their respective participation in the GS Convertible Loan and the GS Additional Loan into ordinary shares of the Company at a conversion price of (i) HK$0.5 per Share (for Tranche I); (ii) HK$0.55 per Share (for Tranche II); and (iii) HK$0.6 per Share (for Tranche III) (subject to the adjustments as set out in the agreement for the GS Convertible Loan (the “GS Convertible Loan Agreement”)). The closing price per Share is HK$0.305 on the date of the GS Convertible Loan Agreement.

The GS Convertible Loan and the GS Additional Loan are convertible into approximately 720,650,000 Shares (with nominal value of HK$7,206,500). The net proceeds from the GS Convertible Loan and the GS Additional Loan, after deducting the commissions and other estimated expenses payable, will amount to approximately US$29,650,000 and approximately US$19,770,000 respectively. The GS Convertible Loan and the GS Additional Loan have not been drawdown as at the date of this annual report. As disclosed in the circular of the Company dated 25 February 2019, the net proceeds of approximately US$29,650,000 of the GS Convertible Loan are expected to be used: (i) as to approximately US$6 million as working capital for the daily operations of overseas offices during February 2019 to February 2020; (ii) as to approximately US$7.9 million for repaying interest of US$ bonds in or around July 2019; and (iii) as to approximately US$15.75 million for funding the capital investment for construction of wind power plant in the PRC during February 2019 to June 2019. The net proceeds of approximately US$19,770,000

二、業務回顧（續）

（二）電廠投資與建設 （續）
3、拓寬融資渠道，鞏固資金優勢，保障項目建設 （續）

之 GS 可換股貸款及 GS 額外貸款之全部或任何部分尚未償還本金額轉換為本公司普通股，轉換價為 (i) 每股股份 0.5 港元（第一批）；(ii) 每股股份 0.55 港元（第二批）；及 (iii) 每股股份 0.6 港元（第三批），可根據 GS 可換股貸款協議（「GS 可換股貸款協議」）所載予以調整。於 GS 可換股貸款協議日期，股份之收市價為 0.305 港元。

GS 可換股貸款及 GS 額外貸款可轉換為約 720,650,000 股股份（面值為 7,206,500 港元）。GS 可換股貸款及 GS 額外貸款之所得款項淨額（經扣除佣金及其他估計應付開支）將分別約為 29,650,000 美元及 19,770,000 美元。截至本年報日期，GS 可換股貸款及 GS 額外貸款尚未提取。誠如本公司日期為 2019 年 2 月 25 日之通函所披露，GS 可換股貸款之所得款項淨額約 29,650,000 美元預期將作以下用途：(i) 約 6,000,000 美元用作營運資金，供其於海外辦公室於 2019 年 2 月至 2020 年 2 月之日常營運；(ii) 約 7,900,000 美元用作於 2019 年 7 月或前後償還美元債券之利息；及 (iii) 約 15,750,000 美元用作於 2019 年 2 月至 2019 年 6 月建設於中國之風力發電站之資本投資資金。GS 額外貸款之所得款項淨額約 19,770,000

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(2) Investment and Construction of Power Plants (COntinuEd)
iii. E x p a n d i n g F i n a n c i n g C h a n n e l s , C o n s o l i d a t i n g C a p i t a l S t r e n g t h , Guaranteeing Project Construction (COntinuEd)

of the GS Additional Loan are expected to be used: (i) as to approximately US$15 million for funding the capital investment for construction of solar power energy projects in the United States during June 2019 to March 2020; and (ii) as to approximately US$4.77 million for funding the capital investment for construction of wind power plant in the PRC during June 2019 to March 2020. The net price to the Company for each Share upon conversion of the GS Convertible Loan and the GS Additional Loan is approximately HK$0.536 and approximately HK$0.535 respectively.

Goldman Sachs’s interest in making an investment into the Group reflects its confidence in the Group’s business and growth potential. The Directors are of the view that the raising of funds by the issue of the GS Convertible Loan and the GS Additional Loan is fair and reasonable having considered the recent market conditions which represent an opportunity for the Company to enhance its working capital, strengthen its capital base and financial position and broaden the Shareholders base without immediate dilution effect on the shareholding of the existing Shareholders. The Directors consider that the GS Convertible Loan and the GS Additional Loan will finance the development and construction of the Company’s proposed wind energy projects in the PRC. Further, if the conversion right of the GS Convertible Loan and the GS Additional Loan is to be exercised, the capital base of the Company shall be strengthened.

二、業務回顧（續）

（二）電廠投資與建設 （續）
3、拓寬融資渠道，鞏固資金優勢，保障項目建設 （續）

美元預期將作以下用途：(i) 約 15,000,000 美元用作於 2019 年 6 月至 2020 年 3 月建設於美國之太陽能發電項目之資本投資資金；及 (ii) 約 4,770,000 美元用作於 2019 年 6 月至 2020 年 3 月建設於中國之風力發電站之資本投資資金。於轉換 GS 可換股貸款及 GS 額外貸款時，本公司之每股股份淨價格分別為約 0.536 港元及約 0.535 港元。

Goldman Sachs 有興趣向本集團作出投資反映其對本集團之業務及增長潛力有信心。董事認為，發行 GS 可換股貸款及 GS 額外貸款進行集資屬公平合理，經考慮近期市況此乃本公司提升其營運資金、增強其資本基礎及財務狀況及於並無即時攤薄現有股東股權之影響下擴闊股東基礎之良機。董事認為， GS 可換股貸款及 GS 額外貸款將支持發展及興建本公司在中國之建議風電項目。此外，倘 GS 可換股貸款及 GS 額外貸款之轉換權獲行使，將鞏固本公司之資本基礎。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(3) Other Businesses

While focusing on its core power generation business, the Group also relied on its investments in the renewable energy industry to carry out some related business of renewable energy industry chain based on its main power generation business. In 2018, the Group made some achievements in terms of aspects such as Energy Internet of Things business, intelligent operation and maintenance, power plant design services, financial leasing as well as energy storage and incremental distribution network.

i. Research and Development of Energy Internet of Things Technology

In 2018, the Group increased its investment in the research and development of its Energy Internet of Things business, actively commenced the development and trial operation of POWER+3.0, intelligent inspection system (“Yixun”) and enterprise asset management (EAM) system, and enhanced the functional application of big data to build an “intelligent operation and maintenance” platform for the Group. Based on the regional operation m a n a g e m e n t , t h e G r o u p a d o p t e d “POWER +” + “Yixun” + “centralised monitoring and control centres” + “ EAM” mode through the online platform of POWER+ system, so as to achieve remote centralised monitoring and control of power plants, big data analysis and early warning, remote intelligent diagnosis, intelligent work order system and the operation model of unattended power plants with minimal human monitoring. The Group implemented comprehensive asset full lifecycle management, resulting in significant improvement of operation indicator performances of power plants and effective reduction of LCOE of power plants.

二、業務回顧（續）

（三）其他業務

本集團專注核心發電業務的同時，以可再生能源產業投資為依託，圍繞發電主業開展可再生能源產業鏈的相關業務。2018 年，集團在能源物聯網業務、智慧運維、電廠設計服務、融資租賃業務、儲能及增量配電網等領域，取得了一定成績。

1、能源物聯網技術研發

2018 年，集團加大能源物聯網業務研發投入，積極開展 POWER+3.0、智慧巡檢系統（易巡）、資產管理系統 (EAM) 開發並投入試運營，加強大數據功能應用，打造集團「智慧運維」平臺。基於區域化運營管理，以 POWER+ 系統作為線上平臺，採取「POWER+」+「易巡」 +「集控中心」+ 「EAM」模式，實現對電廠的遠程集中監控、大數據分析和預警、遠程智能故障診斷、智能工單系統、無人值班、少人值守，全面實行資產全生命週期管理，使電廠運營指標顯著提高，有效降低存量電廠度電成本。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(3) Other Businesses (COntinuEd)

i. Research and Development of Energy I n t e r n e t o f T h i n g s T e c h n o l o g y (COntinuEd)

During the Year, the Group’s subsidiary Beijing Power Concord Technology Development Co., Limited (“Power Concord”) spared great efforts in expanding external markets of new energy, and won the bidding of photovoltaic intelligent operation and maintenance platform project of Astronergy and the bidding of the Xiangtan Electric’s project of intelligent remote monitoring centre platform of wind power plant. As at the end of the Year, the POWER + system has served more than a total of 5GW of renewable energy power plants, including photovoltaic power plants with an installed capacity of 2.9GW and wind power plants with an installed capacity of 2.1GW.

ii. Operation and Maintenance of Power Plants

In 2018, the Group’s subsidiary Beijing C e n t u r y C o n c o r d O p e r a t i o n a n d Maintenance Co., Ltd. (“Concord O&M”) won the title of “Top 10 Outstanding Enterprises in Top 50 Chinese Wind Power Industry in 2018” and continued to obtain China’s High and New Technology Enterprise Certificate successfully. During the Year, by taking advantage of the Group’s “POWER +” products, Concord O&M gradually implemented a new energy operation mode combining the online “centralised monitoring and control, big data analysis, intelligent diagnosis and early warning and intelligent work order” with offline “safe, professional and standardised operation management, centralised overhaul, professional inspection testing and power plants with minimal human monitoring”.

二、業務回顧（續）

（三）其他業務（續）

1、能源物聯網技術研發（續）

本年度，本集團所屬北京動力協合科技有限公司（「動力協合」）大力拓展外部新能源市場，中標正泰新能源光伏智能運維平臺項目，中標湘電風電場智能化遠程監控中心平臺項目。截至本年末， POWER+ 系統已纍計幫助客戶管理超過 5GW 的可再生能源電站，其中光伏電廠裝機容量 2.9GW，風電廠裝機容量 2.1GW。

2、電廠運行維護

2018 年，本集團所屬北京協合運維風電技術有限公司（「協合運維」）榮獲「2018 風電產業 50 強十佳優秀企業」稱號，並成功繼續獲得國家《高新技術企業證書》。本年度，協合運維依託集團「POWER+」產品，逐步實施線上「集中監控、大數據分析、智能診斷預警、智能工單」和線下「安全專業標準化運營管理、區域集中檢修、專業點檢試驗、場站無人值班、少人值守」相結合的新能源運營模式。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(3) Other Businesses (COntinuEd)

ii. Operation and Maintenance of Power Plants (COntinuEd)

During the Year, Concord O&M had undertaken a total of 91 wind power and photovoltaic power plants’ overall operation and maintenance and scheduled inspection service contracts with a total of 5GW, and signed 13 contracts in areas such as preventive tests, technical renovation and overhaul and spare parts sales.

iii. Project Consultancy and Design Business

In 2018, the Group’s subsidiary Concord Power Consulting & Design (Beijing) Corp., Ltd. (“Design Company”) actively expanded its business areas, introduced design services for plants such as energy storage plants and distributed power plants, and obtained the Grade B credit rating of the power industry (thermal power, hydropower, nuclear power and new energy) consultation.

During the Year, the Design Company had completed 228 wind (photovoltaic) resource assessments and technical advisory reports, 42 feasibility study reports, 26 microsite selection reports, 12 preliminary designs, 15 construction drawing designs and 11 record drawings.

二、業務回顧（續）

（三）其他業務（續）

2、電廠運行維護（續）

本年度，協合運維共承擔 91 間風電及光伏電廠（共計 5GW）的整體運行維護業務及定檢服務合同；並簽訂了預防性試驗、技改大修、備件銷售等服務合同 13 個。

3、工程諮詢、設計業務

2018 年，本集團所屬之聚合電力工程設計（北京）股份有限公司（「設計公司」），積極拓展業務領域，增加儲能電站、分佈式電站等設計服務，並獲得了電力行業（火電、水電、核電、新能源）諮詢乙級資信評級。

本年度，設計公司完成風（光）資源評估和技術諮詢報告 228 項，可行性研究報告 42 項，微觀選址報告 26 項，初步設計 12 項，施工圖設計 15 項，竣工圖設計 11 項。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(3) Other Businesses (COntinuEd)

iv. Financial Leasing Business

In 2018, the Group’s subsidiary Tianjin Green Energy International Leasing Co., Ltd. (“Leasing Company”) strengthened its competence build-up and recruited professionals in the financial leasing i n d u s t r y , g r a d u a l l y i m p r o v i n g i t s organizational structure. During the Year, the Leasing Company actively commenced its financial leasing business in the renewable energy industry and successfully invested in 5 external financial leasing, demonstrating that the leasing business has started to develop. Meanwhile, the Leasing Company’s own financing capability has further improved and has built excellent cooperation relationships with a number of banks and financial institutes.

v. Energy Storage and Incremental Distribution Network Businesses

In 2018, the Group actively expanded its energy storage business based on the renewable energy industry chain and constructed energy storage demonstration projects for power generation side and users side. In particular, the Group’s highaltitude power storage project in Tibet, the nation’s first high-altitude echelonuse power storage project on the power generation side, has been put into operation. In the meantime, the Group invested jointly with a number of investors including Alfa Laval Group (“Alfa Laval”) and Breakthrough Energy Ventures (“BEV”) in the Malta energy storage technology development project, an incubation of Google X Labs, in the United States. Such technology can be widely applied to various energy storage markets such as grid peak load shifting, auxiliary services, distributed energy resources and business and industrial parks, which provides the Group with a first-mover advantage in the energy storage business sector and technical support to quickly enter the energy storage industry in the future.

二、業務回顧（續）

（三）其他業務（續）

4、融資租賃業務

2018 年，本集團所屬天津國銀新源國際租賃有限公司（「租賃公司」）強化能力建設，引進了租賃專業人才，組織機構逐漸健全。本年度，租賃公司積極開展新能源領域融資租賃業務，已成功投放了 5 個外部業務的融資租賃，租賃業務已經開始起步。同時，租賃公司自身融資能力進一步提升，與多家銀行及金融機構建立起良好的合作關係。

5、儲能、增量配電網業務

2018 年，集團圍繞可再生能源產業鏈積極開拓儲能業務，在發電側和用戶側建設儲能示範項目，其中集團在西藏投產的國內首個發電側高原梯次電池儲能項目已投入運行。同時，集團在美國與 Alfa Laval 集團（「Alfa Laval」），以及 Breakthrough Energy Ventures（「BEV」）在內的多名投資人共同投資了 Google X 實驗室孵化的 Malta 儲能技術研發項目，該技術可廣泛適用於各類儲能市場，如電網移峰填穀、輔助服務、分佈式能源、工商業園區等。為本集團在儲能業務領域建立先發優勢，未來快速切入儲能產業提供了技術支持。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(3) Other Businesses (COntinuEd)

v. Energy Storage and Incremental Distribution Network Businesses (COntinuEd)
The Group aggressively built up its team of experts and trained up talents in energy storage. It strengthened its own capacity through construction and actively participated in the formulation of industrial standards and industrial conferences. At the same time, the Group made efforts in the construction and operation of energy storage projects on the power generation side, the development and promotion of energy storage project on the user side, as well as in the application of the Group’s intelligent energy cloud platform, thus laying the foundation for the Group in mastering the components of energy storage systems, the technology and operation mode of energy storage and gaining an advantage in the exploration and development of the energy storage business.

二、業務回顧（續）

（三）其他業務（續）

5、儲能、增量配電網業務 （續）

集團積極建設儲能團隊，培養儲能業務人才，增強自身能力建設，並積極參與行業標準的制定和行業會議交流；同時發電側儲能項目的建設與投產，用戶側儲能項目的開拓與推進，集團智慧能源雲平臺的使用，為集團掌握儲能系統組成、儲能技術以及運營模式，開拓和發展儲能業務奠定了基礎和優勢。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

(3) Other Businesses (COntinuEd)

v. Energy Storage and Incremental Distribution Network Businesses (COntinuEd)

During the Year, the Group successfully w o n t h e b i d d i n g o f t h e H a r b i n Comprehensive Bonded Zone incremental distribution network project, which is one of the third batch of demonstration projects in the national power system reform. At the same time, the grid connection of the micro-grid demonstration project in Lanzhou New Area Science and Technology Innovation Park has also been included in the pilot construction plan for Gansu Province’s grid connection to micro-grids. These two projects are major developments of the Group in the area of comprehensive energy services, and will maximise the resource advantage of the Group in the intelligent operation and maintenance of Internet of Things as well as in new energy applications during the construction and operation of later projects. The projects will become the Group’s model projects in providing comprehensive energy services as well as intelligent operation and maintenance.

During the Year, other business segments of the Group contributed RMB162,961,000 to the Group (2017: RMB318,419,000).

二、業務回顧（續）

（三）其他業務（續）

5、儲能、增量配電網業務 （續）

本年度，集團成功中標哈爾濱綜合保稅區增量配電網項目，該項目是國家第三批電力體制改革示範項目，同時蘭州新區科技創新城併網型微電網示範項目也納入了甘肅省併網型微電網試點建設計劃。該兩個項目是集團在綜合能源服務業務領域的重大拓展，並將在後期項目建設運營中，最大限度地利用集團在物聯網智慧運維、新能源應用方面的優勢資源，將項目打造成集團綜合能源服務和智慧運維的典範工程。

本年度，本集團其他業務板塊為集團貢獻收入人民幣 162,961,000 元（2017 年：人民幣 318,419,000 元）。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

III. ENVIRONMENTAL PROTECTION, COMPLIANCE AND SOCIAL RESPONSIBILITY

In addition to financial performance, the Group believed that high-standard corporate social responsibility is of great significance in building a positive relationship between an enterprise and society, motivating its employees and achieving sustainable development and return for the Group.

(1) Environmental Protection

The Group is committed to making positive contributions to the Group, environment and communities, unswervingly developing clean energy and practicing energy conservation and emissions reduction to protect the natural environment.

The Group’s renewable energy power projects such as wind power and photovoltaic power generation projects focus on the investments and management in environmental protection, the conservation of water and soil and biodiversity through measures such as increased investment, optimised designs, advanced technologies and intelligent operation in the full life cycle management of power plants. The Group strives to maintain sustainable and healthy development for the environment as well as for the human race, and commits to its responsibilities for improving the energy structure, mitigating air pollution and reducing greenhouse gas emission and haze. The Group also adheres to the concept of green operation by reducing the emissions and discharge from administrative activities and increasing the efficiency of resources and energy consumption.

三、環境保護、合規及社會責任

除財務表現外，本集團相信高標準的企業社會責任對于建立良好企業和社會關係，激勵員工，為集團創造可持續發展和回報都有著至關重要的作用。

（一）環境保護

本集團致力於為集團、環境及社群的可持續發展作出積極貢獻，堅定不移的發展清潔能源，踐行節能減排，守護綠水青山。

本集團所從事的風電和光伏發電等可再生能源發電項目，注重環境保護、水土保持和生物多樣性保護方面的投資和管理，在電廠全生命週期管理中，通過加大投入、優化設計、改進技術、智慧運營等措施，努力做到環境與人類的可持續健康發展，為改善能源結構、降低空氣污染和減少溫室氣體排放、減少霧霾作出積極貢獻。集團亦堅持踐行綠色辦公理念，減少自身辦公運營活動的排放，提高資源和能源的使用效率。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

III. ENVIRONMENTAL PROTECTION, COMPLIANCE AND SOCIAL RESPONSIBILITY (COntinuEd)

(1) Environmental Protection (COntinuEd)

In addition to paying attention to environmental protection in the management of renewable energy power generation projects, the Group also promotes and practices the concept of environmental protection through its own efforts.

In alliance with professional public welfare organizations, the Group launched public welfare donation activities with the theme of “Environmental Protection & Public Welfare, Zero Abandonment of Old Clothes” throughout the Company in 2018, with a total of 308 people donating 1,971 kg of clothing. The reuse of these clothing is equivalent to a reduction of 7,097 kg of carbon dioxide emissions and a saving of 11,828 tons of water, together with a decrease of 394 kg of pesticides and 591 kg of fertilisers in use. In addition, the Group also delivered a lively and interesting general science lecture on wind power to more than a hundred primary students at the Beijing International Wind Power Exhibition. While learning the knowledge of wind power generation, the students also strengthened their belief in environmental protection and came to acknowledge the importance of clean energy sources in protection of the environment.

三、環境保護、合規及社會責任（續）

（一）環境保護（續）

集團除在可再生能源發電項目管理過程中注重環境保護，亦通過自身努力宣傳和踐行環保理念。

2018 年，集團聯合專業的公益機構在全公司範圍內開展了「環保 & 公益，舊衣零拋棄」的主題公益捐贈活動。共計 308 人次進行了捐贈，累計捐贈衣物 1,971 公斤。這些衣物的再次利用相當於降低二氧化碳排放量 7,097 千克，節約用水 11,828 噸，減少使用農藥 394 千克，減少使用化肥 591 千克。另外，在北京國際風能展上，集團為前來參觀的一百多名小學生帶來了一場生動有趣的風力發電科普小講座，使同學們在學習風電知識的同時，增強環保理念，並認識到清潔能源對保護環境的重要性。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

III. ENVIRONMENTAL PROTECTION, COMPLIANCE AND SOCIAL RESPONSIBILITY (COntinuEd)

三、環境保護、合規及社會責任（續）

(1) Environmental Protection (COntinuEd)

（一）環境保護（續）

During the Year, the Group achieved the equivalent reduction of carbon dioxide, sulphur dioxide, and nitrogen oxide emissions and the saving of standard coal and water conservation from the electricity generated by the Group’s invested wind power plants and photovoltaic power plants, as compared with those by conventional power plants. The reduction in pollutants contributed to the reduction in PM10 and PM2.5 emissions and haze.

本年度，集團投資的風力及光伏發電廠所發電量與傳統電廠相比，相當於減少二氧化碳、二氧化硫、氮氧化物的排放，以及節約標煤和用水。污染物的減排為減少 PM10、 PM2.5，減少霧霾做出了貢獻。

Emission Reduction by Power Plants 電廠減排量	Emission Reduction by Power Plants 電廠減排量	Emission Reduction by Power Plants 電廠減排量	Emission Reduction by Power Plants 電廠減排量
Emissions Reduction Indicators	減排指標	2018 2018 年	Accumulated Amount 纍計數
CO2(Kilotons)	CO2（千噸）	4,395	24,551
SO2(tons)	SO2（噸）	1,439	21,783
NOX(tons)	NOX（噸）	1,383	19,413
Standard Coal Saving (Kilotons)	節約標煤（千噸）	1,710	8,624
Water Saving (Kilotons)	節約用水（千噸）	6,917	64,450

(2) Compliance

（二）合規

During the Year, the Group has complied with relevant standards, laws and regulations of our business, management and labour standards.

本年度，本集團在業務、管理、勞工規範上，嚴格遵守相關準則、法律及法規。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

III. ENVIRONMENTAL PROTECTION, COMPLIANCE AND SOCIAL RESPONSIBILITY (COntinuEd)

(3) Community Responsibility

T h e G r o u p a c t i v e l y f u l f i l l e d i t s s o c i a l r e s p o n s i b i l i t y . W h i l e f o c u s i n g o n t h e development of clean energy business, the Group was committed to charity business in order to reciprocate the society by different means.

1. Poverty Alleviation

The Group actively carries out poverty alleviation tasks in areas where power plant investments have been made, through combined measures such as poverty alleviation through projects, and local poverty reduction and economic development assistance of various means. In 2018, the Group launched public welfare donation activities in places including Tongdao in Hunan, Hiaxing in Hebei and Dezhou in Shandong and brought care and assistance to local students and left-behind children. The Group also participated in the on-site fundraising activity organized by the Health, Poverty Alleviation and Supplementary Medical Relief Fund of Jiangmen City and became one of the first donating enterprises of the poverty alleviation fund with a donation of RMB200,000. In the meantime, as a poverty alleviation photovoltaic project, Haixing Photovoltaic Project helped local poor households with an annual fund of RMB1.998 million.

三、環境保護、合規及社會責任（續）

（三）社區責任

本集團積極履行社會責任，在專注於清潔能源事業發展的同時，投身社會公益事業，不忘以各種方式回饋社會。

1、扶貧

集團積極在電廠投資地區開展扶貧工作，結合項目扶貧等措施，通過多種途徑協助當地扶貧減困和發展經濟。 2018 年，集團在湖南通道、河北海興、山東德州等地開展愛心捐贈公益活動，為當地學生和留守兒童送去關愛與幫助；參加荊門市健康扶貧補充醫療救助基金現場募捐活動，向該扶貧基金捐款 20 萬元，成為該基金的首批捐助企業；同時，作為扶貧光伏項目，海興光伏項目幫扶海興縣地區貧困戶，每年扶貧資金 199.8 萬元。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

III. ENVIRONMENTAL PROTECTION, COMPLIANCE AND SOCIAL RESPONSIBILITY (COntinuEd)

(3) Community Responsibility (COntinuEd)

2. Education

The Group promotes the education of national renewable energy business while facilitating the development of local economies, culture and environment by actively carrying out cooperation between schools and enterprises.

In 2018, the Group extended a donation agreement with the Education Foundation of North China Electric Power University. Scholarships were set up and the level of funding was increased to reward outstanding students with excellent c o n d u c t , t o h e l p s t u d e n t s w h o s e families suffer from financial difficulties to complete their studies, to reward students with outstanding performance in technological innovation, invention and manufacturing, to reward outstanding teachers and management staff, and to inspire outstanding undergraduates to further their studies. The Group funded 67 students in 2018 and the total number of beneficiaries amounted to 1,177 students. In 2018, the Group’s operation and maintenance company launched the school-enterprise cooperative mode of training jointly with a number of colleges and universities. In October, the Group held an opening ceremony of the Concord O&M Wind Power Course for the first class of 2018 with Hunan Hydroelectric Occupational College and started the School-Enterprise Cooperative Order Training with Ulanqab Vocational College.

三、環境保護、合規及社會責任（續）

（三）社區責任（續）

2、教育

集團積極開展校企合作，在促進地方經濟、文化、環境發展的同時，促進國家可再生能源教育事業的發展。

2018 年，集團與華北電力大學教育基金會續簽捐贈協議，設立獎學金，提高資助標準，繼續獎勵品學兼優的優秀學生、幫助家庭經濟困難學生完成學業、獎勵在科技創新、發明製造等方面有突出表現的學生、獎勵優秀的教師和管理人員、激勵優秀的本科生繼續深造。2018 年資助 67 名學生，纍計資助學生 1,177 人。2018 年集團運維公司與多家高校開展校企合作培養模式，10 月份，與湖南水利水電職業技術學院舉行了首屆 2018 級「協合運維風電班」開班儀式；與烏蘭察布職業學院開展「校企合作訂單班」培訓。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

III. ENVIRONMENTAL PROTECTION, COMPLIANCE AND SOCIAL RESPONSIBILITY (COntinuEd)

(4) Customer and Supplier Relationships

During the Year, the Group maintained a good relationship between customers and suppliers and there was no major dispute.

During the Year, the Group’s 5 largest customers accounted for 64% of the Group’s total sales for the Year, including 19% from the largest customer. The largest customer was State Grid Hunan Electric Power Company.

During the Year, the Group’s 5 largest suppliers accounted for 89% of the Group’s total procurement amount for the Year, including 36% from the largest suppliers. The largest supplier was Xinjiang Goldwind Science & Technology Co., Ltd. It supplied wind turbines equipment for some of the wind power projects invested by the Group.

IV. HUMAN RESOURCES

(1) Corporate Employees

As of 31 December 2018, the Group had 1,493 full-time employees (31 December 2017: 1,312), 158 of whom worked at the Group’s headquarters, 407 in project development and management, 782 in operation and maintenance, 66 in Energy Internet of Things application and 80 in businesses such as design and leasing.

三、環境保護、合規及社會責任（續）

（四）客戶及供應商關係

本年度，本集團與客戶及供應商維持良好關係，並無重大爭議。

本年度，本集團五大客戶之銷售額佔本年度之總銷售額 64%，其中最大客戶佔 19%。最大客戶為國網湖南省電力公司。

本年度，本集團五大供應商之採購額佔本年度之總採購額 89%，其中最大供應商佔 36%。最大供應商為新疆金風科技股份有限公司，該公司為本集團投資風電項目供應風電主機設備。

四、人力資源

（一）企業員工

截至 2018 年 12 月 31 日，本集團擁有 1,493 名全職僱員（2017 年 12 月 31 日：1,312 名），其中集團總部人員 158 人，項目開發、管理 407 人，運行維護 782 人，能源物聯網應用 66 人，設計、租賃等業務 80 人。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

IV. HUMAN RESOURCES (COntinuEd)

(2) Employees’ Development

The Group always upholds its core values of “people-orientation, value creation, working for a better future and striving for excellence”. Human resources are the main force of the Group’s sustainable development. We have firmly established the concept of sustainable development which is people-oriented and fully coordinated. We respect and are grateful to every employee for their hard work in the new energy business and strive to provide them with a good working environment and a broad development platform to inspire positive energy, enhance cohesion and build a happy enterprise, so as to achieve the common development of employees and enterprises.

The Group pays attention to the growth and development of its employees. It provides different career development paths and promotion channels for different positions and individual capabilities. Employees can choose management, technical and professional development channels. Meanwhile, through reviewing talent, the Group has precisely made a human resource plan and optimised the talent pipeline and training in order to provide the staff with a more efficient path for their career development and to constantly enhance the organization capabilities of the Group.

四、人力資源（續）

（二）員工發展

集團始終秉承「以人為本、創造價值、著眼未來、追求卓越」的核心價值觀。人力資源是本集團可持續發展的基礎，我們牢固樹立以人為本，全面協調、持續發展的理念。我們尊重並感恩每一位員工在新能源事業中的辛勤耕耘，並努力為其提供良好的工作環境和廣闊的發展平臺，激發正能量，增強凝聚力，建設幸福企業，從而實現員工與企業的共同發展。

集團關注員工的成長和發展，針對不同的崗位和個人能力，提供不同的職業發展路徑和晉升通道；員工可選擇管理類、技術類及專業類發展通道。同時，集團亦通過人才盤點，精准做好人力資源規劃，優化人才梯隊培養，為員工提供更有效的職業發展道路，持續提升集團組織能力建設。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

IV. HUMAN RESOURCES (COntinuEd)

(3) Employees’ Trainings

The Group is committed to establishing a learning organization and has built a complete training system. With the online and offline trainings, different curricula are designed for the management, middle managers, backup management cadres and new employees. Every year, a variety of training courses are conducted based on an annual training plan. The Group keeps learning, innovating and improving itself, achieving the common growth with its employees. In addition, the Group focuses on building an internal team of parttime instructors, developing training courses independently and providing convenient conditions for the employees to pursue training voluntarily.

In 2018, the Group organised training sessions for its middle managers, back-up talents, new employees and other business d e p a r t m e n t s t o t a l l i n g m o r e t h a n 4 5 0 participants. The training content covered modern corporate management knowledge, p r o f e s s i o n a l i s m , i n t e r v i e w t e c h n i q u e s , leadership, communication skills, execution capabilities, innovative management and team building etc. The business department of the Group also developed various kinds of professional trainings covering policy, finance, engineering, production, distribution and sales of electricity, energy storage, financial leasing, files management based on their actual needs to satisfy their needs regarding business and development.

(4) Safety and Health

The Group has always focused on securing the occupational safety and occupational health of its employees and kept improving the management system of occupational safety and health in order to provide systematic and institutional guarantee to its employees in this regard.

四、人力資源（續）

（三）員工培訓

集團致力於建設學習型組織，建立了完整的培訓體系，通過線上、線下培訓渠道，針對管理層、中層管理人員、後備管理幹部、新員工設計不同的課程體系，每年依據年度培訓計劃開展多樣化培訓課程，不斷學習創造、提升自我，實現員工和企業的共同成長。此外，集團注重搭建內部兼職講師隊伍，自主開發培訓課件，為員工提供自覺的便利條件。

2018 年，集團組織了中層管理人員培訓、後備人才培訓、新員工入職培訓、業務部門培訓等，參訓人員 450 餘人，培訓內容涉及企業現代管理知識、職業素養、面試技巧、領導力、溝通能力、執行能力、創新管理、團隊建設等。同時，根據實際需求，集團業務部門還組織了各類專業培訓，培訓內容包括政策、財務、工程、生產、配售電、儲能、融資租賃、檔案管理等多類培訓項目，以滿足員工對業務及發展的需求。

（四）安全與健康

集團始終堅持關注和保障員工的安全與職業健康，並不斷完善安全與職業健康管理體系，為員工安全與健康提供制度保障、組織保障。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

IV. HUMAN RESOURCES (COntinuEd)

(4) Safety and Health (COntinuEd)

The Group makes continuous efforts in safety management through various measures such as improvement of safety management system, establishment of a three-tier integrated general management system, a three-tier “information liaison officer responsible for safety, quality and environmental protection” and a four-tier control system of safe production objective with the Group, subsidiaries and project companies; carrying out the management of monthly report on safe production information and holding monthly meetings regarding safety; carrying out regular supervision and inspection on safety; organising “month of safe production” activities and fire safety training. The Group also raises the awareness of safety, improves construction safety, prevents incidents, improves essential safety and develops the management philosophy of “safety management by everyone, safety need from everyone” through measures such as the construction of safety corners. According to the safe production policy of “safety first, prevention orientation and comprehensive management”, the Group designated parties accountable for safety at different levels and achieved simultaneous planning, arrangement, inspection, summarization and assessment of both safety works and various production and operation works, so as to guarantee the employees’ health and safety.

With the commitment of providing a safe, healthy and comfortable working environment for its employees, the Group renovated the office area in the Beijing management centre, organised a physical and interest club, built fitness and sports facilities, and organised sports events such as walking activities, cycling challenges and sports meets, with the aims of improving health condition, facilitating their communication and enhancing cohesion.

四、人力資源（續）

（四）安全與健康（續）

集團不斷夯實安全管理基礎，通過完善安全管理制度體系，建立了集團、分（子）公司、項目公司三級全統籌管理體系、三級「安全質量環保信息聯絡員」體系、安全生產目標四級控制體系；實行月度安全生產信息報送管理工作，召開月度安全工作會議；定期開展安全監督檢查工作；開展「安全生產月」活動、消防安全培訓等，並通過安全園地建設等措施，強化安全意識、築牢安全防線、遏制事故發生、提升本質安全，建立「人人管安全、人人要安全」的管理理念。按照「安全第一，預防為主，綜合治理」的安全生產方針，落實各級安全責任主體，做到安全工作與各項生產經營工作同時計劃、同時佈置、同時檢查、同時總結、同時考核，切實保障員工健康與安全。

集團努力為員工提供安全、健康、舒適的工作環境，對北京管理中心辦公區域進行改造，改善辦公環境；組織體育及興趣俱樂部，為員工修建健身及運動場所，開展健步走活動、自行車挑戰賽、運動會等，在提高員工身體素質的同時，促進員工交流，提升凝聚力。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

V. FINANCIAL RESOURCES AND COMMITMENTS

As of 31 December 2018, the Group held cash and cash equivalents of approximately RMB1,366,305,000 (31 December 2017: RMB1,110,803,000). The net assets of the Group were RMB5,546,739,000 (31 December 2017: RMB5,255,146,000). The balance of bank loans and financial leasing of the Group was RMB7,061,877,000 (31 December 2017: RMB5,497,520,000). And the gearing ratio of the Group was 69.88% (31 December 2017: 64.51%).

Pledge of Assets

As of 31 December 2018, the buildings and equipments of the Group were pledged to secure a loan of RMB3,503,839,000 (31 December 2017: 2,054,524,000).

Contingent Liability

As at 31 December 2018, the Group had pledged its 49% equity interest in Erlianhaote Changfeng Century Concord Wind Power Exploiture Co., Ltd. (“Erlian”) with the total value of its registered capital of approximately RMB37,240,000 (31 December 2017: RMB37,240,000 ). The outstanding balance of the bank loan of Erlian as of 31 December 2018 was RMB31,519,000 (31 December 2017: RMB42,918,000). Save as mentioned above, there was no material contingent liability of the Group as at 31 December 2018.

Commitments

As of 31 December 2018, the Group had capital commitments of RMB1,283,819,000 (31 December 2017: RMB1,960,602,000), which were not included in the financial statements. The amount included the capital committed to joint ventures and associates that was contracted but not provided of RMB61,050,000 (31 December 2017: RMB105,050,000) and the capital contracted but unpaid for the payment for equipment purchased of RMB1,222,769,000 (31 December 2017: RMB1,855,552,000) by the subsidiaries.

五、財務資源與承擔

截至 2018 年 12 月 31 日，本集團持有現金及現金等值項目約為人民幣 1,366,305,000 元（2017 年 12 月 31 日：人民幣 1,110,803,000 元）；集團淨資產為人民幣 5,546,739,000 元（2017 年 12 月 31 日：人民幣 5,255,146,000 元）；集團之銀行借款及融資租賃餘額為人民幣 7,061,877,000 元（2017 年 12 月 31 日：人民幣 5,497,520,000 元）；資產負債率為 69.88%（2017 年 12 月 31 日： 64.51%）。

資產抵押

截至 2018 年 12 月 31 日，本集團以房屋及機器設備抵押獲得貸款餘額人民幣 3,503,839,000 元（2017 年 12 月 31 日：人民幣 2,054,524,000 元）。

或然負債

於 2018 年 12 月 31 日，本集團已抵押其所佔二連浩特長風協合風能開發有限公司（「二連」）之 49% 權益，註冊資本總值約為人民幣 37,240,000 元（2017 年 12 月 31 日：人民幣 37,240,000 元）。截至 2018 年 12 月 31 日，二連未償還銀行貸款餘額為人民幣 31,519,000 元（2017 年 12 月 31 日：人民幣 42,918,000 元）。除上述提及內容外，於 2018 年 12 月 31 日，本集團並無任何重大或然負債。

承擔

截至 2018 年 12 月 31 日，本集團有資本承擔人民幣 1,283,819,000 元（2017 年 12 月 31 日：人民幣 1,960,602,000 元）並未計入財務報表。已簽訂合同但未撥付予合聯營公司之權益資本金總額為人民幣 61,050,000 元（2017 年 12 月 31 日：人民幣 105,050,000 元），及附屬公司已簽訂了設備採購合同未付款部分人民幣 1,222,769,000 元（2017 年 12 月 31 日：人民幣 1,855,552,000 元）。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

VI. RISK FACTORS AND RISK MANAGEMENT

Risks Associated with Policies

The profits of wind and photovoltaic power companies are largely affected by the changes in the policies of the state and the industry. In recent years, grid parity has been sped up due to the implementation of mechanism to deduct the on-grid price of newlybuilt renewable energy. Meanwhile, as the scale of traded power volume is expanding continuously, the electricity price of commissioned plants is subject to a downward adjustment risk. Renewable energy subsidy is granted in batches by the Ministry of Finance of the PRC, while the time for future batches remains uncertain. Projects listed in the subsidy catalogue may subject to continuous growth in outstanding amounts. In addition, subsidy may be granted based on the market instead of by the government in a fixed amount upon the implementation of Green Certificate trading, resulting in uncertainties in prices. So far, there were no relevant policies or regulations in this regard. The Group will keep abreast of the policies’ direction, exercise sound judgement and prospectively estimate the adverse factors that may exist, so that various measures will be designed to reduce risks, minimising the risks arising from the changes of policies.

Risks Associated with Climate

The power generation changes with the annual fluctuation of wind and photovoltaic resources, which is the primary climatic risk that is faced by the wind power and photovoltaic power industry. In addition, extreme weather conditions such as typhoon, freezing, strong sandstorm, haze, and lightning strikes will bring safety risks to wind power and photovoltaic power generation companies.

六、風險因素及風險管理

政策風險

風電和光伏發電企業的利潤受國家、行業政策變化的影響較大。近年來，新建可再生能源電價執行退坡機制，平價上網進程加快。同時，交易電量規模不斷擴大，存量電廠電價亦有下降風險。可再生能源補貼由國家財政部統一按批次下發，未來各批次下發的時間具有不確定性，已列入補貼目錄的項目可能面臨欠款金額持續增長問題。另外，綠證交易推進後，補貼方式可能會由政府固定模式向市場化轉變，價格存在不確定性，目前相關政策、實施細則尚未出臺。本集團緊跟政策導向，加強對政策的研判，並前瞻性的估計可能存在的不利因素，制定降低風險的各項應對措施，將政策因素變化帶來的風險降到最低。

氣候風險

風電和光伏發電行業面臨的主要氣候風險是發電量隨著風、光資源的年際變化而相應波動。另外，如遇颱風、凝凍、強沙塵暴、霧霾、雷擊等極端天氣氣候，將會給風電和光伏發電企業帶來安全風險。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

VI. R I S K F A C T O R S A N D R I S K M A N A G E M E N T (COntinuEd)

Risks Associated with Climate (COntinuEd)

The Group has already completed wind power and photovoltaic power generation projects in 17 provinces (cities and autonomous regions) which are into operation. In order to address the risks of annual climate changes, we will continue to optimise the project deployment to further counteract the impact caused by climatic risks. In addition, the Company will increase scientific research and improve design standards in terms of aspects such as turbine type selection and development path program, and fully assess and respond to the impact of climatic factors on the safety and effectiveness of power plants.

Risks Associated with Power Curtailment

During the Year, the power curtailment was further reduced and would maintain a favourable trend. However, for reasons such as low energy consumption from the industry sector, unreasonable structure of power grids and the construction of grid lines which lagged behind the expected schedule in certain regions, it was impossible to totally eliminate the curtailment of wind power and photovoltaic power in a short term. The Group will continue to optimise the project deployment, increase the development and construction in regions without power curtailment and make good judgements on the trend of policy changes, so as to take advantage of government policies to counter the problem of power curtailment.

六、風險因素及風險管理（續）

氣候風險（續）

目前本集團已經在 17 個省（市、自治區）擁有投產風電和光伏發電項目，為應對氣候年際變化帶來的風險，未來將繼續優化佈局，進一步平衡氣候風險所帶來的影響。同時，公司將在機組選型、線路方案等方面加大科研力度、提高設計標準，充分評估和應對氣候因素帶來的電廠安全及效益影響。

限電風險

本年度，限電形勢進一步緩解，並將延續向好的趨勢，但由於部分地區工業用電量少、電網網架結構不合理以及電網線路建設晚於預期等因素，棄風棄光現象短時期內不可能徹底消除。本集團將不斷優化項目佈局，加大不限電地區的開發建設力度，準確判斷政策變化趨勢，利用好國家政策，全力應對限電問題。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

VI. R I S K F A C T O R S A N D R I S K M A N A G E M E N T (COntinuEd)

Capital Risk

The Group is principally engaged in investment in wind power and photovoltaic power plants in the PRC, with relatively high demand for borrowings. The cost and amount of capital will have a direct impact on the Group’s operations. With sound performance and credibility, a stable debt structure and diversified financing channels, the Group has consistently enjoyed financing interest rates that are lower than the average level of our peers. The Group will continuously pay attention to the financing market, expand the financing channels, bring forth new financing products and optimise capital structure to secure the supply of capital.

Exchange Rate Risk

The Group’s business is primarily based in mainland China with most of its revenue and expenses denominated in Renminbi. During the Year, the Group issued bonds of US$200 million. Fluctuations in Renminbi exchange rate will result in foreign exchange losses or gains from the Group’s overseas business. The Group will pay active attention to the fluctuations of exchange rates and take effective measures to hedge exchange rate risks.

六、風險因素及風險管理（續）

資金風險

本集團主要從事中國境內風電、光伏電站投資，對借貸資金需求較高，資金成本和金額都將對本集團的業務產生直接影響。本集團業績和資信情況良好，負債結構穩健，融資渠道多元化，融資利率一向低於同行業平均水平。同時，本集團將持續關注融資市場、拓展融資渠道、創新融資產品、優化資本結構，確保資金供應。

匯率風險

本集團業務主要集中於中國內地，絕大部分收入、支出以人民幣計價。本年度，集團發行了 2 億美元債券，人民幣匯率的變動會對本集團外幣業務產生匯兌損失或者收益。本集團將積極關注匯率變化，有效開展匯率保護措施。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

VII. PROSPECTS

In 2018, various policies of the industry were issued in the PRC, particularly the implementation of such policies as the allocation of centralised wind power projects through competitive bidding, grid parity and reduction of subsidies, which will facilitate a shift of focus for the development of renewable energy industry from scale and speed to quality and efficiency. The progress of technology for renewable energy has been accelerating and the costs for power generation continues to drop. The situation for the consumption of clean energy continues to improve as evidenced in the construction of ultra-high voltage transmission and transformation projects, de-capacity of fossil fuel power generation which prompts the consumption of clean energy, and the easing of power curtailment. With the further deepening of the structural reform of energy on the supplyside and power system reform and the continuous improvement of the market-based power trading mechanism, the scale of market-based power trading continues to expand. It is expected that businesses such as incremental distribution network, distributed projects in close proximity to users, market-based power ancillary services and energy storage will be closely integrated with the renewable energy power generation business and facilitate the continuous innovation of new business models in the industry. With this trend of inevitable transformation of energy consumption, renewable energy in the power generation market will continue to maintain its competitive advantage in the industry.

七、前景展望

2018 年，中國可再生能源行業政策頻出，集中式風電項目競價配置、平價上網、補貼退坡等政策的實施，促進了可再生能源行業的發展從規模速度型向質量效益型轉變。可再生能源技術進步加快，發電成本持續下降。特高壓輸變電工程的建設、火電去產能促進清潔能源消納；限電形勢緩解，清潔能源消納形勢持續向好。同時，隨著能源供給側結構性改革和電力體制改革的不斷推進，電力市場化交易機制繼續完善，電力市場化交易規模不斷擴大，增量配網業務、分散（佈）式項目隔牆售電、電力輔助服務市場化、儲能等業務將與可再生能源發電業務緊密結合，進一步促進行業商業模式的不斷創新。在能源消費轉型的必然趨勢下，可再生能源發電市場將繼續保持強勁的競爭力。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

VII. PROSPECTS (COntinuEd)

Currently, the costs for renewable energy power plants are lower than those for fossil fuel power generation. In an era of competitive bidding, grid-parity, renewable energy has no problem in competing with fossil fuel power generation. With the development and construction costs constantly being driven down thanks to the progress of technology and technical innovations, the economic viability of renewable energy projects has been uplifted continuously. There is a continuous improvement of appetite for renewable energy and an easing of power curtailment in the northern regions, and the development potentials for distributed power projects is huge. On top of these, the government also provides grid-parity projects with various support measures in terms of policies, so as to secure the long-term and steady income of these projects. Development opportunities and room for growth for renewable energy will remain optimistic.

In recent years, the Group has optimised its assets quality, transformed operating model and adjusted its investment strategies with accurate strategies for development and operation. With its increased capability, the Group has successfully addressed various changes in the external operating environment. The Group will insist to spare great efforts in the development of renewable energy’s industrial chain, as an investor as well as a service provider. With focus on practical work and laborious efforts, the Group will become an industry leading world-class enterprise to create significant and continuous returns for its shareholders and the society.

七、前景展望（續）

目前，可再生能源電廠成本已低於火電成本，在競價、平價上網時代，可再生能源完全可以與火電競爭；技術進步和技術創新促進開發建設成本不斷降低，項目的經濟性穩步提升；可再生能源消納狀況持續好轉，北方地區限電形勢緩解，分散（佈）式項目發展潛力巨大；國家對平價上網項目給予各項政策支持措施，保障項目的長期穩定收益，可再生能源發展機會和空間依然廣闊。

近年來，在正確的發展戰略和經營策略的指導下，集團優化資產質量、轉變經營模式、調整投資策略，集團實力提升，成功應對了外界經營環境的各種變化。未來，集團仍然堅持以可再生能源領域投資者和服務提供者的身份，圍繞可再生能源產業鏈研究業務發展，專注實業、精耕細作，將集團發展成為行業領先、國際一流的企業，持續為股東、為社會創造優異的回報。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

VII. PROSPECTS (COntinuEd)

In 2019, the Group will respond to competitive bidding and grid-parity, and will continue to implement the principle of healthy development, focusing on the strategies involving production safety, lowering LCOE, enhancing pre-development, expediting the construction of Energy Internet of Things and intelligent operation and maintenance, optimising asset structure and improving asset quality. Focusing on innovative strategies relevant to the industry, the Group will strive to achieve the followings:

1. Consolidate the foundation of safety management and establish a long-acting safety mechanism

The Group will continue to improve its safety management system and pay close attention to safety management. Through measures including safety supervision and inspection, safety education and training, implementation of accountability system for production safety and relying on scientific and technological innovation, the Group will accelerate the construction of supporting facilities for safety management, consolidate the foundation of safety management, and establish a longacting safety mechanism, so as to assume its responsibilities for the life and health of its employees, the safety of corporate assets and the safety of the society as a whole.

七、前景展望（續）

2019 年，本集團為應對競價、平價上網，將繼續貫徹穩健發展的原則，重點圍繞安全生產、降低度電成本、強化前期開發、加快能源物聯網和智慧運維建設、優化資產結構、提高資產質量、圍繞產業相關領域不斷創新的策略，重點做好以下幾點：

1、夯實安全管理基礎，建立保障安全的長效機制

集團將不斷完善安全管理體系，狠抓安全管理工作。通過安全監督檢查，安全教育培訓，落實安全生產責任制；依託科技創新等措施，加快安全管理各項配套措施的建設；夯實集團安全管理基礎，建立保障安全的長效機制，做到對員工的生命健康負責、對企業的資產安全負責、對社會的整體安全負責。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

VII. PROSPECTS (COntinuEd)

2. Focus on the main business of power generation and improve assets quality

The power generation business has become the pillar business of the Group. Currently, the Group has certain pipeline projects with attractive electricity price and return, which can meet its construction plan for the coming three years. The Group will continue to accelerate project construction and achieve a steady growth in its attributable installed capacity. In addition, the Group will enhance refined management and improve the quality of power plant asset management, as well as improve equipment availability through the application of Energy Internet of Things and centralised monitoring centres, technological transformation and other measures, thus increasing power generation output and improving operating efficiency of power plants.

3. Pursue the lowest LCOE and enhance its competitiveness in competitive bidding and grid parity

By firmly implementing the principle of “the lowest LCOE”, the Group will steadily reduce the LCOE of its power plants, and enhance its core competitiveness in the era of competitive bidding and grid parity. By implementing the measures including optimising designs, applying latest wind turbines and new technologies, reducing procurement costs and expediting project construction, effectively controlling the cost of newly-built power plants and dedicate to lower the direct LCOE of the newly-built projects. Through the application and technological transformation of Energy Internet of Things, refined management and level of operation and maintenance of power plants will be improved, and the LCOE of commissioned power plants will be reduced. Meanwhile, through various measures and refined management, the Group will be able to enhance the efficiency of capital utilization and lower the LCOE in all aspects.

七、前景展望（續）

2、專注發電主業，提升資產質量

發電業務已經成為集團的支柱業務。目前，集團仍儲備了一批電價高、效益好的項目，可滿足集團未來三年的投產目標要求。集團將繼續加快推進項目建設，實現權益裝機容量穩步增長。同時，強化精細化管理，提高電廠資產經營質量，通過能源物聯網和集控中心的應用、技術改造等措施，提高設備可利用率，不斷提升發電量，提高電廠運營效益。

3、追求度電成本最低，增強競價、平價上網競爭力

堅定不移地貫徹「度電成本最低」原則，穩步降低集團電廠度電成本，增強集團在競價、平價上網時代的核心競爭力。集團將通過優化設計、應用新機型及新技術、降低採購成本、加快項目建設等措施，有效控制新建電廠造價，致力降低新建項目直接度電成本；依託能源物聯網的使用和技術改造，提升電廠精細化管理和運維水平，降低存量電廠的度電成本；同時，多措並舉，精細管理，全面、全方位降低度電成本。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

VII. PROSPECTS (COntinuEd)

4. Adapt to situations, and make judgments to optimise deployment and pace of development

Under the complicated and ever-changing business environment, the Group will carry out careful research on new policies to make judgements on policy and market changes; adjust investment strategies and optimise development deployment in line with policy direction and market trends. By taking targeted measures, the Group will be able to put more efforts into capturing resources. In accordance with the estimated returns of projects on the assumption of no subsidy, the Group will handle projects on a priority basis, by holding some projects in reserve, starting development on some other projects, and commence construction for another batch, so as to maintain a sustainable and healthy pace of development. On the condition that the red alert in the northern regions is removed, the Group will increase its development efforts in wind power projects in the north, and actively participate in the development of distributed wind power projects.

七、前景展望（續）

4、順應形勢，調整開發佈局和節奏

面對複雜多變的經營環境，集團將認真開展新政研究，研判政策和市場變化形勢；調整投資策略，優化開發佈局，積極順應政策導向和市場趨勢。集團將採取有針對性的措施，加大力度搶佔資源，按照無補貼電價測算項目收益，根據項目收益情況進行梯次開發，保持儲備一批、開發一批、建設一批的可持續健康發展節奏。在北方地區紅色預警解除的前提下，集團將加大北方風電基地項目的開發力度，積極開發分散式風電項目。

2018 年報協合新能源集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

VII. PROSPECTS (COntinuEd)

5. Continuously develop Energy Internet of Things to promote the smart energy management

The Group organised a team of specialists in Energy Internet of Things, under the leading of which, the Group will step up its efforts in developing products of Energy Internet of Things and continue to advance the development and application of the POWER+ system. Leveraging on the “smart brain” of the POWER+ system, the operation model of power plants with minimal human monitoring and reduction of operation cost of power plants will be realised through measures such as Energy Internet of Things, big data analysis and artificial intelligence to monitor and analyse the equipment of the power plants and implement centralised monitoring for the areas where power plant groups locate. In addition, the application of the Group’s POWER+ system will expand into fields including distributed photovoltaic power plants, poverty alleviation power plants and user energy storage, in order to provide supply and management services of energy and other derivative services.

6. Explore and develop new businesses and exploit new growth points for profit

In 2019, the Group will continue to make efforts in pre-development and pipeline of distributed wind power and distributed photovoltaic power projects and construct high-quality plants.

During the Year, the Group will further explore its development paths by acquiring talents in energy storage, accumulating experience in energy storage, establishing a technical team in energy storage and continue to pick up pipeline projects of energy storage. In addition, the Group will explore business models of integrated energy services based on intelligent micro-grids.

七、前景展望（續）

5、繼續發展能源物聯網業務，推進智慧能源管理

集團組建了一支能源物聯網的精英團隊，在其帶領下，集團將加大能源物聯網產品的開發力度，繼續推進 POWER+ 系統的研發與應用。利用 POWER+ 系統的「智慧大腦」，通過能源物聯網、大數據分析、人工智能等手段對電廠設備進行主動監測分析和電廠群的區域集中監控，實現電廠無人值班、少人值守的運維模式，降低電廠運行成本。此外，集團 POWER+ 系統將拓展分佈式光伏電站、扶貧電站和用戶側儲能領域的應用，向用戶提供能源供應服務、能源管理服務及其他衍生服務等。

6、探索發展新業務，開發利潤新增長點

2019 年，集團將繼續做好分散式風電和分佈式光伏項目的前期開發和項目儲備工作，建設一批優質的電廠。

本年度，集團將進一步拓寬開發途徑，聚集儲能業務人才，積累儲能業務經驗，建立儲能技術團隊，繼續儲備一批儲能項目。同時以能源智慧微網為基礎，探索綜合能源服務的商業模式。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

VII. PROSPECTS (COntinuEd)

6. Explore and develop new businesses and exploit new growth points for profit (COntinuEd)

In terms of financial leasing business, the Group will continue to improve its business and financing capability. In addition to the conventional wind power and photovoltaic power projects, efforts will be made in developing financial leasing for projects including energy storage and frequency regulation. In the meantime, the leasing companies will actively promote the development of the Group in businesses including energy storage, operation and maintenance as well as energy Internet of Things.

7. Enhance asset operational management and optimise asset and liability structure

The Group will continuously improve its ability of sustainable development and risk management, enhance asset management, improve investment and financing systems, strengthen overall budget and fund management, enhance financial risk warning and optimise asset and liability structure, in order to ensure that the gearing ratio of the Group remains at a reasonable level.

In 2019, all the staff of the Group will work very hard together to develop and innovate, and strive for the Group’s improvements in both quality and efficiency. The Group will become a world-class renewable energy power generation enterprise, providing more clean energy to the society and creating more value for our Shareholders and investors.

七、前景展望（續）

6、探索發展新業務，開發利潤新增長點 （續）

在融資租賃業務上，將繼續提升能力建設和融資能力，拓寬業務領域，除傳統風電、光伏項目外，將拓展儲能、調頻等項目的融資租賃。同時，租賃公司將積極帶動集團儲能、運維、能源物聯網業務的發展。

7、加強資產經營管理，優化資產結構和負債結構

集團將不斷提升自身持續經營能力和風險應對能力，加強資產經營管理，完善投融資機制，強化全面預算和資金管理，提升財務風險預警，優化資產結構和負債結構，確保集團資產負債率保持在合理水平。

2019 年，集團上下將齊心協力，開拓創新，為集團的提質增效努力拼搏，將集團打造成國際一流的可再生能源發電企業，為社會提供更多的清潔能源，為股東和投資者創造更大的價值。

2018 年報協合新能源集團有限公司

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員的個人資料

EXECUTIVE DIRECTORS

執行董事

Mr. Liu Shunxing , aged 57, joined the Group in 2007. He has become the Chairman of the Company since June 2009. He is also a director of various subsidiaries of the Group. Mr. Liu holds a Bachelor degree of Electricity Generation from Tianjin University and a Master degree of Energy Source Economy Management from the Management College of Harbin Institute of Technology. Mr. Liu is the vice president of China Energy Research Institute and an executive director of China Energy Council. He was formerly the Vice CEO of China Energy Conservation Investment Corporation.

劉順興先生 ，57 歲，於 2007 年加入本集團。彼自 2009 年 6 月起成為本公司之主席。彼亦為本集團多家附屬公司之董事。劉先生持有天津大學發電專業學士學位以及哈爾濱工業大學管理學院能源經濟管理碩士學位。劉先生為中國能源學會副會長及中國能源研究會常務理事。彼曾任中國節能投資公司副總裁。

Ms. Liu Jianhong , aged 50, joined the Group in 2007. She is the Vice Chairperson of the Company in January 2016. She is also a director of various subsidiaries of the Group. Ms. Liu holds her Master degree from the Law School of Renmin University of China and an EMBA from China Europe International Business School. She was the Chief Legal Officer of China Energy Conservation Investment Corporation.

劉建紅女士 ，50 歲，於 2007 年加入本集團。彼自 2016 年 1 月起為本公司之副主席，亦為本集團多家附屬公司之董事。劉女士持有中國人民大學法學院碩士學位及中歐國際工商學院高級管理人員工商管理碩士學位。彼曾為中國節能投資公司之法律總負責人。

Mr. Yu Weizhou , aged 54, joined the Group in 2009. He is the Chief Executive Officer (“the CEO”) of the Company in January 2016. He is also a director of various subsidiaries of the Group. He holds a Bachelor degree in statistics and a Master degree in finance from Renmin University of China and a Ph. D degree of Engineering Management from Xi’ an University of Technology. Mr. Yu once worked in State Economic & Trade Commission, State Power Management Commission and China Shenhua-Guohua Energy Investment Ltd.

余維洲先生 ，54 歲，於 2009 年加入本集團。彼自 2016 年 1 月起為本公司行政總裁（「行政總裁」）。彼亦為本集團多家附屬公司之董事。彼持有中國人民大學統計學學士學位、金融學碩士學位及西安理工大學管理工程博士學位。余先生先後任職國家經貿委、國家電力監管委員會及中國神華國華能源投資公司。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員的個人資料

EXECUTIVE DIRECTORS (COntinuEd)

執行董事（續）

Mr. Niu Wenhui , aged 48, joined the Group in 2010. He is the Chief Financial Officer of the Company and has become an Executive Director of the Company since January 2017. He holds a Master Degree in Business Administration of Beihang University. He had served as vice president of China Ruilian Industrial Group and Chief Financial Officer of Rainbow Group Shenzhen Branch.

牛文輝先生 ，48 歲，於 2010 年加入本集團。彼為首席財務執行官，自 2017 年 1 月起成為本公司執行董事。彼持有北京航空航天大學工商管理碩士學位。彼曾擔任中國瑞聯實業集團副總裁及彩虹集團深圳分公司財務總監。

Mr. Gui Kai , aged 60, joined the Group in 2015. He has become an Executive Director of the Company since June 2016. He holds a Master Degree of China University of Mining & Technology. He had served as General Manager of Shenhua Trading Group and Shenhua Science and Technology Development Co., Limited.

桂凱先生 ，60 歲，於 2015 年加入本集團。彼自 2016 年 6 月起成為本公司執行董事。彼持有中國礦業大學碩士學位。彼曾擔任中國神華銷售集團及神華科技發展有限責任公司總經理。

Dr. Shang Li , aged 45, joined the Group in 2012. He has become an Executive Director of the Company since January 2018. He holds a Ph. D degree in Computer Engineering from Princeton University, USA. He was an Associate Professor of the Department of Electrical, Computer and Energy Engineering in University of Colorado at Boulder and the Chair Professor in Tongji University. He was formerly the vice president and Chief Architect of Intel China Research.

尚笠博士 ，45 歲，於 2012 年加入本集團。自 2018 年 1 月起成為本公司執行董事。彼持有美國普林斯頓大學計算機工程博士學位。彼曾任科羅拉多大學博爾德分校電子計算機與能源工程系副教授及同濟大學講座教授，曾任英特爾中國研究院副院長及首席架構師。

NON-EXECUTIVE DIRECTOR

非執行董事

Mr. Wang Feng , aged 49, has been appointed as a nonexecutive director of the Company from 28 February 2019. Mr. Wang holds a Master’s degree in North China Electric Power University. Mr. Wang is currently the General Manager of Planning and Investment Department of Huadian Fuxin Energy Corporation Limited (“Huadian Fuxin”, a substantial shareholder of the Company).

王峰先生 ，49 歲，自 2019 年 2 月 28 日獲委任為本公司之非執行董事。王先生持有華北電力大學碩士學位，現為華電福新股份有限公司（「華電福新」，本公司之主要股東）計劃投資部主任。

2018 年報協合新能源集團有限公司

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員的個人資料

INDEPENDENT NON-EXECUTIVE DIRECTORS

獨立非執行董事

Mr. Yap Fat Suan, Henry , aged 73, has been an independent non-executive director of the Company since 2006. He holds a master degree in Business Administration from the University of Strathclyde, Glasgow, in the United Kingdom. He is a fellow member of the Institute of Chartered Accountants in England and Wales and an associate member of the Hong Kong Institute of Certified Public Accountants. Mr. Yap is also an independent nonexecutive director of Frontier Services Group Limited, which is listed on The Hong Kong Stock Exchange, and Brockman Mining Limited, which is listed on The Hong Kong Stock Exchange and the Australian Securities Exchange.

葉發旋先生 ，73 歲，自 2006 年起為本公司獨立非執行董事。彼持有英國格拉斯哥斯特拉斯克萊德大學工商管理碩士學位。彼為英格蘭及威爾斯特許會計師公會資深會員及香港會計師公會會員。葉先生亦為先豐服務集團有限公司之獨立非執行董事，該公司於香港聯交所上市，以及布萊克萬礦業有限公司之獨立非執行董事，該公司於香港聯交所及澳洲證券交易所上市。

Dr. Jesse Zhixi Fang , aged 72, has been an independent non-executive director of the Company since January 2018. He holds a doctorate degree from the University of Nebraska-Lincoln. He was the global vice president of Intel and founded Intel Labs China, ILC as its first dean.

方之熙博士 ，72 歲，自 2018 年 1 月起成為本公司獨立非執行董事。彼持有美國內布拉斯加大學林肯分校博士學位，曾任英特爾全球副總裁，主持創立英特爾中國研究院，並任第壹任院長。

Ms. Huang Jian , aged 50, has been an independent non-executive director of the Company since December 2012. Ms. Huang holds a Master degree from the Central University of Finance and Economics of the PRC. She is also a certified public accountant in the PRC. Ms. Huang is the partner of ShineWing Certified Public Accountants and was a full time member of SME Board Pubic Offering Review Committee of the China Securities Regulatory Commission.

黃簡女士 ，50 歲，自 2012 年 12 月起為本集團獨立非執行董事，黃女士持有中國中央財經大學碩士學位。彼亦為中國註冊會計師。黃女士現為信永中和會計師事務所合夥人，曾任中國證券監督管理委員會創業板發行審核委員會委員專職委員。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員的個人資料

I N D E P E N D E N T N O N - E X E C U T I V E D I R E C T O R S

獨立非執行董事（續）

(COntinuEd)

Mr. Zhang Zhong , aged 49, has been an independent non-executive director of the Company since 4 June 2018. Mr. Zhang received a Master of Laws degree from Renmin University of China and is currently a partner of Zhong Lun Law Firm and an independent non-executive director of Weichai Power Co., Ltd. (000338.sz, 02338.hk), Beijing Dalong Weiye Real Estate Development Co., Ltd. (600159. ss), and Keda Group Co., Ltd. (600986.ss). Mr. Zhang was a member of the 4th, 5th and 6th GEM issuance verification committee of China Securities Regulatory Commission.

張忠先生 ，49 歲，自 2018 年 6 月 4 日起為本公司之獨立非執行董事。張先生持有中國人民大學法學碩士學位，現為北京市中倫律師事務所合夥人律師，濰柴動力股份有限公司（000338.sz, 02338.hk）、北京市大龍偉業房地產開發股份有限公司（600159.ss）、科達集團股份有限公司（600986.ss）獨立非執行董事；曾任中國證券監督管理委員會創業板發行審核委員會第 4、5、6 屆專職委員。

SENIOR MANAGEMENT

高層管理人員

Mr. Jiang Yingjiu , aged 50, joined the Group in 2007. He is the Vice President of the Company. He holds a Bachelor Degree of Renming University of China. Mr. Jiang has worked for Beijing Urban and Rural Construction Committee and China Energy Conservation Investment Corporation.

姜迎九先生 ，50 歲，於 2007 年加入本集團。彼為本公司副總裁。彼持有中國人民大學學士學位。姜先生曾於北京市城鄉建設委員會及中國節能投資公司任職。

Mr. Wang Xigang , aged 39, joined the Group in 2009. He is the Vice President of the Company. He holds a Master degree from Peking University. He has worked for Aviation Industry Corporation of China.

王錫鋼先生 ，39 歲，於 2009 年加入本集團。彼為本公司副總裁。彼持有北京大學碩士學位。彼曾於中國航空工業集團公司任職。

Mr. Ma Suoming , aged 45, joined the Group in 2015. He is the Vice President of the Company. He holds a Master degree from North China Electric Power University. He has worked for National Electricity Dispatching and Communication Centre.

馬鎖明先生 ，45 歲，於 2015 年加入本集團。彼為本公司副總裁。彼持有華北電力大學碩士學位。彼曾於國家電力調度通信中心任職。

2018 年報協合新能源集團有限公司

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員的個人資料

SENIOR MANAGEMENT (COntinuEd)

高層管理人員（續）

Mr. Shang Xuelian , aged 55, joined the Group in 2008. He is the Vice President of the Company. He holds a Bachelor Degree of Shandong University. Mr. Shang has worked for Shandong Lubei Enterprise Group Limited.

商學聯先生 ，55 歲，於 2008 年加入本集團。彼為本公司副總裁。彼持有山東大學學士學位。商先生曾於山東魯北企業集團任職。

Mr. Liu Ruiqing , aged 54, joined the Group in 2011. He is assistant to CEO. He holds a Master degree from North China Electric Power University. He has worked for Huadian Group New Energy Limited and China Shenhua — Guohua Energy Investment Ltd.

劉瑞卿先生 ，54 歲，於 2011 年加入本集團。彼為本公司總裁助理。彼持有華北電力大學碩士學位。彼曾於華電新能源有限公司及中國神華國華能源投資公司任職。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

REPORT OF THE DIRECTORS 董事會報告

The directors of the Company (the “Directors”) submit their report together with the audited consolidated financial statements for the year ended 31 December 2018 (the “Year”).

PRINCIPAL ACTIVITIES AND GEOGRAPHICAL ANALYSIS OF OPERATIONS

The principal activity of the Company is investment holding. The activities of the principal subsidiaries are set out in Note 52 to the financial statements. An analysis of the Group’s income and contribution to operating profit for the Year is set out in Note 6 to the financial statements.

RESULTS AND DIVIDENDS

The results of the Group for the Year are set out in the consolidated statement of profit or loss on page 184. The interim and final dividends for the Year are set out in Note 15 to the financial statements.

RESERVES

Movements in the reserves of the Group and of the Company during the Year are set out in Note on pages 188 and 393.

PROPERTY, PLANT AND EQUIPMENT

Details of the movements in the property, plant and equipment of the Group and of the Company are set out in Note 16 to the financial statements.

SHARE CAPITAL

Details of the movements in the share capital of the Company are set out in Note 37 to the financial statements.

本公司董事（「董事」）謹此提呈彼等之報告連同截至 2018 年 12 月 31 日止年度（「本年度」）之經審核綜合財務報表。

主要業務及經營地區分析

本公司之主要業務為投資控股。主要附屬公司之業務載於財務報表附註 52。本集團於本年度之收入及經營溢利貢獻分析載於財務報表附註 6。

業績及股息

本集團於本年度之業績載於第 184 頁之綜合損益表。本集團於本年度之中期和末期股息載於財務報表附註 15。

儲備

本集團及本公司於本年度內之儲備變動載於第 188 頁和 393 頁。

物業、廠房及設備

本集團及本公司之物業、廠房及設備變動詳情載於財務報表附註 16。

股本

本公司之股本變動詳情載於財務報表附註 37。

2018 年報協合新能源集團有限公司

REPORT OF THE DIRECTORS 董事會報告

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY

本公司購買、出售或贖回上市證券

During the Year, the Company repurchased a total of 164,080,000 shares of HK$0.01 each of the Company on the Stock Exchange. All the repurchased shares were subsequently cancelled by the Company during the Year. Details of the share repurchases during the Year are as follows:

年內，本公司於聯交所購回其合共 164,080,000 股每股 0.01 港元之股份。所有購回股份其後於年內被本公司註銷。年內購回股份之詳情如下：

Month 月份 July 2018 二零一八年七月 September 2018 二零一八年九月 October 2018 二零一八年十月 November 2018 二零一八年十一月 December 2018 二零一八年十二月 Total 總計	Purchase price per share 每股購買價 Number of share repurchased and cancelled Highest Lowest Aggregate amount 購回及註銷股份數目最高價最低價總額 HK$ HK$ HK$ 港元港元港元 17,010,000 0.350 0.340 5,928,550 21,750,000 0.320 0.315 6,906,200 80,060,000 0.320 0.290 24,214,400 7,390,000 0.320 0.315 2,329,900 37,870,000 0.320 0.305 11,781,100
	164,080,000 51,160,150

Month
月份
July 2018
二零一八年七月
September 2018
二零一八年九月
October 2018
二零一八年十月
November 2018
二零一八年十一月
December 2018
二零一八年十二月
Total
總計

Purchase price per share
每股購買價
Number of
share
repurchased
and cancelled
Highest
Lowest
Aggregate
amount
購回及
註銷股份數目
最高價
最低價
總額
HK$
HK$
HK$
港元
港元
港元
17,010,000
0.350
0.340
5,928,550
21,750,000
0.320
0.315
6,906,200
80,060,000
0.320
0.290
24,214,400
7,390,000
0.320
0.315
2,329,900
37,870,000
0.320
0.305
11,781,100

164,080,000
51,160,150

The repurchase of the Company’s shares by the Directors during the Year was made pursuant to the mandate granted by shareholders at the last annual general meeting of the Company held on 28 May 2018, with a view to benefiting shareholders as a whole by enhancing the net asset value per share and earnings per share of the Company.

董事根據上屆股東週年大會（於二零一八年五月二十八日召開）之股東授權於年內購回本公司股份，旨在提升本公司每股資產淨值及每股盈利，以符合股東整體利益。

DISTRIBUTABLE RESERVES

可分派儲備

Details of the distributable reserves of the Company as at 31 December 2018 are set out on page 188.

本公司於 2018 年 12 月 31 日之可分派儲備詳情載於第 188 頁。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

REPORT OF THE DIRECTORS 董事會報告

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Company’s bye-laws and there is no restriction against such rights under the laws of the Bermuda, which would oblige the Company to offer new shares on a pro-rata basis to existing shareholders.

FIVE-YEAR FINANCIAL SUMMARY

A summary of the results, and of the assets, liabilities and equities of the Group for the last five financial years is set out on page 400.

DIVIDEND

The board of directors recommends to declare a final dividend of HK$0.02 per ordinary share in respect of the year ended 31 December 2018 (2017: HK$0.01), subject to the approval of the shareholders of the Company at the forthcoming annual general meeting. Based on the number of issued ordinary shares as of the date of approving this consolidated financial information, the proposed final dividend amounted to HK$170,254,000 (equivalent to approximately RMB145,109,000). This consolidated financial information does not reflect this amount as dividend payable as at 31 December 2018. It is expected that the final dividend will be paid out before end of June 2019. Further announcement will be made by the Company for the date of closure of register of members.

優先購買權

本公司之公司細則並無有關優先購買權之條文，而百慕達法例亦無針對有關權利之限制，而令本公司須按比例向其現有股東提呈發售新股。

五年財務概要

本集團於過去 5 個財政年度之業績及資產、負債及權益概要載於第 400 頁。

股息

董事建議派付截至 2018 年 12 月 31 日止年度之末期股息每股普通股 0.02 港元（2017： 0.01 港元），此建議須經本公司股東在應屆股東週年大會上通過。依據批准發佈此綜合財務信息日已發行普通股股數，建議派付末期股息金額為 170,254,000 港元（相當於人民幣約 145,109,000 元）。於 2018 年 12 月 31 日之綜合財務信息中此金額未反映為應付股利。末期股息預期將於 2019 年 6 月底之前派付。本公司將就暫停辦理股份過戶登記手續日期刊發進一步公告。

2018 年報協合新能源集團有限公司

REPORT OF THE DIRECTORS 董事會報告

SHARE AWARD SCHEME

The Board has adopted a Scheme on 15 June 2015, and revised it on 29 June 2017. The Scheme does not constitute a share option scheme for the purpose of Chapter 17 of the Listing Rules. Reference is made to the announcement dated 15 June 2015 and 29 June 2017. Capitalised terms therein should contain the same meanings unless otherwise specified. The principal terms of the Scheme are outlined below.

Purpose

The purpose of the Scheme is to (i) recognize the contributions of the Employees; (ii) provide additional incentives in order to retain the Employees to continue to work for the Group; and (iii) attract suitable personnel for further development of the Group.

Duration

Subject to any early termination as may be determined by the Board, the Scheme shall be valid and effective for a term of ten (10) years commencing on the Adoption Date.

Administration

The Scheme shall be subject to the administration of the Board (or a committee from time to time authorized by the Board to manage the Scheme) and the Trustee in accordance with the rules of the Scheme and the Trust Deed. The Board may, from time to time, at its sole discretion determine the number of Awarded Shares to be awarded to the Selected Employees. The Board is entitled to impose any vesting conditions, as it deems appropriate in its absolute discretion with respect to the entitlement of the Selected Employees to the Awarded Shares. Any grant of the Awarded Shares to the connected persons (as defined in the Listing Rules) of the Company must be approved by the independent non-executive Directors (other than the independent non-executive Director who is the Selected Employee). The Board shall not instruct the Trustee to deal in any shares in the market during the period when any Director is in possession of unpublished inside information in relation to the Company or when the dealings in the Company’s securities by Directors are prohibited under any code or requirement of the Listing Rules or any applicable laws.

股份獎勵計劃

董事會於 2015 年 6 月 15 日採納該計劃，並於 2017 年 6 月 29 日對該計劃進行了修訂。本計劃並不構成上市規則第 17 章所定義之購股權計劃。茲提述本公司日期為 2015 年 6 月 15 和 2017 年 6 月 29 日之公佈。除文義另有所指外，本年報所用詞彙應具有相同涵義。該計劃之主要條款概述如下。

目的

該計劃旨在 (i) 嘉許若干僱員作出之貢獻； (ii) 提供更多獎勵，以留住上述僱員繼續為本集團效力；及 (iii) 吸引合適人員加入推動本集團進一步發展。

年期

該計劃之有效期為採納日期起計十 (10) 年，惟董事會可決定提前終止。

管理

股份獎勵計劃將由董事會（或獲董事會不時授權以管理該計劃之委員會）和信託人根據該計劃及信託契約之規則管理。董事會可不時全權酌情釐定授予選定僱員之獎勵股份數目。董事會在其認為合適之情況下，有權就選定僱員所享有之獎勵股份的歸屬權利施加任何條件。任何向本公司之關連人士（定義見上市規則）授出獎勵股份之事宜必須得到獨立非執行董事（不包括將獲得股份獎勵的獨立非執行董事）的批准。董事會不可在董事獲知本公司有關之內幕消息或者上市規則或其他任何適用之法律規定或要求董事禁止買賣本公司證券期間指示信託人進行任何股份交易。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

REPORT OF THE DIRECTORS 董事會報告

SHARE AWARD SCHEME (COntinuEd)

Scheme Limit

The Board shall not make any further Awarded which will result in the nominal value of Shares awarded by the Board under the Scheme exceeding five (5) per cent of the issued share capital of the Company as at the Adoption Date (the “Scheme Limit”).

The maximum number of Shares which may be awarded to a Selected Employee under the Scheme shall not exceed one (1) per cent of the issued share capital of the Company as at the Adoption Date (the “Individual Limit”).

Each of the Scheme Limit and the Individual Limit shall be refreshed automatically on each anniversary date of the Adoption Date during the duration of the Scheme as stipulated under the above stated in the Duration, such that (I) the Scheme Limit so refreshed shall not exceed five (5) per cent of the issued share capital of the Company as at each anniversary date of the Adoption Date: and (ii) the Individual Limit so refreshed shall not exceed one (1) per cent of the issued share capital of the Company as at each anniversary date of the Adoption Date.

Operation of the Scheme

The Board or a committee authorized by the Board to manage the Scheme shall (i) issued as new Shares by the Company to the Trustee held on trust for the Selected Person or (ii) purchased by the Trustee on the market, in either case out of cash paid by the Company by way of settlement to the Trustee pursuant to the terms of the Scheme. The Company shall pay the Trustee sufficient funds for any purchase including the cost of the Awarded Shares and the relevant expenses.

股份獎勵計劃（續）

計劃限額

董事會不得根據股份獎勵計劃再向選定僱員授出任何獎勵股份，致使根據股份獎勵計劃授出之股份面值超過本公司於採納日期已發行股本之百分之五 (5%)「計劃限額」）。

根據股份獎勵計劃授予單個選定僱員之股份數目最多不得超過本公司於採納日期已發行股本之百分之一 (1%)「個人限額」）。

計劃限額及個人限額將於上文「年期」所述股份獎勵計劃期間採納日期後之每個周年日自動更新，使 (i) 經更新之計劃限額不超過本公司於採納日期各周年日已發行股本之百分之五 (5%)；及 (ii) 經更新之個人限額不超過本公司於採納日期各周年日已發行股本之百分之一 (1%)。

股份獎勵計劃之運作

董事會或經其授權管理該計劃之委員會可以根據信託契約條款，由 (i) 本公司向信託人發行以信託方式為選定人士持有之新股份或 (ii) 信託人在市場上購入，上述兩種情況均由本公司根據計劃之條款以現金向信託人償付之方式作出。本公司應向信託人支付足額購股資金，包括獎勵股份成本及其他相關費用。

2018 年報協合新能源集團有限公司

REPORT OF THE DIRECTORS 董事會報告

SHARE AWARD SCHEME (COntinuEd)

Operation of the Scheme (Continued)

The Board or a committee authorized by the Board to manage the Scheme shall inform the Trustee the names of the Selected Employees, the number of shares awarded to them, the vesting date, the vesting conditions (if any) and other relevant information under the Scheme and the Trust Deed. Within 20 business days (on which the trading of Shares has not been suspended) after the Trustee receives the cash for the acquirement of new Shares or the purchase of the Awarded Shares, the Trustee shall apply the same towards the purchase of the Awarded Shares at the prevailing market price at its discretion. The Awarded Shares so purchased will be kept by the Trustee until the relevant vesting conditions are met and until then the Awarded Shares will be transferred to the Selected Employees accordingly.

Vesting and Lapse

Subject to the terms and conditions of the Scheme and the fulfillment of all vesting conditions, the relevant Awarded Shares and Related Income held by the Trustee on behalf of any Selected Employee shall vest in such Selected Employee on the Vesting Date and the Trustee shall cause the Awarded Shares and Related Income to be transferred to such Selected Employee. If the Selected Employee fails to deliver the signed and completed transfer documents to the Trustee within the stipulated period, unless the Board determines otherwise, the Awarded Shares and the Related Income shall not vest and shall revert to the Trustee as the Returned Shares.

In the event that prior to the Vesting Date the Selected Employee ceases to be an Employee, any unvested Awarded Shares and Related Income that the Selected Employee is entitled to shall lapse accordingly, unless the Board determines otherwise.

股份獎勵計劃（續）

股份獎勵計劃之運作（續）

董事會或經其授權管理該計劃之委員會應通知信託人選定僱員名單、授予彼等之股份數目、歸屬日期、歸屬條件（如有）以及該計劃及信託契約下之其他相關資料。在信託人收到購入獎勵股份的現金後 20 個營業日（屆時股份不得被暫停買賣）內，信託人應該酌情將之用以取得新股份或按現行市場價格購入獎勵股份。在相應歸屬條件達成及屆時將獎勵股份相應過戶予選定僱員前，該等獎勵股份將由信託人持有。

歸屬及失效

按照該計劃的條款和條件，在所有歸屬條件達成時，由信託人代表選定僱員持有的獎勵股份和相關收益，應於歸屬日期當日歸屬於該選定僱員，信託人應促成將獎勵股份和相關收益過戶予該選定僱員。如若該選定僱員未能在規定期限內將經簽署的轉讓文件交給信託人，除非董事會另有決定，否則獎勵股份和相關收益將不予歸屬，並作為退還股份轉回予信託人。

若選定僱員在歸屬期前不再是僱員，除非董事會另有決定，否則該選定僱員有權獲授予之獎勵股份及相關收益將予相應失效。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

REPORT OF THE DIRECTORS 董事會報告

SHARE AWARD SCHEME (COntinuEd)

Vesting and Lapse (Continued)

In the event that a Selected Employee dies before any Award to him as vested, unless the Board determines otherwise, the Award to him shall lapse immediately and the Awarded Shares to which the Award relate and the Related Income shall revert to the Trustee as Returned Shares. If Awarded Shares have vested before the death of the Selected Employee but have not been transferred by the Trustee to him, such vested Awarded Shares and Related Income shall be held by the Trustee for the personal representative(s) of such Selected Employee and the Trustee shall transfer to such personal representative(s) such Awarded Shares and Related Income pursuant to the terms of the Scheme and the Trust Deed.

Where any Awarded Share does not vest in accordance with the relevant provision herein and becomes Returned Share, the Board may grant Award(s) of such Returned Shares to other Selected Employees subject to such conditions or limitations as the Board may decide.

Notwithstanding any other provisions provided in the Share Award Scheme, if there occurs an event of change of control of the Company, whether by way of offer, merger, scheme of arrangement or otherwise, unless the Board determines otherwise, all the unvested Awarded Shares shall immediately vest on the date when such change of control event becomes or is declared unconditional and such date shall be deemed to be the Vesting Date.

Rights

The Selected Employees shall not have any interest or rights (including the right to vote or receive dividends) in any Awarded Shares or in the Related Income unless and until the Trustee has vested the ownership of such Awarded Shares in the Selected Employees.

The Trustee shall not exercise the voting rights in respect of any Shares held under the Trust.

股份獎勵計劃（續）

歸屬及失效（續）

若選定僱員在獲歸屬任何獎勵之前逝世，除非董事會另有決定，否則彼獲授予的獎勵將立即失效，與獎勵有關之獎勵股份和相關收益將作為退還股份轉回予信託人。若獎勵股份在選定僱員逝世前獲歸屬，但信託人尚未將之過戶，則已歸屬的獎勵股份和相關收益將由信託人代選定僱員的遺產代理人持有，且信託人應按照該計劃和信託契約的條款，將獎勵股份和相關收益過戶予該遺產代理人。

任何未按有關條文歸屬的獎勵股份將構成退還股份，董事會可以將該等退還股份授予其他選定僱員，並按董事會之決定賦予條件或限制。

儘管於股份獎勵計劃內有任何其他條文規定，惟倘本公司發生控制權變動（不論以要約、合併、協議安排或其他方式進行），除非董事會另有決定，所有未獲歸屬之獎勵股份須於該等控制權變動事項成為或被宣告為無條件之日期立即予以歸屬，而該日期須被視為歸屬日期。

權利

選定僱員不得於任何獎勵股份或相關收益中擁有任何權益或權利（包括投票或收取股息的權利），直到信託人將有關獎勵股份的所有權歸屬予選定僱員。

信託人不能就信託下持有的任何股份行使投票權。

2018 年報協合新能源集團有限公司

REPORT OF THE DIRECTORS 董事會報告

SHARE AWARD SCHEME (COntinuEd)

Termination

The Scheme shall terminate on the earlier of the 10th anniversary date of the Adoption Date or such date of early termination as determined by the Board provided that such termination shall not affect any subsisting rights of the Selected Employees.

The maximum number of Awarded Shares that can be awarded under the Scheme is 447,311,748. On 5 April 2016, 61,700,000 Shares have been awarded to the Selected Employees pursuant to the Scheme. No additional Shares have been awarded during the Year.

DIRECTORS

The Directors during the Year and up to the date of this report were:

Executive Directors

Mr. Liu Shunxing Ms. Liu Jianhong Mr. Yu Weizhou Mr. Niu Wenhui Mr. Gui Kai Dr. Shang Li (re-designated on 2 January 2018)

Non-executive Directors

Mr. Wu Shaohua (resigned on 28 February 2019) Mr. Wang Feng (appointed on 28 February 2019)

Independent Non-executive Directors

Dr. Wong Yau Kar, David, GBS,BBS,JP (resigned on 4 June 2018)

Mr. Yap Fat Suan, Henry

Dr. Jesse Zhixi Fang (appointed on 2 January 2018)

Ms. Huang Jian

Mr. Zhang Zhong (appointed on 4 June 2018)

股份獎勵計劃（續）

終止

股份獎勵計劃須於採納日期第十週年之日，或董事會決定提早終止（該終止不影響選定僱員之現有權力）之日期（以較早者為準）終止。

根據該計劃將予發放之獎勵股份最多為 447,311,748 股。於 2016 年 4 月 5 日，本公司已根據該計劃向選定僱員授出 61,700,000 股獎勵股份。於本年度內並無授出任何額外股份。

董事

於本年度內及截至本報告日期之董事為：

執行董事

劉順興先生劉建紅女士余維洲先生牛文輝先生桂凱先生尚笠博士（於 2018 年 1 月 2 日獲調任）

非執行董事

吳韶華先生（於 2019 年 2 月 28 日辭任）王峰先生（於 2019 年 2 月 28 日獲任）

獨立非執行董事

黃友嘉博士 , GBS,BBS,JP（於 2018 年 6 月 4 日辭任）葉發旋先生方之熙博士（於 2018 年 1 月 2 日獲任）黃簡女士張忠先生（於 2018 年 6 月 4 日獲任）

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

REPORT OF THE DIRECTORS 董事會報告

DIRECTORS (COntinuEd)

In accordance with bye-law 99 of the Company’s Bye-laws, Mr. Gui Kai, Mr. Yap Fat Suan, Henry and Ms. Huang Jian shall retire by rotation and, being eligible, offer themselves for re-election at the forth coming annual general meeting. In accordance with bye-law 102(B) of the Company’s Byelaws, Mr. Zhang Zhong and Mr. Wang Feng shall retire by rotation and, being eligible, offer themselves for re-election at the forth coming annual general meeting.

All the non-executive Directors are appointed for as specific term and will be subject to retirement by rotation and re-election at the annual general meeting of the Company.

The Company has received from each of the independent non-executive Directors an annual confirmation of his independence pursuant to Rule 3.13 of the Listing Rules during the Year and the Company considered that they are independent.

Biographical details of the directors of the Company and the senior management of the Group are set out on pages 60 to 64 of the annual report.

DIRECTORS’S SERVICE CONTRACTS

None of the Directors has a service contract with the Company which requires the Company to give a period of notice of more than one year, or to pay compensation or make other payments equivalent to more than one year’s emolument.

DIRECTORS’ INTERESTS IN CONTRACTS

No contracts of significance in relation to the Group’s business to which the Company or any of its fellow subsidiaries was a party and in which a director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the Year or at any time during the Year.

董事（續）

根據本公司之公司細則第 99 條，桂凱先生、葉發旋先生及黃簡女士，須於應屆股東週年大會上輪值告退，惟符合資格並願膺選連任。根據本公司之公司細則第 102(B) 條，張忠先生和王峰先生須於應屆股東週年大會上輪值告退，惟符合資格並願應選連任。

全體非執行董事已獲委任指定任期，並須於本公司股東週年大會上輪值告退及膺選連任。

本公司已於本年度內接獲各獨立非執行董事根據上市規則第 3.13 條所發出之年度獨立性確認書，而本公司認為彼等均為獨立人士。

本公司之董事及本集團之高級管理人員之履歷詳情載列於年報第 60 頁至 64 頁。

董事之服務合約

概無董事與本公司訂有規定本公司須給予超過一年通知期或支付或作出相等於超過一年酬金之賠償或其他付款之服務合約。

董事於合約之權益

本公司董事概無於本公司或其任何同系附屬公司所訂立於本年度結束時或本年度內任何時間仍然存續且對本集團業務而言屬重大之任何合約中直接或間接擁有重大權益。

2018 年報協合新能源集團有限公司

REPORT OF THE DIRECTORS 董事會報告

DIRECTOR’S INTERESTS IN COMPETING BUSINESS

None of the Directors nor their respective associates had an interest in a business, apart from the businesses of the Group, which competes or is likely to compete, either directly or indirectly, with the businesses of the Group pursuant to Rule 8.10 of the Listing Rules during the Year.

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND/ OR SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION

As at 31 December 2018, the interests and short positions of each director and chief executive in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the ”SFO”), as recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO, or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) pursuant to Part XV of the SFO or the Model Code for Securities Transactions by Directors of Listed Companies (the”Model Code”) under the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”), or known to the Company, were as follows:

董事於競爭業務中的權益

年內，概無董事或彼等各自之聯繫人於根據上市規則第 8.10 條與本集團業務直接或間接構成競爭或可能存在競爭之業務（本集團業務除外）中擁有權益。

董事及主要行政人員於本公司或任何聯營公司之股份、相關股份及債券中擁有之權益及╱或淡倉

於 2018 年 12 月 31 日，各董事及主要行政人員於本公司或其任何聯營公司（定義見證券及期貨條例（「證券及期貨條例」）第 XV 部）之股份、相關股份及債券中擁有已記錄於本公司須根據證券及期貨條例第 352 條存置之登記冊內之權益及淡倉，或已根據證券及期貨條例第 XV 部或香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）下上市公司董事進行證券交易的標準守則（「標準守則」）知會本公司及聯交所，或本公司已知悉之權益及淡倉如下：

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

REPORT OF THE DIRECTORS 董事會報告

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND/ OR SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION (COntinuEd)

董事及主要行政人員於本公司或任何聯營公司之股份、相關股份及債券中擁有之權益及╱或淡倉 （續）

(i) Long positions in the shares of the Company:

(i) 於本公司股份之好倉：

Approximate percentage of the total issued share capital 佔已發行股本總數之概約百分比 (%)

						Approximate
						percentage of
						the total issued
Name of the Directors	Personal	Family	Corporate		Total	share capital
						佔已發行股本總數
董事姓名	個人	家族	公司		總計	之概約百分比
						(%)
Liu Shunxing	9,000,000	—	1,845,484,242	1	1,854,484,242	21.69
劉順興
Liu Jianhong	8,710,000	—	150,000,000	2	158,710,000	1.86
劉建紅
Yu Weizhou	25,130,000	—	—		25,130,000	0.30
余維洲
Niu Wenhui	4,000,000	—	—		4,000,000	0.05
牛文輝
Gui Kai	3,600,000	—	—		3,600,000	0.04
桂凱
Yap Fat Suan, Henry	200,000	—	—		200,000	0.002
葉發旋

2018 年報協合新能源集團有限公司

REPORT OF THE DIRECTORS 董事會報告

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND/ OR SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION (COntinuEd)

(i) Long positions in the shares of the Company: (COntinuEd)

note:

1,147,877,155 shares are held by China Wind Power Investment Limited (CWPI), which is wholly owned by Permanent Growth Limited. Mr. Liu Shunxing held as to 46.77% of the issued shares of Permanent Growth Limited. 290,000,000 Shares are held by Guangfeng International Holdings Limited, a wholly-owned subsidiary of Beijing Guangfeng Energy Technology Limited, of which Mr. Liu holds 99% of the issued share capital. 407,607,087 Shares are held by Splendor Power Limited, of which Mr. Liu holds 99% of the issued share capital.
150,000,000 shares are held by a discretionary trust for which Ms. Liu Jianhong is the founder and settlor and can influence how the trustee exercises its discretion.

(ii) Long positions in the underlying shares of the Company:

Save as disclosed above, as at 31 December 2018, none of the directors and chief executives of the Company and/or any of their respective associates had any interest or short position in the shares, underlying shares or debentures of the Company and/or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept by the Company under Section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to Part XV of the SFO or the Model Code adopted by the Company.

董事及主要行政人員於本公司或任何聯營公司之股份、相關股份及債券中擁有之權益及╱或淡倉 （續）

(i) 於本公司股份之好倉：（續）

附註：

該等股份分別由 China Wind Power Investment Limited（「 CWPI 」）持有 1,147,877,155 股， Guangfeng International Holdings Limited 持有 290,000,000 股，Splendor Power Limited 持有 407,607,087 股。CWPI 由 Permanent Growth Limited 全資擁有，劉順興先生持有 Permanent Growth Limited 之 46.77% 已發行股份。Guangfeng International Holdings Limited 為北京廣豐能源科技有限公司之全資附屬公司，劉先生持有北京廣豐能源科技有限公司之 99% 已發行股本。劉先生持有 Splendor Power Limited 之 99% 已發行股本。
150,000,000 股股份由全權信託持有，劉建紅女士為該全權信託之創辦人及委託人，並可影響受託人行使其酌情權之方式。

(ii) 於本公司相關股份之好倉：

除上文所披露者外，於 2018 年 12 月 31 日，概無本公司董事及主要行政人員及╱或任何彼等各自之聯繫人士於本公司及╱或其任何聯營公司（定義見證券及期貨條例第 XV 部）之股份、相關股份或債券中擁有任何已記錄於本公司根據證券及期貨條例第 352 條存置之登記冊，或根據證券及期貨條例第 XV 部或本公司採納之標準守則已知會本公司及聯交所之權益或淡倉。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

REPORT OF THE DIRECTORS 董事會報告

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES

董事收購股份或債券之權利

Save as disclosed under the heading “Directors’ and Chief Executives’ Interests and/or Short Positions in the Shares, Underlying shares and Debentures of the Company or any Associated Corporation” above, at no time during the Year was the Company, or any of its subsidiaries or associated corporations, a party to any arrangement to enable the directors (including their respective spouse and children under the age of 18) to acquire benefits by the means of the acquisition of the shares or underlying shares in, or debentures of, the Company or any of its associated corporations.

除上文「董事及主要行政人員於本公司或任何聯營公司之股份、相關股份及債券中擁有之權益及╱或淡倉」所披露者外，於本年度內任何時間，本公司或其任何附屬公司或聯營公司概無訂立任何安排，致令董事（包括彼等各自之配偶及 18 歲以下之子女）可藉購入本公司或其任何聯營公司之股份或相關股份或債券而獲利。

SUBSTANTIAL SHAREHOLDERS

主要股東

As at 31 December 2018, save as disclosed under the section “Directors’ and Chief Executives’ Interests and/ or Short Positions in the Shares, Underlying shares and Debentures of the Company or any Associated Corporation” above, the Company had been notified of the following substantial shareholders’ interests, being 5% or more of the Company’s issued share capital under Section 336 of the SFO.

於 2018 年 12 月 31 日，除上文「董事及主要行政人員於本公司或任何聯營公司之股份、相關股份及債券中擁有之權益及╱或淡倉」一節所披露者外，本公司獲知會下列主要股東權益（即根據證券及期貨條例第 336 條本公司已發行股本中 5% 或以上之權益）。

(i) Long positions in the shares of the Company:

(i) 於本公司股份之好倉：

				Number of the	Approximate	percentage
				shares of	of the total issued
	Name of shareholder		the	Company held	share capital
					佔已發行股本總數之
	股東名稱		持有本公司股份數目			概約百分比
						(%)
	CWPI (1)			1,147,877,155		13.42
	Huadian Fuxin			880,000,000		10.29
	華電福新
	Goldman Sachs			58,562,998		0.68
(ii)	Long positions in the underlying shares of the			(ii) 於本公司相關股份之好倉：
	Company:
				Number of the	Approximate	percentage
			underlying shares		of the total issued
	Name of shareholder		of the	Company held	share capital
					佔已發行股本總數之
	股東名稱		持有本公司相關股份數目			概約百分比
						(%)
	Goldman Sachs	(2)		432,390,000		5.06

2018 年報協合新能源集團有限公司

REPORT OF THE DIRECTORS 董事會報告

SUBSTANTIAL SHAREHOLDERS (COntinuEd)

note:

1,147,877,155 shares are held by CWPI, which is wholly owned by Permanent Growth Limited. Mr. Liu Shunxing held as to 46.77% of the issued shares of Permanent Growth Limited.
The Board announces that on 13 December 2018, the Company entered into the Convertible Loan Agreement with Goldman Sachs Asia Strategic Pte. Ltd. (“Goldman Sachs”), pursuant to which Goldman Sachs agreed to lend and the Company agreed to borrow the Convertible Loan in a principal amount of US$30,000,000 (drawable in one Disbursement). The Convertible Loan will consist of three tranches as follows: (i) Tranche I being US$12,000,000; and (ii) Tranche II being US$9,000,000; and (iii) Tranche III being US$9,000,000.

The Convertible Loan (or any portion thereof which shall not have been converted) shall be repaid on the Maturity Date, together with the Redemption Premium (if any).

Goldman Sachs have the right to convert all or any part of the outstanding principal amount of their respective participation in the Convertible Loan into Conversion Shares at a Conversion Price of (i) HK$0.5 per Share (for Tranche I); (ii) HK$0.55 per Share (for Tranche II); and (iii) HK$0.6 per Share (for Tranche III) (subject to the adjustments as set out in the Convertible Loan Agreement), credited as fully paid, at any time after the date of the Disbursement and prior to the Maturity Date. If the Company fails to repay any part of the Convertible Loan on the Maturity Date, the Lenders may continue to exercise its right to convert all or any part of the outstanding principal amount of their respective participation in the Convertible Loan until the date on which the Company has repaid the Convertible Loan in full.

Assuming a Conversion Price of (i) HK$0.5 per Share (for Tranche I); (ii) HK$0.55 per Share (for Tranche II); and (iii) HK$0.6 per Share (for Tranche III) and there is no adjustment to the Conversion Price pursuant to the terms of the Convertible Loan Agreement, the aggregate principal amount of the Convertible Loan of US$30,000,000 (equivalent to approximately HK$234,300,000) is convertible into approximately 432,390,000 Conversion Shares. Details can be referred to the announcement dated 13 December 2018.

Save as disclosed above, as at 31 December 2018, there were no other persons who had an interest or short position in the shares or underlying shares of the Company which would fall to be disclosed to the Company under Section 336 of the SFO, or which were recorded in the register to be kept by the Company under Section 336 of the SFO.

主要股東（續）

附註：

該等股份由 CWPI 持有 1,147,877,155 股， CWPI 由 Permanent Growth Limited 全資擁有，劉順興先生持有 Permanent Growth Limited 之 46.77% 已發行股份。
董事會宣佈，於二零一八年十二月十三日，本公司與 Goldman Sachs Asia Strategic Pte. Ltd.（「Goldman Sachs」）訂立可換股貸款協議，據此，Goldman Sachs 同意借出及本公司同意借入可換股貸款，本金額為 30,000,000 美元（可經一筆發放提取）。可換股貸款將由下列三批貸款組成：(i) 第一批為 12,000,000 美元；及 (ii) 第二批為 9,000,000 美元；及 (iii) 第三批為 9,000,000 美元。

可換股貸款（或其尚未轉換之任何部分）連同贖回溢價（如有）須於到期日償還。

Goldman Sachs 有權於發放日期後及到期日前任何時間按轉換價 (i) 每股 0.5 港元（第一批）；(ii) 每股 0.55 港元（第二批）；及 (iii) 每股 0.6 港元（第三批）（可根據可換股貸款協議所載予以調整）（入賬列作繳足）將各自涉及之可換股貸款之全部或任何部分未償還本金額轉換為轉換股份。倘本公司未能於到期日償還可換股貸款之任何部分，貸款人可持續行使其權利轉換各自涉及可換股貸款之未償還本金額之全部或任何部分，直至本公司悉數償還可換股貸款當日為止。

假設轉換價為 (i) 每股 0.5 港元（第一批）； (ii) 每股 0.55 港元（第二批）；及 (iii) 每股 0.6 港元（第三批）及概無根據可換股貸款協議之條款調整轉換價，可換股貸款本金總額 30,000,000 美元（相當於約 234,300,000 港元）可轉換為約 432,390,000 股轉換股份。詳情請參閱日期為二零一八年十二月十三日之公告。

除上文所披露者外，於 2018 年 12 月 31 日，概無其他人士於本公司之股份或相關股份中擁有須根據證券及期貨條例第 336 條向本公司披露，或須根據證券及期貨條例第 336 條記錄於本公司存置之登記冊之權益或淡倉。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

REPORT OF THE DIRECTORS 董事會報告

MANAGEMENT CONTRACTS

N o c o n t r a c t s c o n c e r n i n g t h e m a n a g e m e n t a n d administration of the whole or any substantial part of the business of the Company were entered into or existed during the Year.

PERMITTED INDEMNITY PROVISION

Pursuant to the Bye-laws of the Company, the Directors shall be indemnified and secured harmless out of the assets and profits of the Company against all losses and liabilities & etc. which they may incur or sustain by reason about the execution of their duties, provided that this indemnity shall not extend to any matter in respect of any fraud or dishonesty which may attach to any of the Directors. The Company has also arranged appropriate Directors’ and liability insurance coverage for the Directors and officers of the Group.

MAJOR SUPPLIERS AND MAJOR CUSTOMERS

During the Year, sales to the Group’s largest 5 customers accounted for 68% of the total sales for the Year, and the largest customer included there in amounted to 21%.

Purchases from the Group’s 5 largest suppliers accounted for 89% of the total purchases for the Year, and the largest supplier included therein amounted to 36%.

None of the Directors, their associates or any shareholders, which to the knowledge of the Directors own more than 5% of the Company’s share capital, had interests in the major suppliers or customers noted above.

EMOLUMENT POLICY

The Group’s emolument policy for its employees is set up and approved by the Remuneration Committee and the Board on the basis of their merit, qualifications and competence.

管理合約

於本年度內，並無就本公司全部業務或其中任何重要部份之管理及行政而訂立或存有合約。

獲准許之彌償條文

根據本公司之公司細則，董事應從本公司之資產及溢利中獲彌償及保證免責於彼等因執行職務而可能招致或承擔之一切虧損及責任等，惟本彌償保證不得延伸至任何董事可能牽涉之任何欺詐或不誠實事宜。本公司已為本集團董事及高級人員安排投購合適之董事及責任保險。

主要供應商及主要客戶

於本年度內，本集團五大客戶之銷售額佔本年度之總銷售額 68%，其中已包括最大客戶佔 21%。

本集團五大供應商之採購額佔本年度之總採購額 89%，其中已包括最大供應商佔 36%。

概無董事、彼等之聯繫人士或任何股東（就董事所知擁有本公司股本 5% 以上者）於上述主要供應商或客戶中擁有權益。

薪酬政策

本集團之僱員薪酬政策乃經薪酬委員會及董事會參考彼等之表現、資歷及能力制定及批准。

2018 年報協合新能源集團有限公司 REPORT OF THE DIRECTORS 董事會報告

EMOLUMENT POLICY (COntinuEd)

The emoluments of the Directors are decided by the Remuneration Committee and the Board, as authorised by the shareholders at the annual general meeting, having regarded to the Group’s operating results, individual performance and comparable market statistics.

The Company has adopted a share award scheme as an incentive to Directors and eligible employees, details of the share award scheme are set out in the Report of the Directors on pages 68 to 72 of the annual report.

CORPORATE GOVERNANCE

The Company is committed to maintain a high standard of corporate governance practices. Information on the corporate governance practices adopted by the Company is set out in the Corporate Governance Report on pages 81 to 94 of the annual report.

SUFFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and within the knowledge of the Directors, as at the date of this report, there was sufficient of public float of the Company’s securities as required under the Listing Rules.

EVENT AFTER THE END OF THE REPORTING PERIOD

Details of significant event of the Group after the reporting period are set out in note 53 to the financial statements.

AUDITOR

The financial statements have been audited by Deloitte Touche Tohmatsu who retire and, being eligible, offer themselves for re-appointment at the forthcoming annual general meeting of the Company.

On behalf of the Board

Liu Shunxing

Chairman

Hong Kong, 28 February 2019

薪酬政策（續）

董事酬金由薪酬委員會及董事會獲股東於股東週年大會上授權後經參考本集團之經營業績、個人表現及可資比較市場數據後釐定。

本公司已採納股份獎勵計劃，作為對董事及合資格僱員之獎勵，有關股份獎勵計劃之詳情載於年報第 68 頁至 72 頁之董事會報告內。

企業管治

本公司致力維持高水平之企業管治常規。有關本公司所採納企業管治常規之資料載於年報第 81 至 94 頁之企業管治報告內。

足夠公眾持股量

按本公司可公開取得之資料及就董事所知，於本報告日期，本公司擁有上市規則規定之本公司證券足夠公眾持股量。

報告期末後事項

有關本集團於報告期後之重大事項詳情載於財務報表附註 53。

核數師

財務報表已經德勤 • 關黃陳方會計師行審核，該核數師將行退任，惟符合資格並願於本公司應屆股東週年大會上獲續聘。

代表董事會

主席

劉順興

香港，2019 年 2 月 28 日

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

CORPORATE GOVERNANCE REPORT

The board of Directors of the Company (the “Board”) is committed to achieving a high standard of corporate governance.

Throughout the year ended 31 December 2018, the Board has reviewed the Group’s corporate governance practices and is satisfied that the Company has complied with the code provisions in the Corporate Governance Code (“the Code”) set out in the Appendix 14 to the Listing Rules on the Stock Exchange.

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Companies (the “Model Code”) set out in Appendix 10 to the Listing Rules. Upon enquiry by the Company, all directors of the Company have confirmed that they have complied with the required standards set out in the Model Code throughout the year ended 31 December 2018.

THE BOARD

As at 31 December 2018, the Board comprised of eleven Directors, including six executive Directors, one nonexecutive Director and four independent non-executive Directors. On 2 January 2018, Dr. Shang Li was redesignated from the independent non-executive Director to the executive Director, and Dr. Jesse Zhixi Fang was appointed as the independent non-executive Director. On 4 June 2018, Dr. Wong Yau Kar, David, GBS,BBS,JP resigned as an independent non-executive Director, and Mr. Zhang Zhong was appointed as an independent nonexecutive Director. On 28 February 2019, Mr. Wu Shaohua resigned as non-executive Director and Mr. Wang Feng was appointed as non-executive Director. Biographical details of the Directors are stated under the section “Biographical Details of Directors and Senior Management”.

企業管治報告

本公司董事會（「董事會」）致力達致高水平之企業管治。

於截至 2018 年 12 月 31 日止年度，董事會已審閱本集團之企業管治常規，並信納本公司一直遵守聯交所上市規則附錄十四所載之企業管治守則（「守則」）之守則條文。

董事進行證券交易之標準守則

本公司已採納上市規則附錄十所載之上市公司董事進行證券交易的標準守則（「標準守則」）。經本公司作出查詢後，本公司全體董事均已確認彼等於截至 2018 年 12 月 31 日止年度一直遵守標準守則所載之規定標準。

董事會

於 2018 年 12 月 31 日，董事會由 11 位董事組成，包括 6 位執行董事、1 位非執行董事和 4 位獨立非執行董事。於 2018 年 1 月 2 日，尚笠博士由獨立非執行董事調任為執行董事，方之熙博士獲任為獨立非執行董事。於 2018 年 6 月 4 日，黃友嘉博士 , GBS,BBS,JP 辭任獨立非執行董事，張忠先生獲任為獨立非執行董事。於 2019 年 2 月 28 日，吳韶華先生辭任非執行董事，王峰先生獲任為非執行董事。董事之個人資料載於「董事及高層管理人員的個人資料」一節。

2018 年報協合新能源集團有限公司

CORPORATE GOVERNANCE REPORT 企業管治報告

THE BOARD (COntinuEd)

The major shareholder of the Company, CWPI holds 1,147,877,155 shares of the Company. CWPI is held indirectly by, amongst others, two executive Directors namely, Mr. Liu Shunxing and Ms. Liu Jianhong.

Save as disclosed above, there are no financial, business, family or other material/relevant relationships between the Board members.

For a Director to be considered independent, that director should not have any direct or indirect material interest in the Group. In determining the independence of Directors, the Board follows the requirement set out in the Listing Rules. Each of the independent non-executive Directors has made an annual confirmation of his independence pursuant to Rule 3.13 of the Listing Rules.

All the non-executive Directors (including the independent non-executive Directors) are appointed for a specific term and will be subject to retirement by rotation and re-election at the annual general meeting of the Company.

The Chairman is responsible for providing leadership to, and overseeing, the functioning of the Board to ensure that the Board acts in the best interest for the Group. The Chairman is responsible for approving the agenda for each Board meeting, after taking into account the matters proposed by other Directors. With the support of the executive Directors and the Company Secretary, the Chairman seeks to ensure that all Directors are properly briefed on issues arising at Board meetings and receive adequate and reliable information in a timely manner. The Chairman also actively encourages all Directors to be fully engaged in the Board’s affairs and make contributions to the Board’s functions. The Board has adopted good corporate governance practices and procedures and has taken appropriate steps to provide effective communication with shareholders.

董事會（續）

本公司之主要股東 CWPI 持有 1,147,877,155 股本公司股份。CWPI 現由（其中包括）兩名執行董事（即劉順興先生及劉建紅女士）間接持有。

除上文所披露者外，董事會成員之間並無任何財務、業務、家屬或其他重大╱相關關係。

董事於本集團並無任何直接或間接重大權益，方會被視為具獨立性。董事會按照上市規則所載之規定釐定董事之獨立性。各獨立非執行董事已根據上市規則第 3.13 條之規定提交確認彼符合獨立性之年度確認書。

全體非執行董事（包括獨立非執行董事）均獲委任特定任期，並須於本公司之股東週年大會上輪席退任及重選。

主席負責領導與監管董事會之運作，以確保董事會為本集團之最佳利益行事。主席負責於考慮其他董事建議列入議程之事項後批准每次董事會會議之議程。在執行董事和公司秘書協助下，主席將確保所有董事獲恰當地簡報在董事會會議上提出之事項，並適時獲得足夠及可靠之資訊。主席亦積極鼓勵所有董事全面參與董事會之事務以及對董事會之職能作出貢獻。董事會已採納良好之企業管治常規和程序，並已採取適當步驟與股東保持有效溝通。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

THE BOARD (COntinuEd)

The CEO is responsible for managing the business of the Group, attending to the formulation and implementation of group policies, and assuming full accountability for the Group’s operations. Acting as the principal manager of the Group’s business, the CEO develops a strategic operating plan that reflects the long-term objectives and priorities established by the Board, and is directly responsible for maintaining the operational performance of the Group. Working with the senior management and the Board, the CEO ensures that the funding requirements of the business are met and closely monitors the operating and financial results against the plans and budgets. He also takes remedial actions when necessary and advises the Board of any significant developments and issues of the Group.

Ongoing dialogues are maintained with all Directors to keep them fully informed of all major business developments and issues.

董事會（續）

行政總裁負責管理本集團之業務，參與構思及實行集團政策，並對本集團營運負上全責。身為本集團業務之主要管理人，行政總裁制訂反映董事會所訂立長期目標及優先次序之策略性經營計劃，並直接負責維持本集團之營運表現。行政總裁與高層管理人員及董事會攜手合作，確保達到業務之資金要求，並密切監察經營及財務業績符合計劃及預算之情況，於有需要時採取補救行動並就本集團之任何重大發展及事項向董事會提供意見。

行政總裁與全體董事一直保持對話，使彼等完全知悉一切主要業務發展及事項。

2018 年報協合新能源集團有限公司

CORPORATE GOVERNANCE REPORT 企業管治報告

THE BOARD (COntinuEd)

董事會（續）

The Board meets regularly, and at least 4 times a year. Between meetings, senior management of the Group provides to Directors the information on the activities and developments in the business of the Group on a timely basis and when required, additional Board meetings are held. In addition, Directors have full access to the information of the Group and the independent professional advice whenever deemed necessary by the Directors. During the year ended 31 December 2018, a total of 13 board meetings and 2 general meetings (“2018 AGM” and “2018 SGM”) were held and the attendance of each director is set out below:

董事會定期召開會議，並於一年內至少舉行 4 次會議。於會議之間，本集團高層管理人員適時向董事提供有關本集團活動和業務發展之資料，並於有需要時舉行額外之董事會會議。此外，董事可於彼等認為有需要時全面向本集團索取資料和尋求獨立專業意見。於截至 2018 年 12 月 31 日止年度，本公司合共舉行 13 次董事會會議及 2 次股東大會（「2018 年股東週年大會」及「2018 年股東特別大會」），各董事之出席情況載列如下：

						Number	of meetings attended in	of meetings attended in
						the year ended 31 December 2018/
						Number of	meetings eligible to attend
						截至2018 年12 月31		日止
						年度出席之會議數目╱
						合資格出席之會議數目
						Board	2018	2018
	Name of directors					meetings	SGM 6	AGM 7
							2018 年股東	2018 年股東
	董事姓名					董事會會議	特別大會 6	週年大會 7
Chairman	Liu Shunxing					13/13	1/1	1/1
主席	劉順興
Chairperson	Liu Jianhong					13/13	1/1	1/1
副主席	劉建紅
CEO	Yu Weizhou					13/13	1/1	1/1
行政總裁	余維洲
Executive Director	Mr. Niu Wenhui					13/13	1/1	1/1
執行董事	牛文輝先生
	Gui Kai					13/13	1/1	1/1
	桂凱
	Shang Li 1					13/13	1/1	1/1
	尚笠 1
Non-executive Director	Mr. Wu Shaohua		2			13/13	1/1	1/1
非執行董事	吳韶華先生	2
Independent Non-Executive Directors	Dr. Wong Yau Kar,
獨立非執行董事	David, GBS,BBS,JP			3		6/6	0/0	1/1
	黃友嘉博士, GBS,BBS,JP				3
	Yap Fat Suan, Henry					13/13	1/1	1/1
	葉發旋
	Huang Jian					13/13	1/1	1/1
	黃簡
	Zhang Zhong					6/6	1/1	0/0
	張忠

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

THE BOARD (COntinuEd)

notes:

1 Dr. Shang Li has re-designate from Independent Nonexecutive Director to Executive Director on 2 January 2018.
2 Mr. Wu Shaohua has resigned as a non-executive Director on 28 February 2019.
3 Dr. Wong Yau Kar, David, GBS,BBS,JP has resigned as an independent non-executive Director on 4 June 2018.
4 Mr. Zhang Zhong has appointed as an independent nonexecutive Director on 4 June 2018.
5 2018 SGM was held on 12 December 2018.
6 2018 AGM was held on 28 May 2018.

Professional training for directors

All Directors, including independent non-executive D i r e c t o r s , s h o u l d a l w a y s k n o w t h e i r c o l l e c t i v e responsibilities as Directors and of the businesses and activities of the Group. Each newly appointed Director would receive an induction package covering the Group’s businesses and the statutory and regulatory obligations of a director of a listed company. The Group also provides briefings and other training to develop and refresh the Directors’ knowledge and skills, and updates all Directors on the latest developments regarding the Listing Rules and other applicable regulatory requirements to ensure compliance and to enhance their awareness of good corporate governance practices.

During the year ended 31 December 2018, all existing Directors have received relevant trainings by reading relevant materials on the topics relating to corporate governance and regulations and have provided their training records.

董事會（續）

附註：

1 尚笠博士於 2018 年 1 月 2 日由獨立非執行董事獲調任執行董事。
2 吳韶華先生於 2019 年 2 月 28 日辭任非執行董事。
3 黃友嘉博士 , GBS,BBS,JP 於 2018 年 6 月 4 日辭任非執行董事。
4 張忠先生於 2018 年 6 月 4 日獲委任為非執行董事。
5 2018 年特別股東大會於 2018 年 12 月 12 日舉行。
6 2018 年股東週年大會於 2018 年 5 月 28 日舉行。

董事專業培訓

全體董事（包括獨立非執行董事）應清楚彼等身為董事及對本集團業務及活動之集體責任。每名新獲委任之董事將收到一套入職資料，涵蓋本集團之業務及上市公司董事須承擔之法定及監管責任。本集團亦提供簡報及其他培訓，以建立及重溫董事之知識及技能，並為全體董事提供有關上市規則及其他適用監管規定之最新發展資料，以確保彼等遵守良好企業管治常規及提升彼等對此方面之意識。

於截至 2018 年 12 月 31 日止年度，全體現任董事已閱讀有關企業管治及規例課題之相關培訓，並提供培訓記錄。

2018 年報協合新能源集團有限公司

CORPORATE GOVERNANCE REPORT 企業管治報告

BOARD COMMITTEES

During the year ended 31 December 2018, the Board has reviewed and monitored the training and continuous professional development of directors and senior management. The Board has also reviewed and ensured compliance of the relevant legal and regulatory requirements. Besides, the Company has set up three committees including the Nomination Committee, the Remuneration Committee and the Audit Committee. Each committee has its specific terms of reference with reference to the Code:

Remuneration Committee

The Remuneration Committee comprises five members. The Remuneration Committee is chaired by Mr. Zhang Zhong with Mr. Liu Shunxing, Ms. Liu Jianhong, Mr. Yap Fat Suan, Henry and Dr. Jesse Zhixi Fang being the members. The Remuneration Committee meets for the determination of the remuneration packages of Directors and senior management of the Group. In addition, the Remuneration Committee also meets as and when required to consider remuneration related matters such as making recommendations to the Board on the Group’s policy and structure for the remuneration of Directors and senior management. Dr. Shang Li has been re-designated as an executive director of the Company and has resigned as a member of the remuneration committee of the Company and Dr. Jesse Zhixi Fang has been appointed as an independent non-executive director of the Company and a member of the remuneration committee of the Company, all the changes were effective on 2 January 2018. On 4 June 2018, Dr. Wong Yau Kar, David, GBS,BBS,JP has resigned as an independent non-executive Director and a member of the remuneration committee of the Company, and Mr. Zhang Zhong has been appointed as an independent non-executive Director and a member of the remuneration committee of the Company.

董事委員會

於截至 2018 年 12 月 31 日止年度，董事會已檢討及監察董事及高層管理人員之培訓及持續專業發展。董事會亦已檢討及確保遵守相關法律及監管規定。此外，本公司已設立三個委員會，包括提名委員會、薪酬委員會及審核委員會。各委員會均已參考守則制定特定職權範圍：

薪酬委員會

薪酬委員會由 5 位成員組成。薪酬委員會由張忠先生擔任主席，成員為劉順興先生、劉建紅女士、葉發旋先生及方之熙博士。薪酬委員會舉行會議以釐定董事及本集團高層管理人員之薪酬待遇。此外，薪酬委員會將按需要舉行會議，以審議薪酬相關事宜，如就本集團之政策及董事及高級管理人員之薪酬架構提出建議。尚笠博士已調任為本公司執行董事及辭任本公司薪酬委員會委員，而方之熙博士已獲委任為本公司獨立非執行董事及本公司薪酬委員會委員，所有變動均於 2018 年 1 月 2 日生效。於 2018 年 6 月 4 日，黃友嘉博士 , GBS,BBS,JP 辭任本公司獨立非執行董事及薪酬委員會委員，而張忠先生已獲委任為本公司獨立非執行董事及薪酬委員會委員。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

BOARD COMMITTEES (COntinuEd)

董事委員會（續）

Remuneration Committee (COntinuEd)

薪酬委員會（續）

Under its term of reference, the Remuneration Committee assists the Board in achieving its objective of attracting, retaining and motivating people of the highest caliber and experience needed to shape and execute strategies across the Group’s operations. The Committee also assists the Group in the administration of the fair and transparent procedure for setting policies on the remuneration of Directors and senior management of the Group. The written terms of reference are posted on the websites of the Company and the Stock Exchange.

根據其職權範圍，薪酬委員會協助董事會達成其目標，即吸引、保留與激勵最有才能和經驗之人才，為本集團旗下業務營運制訂與執行策略。委員會亦協助本集團監督公平而具透明度之程序，用以制定董事與本集團高層管理人員之薪酬政策。書面職權範圍登載於本公司及聯交所網站。

During the year, the Remuneration Committee has held 2 meetings with all members present. The Committee has reviewed the remuneration packages for Directors and senior management of the Group.

Remuneration of senior management other than directors for the year ended 31 December 2018.

於本年度內，薪酬委員會舉行了 2 次會議，全體成員均有出席。委員會已檢討董事及本集團高級管理人員之薪酬待遇。

高級管理層（董事除外）於截至 2018 年 12 月 31 日止年度之薪酬如下。

Number of Executive 行政人員數目


Total Remuneration Bands	薪酬總額範圍	行政人員數目
RMB600,000 to RMB900,000	人民幣600,000元至人民幣900,000元	5

人民幣 600,000 元至人民幣 900,000 元 5

Nomination Committee

提名委員會

The Nomination Committee comprises five members, namely Mr. Liu Shunxing (Chairman), Ms. Liu Jianhong, Mr. Zhang Zhong, Mr. Yap Fat Suan, Henry and Ms. Huang Jian. On 4 June 2018, Dr. Wong Yau Kar, David, GBS,BBS,JP has resigned as an independent non-executive Director and a member of the nomination committee of the Company, and Mr. Zhang Zhong has been appointed as an independent non-executive Director and a member of the nomination committee of the Company.

提名委員會由 5 位成員組成，分別為劉順興先生（主席）、劉建紅女士、張忠先生、葉發旋先生及黃簡女士。於 2018 年 6 月 4 日，黃友嘉博士 , GBS,BBS,JP 辭任本公司獨立非執行董事及提名委員會委員，而張忠先生已獲委任為本公司獨立非執行董事及提名委員會委員。

2018 年報協合新能源集團有限公司

CORPORATE GOVERNANCE REPORT 企業管治報告

BOARD COMMITTEES (COntinuEd)

Nomination Committee (COntinuEd)

The terms of reference of the Nomination Committee have been determined with reference to the Code and are posted on the websites of the Company and the Stock Exchange. Under its terms of reference, the Nomination Committee is responsible for identifying potential directors and making recommendations to the Board on the appointment or reappointment of directors of the Company. Potential new directors are selected on the basis of their qualifications, skills and experience which the Nomination Committee considers will make a positive contribution to the performance of the Board. During the year, the Nomination Committee has held 2 meetings with all members present. The Committee has reviewed the structure, size and composition of the Board.

BOARD DIVERSITY POLICY

In 2013, the Board adopted a board diversity policy (the “Policy”) setting out the approach to achieve diversity on the Board. The Company considered diversity of board members can be achieved through consideration of a number of aspects, including but not limited to gender, age, cultural and educational background, professional experience, skills, knowledge and length of service. All board appointments are based on merit and contribution, and candidates are considered against objective criteria, having due regard for the benefits of diversity on the Board. The Nomination Committee reviews the Policy on a regular basis and discusses any revisions that may be required, and recommends any such revisions to the Board for consideration and approval.

董事委員會（續）

提名委員會（續）

提名委員會之職權範圍乃參考守則釐定，並登載於本公司及聯交所網站。根據其職權範圍，提名委員會負責物色潛在董事及就本公司董事之委任及重新委任向董事會提出建議。潛在新董事乃基於提名委員會認為將為董事會工作帶來裨益之資歷、技能及經驗篩選。於本年度內，提名委員會舉行了 2 次會議，全體成員均有出席。委員會已檢討董事會之架構、人數及組成。

董事會多元化政策

於二零一三年，董事會已採納一套董事會多元化政策（「政策」），該政策載列達致董事會多元化之方針。本公司考慮董事會成員多元化時，會考慮多個範疇，包括但不限於性別、年齡、文化及教育背景、專業經驗、技能、知識及服務任期，以達致董事會成員多元化。所有董事會委任根據功績及貢獻，且按客觀條件考慮候選人，並審慎考慮董事會多元化之裨益。提名委員會定期檢討政策，討論是否需作任何修訂，並向董事會建議任何該等修訂，以供董事會考慮及批准。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

BOARD COMMITTEES (COntinuEd)

Audit Committee

The Audit Committee comprises three independent nonexecutive Directors. The Audit Committee is chaired by Mr. Yap Fat Suan, Henry and the other members of the Committee are Mr. Zhang Zhong and Ms. Huang Jian. Mr. Yap Fat Suan, Henry is a chartered accountant in England and Wales and is a fellow member of the Institute of Chartered Accountants in England and Wales and an associate member of Hong Kong Institute of Certified Public Accountants. On 4 June 2018, Dr. Wong Yau Kar, David, GBS,BBS,JP has resigned as an independent non-executive Director and a member of the audit committee of the Company, and Mr. Zhang Zhong has been appointed as an independent non-executive Director and a member of the audit committee of the Company.

The terms of reference of the Audit Committee are in line with the Code and are posted on the websites of the Company and the Stock Exchange. Under its terms of reference, the Audit Committee is required, amongst other things, to oversee the relationship with the external auditors, to review the Group’s interim and annual financial statements, to review the scope, extent and effectiveness of the Group’s risk management and internal control system, and to review the Group’s financial and accounting policies.

The Audit Committee has held 3 meetings during the year with all members present.

There is no disagreement between the Board and the Audit Committee on the selection, appointment, resignation or dismissal of the external auditors.

董事委員會（續）

審核委員會

審核委員會由 3 位獨立非執行董事組成。審核委員會由葉發旋先生擔任主席，而委員會其他成員包括張忠先生及黃簡女士。葉發旋先生為英格蘭及威爾斯特許會計師，並為英格蘭及威爾斯特許會計師公會資深會員及香港會計師公會會員。於 2018 年 6 月 4 日，黃友嘉博士 , GBS,BBS,JP 辭任本公司獨立非執行董事及審核委員會委員，而張忠先生已獲委任為本公司獨立非執行董事及審核委員會委員。

審核委員會之職權範圍符合守則，並登載於本公司及聯交所網站。根據其職權範圍，審核委員會須（其中包括）監督與外聘核數師之關係、審閱本集團之中期及年度財務報表，以及檢討本集團風險管理及內部監控系統之範圍、程度及成效，以及審閱本集團之財務及會計政策。

於本年度內，審核委員會舉行了 3 次會議，全體成員均有出席。

對於挑選、委任、辭退或罷免外聘核數師，董事會與審核委員會並無意見分歧。

2018 年報協合新能源集團有限公司

CORPORATE GOVERNANCE REPORT 企業管治報告

AUDITORS’ REMUNERATION

核數師酬金

A summary of fees for audit and non-audit services is as follows:

核數與非核數服務之費用概列如下：

Nature of the services 服務性質	31 December 31 December 2018 2017 2018年 12 月31 日 2017年 12月31日
Audit services 核數服務	*RMB’000* RMB’000 人民幣千元人民幣千元 2,633 2,492
	2,633 2,492

RISK MANAGEMENT AND INTERNAL CONTROLS

風險管理及內部監控

The Company has formulated risk management and internal control policies covering the management of targets, management of values and management of beliefs, and has established a set of risk management and internal control procedures encompassing the Company’s organisational, institutional, procedural systems as well as information system, in order to safeguard the Company’s assets and shareholders’ investment by means of ensuring that risk control and strategic goals are compatible and within the manageable scope, ensuring the proper maintenance of accounting records and reliability of financial reporting, and ensuring the compliance with relevant laws and regulations.

本公司形成了包括管理目標、管理價值、管理理念在內的風險管理及內部監控政策，建立了一套包括組織體系、制度體系、流程體系以及信息系統在內的風險管理及內部監控程序，以確保將風險控制在與策略目標相適應並可承受的範圍之內，以保障公司資產和股東投資，確保妥善保存會計記錄及作出可靠之財務報告，並保證符合有關法例及規例。

The Company has established a comprehensive set of risk management and internal control and monitoring organisational systems. There is a risk management system comprising the Board of Directors, the Risk Management Committee; and there is an internal monitoring system made up of the Audit Committee and the audit department which reports to the Board. This set of systems ensure the continuous improvement and effectiveness of the risk management and internal control system.

本公司建立了完善的風險管理及內部監控組織體系，形成了由董事會、風險管理委員會構成的風險管理體系，由審核委員會、董事局審計部構成的內部監控體系。該組織體系保證了風險管理及內部監控系統的持續完善及其有效性。

The Board is responsible for the risk management and internal control systems of the Group and the review of their effectiveness. The Risk Management Committee is made up of the Group’s management, which is responsible and reports to the Board. The committee is responsible for the design, implementation and monitoring of the Group’s risk management and internal control system, in order to ensure the continuous effectiveness of the system.

董事會負責本集團之風險管理及內部監控系統，並須檢討其有效性。由集團管理層成員組成的風險管理委員會向董事會匯報和負責，並負責本集團風險管理及內部監控系統的設計、實施及監察，以確保該系統的持續有效。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

RISK MANAGEMENT AND INTERNAL CONTROLS (COntinuEd)

The Company has formulated regulations and systems relevant to risk management and internal control, including the “Risk Management System” (《風險管理制度》), “Internal Control and Work Management Guidelines” (《內部控制工作管理辦法》), “Anti-corruption Management System” 《反舞弊管理制度》( ), “Internal Audit Management System” 《內部審計管理制度》( ), “Audit Management Guidelines for Employment Termination” (《離任審計管理辦法》) and “Professional Ethics and Code of Conduct” (《職業道德行為準則》), etc. The risk management and internal monitoring system aims to ensure the formulation and effective implementation of financial, operational and regulatory monitoring and risk management functions. The process and information systems guarantee the effective execution of the risk management and internal control systems. Through the establishment of the process system, the Company will be able to carry out risk identification, risk assessment, risk response, risk monitoring and risk improvement. During the year, the Company has also improved the information systems relevant to risk management and internal control, improved the internal monitoring platform and established the corporate Wechat platform for internal monitoring reporting. The Company upholds the fundamental principles of “Prevention Precedes Punishment” and “Protect Those Who Report, Avoid Those Who are Being Investigated”

The Board has conducted a review of and is satisfied with the effectiveness of the risk management and internal control system of the Group.

The Company has established an independent audit function. The dedicated general manager of the function is independent of the daily operation of the Group. The Board and the Audit Committee believe that the internal audit function of the Company has the capacity to independently report to the Audit Committee in respect of the matters including audit plan and resources, executed audit procedures and material audit findings, and is capable to conduct analysis and independent assessment on the effectiveness of the Company’s risk management and internal control systems.

This year, the Company has continued to engage an international risk management and business consultancy company in providing service to the Company, and assisting in the improvement of the Group’s risk management and internal monitoring system.

風險管理及內部監控（續）

本公司已制定了《風險管理制度》、《內部控制工作管理辦法》、《反舞弊管理制度》、《內部審計管理制度》、《離任審計管理辦法》、《職業道德行為準則》等風險管理與內部監控相關規章制度。風險管理與內部監控制度旨在確保制定及有效實行財務、營運及法規監控以及風險管理工作。流程體系及信息系統是風險管理及內部監控系統有效實施之保證。公司通過流程體系實現與本公司相關的風險識別、風險評估、風險應對、風險監督及改進。本年度公司亦完善了風險管理與內部監控工作相關信息系統，完善內部監督平臺，創建企業微信內部監督舉報平臺，堅持「懲防並舉、重在預防」及「舉報保護、調查迴避」之基本原則。

董事會已檢討本集團之風險管理及內部監控系統，並信納其有效性。

本公司建立內部審計職能，由該職能總經理負責並且該職能與本集團日常運營相獨立，董事會及審核委員會相信，公司內部審計職能能夠獨立向審核委員會就審計計劃及資源、已執行的審計程序及重大審計發現等事項進行獨立報告，能夠對公司風險管理及內部監控系統是否有效作出分析及獨立評估。

本公司已聘請的全球性風險管理與商業諮詢公司在本年度繼續為本公司提供服務，以協助本集團風險管理及內部監控系統之完善。

2018 年報協合新能源集團有限公司

CORPORATE GOVERNANCE REPORT 企業管治報告

FINANCIAL REPORTING

The Directors acknowledge their responsibility for preparing the financial statements which give a true and fair view and are in compliance with the statutory requirements and applicable financial reporting standards. As at 31 December 2018, the Directors was not aware of any material misstatement or uncertainties that might put doubt on the Group’s financial position or continue as a going concern. The Board endeavours to ensure a balanced, clear and understandable assessment of the Group’s performance, position and prospects in financial reporting.

A statement by the auditor about the auditor’s responsibility is set out on page 175 to 183 of this annual report.

COMPANY SECRETARY

The Company Secretary is responsible to the Board for ensuring that Board procedures are followed and that the activities of the Board are carried out efficiently and effectively. The Company Secretary assists the Chairman to prepare agendas and Board papers for meetings and disseminates such documents to the Directors and board committees in a timely manner. The Company Secretary is responsible for ensuring that the Board is fully briefed on all legislative, regulatory and corporate governance developments when making decisions. The Company Secretary is also directly responsible for the Group’s compliance with the continuing obligations of the Listing Rules and Codes on Takeovers and Mergers and Share Repurchases, including publication and dissemination of Report and Financial Statements and interim reports within the period laid down in the Listing Rules, timely dissemination of announcements and information relating to the Group to the market and ensuring that proper notification is made when there are any dealings of the Director in the securities of the Group.

財務報告

董事確認彼等有責任遵守法定規定及適用財務報告準則，真實且公平地編製財務報表。於 2018 年 12 月 31 日，董事並不知悉任何可能會對本集團之財務狀況或持續經營能力構成懷疑之重大錯誤陳述或不確定因素。董事會致力確保於財務報告對本集團表現、狀況及前景作出權衡各方、清晰易明之評估。

核數師就核數師責任作出之聲明載於本年報第 175 至 183 頁。

公司秘書

公司秘書向董事會負責，確保董事會程序獲得遵守和董事會活動符合效率和效益。公司秘書協助主席編製會議議程及董事會文件，並適時發送該等文件予董事和董事會各委員。公司秘書負責確保董事會於作出決策時獲得全面簡報一切有關立法、規管和企業管治之發展。公司秘書亦直接負責確保本集團遵照上市規則與公司收購、合併及股份購回守則所規定之持續責任，包括於上市規則規定之期限內出版和發送報告及財務報表與中期報告、適時向市場傳達有關本集團之公佈與資料，並確保於董事買賣任何本集團證券時發出適當通知。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

COMPANY SECRETARY (COntinuEd)

The Company Secretary also advises the Directors on their obligations for disclosure of interests in securities, connected transactions and price-sensitive information and ensure that the standards and disclosures required by the Listing Rules are observed.

During the year, Mr. Chan Kam Kwan, Jason, the Company Secretary of the Company, has undertaken no less than 15 hours of professional training to update his skills and knowledge.

SHAREHOLDERS’ RIGHTS

How shareholders can convene a special general meeting (“SGM”)

Subject to Section 74 of the Companies Act 1981 of Bermuda (the “Act”) and Bye-law 62 of the Bye-laws of the Company, shareholders holding in aggregate not less than 10% of the paid-up capital of the Company have the right, by written requisition to the Board or the secretary of the Company, to request a special general meeting to be called by the Board for the transaction of any business specified in such requisition.

Procedures for putting forward proposals at a general meeting

Any number of shareholders representing not less than 5% of the total voting rights of the Company on the date of the requisition or not less than 100 shareholders of the Company are entitled to put forward a proposal for consideration at a general meeting of the Company. Shareholders should follow the requirements and procedures as set out in Section 79 of the Act for putting forward such proposal at a general meeting.

公司秘書（續）

公司秘書亦就董事披露證券權益、關連交易和股價敏感資料方面之責任向彼等提供意見，並確保上市規則規定之標準與披露獲得遵守。

年內，本公司之公司秘書陳錦坤先生已接受不少於 15 小時之專業培訓，以重溫其技能及知識。

股東權利

股東如何可以召開股東特別大會（「股東特別大會」）

根據 1981 年百慕達公司法（「公司法」）第 74 條及本公司之公司細則第 62 條，合共持有本公司繳足股本不少於 10% 之股東有權向董事會或本公司秘書提出書面請求，要求董事會召開股東特別大會處理該請求書中指明之任何事務。

於股東大會上提出建議之程序

於請求書日期佔本公司總投票權不少於 5% 之任何數目股東，或不少於 100 名本公司股東有權於本公司股東大會上提出建議以供考慮。股東於股東大會上提出有關建議時須遵守公司法第 79 條所載規定及程序。

2018 年報協合新能源集團有限公司

CORPORATE GOVERNANCE REPORT 企業管治報告

SHAREHOLDERS’ RIGHTS (COntinuEd)

Procedures for directing shareholders’ enquiries to the Board

Shareholders may at any time send their enquiries and concerns to the Board in writing through the Company Secretary whose contact details are as follows:

Suite 3901, 39/F, Far East Finance Centre, 16 Harcourt Road, Admiralty, Hong Kong Fax: (852) 28660281 Email: [email protected]

Shareholders may also make enquiries with the Board at the general meetings of the Company.

INVESTOR RELATIONS

The Board is committed in providing clear and full performance information of the Group to shareholders through the publication of interim and annual reports. In addition to the circulars, notices and financial reports sent to shareholders, additional information of the Group is also available to shareholders on the Group’s website.

Shareholders are encouraged to attend the annual general meeting for which at least 20 clear business days’ notice is given. The Chairman and Directors are available to answer questions on the Group’s business at the meeting. Subject to the Act and the bye-laws of the Company, all shareholders shall have statutory rights to call for special general meetings and put forward agenda items for consideration in the general meetings. All resolutions at the general meeting are decided by a poll which is conducted by the Group’s branch share registrar in Hong Kong.

The Group values feedback from shareholders on its effort to promote transparency and foster investor relationships. Comments and suggestions are always welcomed.

CONSTITUTION AN DOCUMENT

There are no changes in the Company’s constitutional document during the year.

股東權利（續）

股東向董事會提出查詢之程序

股東可隨時以書面方式透過公司秘書向董事會提出查詢及關注，公司秘書之聯絡詳情如下：

香港金鐘夏愨道 16 號遠東金融中心 39 樓 3901 室

傳真：(852)28660281 電郵：[email protected]

股東亦可於本公司股東大會上向董事會提出查詢。

投資者關係

董事會透過刊發中期及年度報告，致力為股東提供清晰及全面之本集團業績資料。股東除獲寄發通函、通告與財務報告外，亦可登入本集團網站取得更多本集團之資料。

本集團鼓勵股東出席股東週年大會，並給予最少 20 個完整營業日之通知。主席與董事均會出席大會，以解答有關本集團業務之提問。根據公司法及本公司之公司細則，所有股東均有法定權利可要求召開股東特別大會並於股東大會上提出議程項目以供考慮。股東大會上所有決議案均以投票方式表決，而投票是由本集團之香港股份過戶登記分處點算。

本集團致力提高透明度與促進投資者關係，並且十分重視股東之回饋意見。歡迎股東隨時提出意見與建議。

憲章文件

於本年度內，本公司之憲章文件並無變動。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

I. ABOUT THIS REPORT

一、關於本報告

This report aims to disclose the latest development in Environmental, Social and Governance (ESG) commitment of the Group as of 31 December 2018 to the stakeholders. This report has been prepared in accordance with the ESG Reporting Guide set out in Appendix 27 to the Listing Rules on the HKEX. This report should be read together with the “Corporate Governance Report” in the 2018 Annual Report and the column Social Responsibility on the Group’s website.

本報告旨在向利益相關方披露本集團 2018 年在環境、社會及管治 (ESG) 領域工作的最新情況。報告依據香港交易所《上市規則》附錄二十七《ESG 報告指引》編寫。本報告應與 2018 年《年報》中《企業管治報告》章節、以及集團網站「社會責任」專欄一併閱讀。

Unless otherwise specified, the scope of this report covers the ESG performance of the Group’s business in the mainland of China only.

除另有說明外，本報告範圍包含本集團在中國境內業務的 ESG 表現。

II. ESG MANAGEMENT SYSTEM

二、 ESG 管理體系

(i) ESG Ideal

（一） ESG 理念

The Group is committed to being a socially and environmentally responsible centennial corporation, and is dedicated to being a worldclass international clean energy enterprise and providing quality clean energy and professional services. We operate business with the best interest of the society, the lives and the environment in mind, in order to actively respond to climate change and energy shortage through business development.

集團秉承「做一個負責任的百年企業」的理念，致力於發展成為一流的國際化清潔能源企業，提供優質的清潔能源及專業服務，將造福社會、關愛生命和保護環境的行為準則全面貫徹到企業的經營過程之中，以業務的發展積極應對氣候變化及能源短缺問題。

2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

II. ESG MANAGEMENT SYSTEM (COntinuEd)

二、 ESG 管理體系（續）

(ii) ESG Strategy

（二） ESG 策略

In 2018, the Group reviewed the existing ESG strategy and identified the goals and the priorities in each area from the four aspects of environment, people, operations and community. At the same time, in response to the United Nations Sustainable Development Goals (SDGs), we carefully study the sustainability goals that are most closely relevant to the Group’s business strategy and that the Group can make a significant contribution to, to integrate them into the Group’s ESG strategy.

2018 年，集團梳理了 ESG 策略，從環境、人才、運營和社區四個方面分別確認了各領域的目標及工作重點。同時，為響應聯合國可持續發展目標，我們仔細研究與集團業務策略最息息相關、以及集團可作出重大貢獻的可持續發展目標，並將其融入集團的 ESG 策略。

Environment

環境

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We adhere to the development of new energy sources, provide clean energy of high quality, and contribute to climate change.
堅持開發新能源，提供優質的清潔能源，為應對氣候變化貢獻力量。
We comply with the environmental laws and regulations of our operation place, and build power plants in a responsible manner.
遵守營運所在地的環保法規及條例，以負責任的態度建設電廠。
We adopt advanced technologies and practices for environmental impact assessment, pay attention to soil and water conservation, biodiversity conservation, and minimise negative impacts on the environment.
採用先進技術和實務進行環境影響評估，注意水土保持、生物多樣性保護，最大限度地減少對環境的負面影響。
We promote the concept of green office, effectively use energy and resources, and reduce emissions.
推行綠色辦公的理念，有效利用能源和資源，減少廢棄物的排放。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

II. ESG MANAGEMENT SYSTEM (COntinuEd)

二、 ESG 管理體系（續）

(ii) ESG Strategy (COntinuEd)
（二） ESG 策略 （續）

People

人才

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We comply with laws and regulations relating to employment at our operation place.
遵守營運所在地與雇傭相關的法規及條例。
We adhere to the people-oriented concept in talent development, implement diversified recruitment, and provide equal employment opportunities, good salary and benefits as well as development platform.
秉持以人為本的人才發展觀念，施行多元化招聘，提供平等的就業機會、良好的薪資福利和發展平臺。
We build a healthy and safe working environment, implement the concept of safety first, and effectively protect employees’ health and safety.
構建健康安全的工作環境，貫徹安全第一的理念，切實保障員工的健康與安全。
We provide employees with diverse training to achieve the common growth of employees and the company.
為員工提供多樣化的培訓，實現員工和企業的共同成長。
We advocate healthy work and lifestyle, a nd st ri ve t o i ncre a se empl o ye es ’ happiness.
倡導健康的工作與生活方式，努力提升員工的幸福感。

2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

II. ESG MANAGEMENT SYSTEM (COntinuEd)

二、 ESG 管理體系（續）

(ii) ESG Strategy (COntinuEd)
（二） ESG 策略 （續）

Operation

運營

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On the basis of compliance with laws and regulations, we provide high-quality clean energy and professional services to the society and create long-term value for shareholders.
在遵守法律法規的基礎上，為社會提供優質的清潔能源及專業服務，為股東創造長遠價值。
We consolidate the foundation and promote innovation, and vigorously promote the innovation and the application of intelligent energy in the Internet of Things to provide customers with more energy products and services.
夯實基礎，開拓創新，大力推動物聯網智慧能源創新及應用，為客戶提供更豐富的能源產品及服務。
We strictly regulate supplier’s access and evaluation, pay attention to and monitor supplier’s social and environmental risks, and strive to achieve a win-win cooperation with our partners.
嚴格規範供應商的准入與審核，關注和監督供應商的社會風險及環境風險，致力於與合作夥伴實現雙贏。
We establish a corporate culture of integrity and improve the transparency of corporate operation.
建立廉潔的企業文化，提高企業運營透明度。

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

II. ESG MANAGEMENT SYSTEM (COntinuEd)

二、 ESG 管理體系（續）

(ii) ESG Strategy (COntinuEd)
（二） ESG 策略 （續）

Community

社區

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We pay attention to the needs of community, increase human and material resources of public welfare, and share the development results of the enterprise with the society.
關注社區所需，增加社區公益的人力物力投入，與社會共享企業發展成果。
We improve the public’s awareness of environment and energy, and promote the concept of environmental protection through training and publicity.
通過培訓和宣傳提升大眾對環境和能源的認知，提升環保理念。
We invest in education development, promote school-enterprise cooperation, and support the development of China’s clean energy education.
投資教育發展，促進校企合作，支持我國清潔能源教育事業的發展。
We organise and advocate volunteer activities to involve more employees in public welfare activities.
倡導和組織志願者活動，讓更多的員工參與到公益活動中。

2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

II. ESG MANAGEMENT SYSTEM (COntinuEd)

二、 ESG 管理體系（續）

(iii) ESG Management System

（三） ESG 管理體系

The Group has established an ESG management system with the Board of Directors as top leader, senior management in charge and multisectoral cooperation. As the top leadership of the Group, the Board of Directors is responsible for the development of ESG strategies and objectives; the Audit Committee under the Board of Directors supervises the Group’s ESG commitment; the management of the Group implements the ESG strategies and objectives, and is subject to the assessment by the Board of Directors; the Safety Management Committee gives guidance on ESG work implementation, and the Safety and Quality Supervisory Department is responsible for supervision of safety and quality. The business units of the Group are responsible for the ESG commitment in their respective fields.

集團建立了董事會負責、高級管理層領導、多部門配合的 ESG 管理體系。集團董事會是 ESG 工作的最高領導層，負責 ESG 戰略和目標的制定；董事會下設審計委員會對集團 ESG 工作進行監督。集團管理層負責 ESG 戰略及目標的具體實施，並接受董事會考核。安全管理委員會對 ESG 工作進行指導，安全質量監察部對安全及質量工作進行監督。集團各業務單元在各自工作領域負責 ESG 具體工作的開展。

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Board of Directors
董事會 Nominating Committee
提名委員會
Compensation Committee
薪酬委員會
Management Audit Committee
管理層審計委員會
Safety Management Committee
安全管理委員會
行政部計劃經營部人力資源部安全質量監察部技術部工程建設管理部採購招標中心工程造價中心生產運營部法律合規部能源互聯網中心儲能業務部
Power Plants Branches Service Subsidiaries
電廠分公司服務業子公司
Center
Admin Department Department Plan & Operation HR Department Safety and Quality IT Department Department Management Construction Project Cost Center Department Legal Department Department Energy Storage
Supervisory Department Procurement & Bidding Production & Operation Energy Internet Center
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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

II. ESG MANAGEMENT SYSTEM (COntinuEd)

二、 ESG 管理體系（續）

(iii) ESG Management System (COntinuEd)

（三） ESG 管理體系（續）

In 2018, the Group followed the General Environment, Health, and Safety Guidelines, the Environmental, Health and Safety Guidelines for Electricity transfer and distribution, the Environmental, Health and Safety Guidelines for Wind Energy (2015) issued by the World Bank Group, and the Social and Environmental Sustainability Performance Standards (2012) issued by the International Finance Corporation to update the environmental and social sustainability management system. With the establishment and maintenance of the management system, the environmental and social sustainability issues involved in the Group’s various businesses can be properly managed, and related risks can be identified and controlled.

2018 年，集團依照世界銀行《環境、健康與安全通用指南》、《電力轉移與分配領域環境、健康與安全指南》、《風能領域的環境、健康與安全指南》（2015）和國際金融公司《社會和環境可持續性績效標準》（2012）更新了環境和社會可持續性管理體系。管理體系的建立和保持，可以指導集團各項業務涉及的環境和社會等可持續性議題得到妥善管理，并使相關風險得到識別和管控。

(iv) Stakeholder Engagement

（四）利益相關方的參與

Based on business and operation characteristics, the Group identifies key stakeholders as follows: government and regulators, shareholders and investors, employees, suppliers and contractors, customers and partners, and public and community. Through a variety of channels, the Group maintains good communication with key stakeholders and responds to their expectations in key concerns with appropriate actions.

根據業務及運營特點，集團識別的主要利益相關方包括：政府及監管機構、股東及投資者、員工、供應商及承包商、客戶及合作夥伴、以及公眾與社區。集團通過多種渠道與主要利益相關方保持良好溝通，針對其關注的主要事宜，適時採取合適的行動回應他們的期望。

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II. ESG MANAGEMENT SYSTEM (COntinuEd)

二、 ESG 管理體系（續）

(iv) Stakeholder Engagement (COntinuEd)

（四）利益相關方的參與（續）

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Key stakeholders Key concerns Major communication
主要利益相關方關注的主要事宜 channels
主要溝通渠道
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Key stakeholders 主要利益相關方	Key concerns 關注的主要事宜	Major communication channels 主要溝通渠道

Governments and regulators 政府及監管機構	Legal operation 合法運營 Transparent governance 管治透明 Targeted poverty alleviation 精准扶貧	Official correspondence 公文往來 Conference forum 會議論壇 Phone call 電話
Shareholders and investors 股東及投資者	Sustainable development of businesses 業務的可持續發展 Financial performance 財務表現	Financial report 財報 Announcements and notices 公告及通告 Conference 會議
Employees 員工	Labour rights 勞動權益 Career development 職業發展 Salary and benefits 薪酬福利	Staff meeting 職工會議 Training 培訓 Face-to-face communication 面對面溝通
Suppliers and contractors 供應商及承包商	Integrity in fulfilment of agreement 誠信履約 Commercial ethics 商業道德 Fair competition 公平競爭	Conference 會議 Phone call 電話 Official correspondence 公文往來 Face-to-face communication 面對面溝通
Customers and partners 客戶及合作夥伴	Product responsibility 產品責任 Quality of service 服務質量	Conference 會議 Phone call 電話 Official correspondence 公文往來 Face-to-face communication 面對面溝通
Public and community 公眾與社區	Public welfare 社會公益 Environmental impact 環境影響 Joint development 共同發展	Public survey 公眾參與調研 Visiting and interview 走訪瞭解

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

II. ESG MANAGEMENT SYSTEM (COntinuEd)

二、 ESG 管理體系（續）

(v) Materiality Analysis

（五）實質性議題分析

In addition to the major communication channels above, we conducted an online survey for stakeholders in 2018 to review ESG issues to ensure that our actions and reports accurately reflect stakeholders’ expectations. The survey results are listed in the materiality matrix below.

除了以上主要溝通渠道以外，我們於 2018 年開展了在線利益相關方問卷調查，審視 ESG 重要性議題，以確保我們的行動及報告能夠準確反應利益相關方的期望。調查結果列示於下方的重要性矩陣。

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----- Start of picture text -----

CO2
Materiality on the Gourp’s sustainability development
對協合新能源可持續發展的重要性
New energy development 新能源開發 Employee occupational health and safety 員工職業健康與安全
Energy consumption 能源使用 Employee training and development 員工培訓與發展
CO2 GHG emissions 溫室氣體排放 Technology R&D and application 技術研發與應用
Water usage 水資源使用 Anti-corruption management 反貪污管理
Waste management 廢棄物管理 Product responsibility 產品責任
Ecological environmental protection 生態環境保護 Customer satisfaction 客戶滿意度
Employment, diversity, salary & welfare, and equal opportunity Supply chain management 供應鏈管理
員工僱傭、多元化、薪酬福利及平等機會 Community investment 社區投資
dlohko ytilairMts tsreeanea 對利益相關方的重要性
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The most important issues we identified are as follows: new energy development, product responsibility, employee occupational health and safety, as well as ecological environment protection; important issues include customer satisfaction, technology R&D and application, community investment, energy consumption, e m p l o y m e n t , e m p l o y e e t r a i n i n g a n d development, supply chain management, anticorruption management, waste management, water usage and GHG emissions.

我們識別出的最重要議題包括：新能源開發、產品責任、員工職業健康與安全以及生態環境保護；重要議題包括客戶滿意度、技術研發與應用、社區投資、能源使用、員工雇傭、員工培訓與發展、供應鏈管理、反貪污管理、廢棄物管理、水資源使用以及溫室氣體排放。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE

三、匪石之心，守護綠水青山

Since its establishment, the Group has been committed to the development of clean energy and regards the undertaking as “doing the right thing”. Energy is a common concern of the world and is the core for almost all major challenges and opportunities. Therefore, the Group is dedicated to the clean energy field, sticks to green office operation, and puts energy conservation and emission reduction into practice, so as to guard the lucid waters and lush mountains.

自成立之日起，集團即堅定不移的發展清潔能源，並將發展這項事業視為「做正確的事」。能源是全世界共同關心的問題，是幾乎所有主要挑戰和機遇的核心。因此，集團始終堅持深耕清潔能源領域，並堅持綠色辦公營運、踐行節能減排，守護綠水青山。

(i) Developing Clean Energy

（一）開發清潔能源

The Group commits itself to providing quality clean energy and professional services, so as to promote the harmonious coexistence of man and nature. Therefore, we put clean energy development as our top priority. In recent years, responding to the thirteenth Five-Year Plan for national Energy development jointly issued by national development and Reform Commission and National Energy Administration, as well as the thirteenth Five-Year Plan for Renewable Energy development issued by the National Development and Reform Commission, the Group has been actively developing clean energy. The Group’s installed capacity and annual energy generation from wind power and photovoltaic power maintain a relatively fast growth, which has provided stable clean energy to the society and promoted the realisation of energy conservation and emission reduction.

集團的使命是提供優質的清潔能源及專業服務，促進人與自然的和諧共存，因而我們將清潔能源開發放在至高無上的戰略位置。近年來，集團響應國家發展改革委及國家能源局發佈的《能源發展「十三五」規劃》及國家發展改革委發佈的《可再生能源發展「十三五」規劃》，積極開發清潔能源。集團的風電及光伏裝機容量、年發電量保持了較快的增長趨勢，向社會提供了穩定的清潔能源，促進了社會節能減排目標的實現。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE (COntinuEd)

三、匪石之心，守護綠水青山 （續）

(i) Developing Clean Energy (COntinuEd)

（一）開發清潔能源（續）

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CO2
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Compared with traditional thermal power generation, the Group’s clean energy generation:

相比傳統的火力發電，本集團新能源發電 :

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NO x
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Saved water (tons) 節約用水（噸） By 2018 截止 2018

6,917,000 Accumulatively 纍計節約

64,450,000

Saved standard coal (tons) 節約標煤（噸） By 2018 截止 2018

1,710,000 SO 2 Accumulatively 纍計節約 x 8,624,000

Reduced CO2 emission (tons) 二氧化碳減排（噸） By 2018 截止 2018

4,395,000 Accumulatively 纍計減少

24,551,000

Reduced NOx emission (tons) 氮氧化物減排（噸） By 2018 截止 2018

1,383 Accumulatively 纍計減少

19,413

Reduced SOx emission (tons) 二氧化硫減排（噸） By 2018 截止 2018

1,439 Accumulatively 纍計減少

21,783

(ii) Protecting Ecological Environment

（二）保護生態環境

As a practitioner in the green energy industry, the Group’s major impact on environment and natural resources is the influence on the ecological environment during the construction and operation process of power plants. The Group strictly abides by the Environmental Protection Law of the People’s Republic of China, the Atmospheric Pollution Prevention and Control Law of the People’s Republic of China, the Water Pollution Prevention and Control Law of the People’s Republic of China, the Law of the People’s Republic of China on Environmental impact Assessment and the Regulations on the Administration of Construction Project Environmental Protection, etc. Before the construction, environmental impact assessment (“EIA”) and safety evaluation

作為綠色能源產業的從業者，集團業務對環境及天然資源的影響主要在於電廠建設及運行過程中對生態環境的影響。集團嚴格遵循《中華人民共和國環境保護法》、《中華人民共和國大氣污染防治法》、《中華人民共和國水污染防治法》、《中華人民共和國環境影響評價法》、《建設項目環境保護管理條例》等環境保護類法規。施工前，集團所有建設項目（含改擴建項目）均進行環境影響評價和安全評價，並將環評、安評報告報政府相關單位批復；施

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE (COntinuEd)

三、匪石之心，守護綠水青山 （續）

(ii) P r o t e c t i n g E c o l o g i c a l E n v i r o n m e n t (COntinuEd)

（二）保護生態環境（續）

are performed for all construction projects (including reconstruction and expansion projects) of the Group, and the EIA report and safety assessment report are submitted to relevant government authorities for approval. During the construction, the project company and the supervision unit conduct supervision and management, and strictly implement the “three simultaneousness” system of construction projects’ environmental protection, which means that simultaneous design, simultaneous construction and simultaneous operation of the main body and the pollution prevention and control measures and safety facilities project must be realized. After the construction, the project company organises internal acceptance and external acceptance to ensure that the main environmental protection facilities and various ecological protection measures are implemented in accordance with the requirements of the EIA and the EIA approval.

工中，項目公司同監理單位實施監督管理，認真貫徹建設項目環境保護「三同時」制度，堅持防治環境污染措施、安全設施與主體工程同時設計、同時施工、同時投產使用；施工後，項目公司組織內部驗收及外部驗收，確保主要環境保護設施、各項生態保護措施均按環評及環評批復要求落實。

Soil and Water Conservation

水土保持

Vegetation damage is inevitable during the construction of power plants, so the Group attaches great importance to soil and water conservation. In 2018, the Group further increased investment in soil and water conservation. There were 22 projects of soil and water conservation under implementation. The total contract amounts were RMB98.86 million.

在電廠建設過程中，不可避免地會對植被造成破壞，因而集團尤為重視水土保持工作。2018 年，集團進一步加大水保投入力度，2018 年度實施水保施工項目 22 個，合計合同金額 9,886 萬元。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE (COntinuEd)

三、匪石之心，守護綠水青山（續）

(ii) P r o t e c t i n g E c o l o g i c a l E n v i r o n m e n t (COntinuEd)
（二）保護生態環境 （續）

Soil and Water Conservation (COntinuEd)

水土保持（續）

During the construction of projects, we have combined preventive protection measures and water conservation engineering measures to reduce water loss and soil erosion:

在工程建設過程中，我們通過結合預防保護措施和水保工程措施減少水土流失：

When building roads and wiring stringing, we try to keep away from trees and shrubs as much as possible to reduce vegetation damage;
修路架線時盡量避開喬木、灌木，以減少植被破壞；
We effectively reduce water loss and soil erosion through vegetation greening, road slope treatment, and construction of drainage ditch and drainage culvert;
通過植被綠化、道路邊坡治理、及修築排水溝和排水涵管等，有效減少現場水土流失；
We effectively reduce the floor area of maintenance roads and lifting platforms by optimal design and rational use of equipment. For example, the use of blade lift trucks and axle vehicles to transport large wind turbine equipment can greatly reduce the road width and turning radius; the change of unloading and lifting methods for wind turbines via adoption of lean lifting, so that the lifting area could be effectively shrunk to reduce the damages to mountains and vegetation. For the design of base platform of electrical circuits in mountainous area, the foundation of the towers with high and low legs or unequal heights is designed along the slope, which will reduce the earthwork excavation and filling by more than 50%, and effectively combine environment protection and improvement of economic benefits.
優化設計及合理運用設備，有效減少檢修道路和吊裝平臺占地面積。例如，採用葉片舉升車和軸線車運輸大型風機設備可以極大程度上縮減路面寬度和轉彎半徑；採用精益吊裝方案，變更風機卸貨和吊裝方式，有效減少吊裝平臺面積，大大減少對山體和植被的破壞；對於山區的集電線路鐵塔基礎平臺設計，隨坡就勢採用高低腿鐵塔或不等高的基礎設計，減少平臺挖填土石方工程量 50% 以上，將保護環境和提升經濟效益有效結合起來。

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2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE (COntinuEd)

三、匪石之心，守護綠水青山 （續）

(ii) P r o t e c t i n g E c o l o g i c a l E n v i r o n m e n t (COntinuEd)

（二）保護生態環境（續）

Soil and Water Conservation (COntinuEd)

水土保持（續）

At the same time, we have changed the operation and management pattern of power plants and applied new technologies to promote unattended and less attended booster stations, so as to optimise the human resources allocation in power plants and reduce the area of booster stations.

同時，我們變革電廠運營管理模式並應用新技術，推廣無人值班、少人值守，優化電廠人力資源配置，減少所需升壓站的面積。

Biodiversity Conservation

生物多樣性保護

In consideration of the noises and the potential damages to animals arising from wind turbine operation and rotation, we have paid special attention to the existence and migration of birds and wild animals during the EIA, and tried our best to protect biodiversity during construction and operation of the wind power plants.

由於風機運行的噪聲、風機轉動對動物可能造成潛在傷害，我們在項目環評過程中關注鳥類及野生動物的生存及遷徙情況，並在風電場建設和運營中注重生物多樣性的保護。

In order to understand and provide targeted protection, we have employed third-party professional organisations to conduct field surveys and report on biodiversity. In 2018, investigators conducted field surveys in and around Nanzhao Huanghou Wind Power Plant and Nanzhao Huayuan Wind Power Plant to observe if there were any target species such as mergus squamatus, anthya ferina and falco cherrug, and if there was possibility of hits on target species from wind turbines operation. Such observations would provide basic information for developing protection and management measures. Investigators also conducted detailed surveys especially for Andrias, a national Class II protected amphibians wild animal, in the wind farm of the Laomiaogou Reservoir to understand whether there is Andrias and how to protect such kind of national rare species.

為瞭解並有針對性的保護生物，我們聘請第三方專業機構開展生物物種多樣性實地調查並撰寫報告。 2018 年，調查人員在南召皇后風電場、南召花園風電場區域及附近展開了野外調查，瞭解區域內是否有中華秋沙鴨、青頭潛鴨和獵隼等目標鳥種、以及風機運行對目標鳥種可能產生的撞擊情況，為制定保護管理措施提供依據。調查人員還針對國家二級重點保護兩棲野生動物大鯢在風電場區域的老廟溝水庫進行了詳細的調查，瞭解該水域是否存在大鯢，以便於保護國家珍稀物種。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE (COntinuEd)

三、匪石之心，守護綠水青山 （續）

(ii) P r o t e c t i n g E c o l o g i c a l E n v i r o n m e n t

（二）保護生態環境（續）

(COntinuEd)

Biodiversity Conservation (COntinuEd)

生物多樣性保護（續）

In addition to investigation on biodiversity, we also protect biodiversity by practical actions in production and daily life. In 2018, repairers of the Group’s wind-solar complementary power plant in Arikunduleng, Inner Mongolia, found a young injured ciconia nigra (a national Class I protected animal) during inspection. They rescued it jointly with the local forest public security bureau and sent it to a pet clinic for professional treatment, thereby putting the Group’s concept of biodiversity conservation into practice.

除了對生物多樣性進行調查外，我們還在生產生活中以實際行動保護物種多樣性。2018 年，集團內蒙古阿日昆都楞風光互補電廠檢修員在巡視時發現了一隻受傷的國家一級重點保護動物黑鸛幼鳥，並與當地森林公安局聯合救助，將幼鳥送至寵物醫院，確保幼鳥接受專業的治療，以實際行動踐行集團保護生物多樣性的理念。

Emissions Management

排放物管理

During the construction and operation of power plants, the main emissions include dust during construction, noise generated by wind power, light and shadow generated by photovoltaic power, and sewage from booster stations.

在電廠建設和運行過程中，主要的排放物包括建設過程中的塵土、風電產生的噪聲、光電產生的光影以及升壓站的生活污水。

We have arranged waste disposal areas along the road to transport the remaining soil to designated location and cover it in time, so as to reduce dust pollution. For facility location, we have taken the impact of noise and light on the surrounding residents into full consideration, especially for sensitive places such as schools and hospitals, to make sure that there is adequate separation distance. When there is higher requirement from local environmental protection authorities, we review the facility location in strict accordance with environmental protection requirements.

我們在道路合理設置棄渣場，將餘土運至指定地點並及時覆蓋，減少揚塵污染。對於機位選址，我們充分考慮噪聲和光影對周邊居民的影響，尤其是學校、醫院等敏感地點，更會充分保證保持較遠的間隔距離。如當地環保部門有更高要求，也會嚴格按照環保要求審核機位。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE (COntinuEd)

三、匪石之心，守護綠水青山 （續）

(ii) P r o t e c t i n g E c o l o g i c a l E n v i r o n m e n t (COntinuEd)

（二）保護生態環境（續）

Emissions Management (COntinuEd)

排放物管理（續）

We also formulate unified regulations for water and sewage treatment measures in the project site. Most of the new energy development projects are located in the suburbs, where the construction and domestic water sources are generally from local wells. We have entrusted qualified institutions for water testing and identification, and the water can only be used after meeting the requirement specified in the Hygienic Standard for drinking Water . The main sewage source is the domestic sewage from the booster station workers. After septic tank treatment, such domestic sewage is discharged into the buried integrated domestic sewage treatment facility for further treatment. The treated water is qualified for road cleaning and urban greening water per requirements in the Miscellaneous Water Quality for urban Sewage Recycling and utilisation , and completely used for greening or sprinkling water to suppress dust in the booster station, leaving no significant impact on the regional surface water and groundwater environment.

我們針對項目所在地的用水和污水處理制定了統一的規範措施。新能源開發項目大多地處郊外，施工、生活用水來源一般採取就地打井取水，並委託有資質的機構檢測鑒定，達到《生活飲用水衛生標準》要求後方可使用；主要污水來源為升壓站職工生活污水，生活污水經化糞池處理後，排入地埋式一體化生活污水處理設施進一步處理，處理後水質可滿足《城市污水再生利用雜用水水質》中道路清掃和城市綠化水質標準要求，全部用於升壓站內綠化或灑水抑塵，不會對區域地表水和地下水環境產生明顯影響。

(iii) Promoting Green Operation

（三）推進綠色辦公

The Group adheres to the practice of green operation. In 2018, we adopted a series of measures and achieved good effects in energy conservation and emission reduction.

集團堅持踐行綠色辦公理念。 2018 年，我們採取了一系列措施，並取得了良好的節能減排效果。

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III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE (COntinuEd)

三、匪石之心，守護綠水青山 （續）

(iii) Promoting Green Operation (COntinuEd)

（三）推進綠色辦公（續）

Power Management

用電管理

In 2018, we replaced some of the old lighting fixtures in the headquarters office with energysaving lamps step by step, made full use of natural light, and avoided unnecessary light during daytime and lights that are never turned off; the decorative lights were turned off except for important festival days. Through above measures, the headquarters office has made significant achievement in power saving. From August to October 2018, the power consumption of the headquarters office was decreased by 5.2% on a year-on-year basis, including a decrease of approximately 1,400 kWh in August and September and a decrease of 2,400 kWh in October.

2018 年，我們將總部辦公樓內部分老舊的照明燈具逐漸更換為節能燈具，並充分利用自然光，杜絕白晝燈、長明燈；除重要節慶日外，均不開啟裝飾燈。通過以上措施的實施，總部辦公樓節電取得了明顯的成效。2018 年 8 月至 10 月，總部辦公樓用電量較去年同比下降 5.2%，其中 8 月和 9 月同比下降約 1,400 千瓦時，10 月同比下降 2,400 千瓦時。

Water Management

用水管理

In 2018, we replaced some manual faucets with automatic faucets, and added control valves to faucets with large water output. At the same time, we strengthened inspections and gave timely treatment for local leaks and water seepage to prevent waste, so that the use of water resources could be reduced.

2018 年，我們將部分手動水龍頭更換為自動感應水龍頭，對出水量較大的水龍頭增加了控制閥門，同時，我們加強巡視，發現局部漏水、滲水現象及時處理，杜絕浪費，節約水資源的使用。

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III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE (COntinuEd)

三、匪石之心，守護綠水青山 （續）

(iii) Promoting Green Operation (COntinuEd)

（三）推進綠色辦公（續）

Paper Management

用紙管理

We have strengthened the control over printing paper. We carried out centralised purchase from the suppliers according to fixed monthly amount. Any temporary procurement must be approved by the Administrative Department, and we strictly controlled the usage of paper and avoid waste from the source. When using paper, we advocate printing on both sides, and paperfree office.

我們加強了對打印紙的管控，根據每月固定用量從供應商處集中採購，如果有臨時採購需經過行政部審批，嚴格把控用量，從源頭避免浪費。在使用過程中，我們提倡雙面打印，倡導無紙化辦公。

Vehicle Management

用車管理

I n 2 0 1 8 , w e a d d e d a v e h i c l e - s p e c i f i c management mechanism. Each car was assigned to a staff responsible for driving, inspection and maintenance management. At the same time, we strengthened the management of vehicle records by increasing records of fuelling and traffic violation, so as to form vehicle management documents to better monitor vehicle fuel usage.

2018 年，我們增加了車輛專人管理機制，為每輛車指定一名專員負責車輛的駕駛、檢查以及維保管理等，將責任落實到人。同時，我們加強了車輛記錄的管控，增加了加油和違章記錄，形成車輛管理文件包，以便於更好地監控車輛用油情況。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE (COntinuEd)

三、匪石之心，守護綠水青山 （續）

(IV) Environmental Key Performance Indicators

（四）環境關鍵績效指標

(KPIs)

Unless otherwise specified, the environmental KPIs provided in this section only cover the business of the Group’s wholly-owned businesses in the mainland of China, whereas that of the joint-venture projects are excluded.

除另有說明外，本節所提供的環境關鍵績效指標數據僅涵蓋集團於中國境內的全資公司的業務，合資公司業務暫不包括在內。

Emissions

排放物

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KPIs
2018 年
關鍵績效指標
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KPIs 關鍵績效指標	2018 年

Total GHG emissions (Scope 1 and 2) (tons) 溫室氣體排放總量（範圍一及範圍二）（噸）	7,697.72
Direct emissions (Scope 1) (tons) 直接排放（範圍一）（噸）	1,595.82
Petrol for official vehicles (tons) 公務車汽油（噸）	1,573.40
Diesel for official vehicles (tons) 公務車柴油（噸）	22.42
Indirect emissions (Scope 2) (tons) 間接排放（範圍二）（噸）	6,101.90
Purchased electricity (tons) 外購電力（噸）	6,101.90
GHG emission intensity (g/kWh) 溫室氣體排放密度（克╱千瓦時）	3.35
Total hazardous waste (tons) 有害廢棄物總量（噸）	1.10
Hazardous waste per capita (tons per person) 人均有害廢棄物（噸╱人）	0.00074
Total non-hazardous waste (tons) 無害廢棄物總量（噸）	115.26
Non-hazardous waste per capita (tons per person) 人均無害廢棄物（噸╱人）	0.08

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III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE (COntinuEd)

三、匪石之心，守護綠水青山（續）

(IV) Environmental Key Performance Indicators (KPIs) (COntinuEd)
（四）環境關鍵績效指標 （續）

Emissions (COntinuEd)

排放物（續）

note:

註：

Due to its business nature, the significant air emissions of the Group is GHG emissions, arising mainly from electricity and fuels derived from fossil fuels. The Group’s GHG inventory includes carbon dioxide, methane and nitrous oxide. GHG emissions data is presented in carbon dioxide equivalent and is calculated based on the 2015 Baseline Emission Factors for Regional Power Grids in China issued by the National Development and Reform Commission of China, and the 2006 iPCC Guidelines for national Greenhouse Gas inventories issued by the Intergovernmental Panel on Climate Change (IPCC). Indirect emission data arising from purchased electricity do not cover purchased electricity for projects in Tibet, as Tibet is not included in the regional grid division in the 2015 Baseline emission Factors for Regional Power Grids in China ; therefore, the baseline emission factors is unable to obtain.
1 基於集團業務性質，其主要大氣排放為溫室氣體。溫室氣體清單包括二氧化碳、甲烷和氧化亞氮，主要源自外購電力及燃料。溫室氣體核算乃按二氧化碳當量呈列，並根據中國國家發展與改革委員會刊發的《2015 中國區域電網基線排放因子》及政府間氣候變化專門委員會 (IPCC) 刊發的
《2006 年 IPCC 國家溫室氣體列表指南》進行核算。外購電力導致的間接排放數據不包括西藏項目外購用電，因《2015 中國區域電網基線排放因子》中區域電網劃分未包含西藏，無法獲取基準排放因子。
Hazardous waste mainly includes waste toner cartridges, ink cartridges, waste fluorescent tubes, waste mineral oil, etc. Waste toner cartridges, ink cartridges, waste fluorescent tubes and other hazardous office waste are recycled by qualified service providers. Waste mineral oil generated from operation and maintenance of wind power projects, as agreed, is subject to recycling by vendors in accordance with relevant regulations as the wind turbines are under warranty; therefore, these data are not yet included therein. The Group will disclose data of such hazardous waste where applicable; other waste mineral oil generated from vehicle maintenance is submitted to qualified service providers for recycling.
2 有害廢棄物主要包括廢棄硒鼓、墨盒、廢棄熒光燈管、廢礦物油等。廢棄的硒鼓、墨盒及熒光燈管等辦公有害廢棄物均由有資質回收商回收處置。風電項目運維產生的廢礦物油在風機保質期內根據協議由供貨商進行合規回收處理，目前風電項目設備均處於保質期內，故本數據內尚未包含該類數據，未來集團將根據實際情況披露該類有害廢棄物數據；其公車維護產生的廢礦物油交有資質回收商進行合規回收處置。
Non-hazardous waste mainly includes household garbage, which is calculated according to the Handbook on domestic discharge Efficiencies for towns in the First nationwide Census on Contaminant discharge published by the State Council.
3 無害廢棄物主要包括生活垃圾，生活垃圾計算依據國務院發佈的
《第一次全國污染源普查城鎮生活源產排污係數手冊》進行核算。

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III. GUARDING THE LUCID WATERS AND LUSH

三、匪石之心，守護綠水青山（續）

MOUNTAINS WITH PERSEVERANCE (COntinuEd)

(IV) Environmental Key Performance Indicators

（四）環境關鍵績效指標 （續）

(KPIs) (COntinuEd)

Energy and Resources Consumption

能源及資源消耗

KPIs 2018 年關鍵績效指標 Total energy consumption (MWh) 15,736.54 能源消耗總量（兆瓦時） Direct energy consumption (MWh) 6,512.63 直接能源消耗（兆瓦時） Petrol for official vehicles (MWh) 6,427.34 公務車汽油（兆瓦時） Diesel for official vehicles (MWh) 85.29 公務車柴油（兆瓦時） Indirect energy consumption (MWh) 9,223.91 間接能源消耗（兆瓦時） Electricity (MWh) 9,223.91 外購電力（兆瓦時） Energy consumption intensity (kWh/kWh) 0.007 能耗密度（千瓦時╱千瓦時） Water consumption (tons) 17,059.38 耗水量（噸） Water consumption per capita (tons/person) 11.43 人均耗水量（噸╱人）

note:

註：

Total energy consumption is worked out by the data of electricity and fuel with reference to the coefficients in the national standards of the People’s Republic of China General Principles for Calculation of the Comprehensive Energy Consumption (GB/t 2589-2008) , and the Standardisation Administration of the People’s Republic of China.
能源消耗量數據根據電力及燃料的消耗量和中華人民共和國國家標準《綜合能耗計算通則（GB/T 2589-2008）》中有關換算因子計算。
Energy consumption intensity refers to the ratio of energy consumed to electricity generation.
能耗密度是指耗用的能源與發電量的比率。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

III. GUARDING THE LUCID WATERS AND LUSH MOUNTAINS WITH PERSEVERANCE (COntinuEd)

三、匪石之心，守護綠水青山（續）

(IV) Environmental Key Performance Indicators

（四）環境關鍵績效指標 （續）

(KPIs) (COntinuEd)

E n e r g y a n d R e s o u r c e s C o n s u m p t i o n (COntinuEd)

能源及資源消耗 （續）

note: (COntinuEd)

註：（續）

Water consumption refers to that of tap water.
耗水量指自來水耗用量。
Packing materials is not applicable to the Group.
包裝物不適用本集團。

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE

四、關愛之心，助力員工發展

“People-oriented” is one of the Group’s core values. We respect and protect employees’ labour rights, provide employees with good salaries and benefits as well as development platform, and hope to share development results with employees. We regard employees’ health and safety as the top priority, and continue to improve the safety management system to protect employees’ health and safety. We pay special attention to employees’ growth and the ability improvement, and strive to provide employees with diversified training, so as to achieve growth together with employees. We expect to make our employees feel like home, care for employees beyond the working environment, and enhance their corporate identity.

以人為本是集團的核心價值觀之一。我們尊重和保護員工的勞動權益，為員工提供良好的薪資福利及發展平臺，希望與員工共享發展成果。我們將員工健康安全作為頭等大事，持續完善安全管理體系，旨在為員工健康安全保駕護航。我們關注員工的成長和能力的提升，努力為員工提供多元化的培訓，實現企業與員工共同成長。我們期望給予員工一種家庭式的氛圍，關心員工超越工作場景以外的狀態，提升員工的企業認同感。

In March 2018, in the “China’s Best Employer of the Year” event organised by Zhilian Recruitment and Peking University’s Corporate Social Responsibility and Employer Brand Communication Research Centre, the Group won the “Nomination Award for China’s Best Employer in 2017”.

2018 年 3 月，在智聯招聘聯合北京大學企業社會責任與雇主品牌傳播研究中心舉辦的「中國年度最佳雇主」活動中，集團榮獲「2017 中國年度最佳雇主提名獎」。

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IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(i) Thirsting for Talents and Building a Team with Diversity

（一）求賢若渴，打造多元團隊

We are eager to recruit outstanding talents and elites in the industry by implementing diversified recruitment, and welcome talents with different professional and cultural backgrounds to join us, so as to jointly promote the development of the Group. We strictly abide by the Labour Law of the People’s Republic of China, the Labour Contract Law of the People’s Republic of China, the Social insurance Law of the People’s Republic of China, Special Rules on the Labour Protection of Female Employees and other relevant laws and regulations, and developed CnE Labour Contract Management System, CnE Recruitment Management System, CnE Management System for Employee transfer, Secondment and Resignation, CnE Reserve talent Management System, CnE Employee Attendance and Leave Management System, CnE Performance Management System, CnE Administrative Measures for Employee Rewards and Punishments, CnE Administrative Measures for Plateau Subsidies , and other relevant rules and regulations to standardise the management of the Group in terms of recruitment, dismissal, promotion, working hours, holidays, benefits, etc. Meanwhile, the complete processes for recruitment are guaranteed to be fair, just and open, against any discrimination on gender, race, belief, etc., and child labour and forced labour are strictly prohibited.

我們渴望招攬行業優秀人才和精英人才，施行多元化招聘，歡迎不同專業及文化背景的人才加盟，共築集團的發展。我們嚴格遵守《中華人民共和國勞動法》、《中華人民共和國勞動合同法》、《中華人民共和國社會保險法》、《女職工勞動保護特別規定》等相關法律法規，並制定了《協合新能源集團勞動合同管理制度》、《協合新能源集團招聘管理制度》、《協合新能源集團員工異動、借調和離職管理制度》、《協合新能源集團有限公司後備人才管理制度》、《協合新能源集團有限公司員工考勤休假管理制度》、《協合新能源集團績效管理制度》、《協合新能源集團員工獎懲管理辦法》、《協合新能源集團有限公司高原補貼管理辦法》等相關規章制度，以規範集團在招聘、解聘、晉升、工作時數、假期、福利待遇等方面的管理。同時，在招聘過程中所有流程都保證公平、公正、公開，反對基於性別、種族及信仰等因素的歧視，並杜絕雇傭童工及強制勞動。

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IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展 （續）
(i) Thirsting for Talents and Building a Team with Diversity (COntinuEd)
（一）求賢若渴，打造多元團隊 （續）

The workforce composition of the Group is as follows:

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集團雇傭員工情況如下：
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Gender Level
性別構成級別構成
2018 1,205 288 2018 22 200 1,271
2017 1,062 250 2017 22 172 1,118
2016 946 237 2016 24 138 1,021
0 300 600 900 1200 1500 0 300 600 900 1200 1500
Female 女性員工 Senior management 高級管理層
Male 男性員工 Middle management 中級管理層
Ordinary staff 基層員工
Age Service lines
年齡構成服務體系
Head office management
2018 394 683 255 122 39 2018 1 58 80 407 782 66 集團總部
Design, engineering procurement
and contruction (EPC)
設計、設備成套供應、建設(EPC)
Design, leasing, etc.
2017 405 538 217 11240 2017 1 66 66 387 693 設計、租賃等業務
Project development and
management
項目開發及管理
2016 281 537 203 117 45 2016 1 17 176 324 566 Operation and maintenance 運行維護
Energy IoT application
0 300 600 900 1200 1500 0 300 600 900 1200 1500 能源物聯網應用
56 and above 56歲以上
46-55 46-55歲
36-45 36-45歲
26-35 26-35歲
25 and below 25歲以下
Region
分佈區域 Eastern China 華東地區
175 Southern China 華南地區
29 296
2018 121140 543 Central China 華中地區
180
45 Northern China 華北地區
143
33
137 479 Northwestern China 西北地區
2017 131147
234 Southwestern China 西南地區
4 [4]
16 140 Northeastern China 東北地區
155
416
2016 96 122 232 Hong Kong, Macau 港澳臺地區
4 and Taiwan
2
0 100 200 300 400 500 600 Foreign countries 外籍
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IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’ Safety

（二）安全第一，保障員工安全

The Group adheres to the concept of “safety first” and always pays attention to and guarantees employees’ occupational health and safety. We fully implemented the Production Safety Law of the People’s Republic of China, Fire Protection Law of the People’s Republic of China, Prevention and Control Law of Occupational diseases of the People’s Republic of China, Administrative Regulations on the Work Safety of Construction Projects, Regulation on Work Safety License and Regulation on Work-Related injury insurance and other relevant regulations, and, in accordance with the production safety policy of “safety first, with a focus on prevention and comprehensive management”, established a group-level occupational health and safety management system and a subsidiary-level occupational health and safety management system specification, with the headquarters, branches and subsidiaries, and project companies as the main bodies responsible for safety at different levels, so as to achieve simultaneous planning, arrangement, inspection, summary and assessment of the safety work and various production and operation works. In 2018, the Safety and Quality Supervisory Department of the Group organised re-preparation and revision of eight safety systems including CnE Provisions on Production Safety Management and CnE Procedures for Accident (Events) investigation , covering the safety management, safety responsibility, accident investigation, safety work rewards and punishments, safety education and training, safety inspection and hidden danger investigation and control, submission of production safety information, management of technical measures for labour safety protection and anti-accident measures, etc. We also regularly check hazards sources at workplace to ensure that employees’ possible exposure to risk factors shall be controlled within a safe range. Meanwhile, in order to ensure the health of employees, the Group organises employees to have physical examinations every year.

集團秉承「安全第一」的理念，始終堅持關注和保障員工的職業健康與安全。我們全面貫徹落實《中華人民共和國安全生產法》、《中華人民共和國消防法》、《中華人民共和國職業病防治法》、《建設工程安全管理條例》、《安全生產許可證條例》、《工傷保險條例》等有關規定，並按照「安全第一，預防為主，綜合治理」的安全生產方針，建立了集團層面的職業健康安全管理體系和下屬公司的職業健康安全管理制度規範。集團總部、分子公司、項目公司作為各級安全責任主體，將安全工作與各項生產經營工作同時計劃、同時佈置、同時檢查、同時總結、同時考核。2018 年，集團安全質量監察部組織新編制和修訂包括《協合新能源集團有限公司安全生產管理規定》、《協合新能源集團有限公司事故（事件）調查規程》等在內的八個安全體系制度，覆蓋了安全管理、安全責任、事故調查、安全工作獎懲、安全教育培訓、安全檢查和隱患排查治理、安全生產信息報送、安全技術勞動保護措施和反事故措施等多個方面。我們還定期排查工作場所的危險源，以確保員工與危險因素接觸的頻率降低到安全範圍以內；同時，為了保障員工身體健康，集團每年組織員工進行體檢。

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2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’ Safety (COntinuEd)
（二）安全第一，保障員工安全 （續）

Actively Carrying Out Safety Practice

積極開展安全實踐

Construction Safety

安全建設

The engineering company of the Group obtained the occupational health and safety certification, and developed the CnE Engineering Construction Safety Management Measures and other systems to standardise the safety management of construction. During construction, we conduct on-site safety training for construction contractor personnel and strictly supervise construction safety. Especially before the construction of subdivisional and divisional projects with high risk such as excavation of deep foundation pit and equipment hoisting, we organise the participants to carry out safety technical disclosure training for construction teams and operators in accordance with the special construction plan. In addition, during the construction of the power plants, the supervisor conducts safety inspections on the participants every week. Construction will be suspended immediately if any safety hazards found and rectification measures shall be taken.

集團的工程公司通過了職業健康安全認證，同時制定了《協合新能源集團有限公司工程建設安全管理辦法》等制度以規範對工程建設的安全管理。在建設過程中，我們對施工承包商人員開展進場安全培訓工作，嚴格監管施工安全。尤其在深基坑開挖、設備吊裝等危險性較大的分部分項工程施工前，我們組織各參建單位按照專項施工方案對施工班組、作業人員進行安全技術交底培訓。此外，在電廠建設施工期間，監理單位每週對參建單位進行安全大檢查工作，如發現安全隱患，立即停工整改。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’

（二）安全第一，保障員工安全 （續）
Safety (COntinuEd)

Actively Carrying Out Safety Practice

積極開展安全實踐（續）

(COntinuEd)

Production Safety

安全生產

The Group takes production safety seriously and has established a production system through a series of systems such as Production Safety Management Regulations for Power Plants, Management Measures for Production Safety Responsibility System of Power Plants and Management Regulations for Production Safety Standardisation. In terms of provision of labour protection products, we provide employees with adequate labour protection products in accordance with the CnE tooling Provision Regulations and Supplementary Regulations on Standards for Purchase and distribution of Labour Protection Products in the Production System .

集團高度重視生產安全，通過《電廠安全生產管理規定》、《電廠安全生產責任制管理辦法》、《安全生產標準化管理規範》等一系列制度構建了安全生產制度體系。在勞保產品配備方面，我們依據《協合新能源集團工裝配置規定》及《生產體系勞動保護用品購置及發放標準補充規定》為員工配備充足的勞動保護用品。

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2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’

（二）安全第一，保障員工安全 （續）
Safety (COntinuEd)

Actively Carrying Out Safety Practice (COntinuEd)

積極開展安全實踐（續）

Production Safety (COntinuEd)

安全生產（續）

In 2018, the Group adopted various types of targeted inspections, safety training and other safety activities, in combination with the comprehensive, detailed work requirements for the actual work on site against all the employees, to ensure the organisation, responsibility, management and measures for production safety works are all in place, further strengthening the Group’s production safety. In addition, fire, rain, snow and freeze are the major environmental risks that affect so we pay special attention to fire prevention inspections, as well as rain, snow and freeze disaster prevention. In 2018, the Group newly formulated Measures for Preventing Fan Fire Accidents and the Emergency Plan against Rain, Snow and Frost, and arranged staff to conduct spot check and regular check on the quality of wholly-owned wind power projects in different provinces, and included the entire process of preparation, supervision and acceptance of regular check on wind turbines into production management.

2018 年，集團通過形式多樣的專項檢查、安全培訓等安全活動，結合現場實際工作中全員、全面、細緻的工作要求，確保安全生產工作組織到位、責任到位、管理到位、措施到位，進一步夯實集團安全生產基礎。另外，火災、雨雪冰凍等是我們在生產運營中識別的影響安全的重大環境風險，因而我們尤其重視防火專項檢查、雨雪冰凍災害防範等工作。2018 年，集團新編制了《預防風機火災事故措施》、《防雨雪冰凍應急預案》，並安排人員到各省獨資風電項目抽查定檢質量，並將風機定檢準備、督導、驗收全過程納入生產管理。

We also impose punishments on the poor management in production and operation, whereas reward excellent teams and staffs in the light of the Regulations on Rewards and Punishments for Work Safety in Power Plants .

我們亦根據《電廠安全生產工作獎懲規定》，對生產運營中的不良管理進行處罰，對優秀團隊及人員進行嘉獎。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’ Safety (COntinuEd)
（二）安全第一，保障員工安全 （續）

Actively Carrying Out Safety Practice (COntinuEd)

積極開展安全實踐（續）

O&M Safety

安全運維

In operation and maintenance management, the operation and maintenance company (“O&M Company”) established a Safety Management Committee, and regularly organises meetings to study, discuss, and solve key problems in production safety management, negotiate safety management work such as safety culture development, develop annual safety plan and prepare safety funds, regularly establish safety management regulations and countermeasures in light of the current national and industrial safety situation, and organise members of the Safety Management Committee to conduct safety management training. We implement the accountability system, appointing the person in charge of the power plant as the first person responsible for safety, and sign the annual safety responsibility letter. In addition, we arrange a safety supervisor to carry out regular safety activities as required by the O&M Company’s Safety Management Committee, and implement the safety management system, regulations and safety requirements. For new employees, the O&M Company conducts on-site safety education, establishes safety archive, and signs safety agreements with them.

在運維管理中，運維公司設立了安全管理委員會，並定期組織召開安委會會議，以研究、討論、解決安全生產管理存在的重點問題，商討安全文化建設等安全管理工作，制定年度安措計劃並落實安全資金，定期結合當前國家、行業安全形勢制定安全管理規定、應對措施，同時組織安委會成員進行安全管理培訓。我們將責任落實到人，指定電廠負責人為安全第一責任人，並簽訂年度安全責任書，同時設立一名安全監督人員，按照公司安委會要求定期開展安全活動，落實執行公司安全管理制度、規定及安全要求。對於新員工，運維公司則對其進行入場安全教育，建立安全檔案，並與之簽訂安全協議。

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2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’ Safety (COntinuEd)
（二）安全第一，保障員工安全 （續）

Actively Carrying Out Safety Practice

積極開展安全實踐（續）

(COntinuEd)

O&M Safety (COntinuEd)

安全運維（續）

The O&M Company also sets up a safety technical training committee, responsible for developing safety and technical training management systems, to regularly organise safety and technical training for the Company and power plants (projects). The O&M Company’s Safety Supervisory Department regularly issues typical accident cases and safety training materials regarding power generation, and prepares “safety briefing” to disclose problems in safety management. Meanwhile, the Department publicises units and individuals who have made achievements in safety work, and awards them. All power plants and project teams regularly organise emergency plan drills in accordance with the requirements of the Company’s system, and organises “two votes and three systems” training. Only the qualified employees can take the position.

運維公司還設立了安全技術培訓委員會，負責制定安全、技術培訓管理制度，定期組織公司、電廠（項目）安全、技術培訓。安全監察部定期下發電力生產典型事故案例及安全培訓資料，並編制「安全簡報」公佈安全管理存在的問題，同時宣傳在安全工作中做出成績的單位和個人，並進行嘉獎。同時，各電廠、項目按照公司制度要求定期組織應急預案演練和兩票三制培訓，培訓合格員工方可上崗。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’ Safety (COntinuEd)
（二）安全第一，保障員工安全 （續）

Actively Carrying Out Safety Practice (COntinuEd)

積極開展安全實踐（續）

Safety Supervision

安全監察

In order to monitor the safety work of the Group, the Safety and Quality Supervisory Department set up by the Group took a number of actions in 2018, including strict control over the production safety information submission, regular monitoring, and organisation of third parties to carry out potential danger investigation, so as to ensure the stable safety situation of the Group.

為了對集團安全工作進行監察，集團設立的安全質量監察部於 2018 年採取了多項行動，從嚴抓安全生產信息報送、定期監察、組織第三方開展隱患排查工作等方面著手，保證集團安全形勢穩定。

To strictly control the management of production safety information submission, we established a three-level (the Group, branches and subsidiaries, and project companies) system of “safety, quality and environmental protection information communicator”. Monthly safety work meetings are held, requiring all project companies to submit safety information which includes the implementation of two votes (work order and operation order), the implementation of emergency drill and anti-accident exercise, violation of the regulations, and organization of safety activities, so as to supervise project companies to complete daily safety work.

我們緊抓安全生產信息報送的管理工作，建立了集團、分（子）公司、項目公司三級「安全質量環保信息聯絡員」體系，每月召開安全工作會議，要求各項目公司報送安全信息，包括兩票檢查情況、應急演練及反事故演習執行情況、違章情況、安全活動開展情況等，監督項目公司完成日常安全工作。

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2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH

四、關愛之心，助力員工發展（續）

CARE (COntinuEd)

(ii) Safety First, and Protecting Employees’

（二）安全第一，保障員工安全 （續）

Safety (COntinuEd)

Actively Carrying Out Safety Practice (COntinuEd)

積極開展安全實踐（續）

Safety Supervision (COntinuEd)

安全監察（續）

We regularly carry out safety supervision and inspection. In 2018, we carried out safety supervision and inspection on 35 project companies, focusing on the establishment and improvement of safety system, safety education and training, and the safety status of construction projects. We issued supervision and inspection reports on the problems found, and requested rectification within a time limit to achieve closed-loop management. We focus on the autumn safety inspection, and prepare relevant schedule, determining a checklist of 110 items, so as to avoid arbitrary and unclear inspection, and ensure high quality of such inspection.

我們定期開展安全監督檢查工作。 2018 年，我們共對 35 個項目公司開展安全監督檢查，重點關注安全制度建立情況、安全教育及培訓情況、施工項目安全狀況等方面，對發現的問題出具監督檢查報告，並限期整改，做到閉環管理。重點開展秋季安全檢查工作，編制秋季安全檢查明細表，確定必查項 110 項，避免秋檢工作隨意性、盲目性，保證秋季檢查高質量開展。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’ Safety (COntinuEd)
（二）安全第一，保障員工安全 （續）

Actively Carrying Out Safety Practice (COntinuEd)

積極開展安全實踐（續）

Safety Supervision (COntinuEd)

安全監察（續）

The Safety and Quality Supervisory Department organised a third-party organisation to carry out potential danger investigations on Guangxi Fuchuan Wind Power Plant and Hunan Jiepai Wind Power Plant in November 2018. According to the national laws, regulations and standards, and the actual production safety of the Group, the experts from the third-party organisation carried out detailed investigations item by item of a total of more than 500 inspection standards from five professional aspects including safety management, labour safety and operating environment, wind turbines, primary electrical system and secondary electrical system. After discovering the problems, the Safety and Quality Supervisory Department instructed the project companies to develop rectification plans in a timely manner, and supervised the project group to complete the rectification and eliminate the hidden dangers in the wind power plants, so as to further strengthen the production safety.

安全質量監察部組織第三方機構於 2018 年 11 月對廣西富川風電場、湖南界牌風電場開展隱患排查工作。第三方機構專家組根據國家法律、法規、標準規定並結合集團安全生產實際，按照安全管理、勞動安全與作業環境、風電機組、電氣一次、電氣二次五個專業共計 500 余項檢查標準，逐項開展細緻排查工作。發現問題後，安全質量監察部及時指導項目公司制定整改計劃，監督項目集團完成整改，消除風電場存在的安全隱患，進一步夯實安全生產工作基礎。

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2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’

（二）安全第一，保障員工安全（續）

Safety (COntinuEd)

Vigorously Publicising Safety Concept

大力宣傳安全理念

We are fully aware of the importance of the publicity and implementation of safety concept for the safety work. To this end, we organise the units at all levels to learn safety information through a variety of ways to improve the safety awareness of staffs at all levels. We have established the OA Safety Column, releasing 79 pieces of learning materials of warning on safety accidents, 72 pieces of materials in industryleading experience, and 81 pieces of materials on laws and regulations relating to safety as well as industrial standards.

我們充分意識到安全理念的宣貫對於安全工作開展的重要作用。為此，我們組織各級單位通過多種方式學習安全資料，提高各級人員的安全意識。我們設立了 OA 安全園地版塊，全年更新安全事故警示教育資料 79 篇，行業先進經驗相關資料 72 篇，安全法律法規及行業標準資料 81 篇。

Activities for Production Safety Month

安全生產月活動

In June 2018, the Group and our subsidiaries actively carried out the activities for production safety month in a variety of forms, including safety examinations, safety skill assessment, safety tools use, and emergency drills such as flood prevention and heatstroke prevention in high temperature. The activities for production safety month fully mobilised the enthusiasm of employees, enhanced their safety awareness, consolidated safety skills, improved emergency response capabilities, and further confirmed their safety responsibilities.

2018 年 6 月，集團及下屬公司踴躍開展安全生產月活動，活動形式多種多樣，包括安全考試、安全技能評比、安全工具實操、以及防洪防汛和防高溫中暑等應急演練。安全月活動充分調動員工積極性，增強了員工安全意識，鞏固了員工安全技能，提高了員工應急能力，進一步落實了安全職責。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’

（二）安全第一，保障員工安全 （續）
Safety (COntinuEd)

Vigorously Publicising Safety Concept (COntinuEd)

大力宣傳安全理念（續）

Activities for Production Safety Month (COntinuEd)

安全生產月活動（續）

At the Group level, we set up the “Column for Production Safety Month 2018” in the Safety Corner, and uploaded 11 documents in the above column including Life Book, the importance of Safety, and Promotional Video Recommended by national Energy Administration for Guiding the national “Production Safety Month”, “Production Safety Expedition” Activities in the Power industry 2018, providing materials for each unit to study and disseminate safety knowledge.

在集團層面，我們在安全園地設立「2018 年安全生產月專欄」，並在專欄中上傳了《生命冊》、《安全重於泰山》、《國家能源局指導電力行業 2018 年全國「安全生產月」、「安全生產萬里行」活動推薦觀看宣傳片》等 11 個文件，為各單位學習、宣講提供素材。

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2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’

（二）安全第一，保障員工安全 （續）
Safety (COntinuEd)

Vigorously Publicising Safety Concept (COntinuEd)

大力宣傳安全理念 （續）

Activities for Production Safety Month (COntinuEd)

安全生產月活動（續）

At the subsidiaries level, we organised the employees to watch the theme video and warning education film in relation to the activities for “Production Safety Month”, and carried out the activities such as accident recap and accident case study; we organised 95 safety lectures, 80 accident case studies, and 73 emergency drills in total. The O&M Company organised the “Contribution Cup” knowledge contest; and 11 project companies independently organised safety examinations, safety skills assessment, and safety equipment and tool use. In addition, during the safety month, special safety inspections were conducted; and each project company actively completed rectification and achieved closed loop management.

在下屬單位層面，我們組織觀看「安全生產月」活動主題宣傳片和警示教育片，組織開展事故反思大討論、事故案例學習等活動，共組織安全宣講 95 次、事故案例學習 80 次、應急演練 73 次；運維公司組織了「貢獻杯」知識競賽；11 個項目公司自主組織了安全考試、安全技能評比活動、安全工器具實操等活動；此外，安全月期間組織開展安全專項檢查，各項目公司積極推動完成整改，實現閉環管理。

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IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(ii) Safety First, and Protecting Employees’

（二）安全第一，保障員工安全 （續）
Safety (COntinuEd)

Vigorously Publicising Safety Concept (COntinuEd)

大力宣傳安全理念（續）

national Fire Prevention day training

全國消防日培訓

In order to respond to the national Fire Prevention Day in 2018 and implement the activity themed with “Fire Prevention and Control throughout the Nation”, and further enhance employees’ awareness of fire safety, the Group organised fire safety training for 2018 on 6 November 2018. More than 50 persons from the Group Management, different departments and subsidiaries in Beijing participated in the training; a total of 87 branches including subsidiaries located outside Beijing, the project companies and the O&M Project Department participated in the training remotely. Such fire safety training enabled the participants at all levels to be aware of the concept of “lack of safety awareness is also a hidden danger”, further strengthening their fire safety awareness and basic knowledge for effective fire prevention, and laying a solid foundation for winter fire safety work of all units.

為積極響應 2018 年全國消防日宣傳活動，貫徹落實「全民消防，防治火災」活動主題，進一步增強員工消防安全意識，集團於 2018 年 11 月 6 日組織開展了 2018 年消防安全培訓，集團管理層、各部門及在京子公司共計 50 餘人參加培訓，京外分公司、項目公司、運維項目部共計 87 個分會場通過遠程視頻參加培訓。通過消防安全培訓，各級參訓人員明確「安全意識的缺失也是隱患」這一理念，進一步強化了各級人員有效防範火災的消防安全意識和基礎知識，為各單位做好冬季消防安全工作奠定了堅實基礎。

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IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(iii) Organising Training and Improving the

（三）組織培訓，完善賦能體系

Empowerment System

The Group is committed to becoming a learning organisation. It encourages employees to learn in various forms, and aims to achieve growth with employees through internal and external learning for value creation and self-development.

集團致力於成為學習型組織，鼓勵員工多種形式的學習、願與員工一道通過內外部的學習創造價值、提升自我，實現員工和企業的共同成長。

Complete Training System

完善的培訓體系

We have set up a complete training system. We have developed the Group training Management System, the Group training Archives Management Regulations, the Group internal Lecturer Management Regulations and the Beijing Management Centre new Employee Orientation training Regulations, etc . to standardise management of training. We carry out diversified training courses and create different training course systems for the senior and mid-level management, management trainees and new joiners. In terms of lecturer, the Group lays great stress on the development of lecturers responsible for developing teaching materials independently and delivering orientation courses to new joiners.

我們設立了完整的培訓體系。我們制定了《集團培訓管理制度》、《集團培訓檔案管理辦法》、《集團內部講師管理辦法》、《北京管理中心新員工入職培訓管理辦法》等對培訓進行規範化的管理。我們開展多樣化的培訓課程，針對管理層、中層管理人員、後備管理幹部、新員工設置了不同的培訓課程體系。此外，集團還注重培養講師隊伍，自主開發課件，主要負責新員工入職培訓的授課工作。

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IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(iii) Organising Training and Improving the Empowerment System (COntinuEd)

（三）組織培訓，完善賦能體系（續）

Complete Training System (COntinuEd)

完善的培訓體系（續）

In 2018, the Group’s trainings focused more on employees’ actual needs and improving their work ability. We conducted interviews with personnel in key positions, based on the results of which the training course system was updated, thereby improving training effectiveness and satisfaction. The Group keeps up with the trend of the Internet era, increasing the utilisation rate of the Group’s online college, and making it easier for employees to learn through the functions of online college on mobile end.

2018 年集團培訓更加注重滿足員工的實際工作需要，提升員工實際工作能力。對重要崗位的人員開展了關鍵崗位訪談，結合訪談結果更新了培訓課程體系，提高了培訓針對性和培訓滿意度。集團緊跟互聯網時代的潮流，提高了集團網絡學院使用率，通過網絡學院手機端學習的功能，提高了員工的學習便捷性。

Diversified Training Practices

豐富的培訓實踐

The Group’s main training cases in 2018 include: training for mid-level management’s interview skills, competence build-up training for reserve talents, orientation training for new joiners and professional training.

集團 2018 年主要開展的培訓案例包括：企業中層管理人員面試技巧培訓、後備人才能力建設培訓、新員工入職培訓以及業務培訓。

Mid-Level Management training

中層管理人員培訓

The training for mid-level management interview skills was carried out in September 2018, and more than 50 senior and mid-level management personnel from the Group management, Beijing Management Centre and subsidiaries located in Beijing participated in the training.

2018 年 9 月開展了集團中層管理人員面試技巧培訓，集團管理層、北京管理中心、在京子公司的 50 餘名中高層管理人員參加了培訓。

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IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(iii) Organising Training and Improving the Empowerment System (COntinuEd)

（三）組織培訓，完善賦能體系 （續）

Diversified Training Practices (COntinuEd)

豐富的培訓實踐（續）

Competence Build-up training for Reserve talent

後備人才能力建設培訓

In June 2018, the Group carried out the second stage of the third reserve talent training scheme, in which 45 management trainees participated. The training covered modern enterprise management knowledge, improvement of professional accomplishment, interpersonal communication skills, action & execution, innovation awareness training and team building.

2018 年 6 月，集團進行了第三期後備人才第二階段培訓項目，參訓後備幹部 45 人，培訓內容涉及企業現代管理知識、職業素養提升、溝通能力提升、執行能力提升、創新意識培養和團隊建設。

Orientation training for new Joiners

新員工入職培訓

In 2018, newcomer orientation training took place in March, June and September respectively with more than 60 participants. The contents include the enterprise’s general situation, corporate strategy, rules and regulations, etc.

2018 年新員工培訓在 3 月、6 月、 9 月共分三期進行，參訓新員工 60 餘人，培訓內容包括：企業概況、企業戰略、企業各項規章制度等。

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IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(iii) Organising Training and Improving the Empowerment System (COntinuEd)

（三）組織培訓，完善賦能體系 （續）

Diversified Training Practices (COntinuEd)

豐富的培訓實踐（續）

Professional training

業務培訓

The business departments of the Group also organised a variety of trainings. For example, the Engineering Department participated in the Enterprise Archives Management Training organised by the Training Centre of National Development and Reform Commission; the financial system organised two training sessions for all employees involved to learn the latest financial and tax law knowledge, and sent employees to participate in external professional trainings provided by Tax China and Golden Education for many times; the production system carried out trainings on policies and regulations, safety management, equipment, technology, and professional knowledge by inviting external experts and group lecturers, or out-of-office research; the power distribution department organised trainings aiming to improve the operational ability of power sales personnel; and the design company organised engineering cost training to strengthen the designers’ awareness of project cost control, and further improve their program design capability. Additionally, the other business departments of the Group, according to actual needs, also organised various professional trainings, including energy storage, financial leasing, and file management to meet the needs of employees for business and development.

集團各業務部門亦組織豐富的培訓，如工程部組織參加了由國家發改委培訓中心組織的企業檔案管理培訓；財務體系組織了兩次全員培訓會，學習最新財務稅法知識，並多次派員參加中稅網、高頓等外部專業培訓；生產體系通過邀請外部專家、集團講師或外出調研等形式，開展政策法規、安全管理、設備、技術、專業知識等培訓工作；售電業務部門組織了旨在提高售電業務人員的業務實操能力的培訓；設計公司組織了工程造價培訓，加強設計人員的工程成本控制意識，進一步提高方案設計能力。同時，根據實際需求，集團其他業務部門也相應組織了各類專業培訓，培訓內容包括儲能、融資租賃、檔案管理等多種方面，以滿足員工對業務及發展的需求。

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IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(iv) Creating Family Culture and Increasing Employees’ Sense of Belonging

（四）打造家文化，增加員工歸屬感

W h i l e p a y i n g a t t e n t i o n t o e m p l o y e e s ’ occupational health and safety and career growth, the Group also hopes that employees can work happily. To make employees feel happy physically and mentally after work and relieve work pressure, the Group organises various corporate cultural activities, including brisk walking, bicycle challenge race, sports meeting, etc., so as to strengthen the communication and exchange among colleagues, enhance the enterprise cohesion, and improve employees’ identification with the Group.

集團在關注員工職業健康安全以及職業成長的同時，也希望員工能夠幸福工作。為使員工在工作之餘能夠更加身心愉悅，緩解工作壓力，集團組織各類企業文化活動，包括健步走活動、自行車挑戰賽、運動會等，以加強同事之間的溝通與交流，增強企業凝聚力，提高員工對集團的認可度。

Work-Life Balance

工作生活平衡

We encourage positive working and living conditions. We organise a variety of sports after work and encourage employees to participate actively to achieve a balance between work and life.

我們倡導積極的工作和生活狀態。在工作之餘，我們組織多種運動，鼓勵員工積極參與，實現工作與生活的平衡。

Le tour de France Challenge Race

環法自行車挑戰賽

On 21 October 2018, our leaders and employees teamed up to participate in the L’Étape Beijing by Le Tour de France, and successfully completed the whole race through challenging themselves, persistence and continuous breakthrough, proving the Group’s values of “Striving for Excellence” and the spirit of “Cooperation and Aggressiveness” with practical actions and excellent performance.

2018 年 10 月 21 日，集團領導及員工組隊參加了環法自行車挑戰 · 賽北京站比賽，主動挑戰自我、頑強拼搏、不斷突破，順利完成了全程賽事，用實際行動和出色表現踐行了集團「追求卓越」的價值觀和「合作、進取」的精神。

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IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(iv) Creating Family Culture and Increasing Employees’ Sense of Belonging (COntinuEd)

（四）打造家文化，增加員工歸屬感（續）

Work-Life Balance (COntinuEd)

工作生活平衡（續）

Sports Meeting

運動會

From 26 to 27 October 2018, the Group sent a team of more than 40 persons to participate in the 6th “Wind Power Cup” sports meeting. They participated in basketball, football, badminton, table tennis, swimming and other sports, and won the swimming team championship. The sports meeting not only demonstrated the Group’s spirit of “Cooperation and Aggressiveness”, but also enhanced our exchanges with industry peers, and deepened the understanding and communication between the colleagues from different departments and units of the Group.

2018 年 10 月 26 至 27 日，集團派出 40 餘人組成代表隊參加第六屆「風電杯」運動會，分別參加了籃球、足球、羽毛球、乒乓球、游泳等項目的比賽，並獲得了游泳比賽團體冠軍。此次運動會既展示了集團「合作、進取」的精神風貌，增進了與業界同行的交流，也加深了集團各部門、各單位同仁之間的瞭解與溝通。

Brisk Walking

健步走活動

Brisk walking is an annual routine activity of the Group, which aims to promote the physical and mental health of employees and enhance their awareness of exercise. The number of participants has been increasing year by year. In April 2018, a total of more than 120 employees participated in the “Power to Go” spring outdoor walking in the Olympic Forest Park.

健步走是集團每年的常規活動，旨在促進員工身心健康，增強鍛煉意識。活動參與人數逐年上升，2018 年 4 月，共有 120 餘名員工在奧林匹克森林公園參加了「行走的力量」春季戶外健步走活動。

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IV. FACILITATING EMPLOYEE’S DEVELOPMENT WITH CARE (COntinuEd)

四、關愛之心，助力員工發展（續）

(iv) Creating Family Culture and Increasing Employees’ Sense of Belonging (COntinuEd)

（四）打造家文化，增加員工歸屬感（續）

Mutual Fund for Employees

員工互助基金

We focus on the status of employees outside the work scene, and look forward to creating a family-like work environment. To help solve major difficulties such as serious illnesses among employees within the Group or their direct relatives, the Group has set up a “Mutual Fund for Employees”. Since its establishment in August 2010, the Fund has helped nine employees with a total of RMB300,000.

我們關注員工工作場景以外的狀態，期望營造一種家庭式的工作氛圍。為了幫助解決集團內部員工或其直系親屬遭遇大病等重大困難，集團特別設立了「員工互助基金」。該基金自 2010 年 8 月成立以來，纍計資助員工 9 名，共資助 30 萬元。

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY

五、責任之心，規範企業運營

Our vision is to become an international world-class clean-energy enterprise, which also spurs us to adhere to the enterprise spirit of “Integrity, Dedication, Cooperation and Aggressiveness” and achieve sustainable development of enterprise through the honest corporate governance, high-quality product and service, responsible supply chain management and industrial exchange, and scientific and technological innovation.

我們的願景是成為一流的國際化清潔能源企業，這也鞭策我們始終堅持「誠信、敬業、合作、進取」的企業精神，通過廉潔的企業治理、優質的產品及服務質量、負責任的供應鏈管理及行業交流、科技創新，實現企業可持續發展。

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V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營（續）

(i) Integrity · Combating Corruption and Upholding Integrity

（一）誠信 · 反腐倡廉

The Group attaches great importance to anticorruption work. On the basis of complying with the Anti-unfair Competition Law of the People’s Republic of China and other laws and regulations, in 2018, we revised and released the Anti-Corruption Management System , the Code of Professional Ethics , the internal Audit Management System , the Audit Management Guidelines for Employment termination and the Measures for the Supervision and Administration of Bidding , and revised the original Professional Ethics and Code of Conduct for Managers to the Code of Professional Ethics , the scope of application of which was expanded from managers to all employees.

集團高度重視反貪污工作，在遵守《中華人民共和國反不正當競爭法》等法規的基礎上，2018 年重新修訂並發佈了《反舞弊管理制度》、《職業道德行為準則》、《內部審計管理制度》、《離任審計管理辦法》、《招標監督管理辦法》，並將原有的《經理人職業道德規範及行為準則》修訂為《職業道德行為準則》，適用範圍由經理人擴大為公司所有員工。

As for anti-corruption work, the Group upholds the fundamental principles of “Prevention Precedes Punishment” and “Protect Those Who Report, Avoid Those Who are Being Investigated”, and adopts comprehensive measures including training, education, guidance, encouragement of reporting, and public disclosure of results. Reporting channels include telephone, email, mailbox and corporate WeChat.

集團反貪污工作堅持「懲防並舉、重在預防」及「舉報保護、調查回避」的基本原則，採用培訓、教育、引導、鼓勵舉報、公開披露處理結果等綜合措施。舉報渠道包括電話、電子郵件、信箱及企業微信。

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V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營（續）

(i) Integrity · Combating Corruption and Upholding Integrity (COntinuEd)

（一）誠信 · 反腐倡廉（續）

In 2018, the Group actively carried out the education activities themed with “combating corruption and upholding integrity”. In April 2018, the Group organised employee representatives to go to the Anti-corruption Warning Education Base of Beijing Municipal Prison for receiving warning education. In the activity, the prison guards led the employee representatives to visit the anti-corruption warning education exhibition and the living places of the prisoners, and watch videos of typical crimes accused of duty crimes. The anticorruption education activity is a wake-up call to raise awareness of anti-corruption among employees. By the end of 2018, the Group’s WeChat supervision platform uploaded 12 anticorruption thematic articles, with more than 2,000 views.

2018 年，集團積極開展反腐倡廉的教育活動。2018 年 4 月，集團組織員工代表前往北京市監獄反腐倡廉警示教育基地，接受警示教育。活動中，獄警帶領員工代表參觀反腐倡廉警示教育展、觀看服刑人員生活和活動場所、以及職務犯罪典型人物視頻。此次反腐倡廉教育活動令人深思警醒，提升了員工反貪污意識。截至 2018 年底，集團企業微信監督平臺發送 12 篇反貪污主題文章，閱讀量達 2,000 餘次。

(ii) Dedication · Quality Control

（二）敬業 · 質量把控

The Group is committed to providing quality clean energy and professional services. While ensuring safe and stable energy supply to the society, we also actively develop energy storage business, attach importance to standardised system management and customer satisfaction for various professional services.

集團致力於提供優質的清潔能源及專業服務。在為社會提供安全穩定的能源供應同時，還積極佈局儲能業務，重視各類專業服務中的規範化制度管理及客戶滿意度。

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V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營（續）

(ii) Dedication · Quality Control (COntinuEd)

（二）敬業 · 質量把控（續）

Safe and Stable Energy Supply

安全穩定的能源供應

At present, the Group has 74 wind and photovoltaic power plants in Hebei Province, Shanxi Province, Inner Mongolia Autonomous Region, Liaoning Province, Jilin Province, Heilongjiang Province, Jiangsu Province, Anhui Province, Shandong Province, Henan Province, Hubei Province, Hunan Province, Guangxi Province, Sichuan Province, Guizhou Province, Yunnan Province, Tibet, Gansu Province, as well as in the United States, including 43 whollyowned power plants, providing quality clean energy for the society.

目前，集團在河北、山西、內蒙古、遼寧、吉林、黑龍江、江蘇、安徽、山東、河南、湖北、湖南、廣西、四川、貴州、雲南、西藏、甘肅等省區以及美國等地區擁有 74 間風力及太陽能發電場，其中獨資電廠 43 間，為社會提供優質的清潔能源。

In 2018, the Group achieved an equity power generation output of 3,635.77GWh, with a yearon-year growth of 48.55%.

2018 年，集團實現權益發電量 3,635.77GWh，同比增長 48.55%。

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Equity power generation (GWh)
集團權益總發電量（吉瓦時）
4000
3,635.77
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3000
2,447.46
2500
2,077.80
2000
1500
1000
500
0
2016 2017 2018
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2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營（續）

(ii) Dedication · Quality Control (COntinuEd)

（二）敬業 · 質量把控（續）

Developing Energy Storage Business

佈局儲能業務

With the gradual increase in the proportion of renewable energy power generation, the demand for energy storage industry is gradually enhanced, and energy storage technology innovation is bound to be a new focus for efficient utilisation of clean energy. In 2018, the Group increased its investment in energy storage business.

隨著可再生資源發電比例的逐步提高，儲能行業的需求在逐漸加大，而儲能技術創新也必然成為清潔能源高效利用的新焦點。2018 年，集團在儲能業務方面加大了投入。

Case 1: Naidong Energy Storage Project of Tibet for power generation side

案例 1：西藏乃東發電側儲能項目

In 2018, the energy storage project of power generation side in Tibet Naidong was put into operation. This project is our first project in the field of energy storage, and also the first highaltitude echelon-use energy storage project on the power generation side in China. The project can effectively alleviate the local power shortage at night and the difficulty in electricity consumption for residents, benefiting the society to the greatest extent. It can also play a role in power generation peak-load shifting and smoothing of power output, which significantly improves power quality and local power supply stability.

2018 年西藏乃東發電側儲能項目投入運行，該項目是我們在儲能領域的首個項目，也是目前國內首個發電側高原梯次電池儲能項目。該項目可有效緩解當地夜間缺電、居民用電困難的問題，造福社會；對於電網也可起到發電移峰、平滑出力的作用，顯著提升電能質量和當地供電穩定性。

142

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營（續）

(ii) Dedication · Quality Control (COntinuEd)

（二）敬業 · 質量把控 （續）

Developing Energy Storage Business (COntinuEd)

佈局儲能業務（續）

Case 2: Malta investment project

案例 2：Malta 投資項目

In December 2018, the Group signed a cooperation agreement with several investors including Alfa Laval Group and Breakthrough Energy Ventures to invest in Malta Inc., a molten salt energy storage company incubated by the Moonshot Factory (formerly known as Google X Lab). The Malta project is a new generation of energy storage technology based on thermoelectric conversion, using hot molten salts as energy storage media. Compared with traditional lithium batteries, Malta energy storage technology features low cost, high energy density, no attenuation, and long life cycle.

2018年12月，集團與Alfa Laval 集團、Breakthrough Energy Ventures 在內的多名投資人簽署合作協議，以投資由 the Moonshot Factory（前稱 Google X 實驗室）孵化的熔鹽儲能公司 Malta Inc.。 Malta 項目是新一代基於熱電轉化的儲能技術，利用熱熔鹽為儲能介質。與傳統鋰電池相比，Malta 儲能技術具有低成本、高能量密度、無衰減、生命週期長等特點。

143

2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營（續）

(ii) Dedication · Quality Control (COntinuEd)

（二）敬業 · 質量把控（續）

Quality Professional Services

優質的專業服務

Operation and Maintenance Service

運維服務

The Group’s O&M Company takes active practice of “Internet + O&M”, and provides safe, professional and excellent full life-cycle clean energy services based on big data and driven by cloud computing. Complying with the Contract Law of the People’s Republic of China , the Fire Control Law of the People’s Republic of China , the Work Safety Law of the People’s Republic of China and other laws and regulations, the O&M Company established a service quality management system and a quality supervision system via the formulation of regulations including the Management Rules for Periodical Maintenance and Acceptance of Equipment , the Management Measures for Quality Supervision , the implementation Measures for Quality Management and the Assessment Measures for Quality Management . The quality supervision system is in the charge of the deputy general manager, and each power plant is equipped with a two-person quality supervision team, which controls the operation and maintenance quality according to the management measures for quality supervision. The quality supervision is completed by the Security Department and the Power Plant Department through random inspection of production safety records and communication with employees.

集團所屬運維公司積極踐行「互聯網 + 運維」，提供基於大數據、雲計算驅動的安全、專業、卓越的全生命週期清潔能源服務。在遵守《中華人民共和國合同法》、《中華人民共和國消防法》、《中華人民共和國安全生產法》等法律法規的基礎上，運維公司制定了《設備定期維護驗收管理制度》、《質量督查管理辦法》、《質量管理實施辦法》、《質量管理考核辦法》等制度，建立了服務質量管理體系及質量監督體系。質量監督體系由副總經理負責，各電廠由 2 人組成質量監督小組，按照公司質量監督管理辦法對運維質量進行把控，並由安全部和電廠部通過安全生產記錄抽查、員工交談等方式完成質量監督工作。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營（續）

(ii) Dedication · Quality Control (COntinuEd)

（二）敬業 · 質量把控（續）

Quality Professional Services (COntinuEd)

優質的專業服務（續）

O p e r a t i o n a n d M a i n t e n a n c e S e r v i c e (COntinuEd)

運維服務（續）

In 2018, at the levels of headquarters and power plants, the O&M Company actively interacted and communicated with client companies on a regular basis. The headquarters appointed persons to conduct regular inspection on site, and to communicate with persons in charge of the site from clients. The appointed person received feedbacks and suggestions from the client to the Company for improvement. For the enhancement of refined management of power plant, the O&M Company carried out comprehensive operation analysis, improved its capabilities of overhaul and strengthened its implementation of “7S” management to create benefits for clients in a more practical way. As a result, the O&M Company received 11 rewarding letters from the customers. In addition, multiple teams of the O&M Company won team and personal awards in skill competition and performance appraisal.

2018 年，運維公司從總部、電廠兩個層面同客戶公司積極溝通，定期交流。總部派員定期至現場檢查工作，並同客戶現場負責人進行工作交流，及時向公司反饋客戶建議，並進行改進解決。在加大電廠精細化管理方面，運維公司進行全面運營分析，提高檢修能力，強化落實「7S」管理，實實在在地為客戶創造效益，獲得獎勵信 11 封。此外，運維公司多個團隊在各類技能比賽、成果評比中榮獲團隊及個人嘉獎。

145

2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營 （續）

(ii) Dedication · Quality Control (COntinuEd)

（二）敬業 · 質量把控（續）

Quality Professional Services (COntinuEd)

優質的專業服務（續）

design Service

設計服務

The Group’s Design Company adheres to the quality policy of “scientific management, elaborate design, sincere service, and customer satisfaction” and strictly complies with the Administrative Guidelines for Survey and design of Construction Projects , the Contract Management Measures for Survey and design of Construction Projects and other laws and regulations. Besides, the Design Company passed the quality management system certification and formulated the Confidentiality Management System in accordance with the documents of quality management system to protect clients’ privacy.

集團所屬設計公司堅持「科學管理、精心設計、誠信服務、顧客滿意」的質量方針，嚴格遵守《建設工程勘察設計管理條例》、《建設工程勘察設計合同管理辦法》等法律法規的要求。同時，設計公司通過了質量管理體系認證，並依據質量管理體系文件要求，制定了《保密管理制度》，保障客戶隱私事宜。

146

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營 （續）

(ii) Dedication · Quality Control (COntinuEd)

（二）敬業 · 質量把控（續）

Quality Professional Services (COntinuEd)

優質的專業服務（續）

design Service (COntinuEd)

設計服務（續）

The Design Company provides technical consulting services for the whole process of the new energy power generation project, including planning, feasibility study, construction drawing design and post-assessment. During the phase of project planning, the work mainly includes macro-position, preliminary analysis of resources, project scaling, boundary condition investigation, construction schedule and investment estimation and other technological works, as well as helping the owner to determine the direction and size of investment. During the phase of feasibility study, the work mainly includes detailed analysis of resources, power generating capacity estimation, major scheme design, rough investment calculation, financial appraisal and other technological works, as well as helping clients to determine the basic scheme, economic benefits and feasibility of investment. During the period of construction drawing design, the work mainly includes the construction drawing design for electrical engineering, architecture, structure, road and circuit, as well as helping the owner to complete the engineering construction for the whole project. During the phase of postassessment, the work mainly includes proposing targeted technical transformation plans based on specific operation and helping clients constantly improve the economic benefits of projects under operation.

設計公司提供新能源發電項目的規劃、可行性研究、施工圖設計、後評估等全過程技術諮詢服務。在項目規劃階段，主要完成項目的宏觀選址、資源初步分析、項目規模判定、邊界條件排查、建設進度安排和投資匡算等方面的技術工作，幫助業主確定投資項目的方向和規模；在項目可行性研究階段，主要完成項目的資源詳細分析、發電量估算、主體方案設計、投資概算和財務評價等方面的技術工作，幫助業主確定投資項目的基本方案和經濟效益，落實項目可行性；在施工圖設計階段，主要完成電氣、建築、結構、道路、線路等專業的施工藍圖設計，幫助業主完成整個項目的工程建設；在後評估階段，主要根據具體運行情況，提出有針對性的技術改造方案，幫助業主不斷提升投運項目的經濟效益。

147

2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營（續）

(ii) Dedication · Quality Control (COntinuEd)

（二）敬業 · 質量把控（續）

Quality Professional Services (COntinuEd)

優質的專業服務（續）

design Service (COntinuEd)

設計服務（續）

In 2018, the Design Company completed 228 reports on evaluation and technical consultation of wind (light) resources, 42 feasibility study reports, 26 micro-position reports, 12 preliminary designs, 15 working drawing designs and 11 asbuilt drawing designs.

2018 年，設計公司完成風（光）資源評估和技術諮詢報告 228 項，可行性研究報告 42 項，微觀選址報告 26 項，初步設計 12 項，施工圖設計 15 項，竣工圖設計 11 項。

After the completion of each designed element, the Design Company will organise on-site return visit to the designed element, which is guided by project manager and participated by major professional designers. The level and quality of design service could be constantly improved through field survey of physical works on site, discussion and research with the owner, construction, supervision and other units involved in construction, and collection of feedback from all parties about the practicability, applicability and effectiveness of the designed product. In 2018, the Design Company successively organised return visits to Shenzhangtang, Hongtang, Cuomei, Jiangzi and other projects.

每個設計項目結束後，設計公司組織由項目經理帶隊、專業主設人參與的設計項目現場回訪。通過對現場實體工程的實地踏勘，與業主、施工、監理等參建單位的座談和調研，收集各方對設計產品的實用性、適用性和有效性的反饋，以持續提高設計服務的水平和品質。 2018 年度，設計公司先後組織了對審章塘、洪塘、措美、江孜等項目的設計回訪工作。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營 （續）

(ii) Dedication · Quality Control (COntinuEd)

（二）敬業 · 質量把控（續）

Quality Professional Services (COntinuEd)

優質的專業服務（續）

POWER+ Service

POWER+ 服務

The POWER+ developed by the Group’s subsidiary Beijing Power Concord Technology Development Co., Ltd. is an one-stop comprehensive new energy intelligent solution service. The service provides customers with intelligent operation and maintenance platform for photovoltaic and wind power plants, which conducts efficient and optimised management and control over the assets and operation & maintenance personnel of the power plants to maximise the power generating benefits of power plants and the returns on owner’s funds.

集團所屬北京動力協合科技有限公司開發的 POWER+ 是一站式全方位新能源智慧解決方案服務。該服務為客戶提供面向光伏和風電站的智慧運維平臺，對電站資產和運維人員進行高效優化管控，實現電站發電收益以及業主資金回報率最大化。

In 2018, the Group released the POWER+ 3.0 and the mobile client app “Yixun”. As of the end of the year, the POWER+ system has accumulatively served installed capacity of more than 5 GW of renewable energy power plants, including 2.9 GW of installed photovoltaic power capacity and 2.1 GW of installed wind power capacity, and covering centralised wind farms, centralised photovoltaic power stations, distributed photovoltaic power stations and distributed wind power projects.

2018 年，集團發佈了 POWER+3.0 版本和「易巡」手機客戶端應用。截至本年末，POWER+ 系統已纍計服務裝機容量超過 5GW，其中光伏電廠裝機容量 2.9GW，風電廠裝機容量 2.1GW，涵盖集中式風電場、集中式光伏電站、分布式光伏電站以及分散式風電項目。

149

2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營（續）

(ii) Dedication · Quality Control (COntinuEd)

（二）敬業 · 質量把控（續）

Quality Professional Services (COntinuEd)

優質的專業服務（續）

In terms of business concerning new energy supply, energy storage and also all kinds of professional services, the Group always pays high attention to its quality control and focuses on the standards for brand publicity. Seriously abiding by the Advertising Law of the People’s Republic of China , the Group published the CnE Manual for Visual identification of Company Brand image , the Corporate Brochure and promotional videos. With standardised language and systematic visual symbols, the visual application of the Group’s brand has been enhanced, the Groups’ corporate brand image is more uniformly and efficiently promoted, accordingly improving both the Groups’ corporate image and brand influence.

無論是新能源供應、儲能業務，還是各類專業服務，集團始終高度重視質量把控，同時亦關注對外品牌宣傳的規範。集團嚴格遵守《中華人民共和國廣告法》，并通過發佈《協合新能源企業品牌視覺識別形象手冊》、企業宣傳冊和宣傳片等，通過標準化的語言和系統化的視覺符號，規範了集團品牌的視覺應用，力圖更統一、高效地傳達集團品牌形象，提升集團企業形象和品牌影響力。

Supply Chain Management

供應鏈管理

As our important partners, our suppliers have key impact on the development of the Group. We pay close attention to the environmental and social risks of suppliers and manage to achieve win-win cooperation with them.

供應商是我們重要的合作夥伴，對集團業務的發展有著關鍵的影響，我們關注供應商的環境風險及社會風險，致力於與供應商實現雙贏。

We emphasise the procurement principles of fairness, justice and openness, and select quality suppliers and contractors via bidding. In 2018, we newly formulated the Bidding Evaluation Expert database Management Guidelines to regulate qualification evaluation and internal experts, as well as the establishment, use and management of the bidding evaluation expert database, which ensured the fairness and justice of bidding evaluation in a more effective way and improved the quality of bidding evaluation.

我們注重公平、公正、公開的採購原則，通過招標工作，選擇優質的供貨商及承包商。2018 年，我們新制定了《評標專家庫管理辦法》，對集團內部評標專家的資格認定、入庫及評標專家庫的組建、使用、管理等進行了規定，更有力的保證了評標活動的公平、公正，提高評標質量。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營 （續）

(iii) Cooperation · Win-Win Development

（三）合作 · 共贏發展（續）

(COntinuEd)

Supply Chain Management (COntinuEd)

供應鏈管理（續）

We strictly executed the supplier management system to take effective control over the selection of suppliers and carry out constant tracking and annual assessment to the suppliers. During the bidding stage, we carry out preliminary review over construction contractors and equipment suppliers, and conduct assessment and evaluation on the qualification, performance, financial situation and legal risks of suppliers. Only suppliers that pass the preliminary review are qualified for bidding. We have established a list of qualified construction units, which were comprehensively evaluated based on multiple indicators. Once a safety accident occurred, the supplier would be blacklisted immediately. We also list complaint hotline in the bidding documents to make it convenient for the tenderers to monitor the whole bidding process.

我們嚴格執行供應商管理制度，對供應商的選取層層把關，並進行持續跟蹤和年度考評。在招標階段，我們對施工承包商和設備類供應商進行預審，對供應商的資質、業績、財務狀況、法律風險等多方面進行考核與評估。預審合格後的供應商方具備投標資格。我們還建立了合格施工單位名錄，每年綜合各項指標進行年度評估，對安全事故實行「一票否決制」，一旦出現安全事故，直接將承包商列入黑名單。我們也在招標文件中明確招標單位投訴電話，便於投標人對招標過程進行監督。

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2018 年報協合新能源集團有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營 （續）

(iii) Cooperation · Win-Win Development

（三）合作 · 共贏發展（續）

(COntinuEd)

Supply Chain Management (COntinuEd)

供應鏈管理（續）

In order to enhance the management for construction contractors and equipment suppliers (especially for hoisting units and centralised booster station units), we conduct onsite visit to units bidding for the first time, so as to get more direct and deeper understanding of their independent property rights of equipment, comprehensive strength of enterprise and organizing ability. In addition, we carry out questionnaires among the major tower manufacturers of the industry. Based on the questionnaire results, we interact and communicate with suppliers with different focuses, and organise experts to pay on-site investigation visits to their main plants and contract manufacturer plants to ensure the tower supply.

為了加強對施工承包商、設備供應商的管理，尤其是吊裝單位、集中式升壓站單位等的管理，我們對首次參與投標的單位進行現場或工廠考察，對其設備自主產權、企業綜合實力及施工現場組織能力等方面進行更直觀、深入的瞭解。我們還對業內主要塔筒廠家進行了問卷調查，根據調查結果，分不同側重點與供應商進行交流溝通，對其主廠房、代工廠房等組織專家實地考察，確保塔筒供貨。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營 （續）

(iii) Cooperation · Win-Win Development

（三）合作 · 共贏發展（續）

(COntinuEd)

Industrial Exchange

行業交流

In 2018, we actively took part in industrial exchange to obtain updated knowledge and technology of the industry and got an understanding for new trends of the industry to promote self-perfection. During the process, we shared experiences with the industry, which contributed to the development of the industry.

2018 年，我們踴躍參加行業交流，汲取行業新知識、新技術，瞭解新動向、新趨勢，以促進自身的完善；同時，我們亦與行業分享經驗，促進行業的發展。

In 2018, the Group took part in the preparation and appraisal of the technical Specifications for Wind Resource Analysis and Power Generation Capacity Method in Micro-siting (an energy standard under the leading of China General Certification), taking responsibilities for the formulation of standard method for wind shear calculation. For the preparation of standards for energy storage industry, the Group took part in the preparation of the technical Conditions for Battery Energy Storage Power Control System and the technical Conditions for Power Conversion Equipment of Optical Storage System .

2018 年，集團參與了鑒衡認證主導的能標《微觀選址中風資源分析及發電量計算方法技術規範》的編制和評審，負責編制風切變計算的標準方法。在儲能行業標準的編制工作中，集團參與編制了《電池儲能功率控制系統技術條件》和《光儲系統用功率轉換設備技術條件》兩項標準。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營（續）

(iii) Cooperation · Win-Win Development

（三）合作 · 共贏發展 （續）

(COntinuEd)

Industrial Exchange (COntinuEd)

行業交流（續）

In 2018, the Group participated in multiple kinds of academic exchange conferences, sharing its experiences and learning about frontier researches and advanced practices of the industry.

2018 年，集團參加了多類學會交流會議，並在各類會議上分享集團經驗，並學習行業前沿研究與先進實踐。

The Technology Department of the Group 集團技術部	• “Conference of Competitive Bidding for Power Grid & Big Base Construction”; • 競價上網與大基地建設研討會；
	• The 3rd China Offshore Wind Power Conference & Wind Power Electronic Equipment Forum; • 第三屆中國海上風電大會暨風電電氣裝備高峰論壇；
	• The 14th China SoG Silicon and PV Power Conference (CSPV); • 第十四屆中國太陽級硅及光伏發電研討會(CSPV)；
	• The 3rd China PV Industry Development and Innovation Application Forum; • 第三屆中國光伏產業發展與創新應用論壇；
	• The 2018 Rhine TÜV Beijing Solar Photovoltaic Technology Seminar; • 2018德國萊茵(TÜV)北京太陽能光伏技術研討會；
	• The 11th International PV Performance Modeling and Monitoring Conference; • 第十一屆國際光伏性能建模與監測研討會(PVPMC)；
	• The 5th China Energy Storage Innovation and Technology Conference; • 第五屆中國儲能創新與技術峰會；
	• Inviting GOLDWIND, Envision, Gamesa, Shanghai Electric and other fan manufacturers, laser & radar manufacturers and tower companies to the Group for communication and exchange. • 多次邀請金風科技、遠景能源、歌美颯、上海電氣等風機廠家、雷射雷達廠家及立塔公司等來集團進行交流。
The Energy Storage Department of the Group 集團儲能業務部	• 2018 China Renewable Energy Academic Conference; • 2018中國可再生能源學術大會；
	• The 2nd Energy Storage Battery Technology Development Direction Seminar. • 第二屆儲能電池技術發展方向研討會。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)
五、責任之心，規範企業運營 （續）
(iii) Cooperation · Win-Win Development
（三）合作 · 共贏發展 （續）

(COntinuEd)

Industrial Exchange (COntinuEd)

行業交流 （續）

Power Concord 動力協合	• The 16th International Conference on Industrial Informatics (INDIN 2018) • 第十六屆工業信息學國際會議(INDIN`2018)；
	• Beijing International Wind Power Exhibition (CWP 2018); • 北京國際風能展(CWP2018)；
	• Wind Power Big Data Application and Smart Wind Farm Construction Forum; • 風電大數據應用與智慧風電場建設論壇；
	• 2018 SINOTEC Annual Meeting of Technological Supervision; • 2018年中電國際技術監督年會；
	• The 11th International Conference on Photovoltaic Performance Modelling and Simulation Testing; • 第十一屆國際光伏性能建模與模擬檢測研討會；
	• The 7th China (Taiyuan) International Energy Industry Expo & Fair for New Technologies and Achievements of Private Enterprises; • 第七屆中國（太原）國際能源產業博覽會民營企業新技術新成果對接交易會；
	• The 3rd Conference on Operation and Post-service of Photovoltaic Power Generation; • 第三屆光伏發電運營及後服務研討會；
	• The 12th International Photovoltaic Power Generation and Smart Energy Conference & Exhibition (2018 Shanghai SNEC); • 第十二屆國際太陽能光伏與智慧能源大會暨展覽會(2018上海 SNEC)；
	• 2018 Photovoltaic Power Generation Operation Index Release Conference & 2nd Photovoltaic Power Station Operation and Maintenance Seminar. • 2018年光伏發電運行指標發佈會暨第二屆光伏電站運行維護專題交流研討會。
Concord O&M 協合運維	• “Intelligent Future Driven by Innovation” · The 5th China Wind Power Post-market Seminar; • 「創新驅動、智慧未來」第五屆中國風電後市場專題研討會；
	• The 11th China International Wind Power Industry Development Forum. • 第十一屆中國國際風電產業發展高峰論壇。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)
五、責任之心，規範企業運營 （續）
(iii) Cooperation · Win-Win Development
（三）合作 · 共贏發展 （續）
(COntinuEd)

Industrial Exchange (COntinuEd)

行業交流 （續）

Concord Power 聚合電力	• 2017 Annual Electric Power Survey & Design Statistics Report and Industrial Benchmarking Information Filing Conference; • 2017年度電力勘測設計統計年報和同業對標信息填報工作會；
	• WindSim Chinese Users Conference; • WindSim中國用戶大會；
	• 2018 Beijing International Wind Power Conference and Exhibition, where the Group carried out comprehensive display and gave a main speech to the investors, equipment manufacturers and design peers attending the expo under the theme of “full-process assessment and continuous service optimisation”. • 2018北京國際風能大會暨展覽會，以「全過程評估、持續優化服務」為主題向廣大參加展會的投資商、設備商、設計同行等做了全方位的展示及主體演講分享。

Concord Power
聚合電力

•
2017 Annual Electric Power Survey & Design Statistics Report
and Industrial Benchmarking Information Filing Conference;
•
2017年度電力勘測設計統計年報和同業對標信息填報工作會；

•
WindSim Chinese Users Conference;
•
WindSim中國用戶大會；

•
2018 Beijing International Wind Power Conference and
Exhibition, where the Group carried out comprehensive
display and gave a main speech to the investors, equipment
manufacturers and design peers attending the expo under
the theme of “full-process assessment and continuous service
optimisation”.
•
2018北京國際風能大會暨展覽會，以「全過程評估、持續優化服
務」為主題向廣大參加展會的投資商、設備商、設計同行等做了全
方位的展示及主體演講分享。

(iv) Aggressiveness · Science & Technology Innovation

（四）進取 · 科技創新

In responds to the concept of “Accelerating ‘Internet+’ Smart Energy Construction” in the thirteenth five-year plan for national energy development, the Group actively combined the energy industry with artificial intelligence to achieve structural optimisation of energy industry and improve production efficiency and economic efficiency via science & technology innovation. Complying with the Anti-unfair Competition Law of the People’s Republic of China and the trademark Law of the People’s Republic of China and other laws and regulations, the Group establishes internal intellectual property management system to carry out intellectual property management to drive technology innovation constantly.

集團積極響應國家能源發展「十三五」規劃中有關「加快推進「互聯網 +」智慧能源建設」的理念，積極進取，將能源行業與人工智能相結合，通過科技創新實現能源行業產業結構的優化以及生產效率和經濟效益的提升。集團亦遵照《中華人民共和國反不正當競爭法》、《中華人民共和國商標法》等法律法規要求，建立內部知識產權管理體系，開展知識產權管理工作，不斷推進技術創新。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營 （續）

(iv) Aggressiveness · Science & Technology Innovation (COntinuEd)

（四）進取 · 科技創新（續）

Smart Energy Management

智慧能源管理

In 2018, while increasing its investments in research and development, the Group actively carried out development of POWER +3.0, Enterprise Asset Management (EAM) system, and centralised monitoring and control centres, and also strengthened the application of big data function, and developed an “Intelligent O&M” platform. Based on regional operation management, the Group uses the POWER + system as an online platform, and applies an “POWER ++ Yixun + Centralised Monitoring and Control Centres + EAM “ mode to achieve remote centralised monitoring and control over power plants, big data analysis and early warning, remote intelligent fault diagnosis, intelligent work order system, and unattended or less-attended booster stations. With the online platform’s operation guiding off-line power plant equipment, the Group has realized standard operation and maintenance management, professional detection and assessment, technical transformation and efficient professional fault treatment. Through online and offline full lifecycle management of assets, the Group has obtained comprehensive improvement in power plant management efficiency, equipment operation quality and level of operation and maintenance, and made great achievements in resource optimisation, reduction of electricity cost, and improvement of operation efficiency.

2018 年，集團加大研發投入，積極開展 POWER+3.0、資產管理系統 (EAM)、集控中心的建設工作，加強大數據功能應用，打造集團「智慧運維」平臺。基於區域化運營管理，以 POWER+ 系統作為線上平臺，集團採取「POWER++ 易巡 + 集控中心 +EAM」模式，實現對電廠的遠程集中監控、大數據分析和預警、遠程智能故障診斷、智能工單系統、無人值班、少人值守等；通過線上的平臺功能指導線下電廠設備，集團實現了標準化的運維管理、專業檢測評估、技術改造和高效專業故障處理等相關工作；通過線上線下、資產全生命週期管理，集團全面提高電廠管理效率、提升設備運行質量、提高運維水平、優化資源、降低度電成本、提升運營效益。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營（續）

(iv) Aggressiveness · Science & Technology

（四）進取 · 科技創新（續）

Innovation (COntinuEd)

Technology Application

技術應用

W i t h i t s c o n t i n u o u s a t t e n t i o n t o t h e development of equipment and technology in new energy industry, the Group conducted research and actively promoted its use. For example, the Group introduced 150m wind tower and laser radar anemometers, completed of the measurement and drawing of reference map of the solar energy resources and the firstyear power generating hours in 32 provinces (municipalities and autonomous regions) of China, applied new type of wind turbines equipped with high turbine tower and long blade during the projects construction, and carried out study on policies and technology application in distributed and energy storage industries. The Group Testing Center was officially approved by the China National Accreditation Service for Conformity Assessment (CNAS) and obtained CNAS qualification. The Group continued to organize “Technology Innovation, Management Innovation” and received 6 awards for innovation work in 2018.

集團持續關注新能源行業設備和技術的發展，認真研究，積極推廣使用。例如：引入了 150m 高塔和激光雷達測風儀；完成了全國 32 個省（市、自治區）的太陽能資源及首年發電小時數參考圖譜的測算及繪製工作；項目建設中使用高塔筒、長葉片的新型機組；研究分布式、儲能等行業政策和技術應用。集團檢測中心獲得了中國合格評定國家認可委員會 (CNAS) 的正式批准，並取得了 CNAS 資質。集團持續組織開展「技術創新、管理創新」工作，2018 年共有 6 項創新工作成果獲得表彰。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

V. STANDARDISING ENTERPRISE OPERATION WITH THE SENSE OF RESPONSIBILITY (COntinuEd)

五、責任之心，規範企業運營 （續）

(v) List of Awards

（五）獲獎清單

The Group always sticks to the corporate values of “Integrity, Dedication, Cooperation and Aggressiveness”. In 2018, the Group was awarded in all business segments, and all our efforts were paid off with a list of awards.

集團始終堅持「誠信、敬業、合作、進取」的企業價值觀。2018 年，各業務板塊均碩果累累，諸多獎項成為一年辛勤耕耘最好的回饋。

==> picture [411 x 29] intentionally omitted <==

----- Start of picture text -----

Units rewarded Tittle of awards
獲獎單位獎項名稱
----- End of picture text -----

Units rewarded 獲獎單位	Tittle of awards 獎項名稱

The Group 集團	Best Value Public Utilities and Capital Construction Company Award of the 2018 Golden Hong Kong Stock 2018金港股最具價值公共事業及基建股公司
Power Concord 動力協合	“2018 Energy Internet Cloud Platform Innovation Award” of the Energy Internet and “The Belt & Road” Forum 能源互聯網暨「一帶一路」決策者高峰論壇「2018年年度能源互聯網雲平臺創新獎」 Excellent Power Station Asset Management Enterprise of “Guangneng Cup” & CREC Awards Ceremony 「光能杯」& CREC年度頒獎典禮優秀電站資產管理企業
Concord O&M 協合運維	The Best 10 Enterprises in the Top 50 of China Wind Power Industry in 2018 2018中國風電產業50強十佳優秀企業 Certificate of new and High tech Enterprise 《高新技術企業證書》
Concord Power 聚合電力	The “Potential Star” of 2017 NEEQ Conference 「2017年新三板投資年會」潛力之星獎 Grade B Consulting Qualification for Power Industry (Thermal Power, Hydropower, Nuclear Power, New Energy) 電力行業（火電、水電、核電、新能源）咨詢乙級資信評級
Yanyuan Project 鹽源項目	2017 National Wind & Photovoltaic Power Station Production Operation Index Benchmarking and Appraisal Contest — AAAAA Rate of Chongqing and Sichuan Province, Central China. 2017年度全國風電、太陽能光伏電站生產運行指標對標及競賽評比華中地區重慶市、四川省5A級最高評價
Eryuan Project 洱源項目	2017 National Wind & Photovoltaic Power Station Production Operation Index Benchmarking and Appraisal Contest — AAAAA Rate of Yunnan Province 2017年度全國風電、太陽能光伏電站生產運行指標對標及競賽評比雲南地區雲南省5A級最高評價
Jiepai Project 界牌項目	2017 National Wind & Photovoltaic Power Station Production Operation Index Benchmarking and Appraisal Contest — AAA Rate of Central China and Hunan Province 2017年度全國風電、太陽能光伏電站生產運行指標對標及競賽評比華中地區湖南省3A級榮譽

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

VI. CREATING SHARED VALUE WITH SINCERITY

六、赤誠之心，創造共享價值

As a responsible enterprise, the Group always follows its sincere heart to make contributions to our society and take social responsibilities while focusing on the development of clean energy business, so as to create shared values between enterprise and society.

作為一家負責任的企業，集團在專注於清潔能源事業發展的同時，始終秉承著一顆赤誠之心，不忘以多種方式回饋社會，履行社會責任，實現企業與社會共享價值。

(i) Environmental Protection

（一）環保

Based on the business feature of the Group, we initiate public welfare activities in environmental protection field, so that the environmental protection behaviours could be advocated by our practical actions and the public awareness of environmental protection could be enhanced accordingly.

我們立足於集團業務屬性，在環保領域開展公益活動，以實際行動倡導環保行為，並提升公眾的環保意識。

Lecture for Popularisation of Environmental

科普講座

Science

During the Beijing International Wind Power Exhibition held in October 2018, the Group proactively took the responsibility to receive more than 100 pupils’ visiting. During their visit, the Group presented a short but interesting lecture in wind power generation. From the educational lecture, the pupils obtained knowledge about wind power generation, enhanced their awareness of environmental protection and recognised the importance of clean energy in environmental protection.

在 2018 年 10 月北京國際風能展上，集團主動承擔接待一百多名小學生的參觀任務，給學生們帶來了一場生動有趣的風力發電科普小講座，使同學們在學習風電知識的同時，增強環保理念，并認識到清潔能源對保護環境的重要性。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

VI. CREATING SHARED VALUE WITH SINCERITY (COntinuEd)

六、赤誠之心，創造共享價值（續）

(i) Environmental Protection (COntinuEd)

（一）環保（續）

Zero Discard of Old Clothes

舊衣零拋棄

From September to October 2018, along with professional public welfare organisation, the Group initiated a public donation campaign under the theme of “Environmental Protection & Public Welfare, Zero Discard of Old Clothes”. A total of 308 employees participated in the donation, and donated 1,971 kg of clothes. According to relevant measurement and calculation, a carbon emission of 7,097 kg could be reduced by reusing such clothes. Equivalently, this may save 11,828 tons of water, 394 kg of pesticides and 591 kg of chemical fertilizer. After classification, the clothes would mainly be used for donation and environmental regeneration.

2018 年 9 月至 10 月，集團聯合專業的公益機構開展了「環保 & 公益，舊衣零拋棄」的主題公益捐贈活動，共計 308 人次進行了捐贈，纍計捐贈衣物 1,971 公斤。據測算，這些衣物的再次利用相當於降低二氧化碳排放量 7,097 千克，節約用水 11,828 噸，減少使用農藥 394 千克，減少使用化肥 591 千克。捐贈的所有衣物經過統一分揀後主要用於捐贈和環保再生。

(ii) Poverty Alleviation

（二）扶貧

Responding to the targeted poverty alleviation policy of the state, the Group took actions to learn local demands of the project regions and made investment in the construction of local infrastructure, so as to boost local public utilities and economy. In 2018, a number of project companies of the Group provided poverty relief donations to the regions.

集團積極響應國家精准扶貧政策，在項目所在地積極瞭解當地所需，投資當地基礎設施建設，促進當地公共事業與經濟發展。2018 年，集團多個項目公司為所在地提供了扶貧捐助。

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

VI. CREATING SHARED VALUE WITH SINCERITY (COntinuEd)

六、赤誠之心，創造共享價值 （續）

(ii) Poverty Alleviation (COntinuEd)

（二）扶貧 （續）

Poverty Alleviation at Wanfoshan Primary

萬佛山小學扶貧

School

In March 2018, the Group’s Tongdao Project in Hunan arranged caring donation campaign for Wanfoshan Primary School in Huaihua, Hunan Province, where the project located. The donated living materials and school supplies including clothes, hats and books were distributed to local pupils on the site. During the donation ceremony, Tongdao Project Company introduced the Group’s concept and committed to pass on the caring activities. The members of Tongdao Project Company interacted with the children to stimulate their curiosity and imagination. Meanwhile, the company members also drew pictures with the children, whose visions for wind power generation were presented in the pictures.

2018 年 3 月，集團旗下湖南通道項目向所在地湖南省懷化市萬佛山小學開展愛心捐贈活動，將捐贈的衣帽、書本等各類生活物資及學習用品現場分發給當地學生。在捐贈儀式上，通道項目公司在介紹集團理念的同時，承諾將愛心活動傳遞下去。通道項目公司員工還與孩子們進行互動，激發孩子們的好奇心和想像力，與孩子們共同繪畫，描繪出了孩子們心中對於風力發電的憧憬。

Donation in Dezhou City, Shandong Province

山東德州愛心捐贈

In October 2018, the Group’s Pingyuan Project in Shandong Province participated in the “A Day of Kindness in 2018” donation campaign held in Dezhou City, Shandong Province, and donated RMB3,000 to help the left-behind poor children in villages and towns.

2018 年 10 月，集團旗下山東平原項目參加了山東省德州市舉辦的「2018 年慈心一日捐活動」，捐款 3,000 元，幫扶鄉鎮困難戶籍留守兒童。

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VI. CREATING SHARED VALUE WITH SINCERITY (COntinuEd)

六、赤誠之心，創造共享價值 （續）

(ii) Poverty Alleviation (COntinuEd)

（二）扶貧（續）

Key Poverty Alleviation Project in Haixing

海興重點扶貧項目

County

In May 2018, the Group’s Haixing Project in Hebei Province donated teaching materials and school supplies worth RMB20,000 to the Zhiyuan Primary School in Zhaomaotao Town, Haixing County, Hebei Province, where the company located, and delivered goods to the families of poor students.

2018 年 5 月，集團旗下河北海興項目向所在地河北省海興縣趙毛陶鎮致遠小學捐贈了價值兩萬元的教學物資、文具用品，並為學校貧困學生家庭送去慰問品。

Donation to the Health & Poverty Alleviation

捐助荊門市健康扶貧基金

Fund in Jingmen City

In July 2018, the Group took part in the fundraising campaign of the supplementary medical assistance fund for health and poverty alleviation in Jingmen City, and donated RMB200,000, as one of the first donor companies of the fund.

2018 年 7 月，集團公司參加了荊門市健康扶貧補充醫療救助基金現場募捐活動，捐款 20 萬元，成為該基金的首批捐助企業。

(iii) Education

（三）教育

The Group values the investment in education and assists talent cultivation for new energy industry and the society via educational investment.

集團重視在教育領域的投入，通過教育投入助力新能源行業以及社會的人才培養。

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六、赤誠之心，創造共享價值 （續）

(iii) Education (COntinuEd)

（三）教育（續）

Scholarship of North China Electronic Power

華北電力大學獎學金

University

In order to enhance the capabilities of technology innovation in renewable energy and support the development of renewable energy education in China, as well as to adhere to scientific concept of talent development and carry forward the spiritual idea of “peopleoriented & future created by technology”, the Group increased its support to the study and development of renewable energy from 2018. The contribution made by the Group each year was increased from RMB200,000 to RMB330,000, to set awards and scholarship for the School of Renewable Energy of North China Electronic Power University. The awards and scholarship included “North China Electronic Power University Concord New Energy Scholarship”, “North China Electronic Power University Concord New Energy Student Subsidies”, “North China Electronic Power University Concord New Energy Technology Innovation Award”, “North China Electronic Power University Concord New Energy Talent Cultivation Award” and “North China Electronic Power University Concord New Energy Postgraduate Admission Award”, which were respectively provided for awarding excellent students with good moral character and learning skills; helping students under poor economic conditions to finish school; awarding students making impressive achievements in technology innovation and invention; awarding outstanding teachers and management personnel; and encouraging outstanding undergraduates to continue further education. The Group funded 67 students in 2018, and the accumulated beneficiaries reached 1,177.

為進一步提升可再生能源的科技創新能力，支持我國可再生能源教育事業的發展，堅持科學的人才發展觀，弘揚以人為本、科技創造未來的精神理念，集團從 2018 年開始增加對可再生能源研究發展的支持力度，由每年出資 20 萬元提高至 33 萬元，在華北電力大學可再生能源學院設立「華北電力大學協合新能源獎學金」、「華北電力大學協合新能源助學金」、「華北電力大學協合新能源科技創新獎」、「華北電力大學協合新能源育才獎」、「華北電力大學協合新能源研究生入學獎」，分別用於獎勵品學兼優的學生、幫助家庭經濟困難學生完成學業、獎勵在科技創新、發明製造等方面有突出表現的學生、獎勵優秀的教師和管理人員、激勵優秀的本科生繼續深造。2018 年，集團資助學生 67 人，纍計資助學生 1,177 人。

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(COntinuEd)

(iii) Education (COntinuEd)

（三）教育（續）

School — Enterprise Cooperation

校企合作

From public surveys in multiple projects, the Group learned about the local requests for employment. Considering the nature of the fieldwork, the Group’s O&M company followed the local principles in talent recruitment and retention policy. On one hand, cooperating with regional talent markets, the O&M Company carried out talent recruitment in Wuhan City of Hubei Province, Jianghua County of Hunan Province, Binhai District of Tianjin, Bengbu City and Xiaoxian County of Anhui Province, giving priority to local professional talents in employment. On the other hand, the O&M Company cooperated with local colleges and universities, creating “reserved classes under apprenticeship system” to cultivate talents for new energy industry.

集團在多個項目的公眾參與調查中瞭解到了當地居民對解決勞動就業問題的訴求，所屬運維公司結合現場工作性質，積極採用屬地化原則進行人才招聘與儲備。一方面，運維公司與區域人才市場合作，在湖北武漢、湖南江華縣、天津濱海區、安徽蚌埠及蕭縣等區域進行人才招聘，優先為屬地化專業人才提供就業崗位；另一方面，運維公司積極與當地高校進行合作，建立學徒制訂單班，培養新能源行業人才。

In 2018, the O&M Company jointly organised “reserved classes under apprenticeship system” with Hunan Polytechnic of Water Resources and Electric Power and Ulanqab Vocational College to specially cultivate local talents. While recruiting students, the schools pick students specifically with special consideration of power plants’ locations. After being trained under a “2+1” mode, the students are directly hired by the power plants. Meanwhile, the O&M Company reached preliminary cooperation intention for the order-oriented training mode with Hubei Water Resources Technical College, Wuhan Electric Power Vocational and Technical College and Yellow River Conservancy Technical Institute, so as to further promote the cultivation and transfer of local talents.

2018 年，運維公司與湖南水利水電職業技術學院、內蒙古自治區烏蘭察布職業技術學院兩所高校聯合組辦「學徒制訂單班」，以屬地化定向培養人才。學校在招生時即有針對性地根據電廠所在地點進行生源的招錄，經過 2+1 模式的培養，直接輸送到電廠工作。同時，運維公司與湖北水利水電職業技術學院、武漢電氣職業技術學院、黃河水利水電職業技術學院也已初步達成訂單式培養模式意向，以促進屬地化人才的培養與輸送。

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Index to Content of ESG Reporting Guide of HKEX

香港交易所《ESG 報告指引》內容索引

Subject Areas, Aspect, General Disclosure and KPIs 主要範疇、層面、一般披露及關鍵績效指標	Subject Areas, Aspect, General Disclosure and KPIs 主要範疇、層面、一般披露及關鍵績效指標	Index 索引
A. Environment A．環境
Aspect A1 層面A1	Emissions 排放物
General Disclosure 一般披露	(1) Policies; and (2) compliance with relevant laws and regulations that have a significant impact on issuer relating to air and greenhouse gas emissions, discharges into water and land, and generation of hazardous and non-hazardous waste. 有關廢氣及溫室氣體排放、對水及土壤的排汙、有害及無害廢棄物的產生等的： (1)政策；及 (2)遵守對上市公司有重大影響的相關法律及規定的資料。	Encouraging Green Operation; 推進綠色辦公 Environmental Performance Indicators 環境績效指標
KPI A1.1 關鍵績效指標A1.1	The types of emissions and respective emissions data. 排放物種類及相關排放數據。	Environmental Performance Indicators 環境績效指標
KPI A1.2 關鍵績效指標A1.2	Greenhouse gas emissions in total (in tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility). 溫室氣體排放量及（以噸計算）及（如適用）密度（如以每產量單位、每項設施計算）。	Environmental Performance Indicators 環境績效指標
KPI A1.3 關鍵績效指標A1.3	Total hazardous waste produced (in tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility). 所產生有害廢棄物總量（以噸計算）及（如適用）密度（如以每產量單位、每項設施計算）。	Environmental Performance Indicators 環境績效指標

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KPI A1.4 關鍵績效指標A1.4	Total non-hazardous waste produced (tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility). 所產生無害廢棄物總量（以噸計算）及（如適用）密度（如以每產量單位、每項設施計算）。	Environmental Performance Indicators 環境績效指標
KPI A1.5 關鍵績效指標A1.5	Description of measures to mitigate emissions and results achieved. 描述降低排放量的措施及所取得成果。	Encouraging Green Operation; 推進綠色辦公 Environmental Performance Indicators 環境績效指標
KPI A1.6 關鍵績效指標A1.6	Description of how hazardous and non- hazardous wastes are handled, reduction initiatives and results achieved 描述處理有害及無害廢棄物的方法減低產生量的措施及所取得成果。	Encouraging Green Operation; 推進綠色辦公 Environmental Performance Indicators 環境績效指標
Aspect A2 層面A2	Use of resources 資源使用
General Disclosure 一般披露	Policies on the efficient use of resources (including energy, water and other raw materials). 有效使用資源（包括能源、水及其他原材料）的政策。	Encouraging Green Operation 推進綠色辦公
KPI A2.1 關鍵績效指標A2.1	Direct and/or indirect energy consumption by type (e.g. electricity, gas or oil) in total (kWh in ‘000s) and intensity (e.g. per unit of production volume, per facility). 按類型劃分的直接及╱或間接能源（如電、氣或油）總耗量（以千個千瓦時計算）及密度（如以每產量單位、每項設施計算）。	Environmental Performance Indicators 環境績效指標
KPI A2.2 關鍵績效指標A2.2	Water consumption in total and intensity (e.g. per unit of production volume, per facility). 總耗水量及密度（如以每產量單位、每項設施計算）	Environmental Performance Indicators 環境績效指標

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KPI A2.3 關鍵績效指標A2.3	Description of energy use efficiency initiatives and results achieved. 描述能源使用效益計劃及所取得成果。	Encouraging Green Operation; 推進綠色辦公 Environmental Performance Indicators 環境績效指標
KPI A2.4 關鍵績效指標A2.4	Description of whether there is any issue in sourcing water that is fit for purpose, water efficiency initiatives and results achieved. 描述求取適用水源上可有任何問題，以及提升用水效益計劃及所取得成就。	Encouraging Green Operation; 推進綠色辦公 Environmental Performance Indicators 環境績效指標
KPI A2.5 關鍵績效指標A2.5	Total packaging material used for finished products (in tonnes) and, if applicable, with reference to per unit produced. 製成品所用包裝材料的總量（以噸計算）及（如適用）每生產單位占量。	N/A 不適用
KPI A3 關鍵績效指標A3	Environment and natural resources 環境及天然資源
General Disclosure 一般披露	Policies on minimizing the issuer’s significant impact on the environment and natural resources. 減低上市公司對環境及天然資源造成重大影響的政策。	Protecting Ecological Environment 保護生態環境
KPI A3.1 關鍵績效指標A3.1	Description of the significant impacts of activities on the environment and natural resources and the actions taken to manage them. 描述業務活動對環境及天然資源的重大影響及已採取管理有關影響的行動。	Protecting Ecological Environment 保護生態環境

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Society 社會
B1	Employment 雇傭
General Disclosure 一般披露	Information on: (1) the policies; and (2)compliance with relevant laws and regulations that have a significant impact on the issuer relating to compensation and dismissal, recruitment and promotion, working hours, rest periods, equal opportunity, diversity, anti-discrimination, and other benefits and welfare. 有關薪酬及解雇、招聘及晉升、工作時間、假期、平等機會、多元化、反歧視以及其他待遇及福利的： (1)政策；及 (2)遵守對上市公司有重大影響的相關法律及規定的資料。	Thirsting for Talents and Building a Team with Diversity 求賢若渴，打造多元團隊
KPI B1.1 關鍵績效指標B1.1	Total workforce by gender, employment type, age group and geographical region. 按性別、雇傭類型、年齡組別及地區劃分的僱員總數。	Thirsting for Talents and Building a Team with Diversity 求賢若渴，打造多元團隊
KPI B1.2 關鍵績效指標B1.2	Employee turnover rate by gender age group and geographical region. 按性別、年齡組別及地區劃分的僱員流失比率。	—

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B2	Health and Safety 健康與安全	Health and Safety 健康與安全
General Disclosure 一般披露	Information on: (1) the policies; and (2) compliance with relevant laws and regulations that have a significant impact on the issuer relating to providing a safe working environment and protecting employees from occupational hazards. 有關提供安全工作環境及保障員工避免職業性危害的： (1)政策；及 (2)遵守對上市公司有重大影響的相關法律及規定的資料。	Safety First, and Protecting Employees’ Safety 安全第一，保障員工安全
KPI B2.1 關鍵績效指標B2.1	Number and rate of work-related fatalities. 死亡人數及比率。	—
KPI B2.2 關鍵績效指標B2.2	Lost days due to work injury. 因工傷損失工作日數。	—
KPI B2.3 關鍵績效指標B2.3	Description of occupational health and safety measures adopted, how they are implemented and monitored. 描述所採納的職業健康與安全措施，以及相關執行及監察方法。	Safety First, and Protecting Employees’ Safety 安全第一，保障員工安全
B3	Development and training 發展與培訓。
General Disclosure 一般披露	Policies on improving employees’ knowledge and skills for discharging duties at work. Description of training activities. 有關提升僱員履行工作職責的知識及技能的政策。描述培訓活動。	Organising Training, and Improving the Empowerment system 組織培訓，完善賦能體系
KPI B3.1 關鍵績效指標B3.1	Percentage of employees trained by gender and employee category (e.g. senior management, middle management). 按性別及僱員類別（如高級管理層、中級管理層）劃分的受訓僱員百分比。	—

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KPI B3.2 關鍵績效指標B3.2	The average training hours completed per employee by gender and employee category. 按僱員類別及性別劃分，每名僱員完成受訓的平均時數。	—
B4	Labour standards 勞工準則
General Disclosure 一般披露	Information on: (1) the policies; and (2) compliance with relevant laws and regulations that have a significant impact on the issuer relating to preventing child and forced labour. 有關防止童工或強制勞工的： (1)政策；及 (2)遵守對上市公司有重大影響的相關法律及規定的資料。	Thirsting for Talents and Building a Team with Diversity 求賢若渴，打造多元團隊
KPI B4.1 關鍵績效指標B4.1	D e s c r i p t i o n o f m e a s u r e s t o r e v i e w employment practices to avoid child and forced labour. 描述檢討招聘慣例的措施以避免童工及強制勞工。	—
KPI B4.2 關鍵績效指標B4.2	Description of steps taken to eliminate such practices when discovered. 描述在所發現違規情況時消除有關情況所採取的步驟。	There were no such violations for the year. 本年度並無該等違規情況。
B5	Supply Chain Management 供應鏈管理
General Disclosure 一般披露	Policies on managing environmental and social risks of the supply chain. 供應鏈的環境與社會風險管理政策。	Cooperation · Win-Win Development 合作·共贏發展
KPI B5.1 關鍵績效指標B5.1	Number of suppliers by geographical region. 按地區劃分的供應商數目。	—

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KPI B5.2 關鍵績效指標B5.2	Description of practices relating to engaging suppliers, number of suppliers where the practices are being implemented, how they are implemented and monitored. 描述有關聘用供應商的慣例，向其執行有關慣例的供應商數目以及有關慣例的執行及監察方法。	Cooperation · Win-Win Development 合作·共贏發展
B6	Product Responsibility 產品責任
General Disclosure 一般披露	Information on: (1) the policies; and (2) compliance with relevant laws and regulations that have a significant impact on the issuer relating to health and safety, advertising, labelling and privacy matters relating to products and services provided and methods of redress. 有關所提供產品和服務的健康與安全、廣告、標簽及私隱事宜以及補救方法的： (1)政策；及 (2)遵守對上市公司有重大影響的相關法律及規定的資料。	Dedication · Quality control 敬業·質量把控
KPI B6.1 關鍵績效指標B6.1	Percentage of total products sold or shipped subject to recalls for safety and health reasons. 已售或已運送產品數量中因安全與健康理由而須回收的百分比。	N/A 不適用
KPI B6.2 關鍵績效指標B6.2	Number of products and service related complaints received and how they are dealt with. 接獲關於產品及服務的投訴數目以及應對方法。	Dedication · Quality control 敬業·質量把控
KPI B6.3 關鍵績效指標B6.3	Description of practices relating to observing and protecting intellectual property rights. 描述與維護及保障知識產權有關的慣例。	Dedication · Quality control 敬業·質量把控

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VII. APPENDIX (COntinuEd)

七、附錄（續）

KPI B6.4 關鍵績效指標B6.4	Description of quality assurance process and recall procedures. 描述質量檢定過程及產品回收程序。	N/A 不適用
KPI B6.5 關鍵績效指標B6.5	Description of consumer data protection and privacy policies, how they are implemented and monitored. 描述消費方資料保障及隱私政策，以及相關執行及監察方法。	Dedication · Quality Control 敬業·質量把控
B7	Anti-corruption 反貪污
General Disclosure 一般披露	Information on: (1) the policies; and (2) compliance with relevant laws and regulations that have a significant impact on the issuer relating to bribery, extortion, fraud and money laundering. 有關防止賄賂、勒索、欺詐及洗黑錢的： (1)政策；及 (2)遵守對上市公司有重大影響的相關法律及規定的資料。	Integrity · Combating Corruption and Upholding Integrity 誠信·反腐倡廉
KPI B7.1 關鍵績效指標B7.1	Number of concluded legal cases regarding corrupt practices brought against the issuer or its employees during the reporting period and the outcomes of the cases. 於彙報期內對上市公司或其僱員提出並已審結的貪污訴訟案的數目及訴訟結果。	There was no such cases for the year. 本年度無該等訴訟。
KPI B7.2 關鍵績效指標B7.2	Description of preventive measures and whistle-blowing procedures, how they are implemented and monitored. 描述防範措施及舉報程序，以及相關執行及監察方法。	Integrity · Combating Corruption and Upholding Integrity 誠信·反腐倡廉

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

VII. APPENDIX (COntinuEd)

七、附錄（續）

B8	Community Investment 社區投資	Community Investment 社區投資
General Disclosure 一般披露	Policies on community engagement to understand the needs of the communities where the issuer operates and to ensure its activities take into consideration the communities’ interests. 有關以社區參與來瞭解營運所在社區需要和確保其業務活動會考慮社區利益的政策。	Creating Shared Value with Sincerity 赤誠之心，創造共享價值
KPI B8.1 關鍵績效指標B8.1	Focus areas of contribution (e.g. education, environmental concerns, labour needs, heath, culture, sports). 專注貢獻範圍如教育、環境事宜、勞工需求、健康、文化、體育）。	Creating Shared Value with Sincerity 赤誠之心，創造共享價值
KPI B8.2 關鍵績效指標B8.2	Resources contributed (e.g. money or time) to the focus area. 在專注範圍所動用資源（如金錢或時間）。	Creating Shared Value with Sincerity 赤誠之心，創造共享價值

174

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

To the Shareholders of Concord New Energy Group Limited

(incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of Concord New Energy Group Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) set out on pages 184 to 399, which comprise the consolidated statement of financial position as at 31 December 2018, and the consolidated statement of profit or loss, consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2018, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

致協合新能源集團有限公司股東

（於百慕大註冊成立之有限公司）

意見

本核數師（以下簡稱「我們」）已審計列載於第 184 至 399 頁協合新能源集團有限公司（以下簡稱「貴公司」）及其附屬公司（統稱「貴集團」）之綜合財務報表，此綜合財務報表包括於二零一八年十二月三十一日之綜合財務狀況表、截至該日止年度之綜合損益及其他全面收益表、綜合權益變動表及綜合現金流量表，以及綜合財務報表附註和主要會計政策概要。

我們認為，該等綜合財務報表已按照香港會計師公會頒佈之「香港財務報告準則」真實而公允地反映貴集團於二零一八年十二月三十一日之財務狀況，以及貴集團於截至該日止年度之財務業績及現金流量，並已按照香港「公司條例」之披露規定妥為編制。

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INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

意見基準

我們已按照由香港會計師公會頒佈之「香港審計準則」進行審計。根據該等準則我們之責任詳細載列於本報告核數師審計綜合財務報表之責任中。根據「香港會計師公會會計師執業道德準則」（「準則」），我們獨立於貴集團之外，並根據該準則履行了其他道德責任。我們相信，我們所獲得之審計憑證是充足且適當地為我們之審計意見提供基礎。

關鍵審計事項

關鍵審計事項是根據我們之職業判斷對當前綜合財務報表審計產生重大影響之事項。該等事項作為一個整體，在我們審計綜合財務報表並形成意見之過程中提出。我們不對該等事項發表單獨意見。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

KEY AUDIT MATTERS (COntinuEd)

關鍵審計事項（續）

Key audit matter 關鍵審計事項	How our audit addressed the key audit matter 我們在審計中如何處理關鍵審計事項
Goodwill impairment assessment 商譽減值評估
We have identified the goodwill impairment assessment on power generation segment as disclosed in Note 18 to the consolidated financial statements as a key audit matter because significant management judgements and assumptions are involved as part of the impairment review, any impairment charge could have a significant financial impact on the consolidated financial statements. 因減值評估包含重大管理層判斷和假設，且任何減值之發生都將給合併財務報表帶來重大財務影響，因此，我們將在綜合財務報表附註18披露之商譽減值評估識別為關鍵審計事項。 The Group conducted an annual impairment review on goodwill by assessing the recoverable amount of the relevant group of cash-generating units to which the goodwill has been allocated based on their fair value less cost of sell of under Hong Kong Accounting Standard 36 — Impairment of Assets. 貴集團根據香港會計準則第36號-資產減值規定通過評價現金產生單位群組之相關公允價值減處置成本之可收回金額，對商譽執行了年度減值測試。 The impairment review performed by the management involves assumptions as set out below, amongst others, that are subjective in nature and the Company is required to use judgement in applying such information. 由管理層執行之減值測試涉及下述主觀假設，且貴公司在應用上述資訊時需要進行判斷。 — Estimated online power quantity of each wind farm; — 各風電廠之預計上網發電量； — Projected installation capacity; — 預測裝機容量； — Expected tariff rate; and — 預期電價；和 — Discount rate. — 貼現率。	Our procedures in relation to goodwill impairment assessment included: 我們針對商譽減值評估所採用之相關程式如下： • assessing the valuation methodology and discount rate used in determining the recoverable amount of the relevant group of cash-generating units by consulting internal valuation specialists; • 通過諮詢內部估值專家，對相關現金產生單位群組可回收金額確定過程中使用之估值技術和貼現率予以評估； • comparing the key assumptions applied in the impairment assessment, amongst others, the estimated online power quantity of each wind farm,projected installation capacity and expected tariff rate to historical performance of the Group; • 對減值評估中使用之關鍵假設，如各風電廠之預計上網發電量、預測裝機容量、預期電價和貼現率等，與貴集團之歷史業績進行比較； • reconciling input data to supporting evidence, such as approved budgets, and considering the reasonableness of these budgets; • 將輸入資料，如已批准預算等，與支持證據進行對賬，並考慮該等預算之合理性； • examining the management’s sensitivity analysis over the key assumptions applied in the impairment assessment; and • 審核管理層就減值評估中採用之關鍵假設而進行之敏感性分析；以及 • checking the adequacy of disclosures in Note 18 to the consolidated financial statements. • 檢查綜合財務報表附註18中披露之充分性。

Key audit matter
關鍵審計事項

How our audit addressed the key audit matter
我們在審計中如何處理關鍵審計事項

Goodwill impairment assessment
商譽減值評估

We have identified the goodwill impairment
assessment on power generation segment as
disclosed in Note 18 to the consolidated financial
statements as a key audit matter because significant
management judgements and assumptions are
involved as part of the impairment review, any
impairment charge could have a significant financial
impact on the consolidated financial statements.
因減值評估包含重大管理層判斷和假設，且任何減值
之發生都將給合併財務報表帶來重大財務影響，因
此，我們將在綜合財務報表附註18披露之商譽減值
評估識別為關鍵審計事項。
The Group conducted an annual impairment review
on goodwill by assessing the recoverable amount
of the relevant group of cash-generating units to
which the goodwill has been allocated based on
their fair value less cost of sell of under Hong Kong
Accounting Standard 36 — Impairment of Assets.
貴集團根據香港會計準則第36號-資產減值規定通過
評價現金產生單位群組之相關公允價值減處置成本之
可收回金額，對商譽執行了年度減值測試。
The impairment review performed by the
management involves assumptions as set out below,
amongst others, that are subjective in nature and
the Company is required to use judgement in
applying such information.
由管理層執行之減值測試涉及下述主觀假設，且貴公
司在應用上述資訊時需要進行判斷。
—
Estimated online power quantity of each wind
farm;
—
各風電廠之預計上網發電量；
—
Projected installation capacity;
—
預測裝機容量；
—
Expected tariff rate; and
—
預期電價；和
—
Discount rate.
—
貼現率。

Our procedures in relation to goodwill impairment
assessment included:
我們針對商譽減值評估所採用之相關程式如下：
•
assessing the valuation methodology and
discount rate used in determining the
recoverable amount of the relevant group of
cash-generating units by consulting internal
valuation specialists;
•
通過諮詢內部估值專家，對相關現金產生單位
群組可回收金額確定過程中使用之估值技術和
貼現率予以評估；
•
comparing the key assumptions applied in
the impairment assessment, amongst others,
the estimated online power quantity of each
wind farm,projected installation capacity and
expected tariff rate to historical performance
of the Group;
•
對減值評估中使用之關鍵假設，如各風電廠之
預計上網發電量、預測裝機容量、預期電價和
貼現率等，與貴集團之歷史業績進行比較；
•
reconciling input data to supporting evidence,
such as approved budgets, and considering
the reasonableness of these budgets;
•
將輸入資料，如已批准預算等，與支持證據進
行對賬，並考慮該等預算之合理性；
•
examining the management’s sensitivity
analysis over the key assumptions applied in
the impairment assessment; and
•
審核管理層就減值評估中採用之關鍵假設而進
行之敏感性分析；以及
•
checking the adequacy of disclosures in Note
18 to the consolidated financial statements.
•
檢查綜合財務報表附註18中披露之充分性。

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INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

KEY AUDIT MATTERS (COntinuEd)

關鍵審計事項（續）

Key audit matter 關鍵審計事項	How our audit addressed the key audit matter 我們在審計中如何處理關鍵審計事項
Impairment assessment of tariff adjustment receivables 應收電價補助減值測試
We have identified the impairment assessment of such tariff adjustment receivables as disclosed in Notes 4 and 22 to the consolidated financial statements as a key audit matter because the impairment assessment of such tariff subsidy entails a significant degree of management judgement. 因在綜合財務報表附註4和22中披露之電價補助應收款之減值測試需要管理層在很大程度上進行判斷，因此，我們將上述電價補助應收款減值測試識別為關鍵審計事項。 Tariff subsidy on sales of electricity is recognised as revenue for the Group’s power plants eligible for the subsidy. The settlement of such electricity tariff is subject to government authorities’ approval by agreeing to include the electricity power plants into the Reusable Energy Tariff Subsidy Catalogue (the “Catalogue”). 對於有資格獲得補助之本集團電廠，電力銷售電價補助被確認為收入。上述電價付款之前提條件是，政府部門批准同意將發電廠納入「可再生能源電價附加資金補助目錄」（「目錄」）。 As at 31 December 2018, the tariff adjustment receivables recognised by the power plants which have not been included in the Catalogue was RMB501,146,000 and the impairment assessment of such tariff adjustment receivables requires management judgement about whether the power plants are eligible for the application of entering the Catalogue. 在2018年12月31日，尚未納入目錄之電廠確認之電價補助應收款金額為人民幣501,146,000元，上述電價補助應收款之減值測試需要管理層判斷電廠是否有資格申請列入目錄。	Our procedures in relation to impairment assessment of tariff adjustment receivables included: 我們針對應收電價補貼款減值測試所採用之相關程式如下： • obtaining a list of the Group’s power plants of which tariff subsidy is recognised as revenue but yet to register in the Catalogue, and discussing the requirements and conditions for the registration in the Catalogue with the directors of the Company; • 獲取將電價補助確認為收入但尚未登記入目錄之貴集團電廠清單，與貴集團董事討論得以登記入目錄之要求和條件； • obtaining an opinion from the Group’s legal advisor to confirm that the power plants in the list above are qualified for, and had met, all the requirements and conditions for the registration in the Catalogue; and • 獲取貴集團法律顧問之意見，以確認上述電廠有資格且滿足登記入目錄之要求和條件；以及 • checking, on a sample basis, of the past results of the registration of the Group’s power plants in the Catalogue. • 抽樣檢查貴集團電廠以往在目錄中之登記情況。

Key audit matter
關鍵審計事項

How our audit addressed the key audit matter
我們在審計中如何處理關鍵審計事項

Impairment assessment of tariff adjustment receivables
應收電價補助減值測試

We have identified the impairment assessment
of such tariff adjustment receivables as disclosed
in Notes 4 and 22 to the consolidated financial
statements as a key audit matter because the
impairment assessment of such tariff subsidy entails
a significant degree of management judgement.
因在綜合財務報表附註4和22中披露之電價補助應收
款之減值測試需要管理層在很大程度上進行判斷，因
此，我們將上述電價補助應收款減值測試識別為關鍵
審計事項。
Tariff subsidy on sales of electricity is recognised as
revenue for the Group’s power plants eligible for
the subsidy. The settlement of such electricity tariff
is subject to government authorities’ approval by
agreeing to include the electricity power plants into
the Reusable Energy Tariff Subsidy Catalogue (the
“Catalogue”).
對於有資格獲得補助之本集團電廠，電力銷售電價補
助被確認為收入。上述電價付款之前提條件是，政府
部門批准同意將發電廠納入「可再生能源電價附加資
金補助目錄」
（「目錄」）。
As at 31 December 2018, the tariff adjustment
receivables recognised by the power plants which
have not been included in the Catalogue was
RMB501,146,000 and the impairment assessment
of such tariff adjustment receivables requires
management judgement about whether the power
plants are eligible for the application of entering the
Catalogue.
在2018年12月31日，尚未納入目錄之電廠確認之電
價補助應收款金額為人民幣501,146,000元，上述電
價補助應收款之減值測試需要管理層判斷電廠是否有
資格申請列入目錄。

Our procedures in relation to impairment assessment
of tariff adjustment receivables included:
我們針對應收電價補貼款減值測試所採用之相關程式
如下：
•
obtaining a list of the Group’s power plants of
which tariff subsidy is recognised as revenue
but yet to register in the Catalogue, and
discussing the requirements and conditions
for the registration in the Catalogue with the
directors of the Company;
•
獲取將電價補助確認為收入但尚未登記入目錄
之貴集團電廠清單，與貴集團董事討論得以登
記入目錄之要求和條件；
•
obtaining an opinion from the Group’s legal
advisor to confirm that the power plants in
the list above are qualified for, and had met,
all the requirements and conditions for the
registration in the Catalogue; and
•
獲取貴集團法律顧問之意見，以確認上述電廠
有資格且滿足登記入目錄之要求和條件；以及
•
checking, on a sample basis, of the past results
of the registration of the Group’s power plants
in the Catalogue.
•
抽樣檢查貴集團電廠以往在目錄中之登記情況。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

OTHER INFORMATION

The directors of the Company are responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND THOSE C H A R G E D W I T H G O V E R N A N C E F O R T H E CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

其他資訊

貴公司董事對該等其他資訊負責。年報中之資訊構成其他資訊，不包括綜合財務報表及我們之核數師報告。

我們對綜合財務報表之意見並不包括該等其他資訊，我們亦不發表任何形式之保證結論。

作為綜合財務報表審計之一部分，我們之責任是閱讀該等其他資訊，並通過閱讀該等資訊考慮其是否與合併財務報表或我們在審核過程中獲取之資訊出現重大不一致，或者似乎存在重大錯誤陳述之情況。倘根據我們已經執行之工作，我們發現該等其他資訊中出現了重大錯報，我們有責任報告事實。在此方面，我們並無報告事項。

董事及治理層就綜合財務報表須承擔之責任

貴公司董事須負責遵照香港會計師公會頒佈之「香港財務報告準則」及香港「公司條例」之披露規定，編制真實而公允之綜合財務報表以及維護董事認為必要之內部控制，以確保綜合財務報表不存在由於欺詐或錯誤而導致之重大錯誤陳述。

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INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

RESPONSIBILITIES OF DIRECTORS AND THOSE C H A R G E D W I T H G O V E R N A N C E F O R T H E CONSOLIDATED FINANCIAL STATEMENTS (COntinuEd)

In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion solely to you, as a body, in accordance with Section 90 of the Bermuda Companies Act, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

董事及治理層就綜合財務報表須承擔之責任 （續）

在編制綜合財務報表時，董事負責評估貴集團是否有能力進行持續經營、適當披露與持續經營相關之事項，並使用持續經營會計基礎（但董事有意圖清算貴集團或終止經營或別無其他實際替代方案除外）。

治理層負責監管集團財務報告之編制流程。

核數師就審計綜合財務報表須承擔之責任

我們之責任是根據「百慕大公司條例」第 90 條，對該等綜合財務報表整體獲取合理保證其是否存在由於欺詐或錯誤而導致之重大錯報，並僅向整體股東報告發表包含我們意見之核數師報告，除此之外，本報告並無其他目之。我們不對其他任何人士就本報告之內容承擔或附上任何責任。合理保證屬於高水準保證，但並不能保證根據「香港審計準則」執行之審計可以發現全部存在之重大錯誤陳述。錯誤陳述可以產生自欺詐或錯誤，如果合理預期其單獨或整體上可能影響使用者根據本合併財務報表作出經濟決策時，有關之錯誤陳述被視為重大。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (COntinuEd)

As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

核數師就審計綜合財務報表須承擔之責

任（續）

作為按照「香港審計準則」執行之審計工作之一部分，我們在審計過程中運用了職業判斷，並維持職業懷疑。同時，我們還：

識別及評估本綜合財務報表由於欺詐或錯誤導致之重大錯報風險，設計並執行程式回應該等風險，並獲取充分、適當之審計證據為我們之意見提供基礎。由於欺詐可能涉及合謀、造假、蓄意忽略，虛假陳述，或管理層淩駕，未能識別由於欺詐導致之重大錯報之風險高於由於錯誤導致之重大錯報風險。
瞭解與審計相關之內部控制以設計適合當時情況之審計程式，但並非為對貴集團內部控制之效能發表意見。
評價董事所採用之會計政策之合適性，以及作出之會計估計及相關披露之合理性。

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INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (COntinuEd)

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

核數師就審計綜合財務報表須承擔之責

任（續）

根據獲取之審計證據，對董事採用持續經營作為會計基礎之合適性做出結論，判斷是否存在可能導致懷疑貴集團持續經營能力之事項或情況相關之重大不確定性。如果我們認為存在重大不確定性，我們有責任在本綜合財務報表中相關披露中提醒或倘若披露不夠充分時修正我們之意見。我們之結論基於截至我們核數師報告日所獲取之審計證據。但是，未來事項或情況有可能導致本集團不能持續經營。
評價本綜合財務報表之整體列報，結構及內容，包括披露以及本綜合財務報表是否公允列報了相關交易及事項。
獲取關於貴集團內部業務活動或實體財務資訊之充分且適當之審計證據，對本綜合財務報表發表意見。我們負責指導、監督及執行貴集團之審計。我們對審計意見承擔全部責任。

除其他事項外，我們與治理層溝通了計劃之審計範圍，時間安排以及重大審計發現，包括我們在審計過程中識別出內部控制之任何重大缺陷。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (COntinuEd)

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in the independent auditor’s report is Mak Chi Lung.

Deloitte Touche Tohmatsu

Certified Public Accountants

Hong Kong 28 February 2019

核數師就審計綜合財務報表須承擔之責任 （續）

我們還向治理層提供了聲明，說明我們已經符合有關獨立性相關專業要求，並與他們溝通了有可能合理地被認為會影響我們獨立性之所有關係或其他事項，以及在適用之情況下，相關之防範措施。

根據我們與治理層溝通之事項，我們將在本綜合財務報表審計中之重大事項確定為關鍵審計事項。我們將在核數師報告中描述該等事項，除非法律法規禁止公開該等事項，或在極其罕見之情形下，如果合理預期在我們報告中溝通該等事項造成之負面後果超過產生之公眾利益，則決定不在核數師報告中披露該等事項。

該獨立核數師報告中之審計約定項目合夥人為麥志龍。

德勤 • 關黃陳方會計師行

執業會計師香港 2019 年 2 月 28 日

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2018 年報協合新能源集團有限公司

CONSOLIDATED STATEMENT OF PROFIT OR LOSS 綜合損益表

For the year ended 31 December 2018 截至 2018 年 12 月 31 日止年度

CONSOLIDATED STATEMENT OF PROFIT OR LOSS 綜合損益表 For the year ended 31 December 2018 截至2018年12月31日止年度
	2018 2017
notes 附註 Revenue 收入 5, 6 Cost of sales and services rendered 服務成本及銷售成本 12 Gross profit 毛利 Other income 其他收入 7 Other gains and losses, net 其他收益及虧損,淨額 8 Impairment losses, net of reversal 減值損失，轉回之淨額 9 Distribution and selling expenses 攤銷及銷售費用 Administrative expenses 管理費用 Finance costs 財務成本 11 Share of profit of joint ventures, net 應佔合營企業收益，淨額 Share of profit of associates, net 應佔聯營公司收益，淨額 Profit before income tax 除所得稅前溢利 12 Income tax expense 所得稅開支 13 Profit for the year 本年度溢利 Profit for the year attributable to: 本年度溢利歸屬於： Owners of the Company 本公司擁有人 Non-controlling interests 非控制性權益	*RMB’000* RMB’000 人民幣千元人民幣千元 1,414,070 1,035,967 (547,600) (643,752)
	866,470 392,215 30,678 43,593 47,140 97,360 (17,443) (25,337) (6,854) (530) (235,414) (179,018) (301,210) (184,903) 130,179 102,940 16,594 24,246
	530,140 270,566 (16,291) (63,948)
	513,849 206,618
	502,406 200,036 11,443 6,582
	513,849 206,618
	*RMB cents* RMB cents 人民幣分人民幣分
Earnings per share attributable to owners of the Company during the year 本年度本公司擁有人應佔之每股盈利 14 Basic earnings per share 每股基本盈利 Diluted earnings per share 每股攤薄盈利	5.88 2.33
	5.87 2.33

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 綜合損益及其他全面收益表

For the year ended 31 December 2018 截至 2018 年 12 月 31 日止年度

綜合損益及其他全面收益表 For the year ended 31 December 2018 截至2018年12月31日止年度
	2018 2017
Profit for the year 本年度溢利 Other comprehensive expense: 其他全面開支： item that may be reclassified subsequently to profit or loss 可能重分類至損益之項目 Exchange differences on translation of foreign operations 貨幣匯兌折算差額 Other comprehensive expense for the year, net of tax 本年度其他全面開支，扣除稅項 Total comprehensive income for the year 本年度全面收益總額 Total comprehensive income attributable to: 全面收益總額歸屬： Owners of the Company 本公司擁有人 Non-controlling interests 非控制性權益	*RMB’000* RMB’000 人民幣千元人民幣千元 513,849 206,618
	(9,861) (11,239)
	(9,861) (11,239)
	503,988 195,379
	492,394 188,816 11,594 6,563
	503,988 195,379

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2018 年報協合新能源集團有限公司

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合資產負債表

As at 31 December 2018 於 2018 年 12 月 31 日

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合資產負債表 As at 31 December 2018 於2018年12月31日
	2018 2017
notes 附註 ASSETS 資產 Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 16 Land use rights 土地使用權 17 Intangible assets 無形資產 18 Interests in associates 於聯營公司之權益 19 Interests in joint ventures 於合營企業之權益 20 Available-for-sale financial assets 可供出售金融資產 21 Financial assets at fair value through profit or loss 按公允價值計入損益之金融資產 21 Contract assets 合同資產 22 Trade and bill receivables 應收貿易賬款及票據 23 Prepayments, deposits and other receivables 預付款項、按金及其他應收款項 24 Finance lease receivables 融資租賃應收款項 25 Deferred tax assets 遞延稅項資產 35 Current assets 流動資產 Inventories 存貨 26 Contract assets 合同資產 22 Trade and bill receivables 應收貿易賬款及票據 23 Prepayments, deposits and other receivables 預付款項、按金及其他應收款項 24 Finance lease receivables 融資租賃應收款項 25 Amounts due from associates 應收聯營公司款項 19 Amounts due from joint ventures 應收合營企業款項 20 Financial assets at fair value through profit or loss 按公允價值計入損益之金融資產 21 Cash and cash equivalents 現金及現金等值項目 27 Restricted deposits 受限制存款 27 Total assets 資產總額 LIABILITIES 負債 Non-current liabilities 非流動負債 Bank borrowings 銀行借款 31 Other borrowings 其他借款 32 Senior notes and bonds payable 優先票據及債券之應付款項 33 Convertible loan 可換股貸款 34 Deferred tax liabilities 遞延稅項負債 35 Deferred government grants 遞延政府補助 36 Payables for construction in progress 項目建造之應付款項 29	*RMB’000* RMB’000 人民幣千元人民幣千元 10,297,106 7,171,794 432,424 355,001 1,004,289 1,004,608 317,699 281,386 1,532,872 1,396,107 — 4,726 8,545 — 298,404 — 18,482 140,377 846,029 692,334 53,628 19,100 36,898 33,256
	14,846,376 11,098,689
	20,482 50,269 689,080 — 714,746 1,227,743 685,529 897,837 8,327 5,100 20,913 28,250 61,050 354,167 — 34,280 1,353,613 1,011,294 12,692 99,509
	3,566,432 3,708,449
	18,412,808 14,807,138
	3,751,233 3,575,599 2,587,324 1,380,555 1,463,162 299,324 200,825 — 13,577 3,900 23,273 24,136 1,362,746 652,033
	9,402,140 5,935,547

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (COntinuEd) 綜合資產負債表（續）

As at 31 December 2018 於 2018 年 12 月 31 日

	2018 2017
notes 附註 Current liabilities 流動負債 Trade and bill payables 應付貿易賬款及票據 28 Payables for construction in progress, other payables and accruals 項目建造之應付款項、其他應付款項及應計費用 29 Contract liabilities 合同負債 30 Amounts due to associates 應付聯營公司款項 19 Amounts due to joint ventures 應付合營企業款項 20 Bank borrowings 銀行借款 31 Other borrowings 其他借款 32 Senior notes and bonds payable 優先票據及債券之應付款項 33 Current income tax liabilities 應付所得稅 Total liabilities 負債總額 Net current assets 流動資產淨值 Total assets less current liabilities 資產總值減流動負債 Net assets 資產淨值 EQUITY 權益 Equity attributable to owners of the Company 本公司擁有人應佔權益 Share capital 股本 37 Reserves 儲備 Non-controlling interests 非控制性權益 Total equity 權益總額	*RMB’000* RMB’000 人民幣千元人民幣千元 999,809 1,644,387 1,458,157 1,409,986 61,492 — 234 3,502 19,837 13,471 620,389 513,246 102,931 28,120 199,519 — 1,561 3,733
	3,463,929 3,616,445
	12,866,069 9,551,992
	102,503 92,004
	14,948,879 11,190,693
	5,546,739 5,255,146
	74,049 75,164 5,444,179 5,082,632
	5,518,228 5,157,796 28,511 97,350
	5,546,739 5,255,146

The consolidated financial statements on pages 184 to 399 were approved and authorised for issue by the board of directors on 28 February 2019 and are signed on its behalf by:

載於第 184 頁至 399 頁之財務報表於二零一九年 2 月 28 日獲董事會批准及授權刊發並代表簽署：

Liu Shunxing 劉順興 director 董事

Liu Jianhong 劉建紅 director 董事

187

2018 年報協合新能源集團有限公司

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 綜合權益變動表

For the year ended 31 December 2018 截至 2018 年 12 月 31 日止年度

	Attributable to owners of the Company 本公司擁有人應佔 Share capital Treasury shares Share premium Contributed surplus Premium arising on acquisition of non- controlling interests Exchange reserve Other reserves Retained earnings Subtotal Non- controlling interests Total equity *(Note 37)* *(Note 37)* *(Note 51)* *(Note b)* *(Note a)* 股本庫存股股份溢價繳入盈餘收購非控制性權益所產生之溢價匯兌儲備其他儲備保留盈利總計非控制性權益權益總計（附註37）（附註37）（附註51）附註(b) 附註(a)
*RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 At 31 December 2017 於 2017年12月31日 75,164 (47,593) 430,724 2,359,063 (49,006) 5,880 98,485 2,285,079 5,157,796 97,350 5,255,146 Adjustments_(note 2) 會計政策調整（附註2） — — — — — — — (10,004) (10,004) — (10,004) At 1 January 2018 (restated) 於 2018年1月1日（重述） 75,164 (47,593) 430,724 2,359,063 (49,006) 5,880 98,485 2,275,075 5,147,792 97,350 5,245,142 Profit for the year 本年度溢利 — — — — — — — 502,406 502,406 11,443 513,849 Other comprehensive (expense)/ income 其他全面（開支）╱ 收益 — — — — — (10,012) — — (10,012) 151 (9,861) Total comprehensive (expense)/ income for the year 本年度全面（開支）╱ 收益總額 — — — — — (10,012) — 502,406 492,394 11,594 503,988 Cancellation of treasury shares (note 37 (ii)) 註銷庫存股（附註37(ii)） (1,115) 34,895 (33,780) — — — — — — — — Repurchase of ordinary shares (note 37(ii)) 普通股回購（附註37(ii)） — (45,250) — — — — — — (45,250) — (45,250) Vesting of shares under share award scheme(note 38)_ 獎勵股份之歸屬（附註38） — 8,134 (745) — — — (7,389) — — — — Share-based compensation 以股份為基準之付款 — — — — — — 545 — 545 — 545 2017 final dividends 2017年度股息 — — — — — — — (73,154) (73,154) — (73,154) Acquisition of non- controlling interests 非控制性權益收購 — — — — (4,099) — — — (4,099) (68,583) (72,682) Dividend paid to non-controlling interests 支付股息予非控制性權益 — — — — — — — — — (11,850) (11,850) Balance at 31 December 2018 於2018年12月31日 74,049 (49,814) 396,199 2,359,063 (53,105) (4,132) 91,641 2,704,327 5,518,228 28,511 5,546,739

Attributable to owners of the Company
本公司擁有人應佔
Share
capital
Treasury
shares
Share
premium
Contributed
surplus
Premium
arising on
acquisition
of non-
controlling
interests
Exchange
reserve
Other
reserves
Retained
earnings
Subtotal
Non-
controlling
interests
Total
equity
(Note 37)
(Note 37)
(Note 51)
(Note b)
(Note a)
股本
庫存股
股份溢價
繳入盈餘
收購非控制性
權益所產生
之溢價
匯兌儲備
其他儲備
保留盈利
總計
非控制性權益
權益總計
（附註37）
（附註37）
（附註51）
附註(b)
附註(a)

RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
人民幣千元
人民幣千元
人民幣千元
人民幣千元
人民幣千元
人民幣千元
人民幣千元
人民幣千元
At 31 December 2017
於 2017年12月31日
75,164
(47,593)
430,724
2,359,063
(49,006)
5,880
98,485
2,285,079
5,157,796
97,350
5,255,146
Adjustments_(note 2)
會計政策調整
（附註2）
—
—
—
—
—
—
—
(10,004)
(10,004)
—
(10,004)
At 1 January 2018 (restated)
於 2018年1月1日
（重述）
75,164
(47,593)
430,724
2,359,063
(49,006)
5,880
98,485
2,275,075
5,147,792
97,350
5,245,142
Profit for the year
本年度溢利
—
—
—
—
—
—
—
502,406
502,406
11,443
513,849
Other comprehensive (expense)/
income
其他全面（開支）╱
收益
—
—
—
—
—
(10,012)
—
—
(10,012)
151
(9,861)
Total comprehensive (expense)/
income for the year
本年度全面（開支）╱
收益總額
—
—
—
—
—
(10,012)
—
502,406
492,394
11,594
503,988
Cancellation of treasury shares
(note 37 (ii))
註銷庫存股
（附註37(ii)）
(1,115)
34,895
(33,780)
—
—
—
—
—
—
—
—
Repurchase of ordinary shares
(note 37(ii))
普通股回購
（附註37(ii)）
—
(45,250)
—
—
—
—
—
—
(45,250)
—
(45,250)
Vesting of shares under share award
scheme(note 38)_
獎勵股份之歸屬
（附註38）
—
8,134
(745)
—
—
—
(7,389)
—
—
—
—
Share-based compensation
以股份為基準之付款
—
—
—
—
—
—
545
—
545
—
545
2017 final dividends
2017年度股息
—
—
—
—
—
—
—
(73,154)
(73,154)
—
(73,154)
Acquisition of non- controlling
interests
非控制性權益收購
—
—
—
—
(4,099)
—
—
—
(4,099)
(68,583)
(72,682)
Dividend paid to non-controlling
interests
支付股息予非控制性
權益
—
—
—
—
—
—
—
—
—
(11,850)
(11,850)
Balance at 31 December 2018
於2018年12月31日
74,049
(49,814)
396,199
2,359,063
(53,105)
(4,132)
91,641
2,704,327
5,518,228
28,511
5,546,739

188

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (COntinuEd) 綜合權益變動表（續）

For the year ended 31 December 2018 截至 2018 年 12 月 31 日止年度

	Attributable to owners of the Company 本公司擁有人應佔 Share capital Treasury shares Share premium Contributed surplus Premium arising on acquisition of non- controlling interests Exchange reserve Other reserves Retained earnings Subtotal Non- controlling interests Total equity (note 37) (note 37) (note 51) (note b) (note a) 股本庫存股股份溢價繳入盈餘收購非控制性權益所產生之溢價匯兌儲備其他儲備保留盈利總計非控制性權益權益總計（附註37）（附註37）（附註51）附註(b) 附註(a)
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 Balance at 1 January 2017 於 2017年1月1日 75,645 (62,674) 449,816 2,359,063 (31,099) 17,100 102,625 2,159,801 5,070,277 155,473 5,225,750 Profit for the year 本年度溢利 — — — — — — — 200,036 200,036 6,582 206,618 Other comprehensive expense 其他全面開支 — — — — — (11,220) — — (11,220) (19) (11,239) Total comprehensive (expense) / income for the year 本年度全面（開支）╱ 收益總額 — — — — — (11,220) — 200,036 188,816 6,563 195,379 Cancellation of treasury shares (note 37(i)) 註銷庫存股（附註37(i)） (481) 18,731 (18,250) — — — — — — — — Repurchase of ordinary shares (note 37(i)) 普通股回購（附註37(i)） — (11,784) — — — — — — (11,784) — (11,784) Vesting of shares under share award scheme_(note 38)_ 獎勵股份之歸屬（附註38） — 8,134 (842) — — — (7,292) — — — — Share-based compensation 以股份為基準之付款 — — — — — — 3,152 — 3,152 — 3,152 2016 final dividends 2016年度股息 — — — — — — — (74,758) (74,758) — (74,758) Contributions by non-controlling interests 非控制性權益出資 — — — — — — — — — 10,000 10,000 Acquisition of non-controlling interests 非控制性權益收購 — — — — (17,907) — — — (17,907) (83,311) (101,218) Disposal of partial interest in a subsidiary 處置附屬公司部分股權 — — — — — — — — — 12,375 12,375 Dividend paid to non-controlling interests 支付股息予非控制性權益 — — — — — — — — — (3,750) (3,750) Balance at 31 December 2017 於2017年12月31日 75,164 (47,593) 430,724 2,359,063 (49,006) 5,880 98,485 2,285,079 5,157,796 97,350 5,255,146	RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 75,645 (62,674) 449,816 2,359,063 (31,099) 17,100 102,625 2,159,801 5,070,277 155,473 5,225,750 — — — — — — — 200,036 200,036 6,582 206,618 — — — — — (11,220) — — (11,220) (19) (11,239)
	— — — — — (11,220) — 200,036 188,816 6,563 195,379
	(481) 18,731 (18,250) — — — — — — — — — (11,784) — — — — — — (11,784) — (11,784) — 8,134 (842) — — — (7,292) — — — — — — — — — — 3,152 — 3,152 — 3,152 — — — — — — — (74,758) (74,758) — (74,758) — — — — — — — — — 10,000 10,000 — — — — (17,907) — — — (17,907) (83,311) (101,218) — — — — — — — — — 12,375 12,375 — — — — — — — — — (3,750) (3,750)

notes:

(a) Pursuant to the relevant laws in the People’s Republic of China (the “PRC”), each of the subsidiaries established in the PRC is required to allocate 10% of its profit after tax to the statutory reserves fund until such fund reaches 50% of the companies’ registered capital. The statutory reserves fund can be utilised, upon approval by the relevant authorities, to offset accumulated losses or to increase registered capital of the subsidiaries, provided that such fund is maintained at a minimum of 25% of the subsidiaries’ registered capital. As at 31 December 2018, retained profits of the Group comprised statutory reserves fund amounting to RMB460,680,000 (2017: RMB397,359,000).
(b) Other reserves mainly included share-bsaed compensation recognised of which the related share options have forfeited after the vesting date or were still not exercised at the expiry date.

附註：

(a) 按照中國相關法律，中國境內公司規定須分配公司淨利潤之 10% 至法定盈餘公積，直至此公積達到公司註冊資本之 50%。當取得相關授權批准時，保證公積保持不少於公司註冊資本 25%，法定盈餘公積可被使用抵銷累計虧損或增加公司註冊資本金。於 2018 年 12 月 31 日，本集團包含法定盈餘公積之留存收益金額為人民幣 460,680,000 元（2017：人民幣 397,359,000 元）。
(b) 其他儲備主要包括以往年度確認之以股份為基礎之支付，該等支付之股權已於行權日後予以放棄或直至失效日都未行使。

189

2018 年報協合新能源集團有限公司

CONSOLIDATED STATEMENT OF CASH FLOWS 綜合現金流量表

For the year ended 31 December 2018 截至 2018 年 12 月 31 日止年度

	2018 2017
notes 附註 Cash flows from operating activities 來自經營活動之現金流量 Cash generated from operations 經營業務所得之現金 39(a) Income tax paid 支付所得稅 Net cash generated from operating activities 經營活動所產生之現金淨額 Cash flows from investing activities 來自投資活動之現金流量 Payments for property, plant and equipment 購買物業、廠房及設備 Payments for land use rights 購買土地使用權 Capital injection to joint ventures and associates 向合營企業及聯營公司註資 Net cash inflow on disposal/de- registration of subsidiaries 處置╱註銷附屬公司所得款項凈額 39(b) Net proceeds from disposal of associates 處置聯營公司所得款項淨額 39(c) Payments in relation to disposal of subsidiaries in prior years 以往年度處置附屬公司所支付款項 Net proceeds from disposal of property, plant and equipment 出售物業、廠房及設備所得款項 39(d) Net cash inflows on acquisition of a subsidiary 收購附屬公司 42 Proceeds from disposal of financial assets at fair value through profit or loss 出售按公允價值計入損益之金融資產所得款項 Payments for purchase of financial assets at fair value through profit or loss 購置按公允價值計入損益之金融資產 Proceeds from disposal of other financial assets 出售其他金融資產所得款項 Payments for acquisition of other financial assets 購置其他金融資產 Payments for acquisition of financial assets at fair value through profit or loss 購置按公允價值計入損益之金融資產 Dividends received from joint ventures and associates 已收合營企業及聯營公司之股息 Deposits received for disposal of subsidiaries 處置附屬公司預收股權款 Deposits paid for project investments 項目投資預付款 Refund of deposits paid for project investments 收回電廠投資預付款 Repayment from joint ventures 收回合營企業之墊款 Receipts of government grants 政府補助之收款 Interest received 已收利息 Placement of restricted deposits 新增受限制存款 Withdrawal of restricted deposits 受限制存款返還 Net cash used in investing activities 投資活動所用之現金淨額	*RMB’000* RMB’000 人民幣千元人民幣千元 784,339 355,180 (18,078) (80,548)
	766,261 274,632
	(2,310,576) (2,473,637) (87,198) (113,599) (54,597) (27,061) 87,027 437,874 — 29,704 — (4,030) 2,237 170 — 2,948 208,440 — (173,052) — 5,329,809 3,486,516 (5,291,226) (3,460,204) (2,230) — 44,615 77,213 1,000 31,705 — (80,000) 6,663 16,718 23,757 9,853 2,902 5,777 11,983 22,638 (2,781) (175,966) 89,598 76,457
	(2,113,629) (2,136,924)

190

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS 綜合現金流量表

For the year ended 31 December 2018 截至 2018 年 12 月 31 日止年度

CONSOLIDATED STATEMENT OF CASH FLOWS 綜合現金流量表 For the year ended 31 December 2018 截至2018年12月31日止年度
	2018 2017
notes 附註 Cash flows from financing activities 來自融資活動之現金流量 Payment for share repurchase 股份註銷之回購 37 Proceeds from bank borrowings 借款所得款項 Repayment of bank borrowings 償還借款 Proceeds form other borrowings 其他借款所得款項 Repayments of other borrowings 償還其他借款 Issue of senior notes and bonds 發行優先票據和債券 33 Senior notes and bond issue expense 發行優先票據和債券之費用 33 Issue of convertible loan 發行可換股貸款 34 Convertible loan issue expense 發行可換股貸款之費用 34 Dividends paid to owners of the Company 支付股息予公司擁有人 Dividends paid to non-controlling interests 支付股息予非控制性權益持有人 Acquisition of non-controlling interests of subsidiaries 收購附屬公司非控制性權益 Proceeds from disposal of partial interest in a subsidiary without losing control 部分出讓附屬公司股權 Contributions by non-controlling interests 非控制性權益供款 Interest paid 已付利息 Net cash generated from financing activities 融資活動所產生之現金淨額 Net increase/(decrease) in cash and cash equivalents 現金及現金等值項目增加╱（減少）淨額 Cash and cash equivalents at beginning of the year 年初之現金及現金等值項目 Effect of foreign exchange rate changes 現金及現金等值項目之匯兌盈利 Cash and cash equivalents at end of the year 年終之現金及現金等值項目 Analysis of balances of cash and cash equivalents 現金及現金等值項目結餘之分析 Cash and bank balances 現金及銀行結餘 27 Restricted deposits 受限制存款 27	*RMB’000* RMB’000 人民幣千元人民幣千元 (45,250) (11,784) 816,950 1,021,338 (534,173) (359,153) 512,931 538,413 (34,770) (37,403) 1,280,180 100,000 (12,290) (136) 189,938 — (1,894) — (73,154) (74,758) (11,850) (3,750) (24,170) (21,304) — 9,282 — 10,000 (378,847) (225,574)
	1,683,601 945,171
	336,233 (917,121) 1,011,294 1,934,280 6,086 (5,865)
	1,353,613 1,011,294
	1,366,305 1,110,803 (12,692) (99,509)
	1,353,613 1,011,294

191

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

1. GENERAL INFORMATION

1. 基本資料

Concord New Energy Group Limited (the “Company”) is incorporated in Bermuda as an exempted company with limited liability and its shares are listed on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”). The address of its registered office is Suite 3901, Far East Finance Centre, 16 Harcourt Road, Admiralty, Hong Kong. The address of principal place of business is Room 204-205, China Wind Power Building, No. 9, South Shou Ti Road, Haidian District, Beijing, Mainland China.

協合新能源集團有限公司（本公司）是在百慕大群島註冊成立之有限公司，公司股份在香港證券交易所上市（「香港證券交易所」）。本公司註冊地址為 Suite 3901, Far East Finance Centre, 16 Harcourt Road, Admiralty, Hong Kong。主要營業地址為中國北京市海澱區首體南路 9 號中國風電大廈 204-205 室。

During the year, the Company and its subsidiaries (together the “Group”) were involved in the following principal activities of operating and investment in power plants, provision of power plant operation and maintenance services, provision of design, technical and consultation services.

在本年度內，本公司及其附屬公司（統稱「本集團」）主要從事下列業務：電廠運營及投資、電廠運行及維護、提供設計、技術及諮詢服務。

These consolidated financial statements are presented in Renminbi (“RMB”), which is also the functional currency of the Company.

除非另有說明，本綜合財務報表均以人民幣（「人民幣」）列報。

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year

2.1 本年度強制生效之香港財務報告準則之新增及修訂

The Group has applied the following new and amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) for the first time in the current year.

本集團已於本年度首次採納由香港會計師公會頒佈之香港財務報告準則之下述新增及修訂。

HKFRS 9

Financial instruments

香港財務報告準則 9 號金融工具

HKFRS 15

Revenue from Contracts with Customers and the related Amendments

香港財務報告準則第 15 號基於客戶合同之收入確認及相關修訂

192

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HK(IFRIC)-Int 22

Foreign Currency Transactions and Advance Consideration

香港（香港財務報告準則解釋公告）[—] 詮釋第 22 號外幣交易及預付對價

Amendments to HKFRS 2

Classification and Measurement of Share-based Payment transactions

香港財務報告準則第 2 號（修訂）股份支付交易之分類與計量

Amendments to HKFRS 4

Applying HKFRS 9 Financial instruments with HKFRS 4 insurance Contracts

香港財務報告準則第 4 號（修訂）根據香港財務報告準則第4 號- 保險合同應用香港財務報告準則第9 號金融工具

Amendments to HKFRS 28

As part of the Annual improvements to HKFRSs 2014-2016 Cycle

香港財務報告準則第 28 號（修訂）香港財務報告准則年度改進之一部分：2014-2016 年週期

Amendments to HKFRS 40

transfer of investment Property

香港財務報告準則第 40 號（修訂）轉撥投資物業

Except as described below, the application of the new and amendments to HKFRSs in the current year has had no material impact on the Group’s financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

除下述外，本年度採用香港財務報告準則修訂對本年度本集團財務表現及本年度及以往年度財務狀況及 ╱或綜合財務報表中所列載披露並無重大影響。

193

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HKFRS 15 Revenue from Contracts with Customers

香港財務報告準則第15 號基於客戶合同之收入確認

The Group has applied HKFRS 15 for the first time in the current year. HKFRS 15 superseded HKAS 18 Revenue, HKAS 11 Construction Contracts and the related interpretations.

本集團本年度首次適用香港財務報告準則第 15 號。香港財務報告準則第 15 號取代香港會計準則第 18 號收入、香港會計準則第 11 號建造合同及相關解釋。

The Group has applied HKFRS 15 retrospectively with the cumulative effect of initially applying this Standard recognised at the date of initial application, 1 January 2018. Any difference at the date of initial application is recognised in the opening retained profits (or other components of equity, as appropriate) and comparative information has not been restated. Furthermore, in accordance with the transition provisions in HKFRS 15, the Group has elected to apply the Standard retrospectively only to contracts that are not completed at 1 January 2018. Accordingly, certain comparative information may not be comparable as comparative information was prepared under HKAS 18 Revenue and HKAS 11 Construction Contracts and the related interpretations.

本集團已追溯適用香港財務報告準則第 15 號，並於 2018 年 1 月 1 日首次適用本標準之日起累計生效。初始申請日之任何差額在期初留存利潤（或其他權益部分，視情況而定）中確認，比較信息尚未重述。此外，根據香港財務報告準則第 15 號之過渡條款，本集團已選擇僅對 2018 年 1 月 1 日尚未完成之合同追溯適用該標準。因此，某些比較信息可能無法進行比較，因為比較信息是根據香港會計準則第 18 號收入和香港會計準則第 11 號建造合同及相關解釋編制的。

194

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HKFRS 15 Revenue from Contracts with Customers (COntinuEd)

香港財務報告準則第15 號基於客戶合同之收入確認 （續）

The Group recognises revenue from the following major sources which arise from contracts with customers:

本集團確認以下主要來源之收入，這些收入來自與客户簽訂的合同：

Sales of electricity
售電收入
Power plant operation and maintenance services
電廠運行及維護收入
Design, technical and consultation services
設計、技術和諮詢服務收入

Information about the Group’s performance obligations and the accounting policies resulting from application of HKFRS 15 are disclosed in Notes 6 and 3 respectively.

有關本集團履行義務之資料及香港財務報告準則第 15 號適用所產生之會計政策，分別載於附註 6 及 3。

Summary of effects arising from initial

application of HKFRS 15

香港財務報告準則第15 號適用所產生之影響摘要

The following table summaries the impacts of transition to HKFRS 15 on retained profits at 1 January 2018.

下表總結了過渡至香港財務報告準則第 15 號對 2018 年 1 月 1 日保留盈利之影響。

	RMB’000 人民幣千元
Retained profits 保留盈利 Balance at 31 December 2017 於2017年12月31日 Financing component in the contracts of sale of electricity_(note 22)_ 電力銷售合同中融資部分對收入調整（附註22） Opening balance at 1 January 2018 於2018年1月1日	2,285,079 (10,053)
	2,275,026

195

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HKFRS 15 Revenue from Contracts with Customers (COntinuEd)

香港財務報告準則第15 號基於客戶合同之收入確認 （續）

Summary of effects arising from initial application of HKFRS 15 (COntinuEd)

香港財務報告準則第15 號適用所產生之影響摘要 （續）

The following adjustments were made to the amounts recognised in the consolidated statement of financial position at 1 January 2018. Line items that were not affected by the changes have not been included.

對 2018 年 1 月 1 日合併財務狀況表中確認之金額進行了以下調整。未包括未受更改影響之項目。

					Carrying
		Carrying			amounts under
		amounts			HKFRS 15 at
		previously			1 January 2018*
		reported at			於 2018年1月1
		31 December 2017			按香港財務報告
		於2017年12月31	Reclassification	Remeasurement	準則第15號
		日帳面金額	重新分類	重新計量	列示金額*
		RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Trade and bill receivables	應收貿易賬款及票據	1,368,120	(581,591)	—	786,529
Prepayments, deposits and other receivables	預付款項、按金及其他應收款項	1,590,171	(21,646)	—	1,568,525
Amounts due from joint ventures	應收合營企業款項	354,167	(102,387)	—	251,780
Amounts due from associates	應收聯營公司款項	28,250	(21,882)	—	6,368
Contract assets	合同資產	—	727,506	(10,053)	717,453
Retained profits	保留盈利	2,285,079	—	(10,053)	2,275,026
Other payables and accruals (excluding	其他應付款項及應計費用
payables for construction in progress)	（不含建造合同應付款）	636,389	(56,478)	—	579,911
Amounts due to joint ventures	應付合營企業款項	13,471	(5,108)	—	8,363
Contract liabilities	合同負債	—	61,586	—	61,586

The amounts in this column are before the adjustments from the application of HKFRS 9
本欄中之金額在香港財務報告準則第 9 號調整之前。

196

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HKFRS 15 Revenue from Contracts with Customers (COntinuEd)

香港財務報告準則第15 號基於客戶合同之收入確認（續）

Summary of effects arising from initial application of HKFRS 15 (COntinuEd)

香港財務報告準則第15 號適用所產生之影響摘要（續）

(a) A contract asset represents the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer that is not yet unconditional. As at 1 January 2018, renewable energy subsidy receivables relating to power plants not yet registered in the Catalogue (as defined in Note 4) of RMB130,324,000 (net of financing component of RMB10,053,000), amounts due from customers for contract work of RMB48,687,000 and retention money for contract work of RMB538,442,000, which were previously included in trade and bill receivables, prepayments, deposits and other receivables and amounts due from joint ventures and associates, were reclassified as contract assets upon the application of HKFRS 15.
(a) 合同資產是指本集團已轉讓尚未無條件收取客戶對價之權利之商品或服務。截至 2018 年 1 月 1 日，未列入目錄（見附註 4）之發電廠可再生能源補貼應收賬款人民幣 130,324,000 元（扣除融資部分人民幣 10,053,000 元），合同工程應收賬款人民幣 48,687,000 元，合同工程保留金人民幣 538,442,000 元，以前為包括在應收貿易賬款及票據、預付款項、按金及其他應收款項中，以及應收合營企業和聯營公司款項，按香港財務報告準則第 15 號重新分類為合同資產。

197

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HKFRS 15 Revenue from Contracts with Customers (COntinuEd)

香港財務報告準則第15 號基於客戶合同之收入確認（續）

Summary of effects arising from initial application of HKFRS 15 (COntinuEd)

香港財務報告準則第15 號適用所產生之影響摘要（續）

(b) A contact liability represents the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. As at 1 January 2018, receipts in advance from customers of RMB50,842,000 and amounts due to customers for contract work of RMB10,744,000 previously included in other payables and accruals and amounts due to joint ventures, were reclassified as contract liabilities upon the application of HKFRS 15.
(b) 合同負債是指本集團尚未向客戶轉讓貨物或服務之義務，而本集團已從客戶處收到對價（或應付之對價金額）。截至 2018 年 1 月 1 日，先前包含在其他應付款、應計費用以及應付合營企業應款項中之預收款項人民幣 50,842,000 元及合同工程應向客戶支付之金額為人民幣 10,744,000 元，按香港財務報告準則第 15 號重新分類為合同負債。
(c) At the date of initial application, financing component in the contracts of sale of electricity by power plants not yet registered in the Catalogue with corresponding adjustment of RMB10,053,000 on opening retained profits.
(c) 在初次適用之日，尚未列入目錄之售電收入中之融資部分人民幣 10,053,000 元相應調整了期初保留盈利。

The following tables summarise the impacts of applying HKFRS 15 on the Group’s consolidated statement of financial position as at 31 December 2018 and its consolidated statement of profit or loss for the current year for each of the line items affected. Line items that were not affected by the changes have not been included.

下表概述了適用香港財務報告準則第 15 號於截至 2018 年 12 月 31 日之集團合併資產負債表及綜合損益表中其本年度各受影響之項目。未包括未受影響之項目。

198

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HKFRS 15 Revenue from Contracts with Customers (COntinuEd)

香港財務報告準則第15 號基於客戶合同之收入確認（續）

Summary of effects arising from initial application of HKFRS 15 (COntinuEd)

香港財務報告準則第15 號適用所產生之影響摘要（續）

	Amounts without application of HKFRS 15 As reported Adjustments 未適用香港財務報告準則報告數調整數第15號數
Impact on the consolidated statement of financial position 對綜合資產負債表之影響 Trade and bill receivables 應收貿易賬款及票據 Prepayments, deposits and other receivables 預付款項、按金及其他應收款項 Amounts due from associates 應收聯營公司款項 Amounts due from joint ventures 應收合營企業款項 Contract assets 合同資產 Retained profits 保留盈利 Other payables and accruals (excluding payables for construction in progress) 其他應付款項及應計費用（不含建造合同應付款） Amounts due to joint ventures 應付合營企業款項 Contract liabilities 合同負債 Impact on the consolidated statement of profit or loss Revenue 對綜合損益表之影響收入	RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元 733,228 860,715 1,593,943 1,531,558 21,844 1,553,402 20,913 23,503 44,416 61,050 88,717 149,767 987,484 (987,484) — 2,704,327 7,295 2,711,622 826,121 60,116 886,237 19,837 1,376 21,213 61,492 (61,492) —
	1,414,070 7,295 1,421,365

Amounts
without
application
of HKFRS 15
As reported
Adjustments
未適用
香港財務
報告準則
報告數
調整數
第15號數

Impact on the consolidated
statement of financial position
對綜合資產負債表
之影響
Trade and bill receivables
應收貿易賬款及票據
Prepayments, deposits and
other receivables
預付款項、按金及
其他應收款項
Amounts due from associates
應收聯營公司款項
Amounts due from joint ventures
應收合營企業款項
Contract assets
合同資產
Retained profits
保留盈利
Other payables and accruals
(excluding payables for
construction in progress)
其他應付款項及應計
費用（不含建造合
同應付款）
Amounts due to joint ventures
應付合營企業款項
Contract liabilities
合同負債
Impact on the consolidated
statement of profit or loss
Revenue
對綜合損益表之
影響收入

RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
733,228
860,715
1,593,943
1,531,558
21,844
1,553,402
20,913
23,503
44,416
61,050
88,717
149,767
987,484
(987,484)
—
2,704,327
7,295
2,711,622
826,121
60,116
886,237
19,837
1,376
21,213
61,492
(61,492)
—

1,414,070
7,295
1,421,365

199

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HKFRS 9 Financial instruments and the

related amendments

香港財務報告準則第9 號金融工具及相關修訂

In the current year, the Group has applied HKFRS 9 Financial Instruments and the related consequential amendments to other HKFRSs. HKFRS 9 introduces new requirements for

本年度，本集團應用香港財務報告準則第 9 號金融工具及其他香港財務報告準則的相應修訂。香港財務報告準則第 9 號引入：

1) the classification and measurement of financial assets and financial liabilities;
1) 金融資產和金融負債之分類及計量
2) expected credit losses (“ECL”) for financial assets and other items (for example, contract assets, base receivables and financial guarantee contracts); and
2) 金融資產及其他項目（如合同資產、租賃應收款及財務擔保合同等）之預期信用損失
（「ECL」）；及
3) general hedge accounting.
3) 一般套期會計法之新規定。

The Group has applied HKFRS 9 in accordance with the transition provisions set out in HKFRS 9, i.e. applied the classification and measurement requirements (including impairment under ECL model) retrospectively to instruments that have not been derecognised as at 1 January 2018 (date of initial application) and has not applied the requirements to instruments that have already been derecognised as at 1 January 2018. The difference between carrying amounts as at 31 December 2017 and the carrying amounts as at 1 January 2018 are recognised in the opening retained profits and other components of equity, without restating comparative information.

本集團已根據香港財務報告準則第 9 號載列之過渡條款採用該準則，即：對截至 2018 年 1 月 1 日（首次應用日）尚未終止確認之工具採用回溯法應用分類及計量要求（包括預期信用損失下的減值要求），但對及截至 2018 年 1 月 1 日已終止確認之工具不應用該等要求。截至 2017 年 12 月 31 日之帳面值與截至 2018 年 1 月 1 日之帳面值之間的差異於期初留存溢利及其他權益部分中予以確認，未對比較資訊加以重述。

Accordingly, certain comparative information may not be comparable as comparative information was prepared under HKAS 39 Financial Instruments: Recognition and Measurement.

因此，由於比較資料系根據「香港會計準則第 39 號 - 金融工具：確認與計量」編制，部分比較資料可能缺乏可比性。

Accounting policies resulting from application of HKFRS 9 are disclosed in Note 3.

應用香港財務報告準則第 9 號之會計政策載於附註 3。

200

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HKFRS 9 Financial instruments and the

related amendments (COntinuEd)

香港財務報告準則第9 號金融工具及相關修訂（續）

Summary of effects arising from initial application of HKFRS 9

香港財務報告準則第9 號適用所產生之影響摘要

The table below illustrates the classification and measurement of financial assets under HKFRS 9 and HKAS 39 at the date of initial application, 1 January 2018.

下表列述了於首次應用日，即 2018 年 1 月 1 日根據香港財務報告準則第 9 號和香港會計準則第 39 號項下之預期信用損失對金融資產和金融負債及其他項目所進行之分類及計量。

	Financial Available- assets at fair for-sale value through financial profit or loss Trade and bill assets 按公允價值 receivables Retained 可供出售計入損益之應收貿易賬 profits 金融資產金融資產款及票據保留盈利
Impact on the consolidated statement of financial position 對綜合資產負債表之影響 Closing balance at 31 December 2017 於2017年12月31日期末餘額 Effect arising from initial application of HKFRS 9 首次適用香港財務報告準則第9號之影響 Reclassification from: 重分類： Available-for-sale 可供出售 Loans and receivables 貸款和應收款項 Remeasurement from cost to fair value 重新計量公允價值成本 Opening balance at 1 January 2018 於2018年1月1日期初餘額	RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元 4,726 — 1,368,120 2,285,079 (4,726) 4,726 — — — 75,592 (75,592) — — 49 — 49
	— 80,367 1,292,528 2,285,128

Financial
Available-
assets at fair
for-sale
value through
financial
profit or loss
Trade and bill
assets
按公允價值
receivables
Retained
可供出售
計入損益之
應收貿易賬
profits
金融資產
金融資產
款及票據
保留盈利

Impact on the consolidated
statement of financial position
對綜合資產
負債表之影響
Closing balance at 31 December
2017
於2017年12月31日
期末餘額
Effect arising from initial
application of HKFRS 9
首次適用香港財務報
告準則第9號之
影響
Reclassification from:
重分類：
Available-for-sale
可供出售
Loans and receivables
貸款和應收款項
Remeasurement from cost to fair
value
重新計量公允價值
成本
Opening balance at 1 January 2018
於2018年1月1日
期初餘額

RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
人民幣千元
4,726
—
1,368,120
2,285,079
(4,726)
4,726
—
—
—
75,592
(75,592)
—
—
49
—
49

—
80,367
1,292,528
2,285,128

201

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HKFRS 9 Financial instruments and the

related amendments (COntinuEd)

香港財務報告準則第9 號金融工具及相關修訂（續）

Summary of effects arising from initial application of HKFRS 9 (COntinuEd)

香港財務報告準則第9 號適用所產生之影響摘要（續）

(a) Available-for-sale (“AFS”) investments
(a) 可供出售投資

From AFS investments to fair value through profit or loss (“FVtPL”)

從可供出售權益投資重分類至透過損益按公允值列賬之投資

At the date of initial application of HKFRS 9, the Group’s unlisted equity investments of RMB4,726,000 were reclassified from available-for-sale financial assets to financial assets at FVTPL. The fair value gains of RMB49,000 relating to those unlisted equity investments previously carried at cost less impairment were adjusted to financial assets at FVTPL and retained profits as at 1 January 2018.

於香港財務報告準則第 9 號之首次應用日，本集團有人民幣 4,726,000 元之非上市權益投資從可供出售金融資產重分類為透過損益按公允值列賬。與先前按成本減減值列賬之該等非上市權益投資相關之公允值收益人民幣 49,000 元，已調整至 2018 年 1 月 1 日透過損益按公允值列賬之金融資產及保留溢利中。

202

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HKFRS 9 Financial instruments and the

related amendments (COntinuEd)

香港財務報告準則第9 號金融工具及相關修訂（續）

Summary of effects arising from initial application of HKFRS 9 (COntinuEd)

香港財務報告準則第9 號適用所產生之影響摘要（續）

(b) Loans and receivables

(b) 貸款及應收款項
As part of the Group’s cash flow m a n a g e m e n t , t h e G r o u p n o r m a l l y discounts the bills received from debtors to financial institutions or endorsing to suppliers before the bills are due for payment and derecognises bills discounted on the basis that the Group has transferred substantially all risks and rewards to the relevant counterparties. Accordingly, the Group’s bill receivables of RMB75,592,000 p r e v i o u s l y c l a s s i f i e d a s l o a n s a n d receivables were reclassified to financial assets at FVTPL upon the application of HKFRS 9 because the bills receivables are held in a business model whose objective is to sell. Due to the short-term nature of the bill receivables, their carrying amounts are considered approximate to their fair value as at 1 January 2018.

本集團在其現金管理流程中，一貫對從債務人收到之給金融機構或背書給供應商之若干票據在其付款到期前進行折現，並在本集團實質上將所有風險和報仇轉移給相關交易對手時終止確認已折現票據。因此，按香港國際財務報告準則第 9 號之規定，本集團原先歸類為貸款和應收款項之應收票據人民幣 75,592,000 元被重分類至按公允值計入損益之金融資產中，因為該票據是以銷售為目標的商業模式持有的。截至 2018 年 1 月 1 日，因應收票據的短期性質，其帳面值視為與其公允值相若。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

HKFRS 9 Financial instruments and the

related amendments (COntinuEd)

香港財務報告準則第9 號金融工具及相關修訂（續）

Summary of effects arising from initial application of HKFRS 9 (COntinuEd)

香港財務報告準則第9 號適用所產生之影響摘要（續）

The Group applies the HKFRS 9 simplified approach to measure ECL which uses a lifetime ECL for all finance lease receivables, contract assets and trade receivables(including trade-related amounts due from joint venture and associates). Except for those which had been determined as credit impaired under HKAS 39, finance lease receivables, contract assets and trade receivables have been assessed individually for significant balances.

本集團採用香港國際財務報告準則第 9 號簡化方法，對應收融資租賃款、合同資產和貿易應收款採用整個存續期內的預期信用損失來計量預期信用損失（包括合營公司和聯營企業之貿易應收款）。除按香港會計準則第 39 號確定已發生信用減值以外，對金額重大之應收融資租賃款、合同資產和貿易應收款單獨計量。

E x c e p t f o r t h o s e w h i c h h a d b e e n determined as credit impaired under HKAS 39, ECL for other financial assets at amortised cost, including restricted bank deposits, bank balances, and non-traderelated amounts due from joint ventures and associates, and other receivables, are assessed on 12-month ECL basis as there had been no significant increase in credit risk since initial recognition.

除按香港會計準則第 39 號確定已發生信用減值以外，按攤餘成本列賬之其他金融資產之預期信用損失（包括受限制銀行存款、銀行存款、應收合營和聯營公司非貿易款項及其他應收款）乃按照未來 12 個月預期信用損失進行計量，且初始確認後信用風險概無顯著增加。

For outstanding financial guarantees p r o v i d e d t o a j o i n t v e n t u r e o f RMB16,126,000, the Group considers there has been no significant increase in credit risk since initial recognition and hence the loss allowance is assessed on 12-month ECL basis.

對於提供給合營企業之未償財務擔保人民幣 16,126,000 元，本集團認為自初始確認後概無顯著增加，因此損失準備按 12 個月預期信用損失進行計量。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.1 New and amendments to HKFRSs that are mandatorily effective for the current year (COntinuEd)
2.1 本年度強制生效之香港財務報告準則之新增及修訂 （續）

Impacts on opening consolidated statement of financial position arising from the application of all new standards and amendments

應用所有新準則及修訂對期初綜合資產負債表之影響

As a result of the changes in the Group’s accounting policies above, the opening consolidated statement of financial position had to be restated. The following table show the adjustments recognised for each of the line items affected. Line items that were not affected by the changes have not been included.

由於上述集團會計政策之變化，必須重述期初綜合資產負債表。下表顯示了針對每個受影響之項目識別之調整。未包括未受更改影響之項目。

		31 December 2017			1 January 2018
		(Audited)	HKFRS 15	HKFRS 9	(Restated)
		2017年12月31日	香港財務報告	香港財務報告準	2018年1月1日
		（經審計）	準則第15號	則第9號	（重述）
		RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Non-current assets	非流動資產
Available-for-sale financial	可供出售金融資產
assets		4,726	—	(4,726)	—
Financial assets at FVTPL	按公允價值計入損
	益之金融資產	—	—	4,775	4,775
Contract assets	合同資產	—	130,324	—	130,324
Trade and bill receivables	應收貿易賬款及票據	140,377	(140,377)	—	—
Current assets	流動資產
Trade and bill receivables	應收貿易賬款及票據	1,227,743	(441,214)	—	786,529
Prepayments, deposits and	預付款項、按金及
other receivables	其他應收款項	897,837	(21,646)		876,191
Contract assets	合同資產	—	587,129	—	587,129
Amounts due from joint	應收合營企業款項
ventures		354,167	(102,387)	—	251,780
Amounts due from	應收聯營公司款項
associates		28,250	(21,882)	—	6,368
Current liabilities	流動負債
Other payables and accruals	其他應付款項及
(excluding payables for	應計費用（不含建
construction in progress)	造合同應付款）	636,389	(56,478)	—	579,911
Contract liabilities	合同負債	—	61,586	—	61,586
Amounts due to	應付合營企業
joint ventures	款項	13,471	(5,108)	—	8,363
Capital and reserves	股本及儲備
Retained profits	保留盈利	2,285,079	(10,053)	49	2,275,075

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.2 New and revised to HKFRSs in issue but not yet effective

2.2 已頒佈但尚未生效之新訂及經修訂之香港財務報告準則

The Group has not early applied the following new and amendments to HKFRSs that have been issued but are not yet effective:

本集團並未提前採納以下截至 2018 年 12 月 31 日已頒布但尚未生效之新訂及經修訂之香港財務報告準則︰

HKFRS 16 Leases 1 香港財務報告準則第 16 號租賃1 HKFRS 17 insurance Contracts 2 香港財務報告準則第 17 號保險合約2 HK(IFRIC)-Int 23 uncertainty over income tax treatments 1 香港（國際財務報告詮釋所得稅處理之不確定性1 委員會） — 詮釋第 23 號 Amendments to HKFRS 3 definition of a Business 4 香港財務報告準則第 3 號業務定義 4 （修訂本） Amendments to HKFRS 9 Prepayment Features with negative Compensation 1 香港財務報告準則第 9 號預付費功能與負補償1 （修訂本） Amendments to HKFRS 10 Sale or Contribution of Assets between an investor and its and HKAS 28 Associate or Joint Venture 3 香港財務報告準則第 10 號及號及投資方與其聯營公司╱合營企業間之資產出售╱投入3

Amendments to HKFRS 10 and HKAS 28 香港財務報告準則第 10 號及號及香港會計準則第 28 號（修訂本）

Amendments to HKAS 1 and HKAS 8 香港會計準則第 1 號和香港會計準則第 8 號（修訂）

Amendments to HKAS 19 香港會計準則第 19 號（修訂） Amendments to HKAS 28 香港會計準則第 28 號（修訂）

Amendments to HKFRSs 香港財務報告準則修訂

definition of Material 5 重要性定義5 Plan Amendment, Curtailment or Settlement 1 計劃修訂，削減或結算1 Long-term interests in Associates and Joint Ventures 1 聯營公司及合營公司的長選擇權益1 Annual improvements to HKFRSs 2015-2017 Cycle 1 香港財務報告準則2015 至2017 週期的年度改進1

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.2 New and revised to HKFRSs in issue but not yet effective (COntinuEd)

2.2 已頒佈但尚未生效之新訂及經修訂之香港財務報告準則 （續）
1 Effective for annual periods beginning on or after 1 January 2019.
1 於二零一九年一月一日或其後開始之年度期間生效。
2 Effective for annual periods beginning on or after 1 January 2021.
2 於二零二一年一月一日或其後開始之年度期間生效。
3 Effective for annual periods beginning on or after a date to be determined.
3 於生效之日期或其後開始之年度期間生效。
4 Effective for business combination for which the acquisition date is on or after the beginning of the first annual period beginning on or after 1 January 2020.
4 對於收購日期為二零二零年一月一日或之後第一個年度期開始之日或之後之企業合併有效。
5 Effective for annual periods beginning on or after 1 January 2020.
5 於二零二零年一月一日或其後開始之年度期間生效。

Except for the new and amendments to HKFRSs mentioned below, the directors of the Company anticipate that the application of all other new and amendments to HKFRSs will have no material impact on the consolidated financial statements in the foreseeable future.

除下文所述新的及對香港財務報告準則之修訂外，本公司董事預期，所有其他新的及對香港財務報告準則之修訂之適用，在可預見之未來不會對綜合資產負債表產生重大影響。

HKFRS 16 Leases

香港財務報告準則第16 號租賃

HKFRS 16 introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. HKFRS 16 will supersede HKAS 17 Leases and the related interpretations when it becomes effective.

香港財務報告準則第 16 號將對出租人及承租人引入租賃安排及會計處理識別之綜合模型。香港財務報告準則第 16 號將於生效日期後取代香港會計準則第 17 號租賃及其相關詮釋。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.2 New and revised to HKFRSs in issue but not yet effective (COntinuEd)
2.2 已頒佈但尚未生效之新訂及經修訂之香港財務報告準則 （續）

HKFRS 16 Leases (COntinuEd)

香港財務報告準則第16 號租賃
（續）

HKFRS 16 distinguishes leases and service contracts on the basis of whether an identified asset is controlled by a customer. In addition, HKFRS 16 requires sales and leaseback transactions to be determined based on the requirements of HKFRS 15 as to whether the transfer of the relevant asset should be accounted as a sale. HKFRS 16 also includes requirements relating to subleases and lease modifications.

香港財務報告準則第 16 號根據所識別資產是否由客戶控制以區分租賃及服務合同。此外，香港財務報告準則第 16 號要求根據香港財務報告準則第 15 號之要求確定銷售和回租交易中相關資產之轉移是否應作為一項銷售核算。香港財務報告準則第 16 號還要引入了轉租和租賃修改之相關要求。

Distinctions of operating leases and finance leases are removed for lessee accounting, and is replaced by a model where a right-of-use asset and a corresponding liability have to be recognised for all leases by lessees except for short-term leases and leases of low value assets.

在承租人會計處理中移除經營租賃（不納入財務狀況表）和融資租賃（納入財務狀況表）之差別，並以一種模式取代。在此種模式下，除短期租賃及低價值資產租賃外，使用權資產及相關負債需對承租人全部租賃確認（即，所有租賃均納入財務狀況表）。

The right-of-use assets is initially measured at cost and subsequently measured at cost (subject to certain exceptions) less accumulated depreciation and impairment losses, adjusted for any remeasurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at that date. Subsequently, the lease liability is adjusted for interest and lease payments, as well as the impact of lease modifications, amongst others. For the classification of cash flows, the Group currently presents upfront prepaid lease payments as investing cash flows in relation to land use rights for owned use while other operating lease payments are presented as operating cash flows. Upon application of HKFRS 16, lease payments in relation to lease liability will be allocated into a principal and an interest portion which will be both presented as financing cash flows by the Group, upfront prepaid lease payments will continue to be presented as investing or operating cash flows in accordance to the nature, as appropriate.

使用權資產初始按成本計量，後續按成本（受制於若干例外情況）扣減累計折舊及減值虧損計量，並根據租賃負債之重新計量進行調整。租賃負債初始以該日尚未支付之租賃支付現值計量。之後，租賃負債根據利息及租賃支付，以及租賃變更之影響等進行調整。此外，根據香港會計準則第 17 號，經營租賃支付以經營現金流列報，而根據香港財務報告準則第 16 號，租賃支付則拆分為將本金部分和利息部分，本集團均以融資現金流列報，因此現金流分類亦將受到影響，此外，租賃支付將繼續視情況按投資或經營現金流的性質列報。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.2 New and revised to HKFRSs in issue but not yet effective (COntinuEd)
2.2 已頒佈但尚未生效之新訂及經修訂之香港財務報告準則 （續）

HKFRS 16 Leases (COntinuEd)

香港財務報告準則第16 號租賃 （續）

Under HKAS 17, the Group has already recognised an asset and related finance lease liability for finance lease arrangement and prepaid lease payments for land use rights where the Group is a lessee. The application of HKFRS 16 may result in potential changes in classification of these assets depending on whether the Group presents right-of-use assets separately or within the same line item at which the corresponding underlying assets would be presented if they were owned.

根據香港會計準則第 17 號所要求，本集團已將融資租賃安排確認為資產及相關融資租賃負債，且確認了本集團作為承租人之租賃地預付租賃款。應用香港會計準則第 16 號可能導致上述資產分類之潛在變更，變更取決於本集團是否單獨列報其使用權資產亦或是按自有資產列報方式列報於同一科目內。

Other than certain requirements which are also applicable to lessor, HKFRS 16 substantially c a r r i e s f o r w a r d t h e l e s s o r a c c o u n t i n g requirements in HKAS 17, and continues to require a lessor to classify a lease either as an operating lease or a finance lease.

除了某些同樣適用於出租人之要求外，香港財務報告準則第 16 號大體上保留了香港會計準則第 17 號中對出租人之會計處理規定，並繼續要求出租人將租賃歸類為經營租賃或融資租賃。

Furthermore, extensive disclosures are required by HKFRS 16

此外，香港財務報告準則第 16 號要求進行更廣泛之資料披露。

As at 31 December 2018, the Group has noncancellable operating lease commitments of RMB158,546,000 as disclosed in note 44 . A preliminary assessment indicates that these arrangements will meet the definition of a lease. Upon application of HKFRS 16, the Group will recognise a right-of-use asset and a corresponding liability in respect of all these leases unless they qualify for low value or shortterm leases.

於 2018 年 12 月 31 日，如附註44 號之披露，本集團已擁有人民幣 158,546,000 元不可撤銷之經營租賃承諾。經初步評估確定，這些安排符合租賃之性質。根據香港財務報告準則 16 號要求，本集團將要就這些安排確認相應之資產及負債，除非該類資產為低值或短期租賃資產。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.2 New and revised to HKFRSs in issue but not yet effective (COntinuEd)

2.2 已頒佈但尚未生效之新訂及經修訂之香港財務報告準則 （續）

HKFRS 16 Leases (COntinuEd)

香港財務報告準則第16 號租賃 （續）

In addition, the Group currently considers refundable rental deposits paid as rights under leases to which HKAS 17 applies. Based on the definition of lease payments under HKFRS 16, such deposits are not payments relating to the right to use the underlying assets, accordingly, the carrying amounts of such deposits may be adjusted to amortised cost and such adjustments are considered as additional lease payments. Adjustments to refundable rental deposits paid would be included in the carrying amount of right-of-use assets.

此外，本集團目前將支付之可退還租賃按金視為香港會計準則第 17 號適用之租賃下之權利。根據香港財務報告準則第 16 號對租賃付款之定義，該等按金並非與相關資產使用權有關之款項，因此，該等按金之帳面價值將調整為攤餘成本，且此類調整被視為額外租賃付款。已支付之可退還租賃按金之調整將計入使用權資產之帳面價值。

Upon application of HKFRS 16, the Group will apply the requirements of HKFRS 15 to assess whether sales and leaseback transaction constitutes a sale. For a transfer that does not satisfy the requirements as a sale, the Group will account for the transfer proceeds as financial liabilities within the scope of HKFRS 9. In accordance with the transition provisions of HKFRS 16, sale and leaseback transactions entered into before the date of initial application will not be reassessed but the new requirements may impact the Group’s future sale and leaseback transactions.

應用香港財務報告準則第 16 號後，本集團將應用香港財務報告準則第 15 號之要求以評估售後回租交易是否構成銷售。對於不滿足作為銷售之要求之轉讓，本集團將轉讓所得款項按香港財務報告準則第 9 號範圍內之金融負債核算。根據香港財務報告準則第 16 號之過渡條款，首次應用日前訂立之售後回租交易將不會進行重新評估，但新要求可能對本集團未來之售後回租交易產生影響。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (COntinuEd)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

2.2 New and revised to HKFRSs in issue but not yet effective (COntinuEd)
2.2 已頒佈但尚未生效之新訂及經修訂之香港財務報告準則 （續）

HKFRS 16 Leases (COntinuEd)

香港財務報告準則第16 號租賃 （續）

The application of new requirements may result in changes in measurement, presentation and disclosure as indicated above.

應用新要求可能導致上述計量、列報和披露的變動。

The Group intends to elect the practical expedient to apply HKFRS 16 to contracts that were previously identified as leases applying HKAS 17 and HK(IFRIC)-Int 4 Determining whether an Arrangement contains a Lease and not apply this standard to contracts that were not previously identified as containing a lease applying HKAS 17 and HK(IFRIC)Int 4. Therefore, the Group will not reassess whether the contracts are, or contain a lease which already existed prior to the date of initial application. Furthermore, the Group intends to elect the modified retrospective approach for the application of HKFRS 16 as lessee and will recognise the cumulative effect of initial application to opening retained profits without restating comparative information.

本集團擬選用實務操作，將香港財務報告準則第 16 號應用於之前根據香港會計準則第 17 號╱香港會計準則第 17 號及香港財務報告解釋公告第 4 號╱香港財務報告解釋公告第 4 號定義為租賃之合同中 - 確定一項安排是否包含一項租賃，且未將此準則應用於之前根據香港會計準則第 17 號╱香港會計準則第 17 號及香港財務報告解釋公告第 4 號╱香港財務報告解釋公告第 4 號定義為租賃之合同中。因此，本公司將不會重新評估合同中是否包含首次應用日期之前已經存在的租賃。此外，本公司擬選用經修改的追溯法，作為承租人應用香港財務報告準則第 16 號╱香港財務報告準則第 16 號，並將首次應用之累計影響計入期初留存收益，而無須重述比較資訊。

Amendments to HKAS 1 and HKAS 8

Definition of Material

香港會計準則第1 號和香港會計準則第8 號（修訂）重要性的定義

The amendments provide refinements to the definition of material by including additional guidance and explanations in making materiality judgements. The amendments also align the definition across all HKFRSs and will be mandatorily effective for the Group’s annual period beginning on 1 January 2020. The application of the amendments is not expected to have significant impact on the financial position and performance of the Group but may affect the presentation and disclosures in the consolidated financial statements.

該修訂通過對重要性判斷提供額外指導及解釋，對重要性的定義進行了改進。該等修訂亦與香港財務報告準則的定義保持一致，對將於本集團於 2020 年 1 月 1 日開始之年度期間生效。應用該等修訂預期不會對貴集團之財務狀況及業績產生重大影響，但可能會影響綜合財務報表之呈列及披露。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策

The consolidated financial statements have been prepared in accordance with HKFRSs issued by the HKICPA. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Listing Rules”) and by the Hong Kong Companies Ordinance.

本綜合財務報表根據香港會計師公會發佈之香港財務報告準則編制。此外，綜合財務報表還包括《香港聯合交易所有限公司證券上市規則》和香港公司條例規定之適用披露。

The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below.

如下列會計政策所述，除了在每一報告期末按重估金額或公允價值計量之某些金融工具之外，本合併財務報表是在歷史成本基礎上編制之。

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

歷史成本一般是基於為取得產品和服務所支付之對價之公允價值。

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/ or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of HKFRS 2 Share-based Payment , leasing transactions that are within the scope of HKAS 17 Leases , and measurements that have some similarities to fair value but are not fair value, such as net realisable value in HKAS 2 inventories or value in use in HKAS 36 impairment of Assets .

公允價值是指市場參與者之間在計量日進行之有序交易中出售一項資產所收取之價格或轉移一項負債所支付之價格，無論該價格是直接取得還是採用其他估值技術作出之估計。在對資產或負債之公允價值作出估計時，本集團考慮了市場參與者在計量日為該資產或負債進行定價時將會考慮之資產特性。在本合併財務報表中計量和╱或披露之公允價值均在此基礎上予以確定，除香港財務報告準則第 2 號規定之以股份為基礎之支付交易、香港會計準則第 17 號規定之租賃範圍內之租賃交易、以及與公允價值類似但並非公允價值之計量，例如，香港會計準則 2 號規定之存貨中之可變現淨值或香港會計準則第 36 號規定之資產減值中之使用價值。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

For financial instruments which are transacted at fair value and a valuation technique that unobservable inputs is to be used to measure fair value in subsequent periods, the valuation technique is calibrated so that at initial recognition the results of the valuation technique equals the transaction price.

就按照公允值交易之金融工具及其後期間採用不可觀察輸入值計量公允值之估值技術，對該項估值方法進行校正，以使初始確認時估值技術之計算結果與交易價格相等。

In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

此外，出於財務報告目之，公允價值計量應基於公允價值計量之輸入值之可觀察程度以及該等輸入值對公允價值計量整體之重要性，被歸入第一層、第二層或第三層級之第公允價值級次，具體如下所述：

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
第一層級輸入值是指主體在計量日能獲得之相同資產或負債在活躍市場中未經調整之報價；
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
第二層級輸入值是指除了第一層級輸入值所包含之報價以外之，資產或負債之其他直接或間接可觀察之輸入值；以及
Level 3 inputs are unobservable inputs for the asset or liability.
第三層級輸入值是指資產或負債之不可觀察輸入值。

The principal accounting policies are set out below.

主要之會計政策請見下文。

Basis of consolidation

合併基礎

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:

合併財務報表包括本公司及本公司及其附屬公司控制之主體（包括結構化主體）之財務報表。當本公司符合以下條件時，其具有對該主體之控制：

has power over the investee;
擁有對被投資者之權力；
is exposed, or has rights, to variable returns from its involvement with the investee; and
通過對被投資者之涉入而承擔或有權獲得可變回報；以及
has the ability to use its power to affect its returns.
有能力運用對被投資者之權力影響所得到回報之金額。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Basis of consolidation (COntinuEd)

合併基礎（續）

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

如有事實和情況表明上述控制三要素中之一項或多項要素發生了改變，本集團將重新評估其是否具有對被投資者之控制。

Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss from the date the Group gains control until the date when the Group ceases to control the subsidiary.

附屬公司之合併始於本集團獲得對該附屬公司之控制權之時，並止於本集團喪失對該附屬公司之控制權之時。特別是，在本年度購入或處置之附屬公司產生之收益和費用自本集團獲得控制權日起直至本集團停止對附屬公司實施控制之日為止納入綜合損益及其他全面收益表內。

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

損益和其他全面收益之各個組成部分歸屬於本公司之所有者及非控制性權益。附屬公司之綜合收益總額歸屬於本公司之所有者及非控制性權益，即使這將導致非控制性權益之金額為負數。

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies.

為使附屬公司之會計政策與本集團之會計政策一致，必要時已對附屬公司之財務報表進行調整。

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

合併時，與集團成員之間發生之交易相關之所有集團內部資產和負債、權益、收益、費用和現金流量均全額抵銷。

Non-controlling interests in subsidiaries are presented separately from the Group’s equity therein, which represent present ownership interests entitling their holders to a proportionate share of net assets of the relevant subsidiaries upon liquidation.

附屬公司非控股權益與本集團權益中單獨呈列，乃指為於清盤時讓持有人有權按比例攤占相關附屬公司淨資產之現時所有人權益。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Basis of consolidation (COntinuEd)

合併基礎（續）

Changes in the Group’s interests in existing subsidiaries

本集團在現有附屬公司中之權益變動

Changes in the Group’s interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s relevant components of equity and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries, including reattribution of the relevant reserves between the Group and the non-controlling interests according to the Group’s and the non-controlling interests’ proportionate interests.

本集團在附屬公司中不會導致本集團喪失對附屬公司控制之權益變動作為權益交易核算。本集團持有之權益和非控制性權益之賬面金額應予調整以反映附屬公司中相關權益之變動。調整之非控制性權益之金額與收取或支付之對價之公允價值之間差額直接計入權益並歸屬於本公司之所有者。

Any difference between the amount by which the non-controlling interests are adjusted, and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.

任何非控制性權益調整之差異及公允對價之支付或收取均直接確認於權益及歸屬於本公司所有者持有之權益中。

When the Group loses control of a subsidiary, the assets and liabilities of that subsidiary and noncontrolling interests (if any) are derecognised. A gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the carrying amount of the assets (including goodwill), and liabilities of the subsidiary attributable to the owners of the Company. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable HKFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under HKFRS 9/HKAS 39 or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.

當本集團喪失對附屬公司之控制權時，將確認利得或損失並計入損益，該利得或損失之計算為 (1) 所收到之對價之公允價值和任何保留權益之公允價值總額與 (2) 附屬公司資產（包括商譽）和負債以及非控制性權益之原賬面金額之間之差額。此前計入其他全面收益之與附屬公司相關之全部金額應視同本集團已直接處置該附屬公司之相關資產或負債進行核算，即重分類到損益或結轉到適用之國際財務報告準則規定╱允許之其他權益類別。在前附屬公司中保留之投資在喪失控制權之日之公允價值應作為按照 HKFRS 9/HKAS 39 進行初始確認之公允價值，或者作為在聯營企業或合營企業中之投資之初始確認成本（如適當）。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Business combinations

企業合併

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in profit or loss as incurred.

購買業務採用購買法進行會計處理。在企業合併中轉讓之對價按公允價值計量（即，按下列各項在購買日之公允價值之和來計算：本集團轉讓之資產、本集團對被購買方之前所有者發生之負債、以及本集團為換取被購買方之控制權而發行之權益）。與購買相關之成本通常在發生時計入損益。

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that:

在購買日，所取得之可辨認資產和所承擔之負債應按公允價值予以確認，但以下各項除外：

deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with HKAS 12 income taxes and HKAS 19 Employee Benefits respectively ;
遞延所得稅資產或負債及僱員福利安排之相關資產或負債應分別遵循《香港會計準則第 12 號 — 所得稅》和香港會計準則第 19 號僱員福利予以確認和計量；
liabilities or equity instruments related to sharebased payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with HKFRS 2 Share-based Payment at the acquisition date; and
與被購買方以股份為基礎之支付安排、或為替換被購買方以股份為基礎之支付安排所簽訂之本集團以股份為基礎之支付安排相關之負債或權益工具應在購買日遵循香港財務報告準則第 2 號以股份為基礎之交易予以計量；以及
assets (or disposal groups) that are classified as held for sale in accordance with HKFRS 5 noncurrent Assets Held for Sale and discontinued Operations are measured in accordance with that standard.
按照《香港財務報告準則第 5 號 — 持有待售之非流動資產和終止經營》，劃歸為持有待售之資產（或處置組）應遵循該準則予以計量。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Business combinations (COntinuEd)

企業合併（續）

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net amount of the identifiable assets acquired and the liabilities assumed as at the acquisition date. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.

商譽應按所轉讓之對價、在被購買方之任何非控制性權益金額以及購買方先前在被購買方持有之權益（如有）之公允價值之總額超過購買日所取得之可辨認資產和所承擔之負債相抵後之淨額之差額進行計量。如果在重新評估後，購買日所取得之可辨認資產和所承擔之負債相抵後之淨額超過了所轉讓之對價、在被購買方之任何非控制性權益金額以及購買方先前在被購買方持有之權益（如有）之總額，超出之差額立即作為廉價購買利得計入損益。

Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the relevant subsidiary’s net assets in the event of liquidation are initially measured at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets or at fair value. The choice of measurement basis is made on a transaction-by-transaction basis.

代表當前所有者權益並使其持有者有權在清算時享有主體淨資產之比例份額之非控制性權益，可按其公允價值或非控制性權益享有被購買方可辨認淨資產已確認金額之份額進行初始計量。應在逐筆交易基礎上選擇所採用之計量基礎。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Goodwill

商譽

Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see the accounting policy above) less accumulated impairment losses, if any.

購買業務所產生之商譽應按在業務購買日確定之成本（參見上文會計政策）減累計減值損失（如有）計量。

For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination, which represent the lowest level at which the goodwill is monitored for internal management purposes and not larger than an operating segment.

為進行減值測試，商譽應分配到本集團預計能從企業合併之協同效應中受益之每一現金產出單元（或現金產出單元組合），其代表了因內部管理目之而對商譽監督之最低水準，並且不得超過運營分部。

A cash-generating unit (or groups of cash-generating units) to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. For goodwill arising on an acquisition in a reporting period,the cash-generating unit (or groups of cashgenerating units) to which goodwill has been allocated is tested for impairment before the end of that reporting period. If the recoverable amount of the cash-generating unit (or groups of cash-generating units) is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets on a prorata basis based on the carrying amount of each asset in the unit (or groups of cash-generating units).

獲分配商譽之現金產出單元（或現金產出單元組合）會每年進行減值測試，但如果有跡象顯示該現金產出單元可能會發生減值，則會更頻繁地進行減值測試。如若在報告期內因併購產生商譽，則獲分配，商譽之現金產生單元（或現金產生單元組合）將在該報告期期末之前進行商譽減值測試。如果現金產出單元（或現金產出單元組合）之可收回金額低於其賬面金額，減值損失會首先沖減分配到該單元之商譽之賬面金額，然後根據該單元每一資產之賬面金額之比例將減值損失分攤到該單元（或該組合）之其他資產。

Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.

商譽之減值損失直接計入損益。商譽之減值損失不可在後續期間轉回。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Goodwill (COntinuEd)

商譽（續）

On disposal of the relevant cash-generating unit or any of the cash-generating unit within the group of cash-generating units, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal. When the Group disposes of an operation within the cash-generating unit (or a cash-generating unit within a group of cashgenerating units), the amount of goodwill disposed of is measured on the basis of the relative values of the operation (or the cash-generating unit) disposed of and the portion of the cash-generating unit (or the group of cash-generating units) retained.

在處置相關現金產出單元或現金產出單元組中之任何現金產出單元時，所佔分攤商譽均計入處置損益中。在處置現金產出單元（或現金產出單元組中之任何現金產出單元）中之一項經營業務時，處置部分之商譽金額按經營業務處置部分（或現金產出單元）之相關價值及現金產出單元（或現金產出單元組）之留存部分計量。

The Group’s policy for goodwill arising on the acquisition of an associate and a joint venture is described below.

本集團有關購買聯營企業所產生之商譽之政策將於下文闡述。

Investments in associates and joint ventures

聯營公司和合營企業中之投資

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

聯營公司是指本集團對其實施重大影響之主體。重大影響是指參與決定被投資者之財務及經營政策之權力、但不是控制或共同控制這些政策。

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

合營企業是指共同控制一項安排之參與方對該項安排之淨資產享有權利之合營安排。共同控制是指按合同約定分享對一項安排之控制權，並且僅在對相關活動之決策要求分享控制權之參與方一致同意時才存在。

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3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Investments in associates and joint ventures

聯營公司和合營企業中之投資（續）

(COntinuEd)

The results and assets and liabilities of associates and joint ventures are incorporated in these consolidated financial statements using the equity method of accounting. The financial statements of associates and joints ventures used for equity accounting purposes are prepared using uniform accounting policies as those of the Group for like transactions and events in similar circumstances.

對聯營公司或合營企業之經營成果、資產及負債按權益法會計納入本合併財務報表。使用權益法核算之聯營公司或合營企業之財務報表採用與本集團對類似情況交易和事件所採用之統一會計準則編制。

Under the equity method, an investment in an associate or joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the associate or joint venture.

根據權益法，聯營公司或合營企業中之投資在綜合財務狀況表中按成本進行初始確認，並在其後進行調整，以確認本集團在該聯營公司或合營企業之損益及其他全面收益中所佔之份額。

Changes in net assets of the associate or joint venture other than profit or loss and other comprehensive income are not accounted for unless such changes resulted in changes in ownership interest held by the Group. When the Group’s share of losses of an associate or a joint venture exceeds the Group’s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate or joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.

如果本集團在聯營公司或合營企業之損失中所佔之份額超過本集團在該聯營公司或合營企業中之權益（包括任何實質上構成本集團對該聯營公司或合營企業之淨投資之長期權益），本集團應終止確認其在進一步損失中所佔之份額。額外損失僅在本集團發生之法定或推定義務或代表聯營公司或合營企業進行之支付範圍內進行確認。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Investments in associates and joint ventures

聯營公司和合營企業中之投資（續）

(COntinuEd)

An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or joint venture, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.

聯營公司或合營企業中之投資應自被投資者成為聯營公司或合營企業之日起採用權益法進行核算。取得聯營公司或合營企業中之投資時，投資成本超過本集團在被投資者之可辨認資產及負債之公允價值淨額中所佔份額之部份確認為商譽（商譽會納入投資之賬面金額內）。如果本集團在此類可辨認資產及負債之公允價值淨額中所佔之份額超過投資成本，而且在重新評估後亦是如此，則超出之金額會在取得該項投資之當期立即計入損益。

The Group assesses whether there is an objective evidence that to the interest in an associate or a joint venture may be impaired. When any objective evidence exist, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with HKAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with HKAS 36 to the extent that the recoverable amount of the investment subsequently increases.

本集團就是否存在客觀證據表明於聯營公司或合營公司中的權益發生減值予以評估。倘存在任何客觀證據，則該項投資（包括商譽）的全部賬面餘額需按照「香港會計準則第 36 號 — 資產減值」作為單個資產並通過對比可收回金額（使用價值與公允價值減處置費用後兩者之較高者）與賬面餘額進行減值測試。任何已確認減值損失構成該項投資之賬面餘額之一部分。任何減值損失轉回需按照香港會計準則第 36 號予以確認，且不得超過後期增加之投資的可回收金額。

When the Group ceases to have significant influence over an associate or joint control over a joint venture, it is accounted for as a disposal of the entire interest in the investee with a resulting gain or loss being recognised in profit or loss.

當本集團不再對聯營公司或合營企業擁有重大影響，則計量為處置被投資者全部權益，其損益計入當期損益。

When a group entity transacts with an associate or a joint venture of the Group profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group’s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group.

當某集團主體與本集團之聯營公司或合營企業進行交易時，此類與聯營公司或合營企業進行之交易所產生之損益將僅按聯營公司或合營企業中之權益與本集團無關之份額，在本集團之合併財務報表中予以確認。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Revenue from contracts with customers (upon application of HKFRS 15 in accordance with transitions in Note 2)

客戶合約收益（根據附註 2.2 中之過渡性條款應用香港財務報告準則第 15 號）

Under HKFRS 15, the Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer.

根據香港財務報告準則第 15 號，本集團於完成履約義務時（或就此）確認收益，即於特定履約責任相關的貨品或服務之「控制權」轉讓予客戶時。

A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.

履約義務是指一項可明確區分之商品或服務（或多項商品或服務）或一系列實質相同可明確區分之商品或服務。

Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

當滿足下列條件之一時，控制在一段時間內轉移並且收入按照完成相關履約義務之進度在一段時間內確認：

the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs;
客戶在本集團履約之同時取得並消耗通過本集團履約所提供的利益；
the Group’s performance creates and enhances an asset that the customer controls as the Group performs; or
本集團之履約創造或改良了客戶在資產被創造或改良時就控制之資產；或本集團之履約並未創造一項可被本集團用於替代用途之資產，且
the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.
本集團具有就迄今為止已完成之履約部分而獲得付款之權利。

Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service.

否則，在當客戶取得對該項明確商品或服務控制時之時點確認收入。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Revenue from contracts with customers (upon application of HKFRS 15 in accordance with transitions in Note 2) (COntinuEd)

客戶合約收益（根據附註 2.2 中之過渡性條款應用香港財務報告準則第 15 號） （續）

A contract asset represents the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer that is not yet unconditional. It is assessed for impairment in accordance with HKFRS 9. In contrast, a receivable represents the Group’s unconditional right to consideration, i.e. only the passage of time is required before payment of that consideration is due.

合同資產指本集團已向客戶轉讓商品而有權收取代價的權利，且該權利取決於時間流逝之外之其他因素。合同資產按照香港財務報告準則第 9 號評估減值。而應收賬款指本集團代表的是本集團無條件收取代價之權利，即僅僅隨著時間之流逝即可收款。

A contract liability represents the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

合同負債指本集團已收（或應收）客戶代價而應向客戶轉讓商品或服務之義務。

A contract asset and a contract liability relating to a contract are accounted for an presented on a net basis.

與合同相關之合同資產和合同負債均以淨額列報。

Contracts with multiple performance obligations

(including allocation of transaction price)

具有多項履約義務之合同（包括交易價格的分配）

For contracts that contain more than one performance obligations, the Group allocates the transaction price to each performance obligation on a relative standalone selling price basis, except for and variable consideration.

合同中包含兩項或多項履約義務，本集團按照相關單獨售價，將交易價格分攤至各單項履約義務，惟折價和可變代價之分攤除外。

The stand-alone selling price of the distinct good or service underlying each performance obligation is determined at contract inception. It represents the price at which the Group would sell a promised good or service separately to a customer. If a standalone selling price is not directly observable, the Group estimates it using appropriate techniques such that the transaction price ultimately allocated to any performance obligation reflects the amount of consideration to which the Group expects to be entitled in exchange for transferring the promised goods or services to the customer.

每項履約義務所依據的特定商品或服務的單獨售價在合同開始時確定，代表了本集團向客戶單獨出售所承諾之商品或服務之價格。倘單獨售價不能直接觀察到，本集團則使用適當技術對其進行估算，以使最終分配至任一履約義務之交易價格能反映本集團預期有權轉換所承諾貨物或對客戶之服務之對價金額。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Revenue from contracts with customers (upon application of HKFRS 15 in accordance with transitions in Note 2) (COntinuEd)

客戶合約收益（根據附註 2.2 中之過渡性條款應用香港財務報告準則第 15 號） （續）

Over time revenue recognition: measurement of progress towards complete satisfaction of a performance obligation

某一段時間內收入確認：完全滿足履約進度之計量

The progress towards complete satisfaction of a performance obligation is measured based on input method, which is to recognise revenue on the basis of the Group’s efforts or inputs to the satisfaction of a performance obligation relative to the total expected inputs to the satisfaction of that performance obligation, that best depict the Group’s performance in transferring control of goods or services.

完全滿足履約進度乃基於產出法計量，即基於迄今為止向客戶轉移之服務相商品或對於合約下承諾之剩餘商品或服務之價值直接計量，以確認收益，此最佳反映本集團在轉移商品或服務控制權方面之履約義務。

Variable consideration

可變代價

For contracts that contain variable consideration, the Group estimates the amount of consideration to which it will be entitled using either (a) the expected value method or (b) the most likely amount, depending on which method better predicts the amount of consideration to which the Group will be entitled.

合同中存在可變代價，本集團採用 (a) 期望值法，或 (b) 最可能發生金額（具體方法之選擇取決於哪一種方法能更好地預計本集團有權收取之代價金額）來確定可變代價之最佳估計數。

The estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that such an inclusion will not result in a significant revenue reversal in the future when the uncertainty associated with the variable consideration is subsequently resolved.

計入交易價格之可變代價金額，應當以與可變代價相關的不確定性消除時極可能不會發生累計已確認收入之重大轉回為限。

At the end of each reporting period, the Group updates the estimated transaction price (including updating its assessment of whether an estimate of variable consideration is constrained) to represent faithfully the circumstances present at the end of the reporting period and the changes in circumstances during the reporting period.

於每個報告期末，本集團更新估計交易價格（包括更新其對可變代價估計數是否受限的評估），以忠實反映報告期末之情況和報告期內之變動情況。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Revenue from contracts with customers (upon application of HKFRS 15 in accordance with transitions in Note 2) (COntinuEd)

客戶合約收益（根據附註 2.2 中之過渡性條款應用香港財務報告準則第 15 號） （續）

Existence of significant financing component

存在重大融資組成部分

In determining the transaction price, the Group adjusts the promised amount of consideration for the effects of the time value of money if the timing of payments agreed (either explicitly or implicitly) provides the customer or the Group with a significant benefit of financing the transfer of goods or services to the customer. In those circumstances, the contract contains a significant financing component. A significant financing component may exist regardless of whether the promise of financing is explicitly stated in the contract or implied by the payment terms agreed to by the parties to the contract.

確定交易價格時，如果已商定付款時間（明示或暗示）使客戶或本集團可因提供資金向客戶轉移貨品或服務而獲得重大利益，則本集團會因貨幣之時間價值影響而對承諾之對價金額加以調整。在該等情況下，合約包括重大融資組成部分。無論是否於合約中明確規定或通過合約各方約定之付款條款隱含地規定融資承諾，都可能存在重大融資組成部分。

For contracts where the period between payment and transfer of the associated goods or services is less than one year, the Group applies the practical expedient of not adjusting the transaction price for any significant financing component.

對支付和轉移相關商品和服務間期限少於一年之合同，本集團採用便於實務操作之方法，不對任何重大融資成分調整交易價格。

For contracts where the Group transferred the associated goods or services before payments from customers in which the Group adjusts for the promised amount of consideration for significant financing components, the Group applies a discount rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. The Group recognises interest income during the period between the payment from customers and the transfer of the associated goods or services.

本集團對於收到客戶付款前轉移相關商品或服務（其中，本集團對一項重大融資成分調整承諾的代價金額）之合同，採用合同開始時本集團和客戶間的一項單獨融資交易中將反映出來之折現率。本集團確認客戶付款和轉移相關商品或服務期間之利息收益。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Revenue from contracts with customers (upon application of HKFRS 15 in accordance with transitions in Note 2) (COntinuEd)

客戶合約收益（根據附註 2.2 中之過渡性條款應用香港財務報告準則第 15 號） （續）

Principal versus agent

委託人與代理人

When another party is involved in providing goods or services to a customer, the Group determines whether the nature of its promise is a performance obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent).

當另一方從事向客戶提供商品或服務，本集團釐定其承諾之性質是否為提供指定商品或服務本身之履約義務（即本集團為委託人）或安排由另一方提供該等商品或服務（即本集團為代理人）。

The Group is a principal if it controls the specified good or service before that good or service is transferred to a customer.

倘本集團在向客戶轉讓商品或服務之前控制指定商品或服務，則本集團為委託人。

The Group is an agent if its performance obligation is to arrange for the provision of the specified good or service by another party. In this case, the Group does not control the specified good or service provided by another party before that good or service is transferred to the customer. When the Group acts as an agent, it recognises revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party.

倘本集團之履行義務為安排另一方提供指定之商品或服務，則本集團為代理人。在此情況下，在將商品或服務轉讓予客戶之前，本集團不控制另一方提供的指定商品或服務。當本集團為代理人時，應就為換取另一方安排提供之指定商品或服務預期有權取得之任何收費或傭金之金額確認收入。

Revenue recognition (prior to 1 January 2018)

收入確認（2018 年 1 月 1 日之前）

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

收入按已收或應收代價之公允值計量。收入已就估計客戶退貨、回扣及其他類似撥備作出減扣。

Revenue is recognised when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the Group and when specific criteria have been met for each of the Group’s activities, as described below.

當收入金額能可靠計量、未來經濟利益可能流入本集團及已達成下文所述本集團各項活動的特定標準時，則確認收入。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Revenue recognition (prior to 1 January 2018) (COntinuEd)

收入確認（2018 年 1 月 1 日之前） （續）

The Group’s accounting policy for the recognition of revenue from construction contracts is described in the accounting policy for construction contracts below.

本集團來自建造合約之收入確認相關的會計政策乃載於下文建造合約會計政策中。

Revenue from the sale of goods is recognised when the goods are delivered and titles have passed and the goods are accepted by the customers and collectability of the related receivables is reasonably assured.

當物品已交付，所有權已轉移且已被客戶接收時，確認銷售商品之收入，且相關應收款之可收回性可合理確認。

Revenue from rendering of services are recognised when the services are rendered.

服務於提供時確認所提供服務之收入。

Dividend income from investments is recognised when the rights to receive payment have been established.

投資之股息收入於收款權利確立時進行確認。

Interest income is accrued on a time proportion basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts the estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

利息收入參考未償還本金及適用實際利率（即於初步確認時將財務資產於預期年期之估計未來現金收入準確貼現至該資產帳面淨值之利率）以時間比例基準計算。

Electricity income is recognised when electricity is generated and transmitted.

發電和輸電時確認電力收入。

Tariff subsidy is recognised at its fair value where there is a reasonable assurance that the tariff will be received and the Group will comply with all attached conditions, if any.

倘本集團可合理確認將收到關稅且本集團將遵守所有附件條件（如有）時確認關稅補貼。

Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease.

經營租賃之租金收益在相關租賃期內按直線法於損益內確認。

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3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Revenue recognition (prior to 1 January 2018) (COntinuEd)

收入確認（2018 年 1 月 1 日之前） （續）

Construction contracts

建造合同

When the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the end of the reporting period, measured by reference to the percentage of surveys of work performed for individual contract up to the reporting date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

當建造合同的結果能夠可靠地估計時，與其相關之收入和成本應根據在報告期末合同之完工進度予以確認。完工進度是按截至財務報表日止實際發生之累計合同成本佔估計總合同成本之比例進行計量，除非這一計量方法不能代表完工進度。因合同工程變更產生之收入、以及索償及獎勵性收入會在其金額能可靠地計量並被認為很可能收回時確認為合同收入。

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, contract costs are recognised as expenses in the period in which they are incurred.

當建造合同的結果不能可靠地估計時，合同收入只能以已發生並且很可能得到補償之合同成本為限予以確認。合同成本應在其發生之當期確認為費用。

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

當總合同成本很可能將超過總合同收入時，預計損失應立即確認為費用。

Where contract costs incurred to date plus recognised profit less recognised losses exceed progress billings, the surplus is shown as amounts due from customers for contract work. For contracts where progress billings exceed contract costs incurred to date plus recognised profits less recognised losses, the surplus is shown as amounts due to customers for contract work. Amounts received before the related work is performed are included in the consolidated statement of financial position, as a liability, as advances received. Amounts billed for work performed but not yet paid by the customer are included in the consolidated statement of financial position under ‘trade and bill receivables’.

如果截至財務報表日止實際發生之累計合同成本加上已確認的利潤並減去已確認的損失後之金額超過了工程進度款，則相關盈餘應作為應收客戶合同工程款之金額列示。對於工程進度款超過了截至財務報表日止實際發生的累計合同成本加上已確認之利潤並減去已確認的損失後的金額的合同而言，相關盈餘應作為應付客戶合同工程款的金額列示。在相關工程完成前收到的金額應在收到預付款時，作為一項負債納入合併財務狀況表中。已根據實際完成之工程出具帳單但客戶尚未支付之相關金額應在合併財務狀況表中之「貿易應收款和其他應收款」項下列示。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Leasing

租賃

A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.

租約為一種協議，根據該協議出租人轉讓予承租人在約定期限內使用資產之權利以換取一筆付款或多筆付款。

A series of transactions that involve the legal form of a lease is linked and accounted for as one transaction when the overall economic effect cannot be understood without reference to the series of transactions as a whole. The accounting reflects the substance of the arrangement.

如果不把這一系列交易作為一個整體就無法理解其總體經濟影響，那麼，涉及租約法律形式之一系列交易是相關聯的，應當作為一項交易進行會計處理。會計處理反映出了該安排之實質。

An arrangement that involves a legal form of a lease is not, in substance, accounted for as a lease if:

涉及租約法律形式之安排實質上不作為一份租約進行會計處理之條件為：

the Group retains all the risks and rewards incident to ownership of an underlying asset and enjoys substantially the same rights to its use as before the arrangement;
本集團保留標的資產所有權所附之所有風險及回報，並享有與協議前相同之使用權；
the primary reason for the arrangement is not to convey the right to use an asset; and
該安排之主要原因不是為了轉移資產使用權；且
an option is included on terms that make its exercise almost certain.
包含根據條款幾乎能夠確定行使之購股權。

Leases are classified as finance lease whenever the terms of lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

倘租約條款將所有權絕大部分風險及回報轉讓予承租人，則租約被分類為融資租約。所有其他租約被分類為經營租約。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Leasing (COntinuEd)

租賃（續）

The Group as lessor

本集團作為出租方

Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the leases.

融資租賃中應向承租人收取之款項應按本集團對租賃之投資淨額確認為應收款項。而融資租賃收益應分攤至各個會計期間，以反映本集團在租賃中之淨投資餘額能在每個期間獲得固定之回報率。

Rental income from operating leases is recognised in profit or loss on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset.

經營租賃之租金收益在相關租賃期內按直線法確認。在協商和安排經營租賃時發生之初始直接費用應計入租賃資產之帳面金額。

The Group as lessee

本集團作為承租人

Operating lease payments, including the cost of acquiring land held under operating leases, are recognised as an expense on a straight-line basis over the lease term.

經營租賃付款額，包括獲取經驗租賃項下持有土地之成本，應按直線法在租賃期內確認為費用。

Leasehold land and building for own use

租賃土地和自用建築物

When the Group makes payments for a property interest which includes both leasehold land and building elements, the Group assesses the classification of each element separately based on the assessment as to whether substantially all the risks and rewards incidental to ownership of each element have been transferred to the Group, unless it is clear that both elements are operating leases in which case the entire property is accounted for as an operating lease. Specifically, the entire consideration (including any lump-sum upfront payments) are allocated between the leasehold land and the building elements in proportion to the relative fair values of the leasehold interests in the land element and building element at initial recognition.

當租賃既包括土地和建築物部分，本集團以各個部分之擁有權所承擔之絕大部分風險及回報是否已轉移本集團作為分開評估其分類屬於融資或經營租賃之依據，除非該兩個部分明顯屬於經營租賃，在此情況下，整項租賃歸類為經營租賃。具體而言，最低租金付款額（包括任何一次性預付款）被分配到土地及建築物部分，以其租賃在開始時土地部分租賃權益和樓宇部分租賃權益之相對公允價值比例分配。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Leasehold land and building for own use (COntinuEd)

租賃土地和自用建築物（續）

To the extent the allocation of the relevant payments can be made reliably, interest in leasehold land that is accounted for as an operating lease is presented as ‘land use rights’ in the consolidated statement of financial position and is amortised over the lease term on a straight-line basis.

倘能可靠地分配租賃款項，則列作經營租賃之租賃土地權益將作為」租賃土地和土地使用權」於綜合財務狀況表列賬，並按租賃年期以直線法攤銷。

Foreign currencies

外幣

In preparing the financial statements of each individual group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

在編制集團內個別主體之財務報表時，以主體之功能貨幣以外之其他貨幣（外幣）進行之交易會按交易發生日之現行匯率進行折算。在每一報告期末，以外幣計價之貨幣性項目應按資產負債表日之現行匯率重新折算。以公允價值入賬之以外幣計價之非貨幣性項目應按公允價值確定日之現行匯率重新折算。以歷史成本計量之以外幣計價之非貨幣性項目不再重新折算。

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are recognised in profit or loss in the period in which they arise.

貨幣項目結算和貨幣項目重新折算產生之匯兌差額，在其產生之當期計入損益。

For the purposes of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into the presentation currency of the Group (i.e. Renminbi) using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity under the heading of “Exchange reserve” (attributed to non-controlling interests as appropriate).

出於本合併財務報表之列報目之，本集團之境外經營之資產和負債均採用每個報告期末之現行匯率折算為本集團之列報幣種（如：人民幣）。收益和費用項目均按當期平均匯率折算（除非該期間內出現匯率之重大波動，在這種情況下會採用交易發生日之匯率進行折算）。所產生之匯兌差額（如有）均計入其他全面收益並累積計入權益（如適當，則分攤至非控制性權益）。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Borrowing costs

借款費用

Borrowing costs directly attributable to the acquisition, construction or production of qualified assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale.

可直接歸屬於符合條件之資產之購置、建造或生產之借款費用，直至此類資產實質上已達到可使用或可銷售狀態之前均計入此類資產之成本。

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

所有其他借款費用應在其發生之當期計入損益。

Government grants

政府補助

Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.

政府補助只有在能夠合理保證本集團將符合補助之附加條件並且能夠收到補助時才予以確認。

Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognised as deferred income in the consolidated statement of financial position and transferred to profit or loss on a systematic and rational basis over useful lives of the related assets.

政府補助應採用系統之方法在本集團將此類補助擬補償之相關成本確認為費用之期間內計入損益。特別是，如果取得政府補助之基本條件是本集團應購買、建造或以其他方式取得非流動資產，則應將政府補助在綜合財務狀況表中確認為遞延收入，並在相關資產之使用年限內按系統合理之方法轉入損益。

G o v e r n m e n t g r a n t s t h a t a r e r e c e i v a b l e a s compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable.

作為本集團已發生之費用或損失之補償，或是為本集團提供直接財務支援而未來不會發生任何相關成本之應收政府補助，應在其確認應收款項之期間計入損益。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Retirement benefit costs

退休福利費用

Payments to defined contribution retirement benefit schemes are recognised as an expense when employees have rendered service entitling them to the contributions.

當僱員已提供使其有權利獲得設定提存退休福利計劃之提存金之服務時，為設定提存退休福利計劃支付之金額應確認為費用。

The employees of the Group in the PRC are members of the state-managed retirement benefit schemes operated by the PRC government. The Group’s PRC companies are required to contribute certain percentage of their payroll to the retirement benefit scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefit schemes is to make the required contributions under the schemes.

本集團中國境內僱員為中國政府運營之國家管理退休福利計劃成員。本集團之中國公司需要從僱員工資中拿出一定比例之金額繳付至退休福利計劃，為福利提供資金支援。本集團對退休福利計劃之相關義務僅為根據計劃繳付所要求之供款。

Short-term employee benefits

短期僱員福利

Short-term employee benefits are recognised at the undiscounted amount of the benefits expected to be paid as and when employees rendered the services. All short-term employee benefits are recognised as an expense unless another HKFRS requires or permits the inclusion of the benefit in the cost of an asset.

短期僱員福利相關已確認負債將按照預計將支付給僱員以交換服務之福利未折現金額計量。所有短期僱員福利確認為費用。除非其他香港財務報告準則要求或允許將福利計入資產成本。

A liability is recognised for benefits accruing to employees (such as wages and salaries, annual leave and sick leave) after deducting any amount already paid.

在僱員提供服務期間，所產生之工資、以及年假、病假等福利確認為負債，作為預計將支付給僱員以交換服務之福利未折現金額。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Share-based payment arrangements

以股份為基礎之支付安排

Equity-settled share-based payment transactions

以權益結算之以股份為基礎之支付安排交易

The Group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments of the Group, namely the share award scheme.

本集團經營一項以權益結算之以股份為基礎之補償計劃，根據該計畫，將實體獲得之雇員服務作為本集團權益工具之對價，該計劃亦叫做股份獎勵計劃。

The fair value of the equity-settled share-based payments determined at the grant date without taking into consideration all non-market vesting conditions is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity (other reserves). At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest based on assessment of all relevant non-market vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the other reserves.

對於在授予日確定之以權益結算之以股份為基礎之支付之公允價值金額，會根據本集團對最終授予之權益工具數量之估計在等待期內按直線法確認為費用，並相應增加權益（其他儲備）。在每一報告期末，本集團會修改其對預計授予之權益工具數量之估計。對最初估計之修改產生之影響（如有）會計入損益以使累計費用反映修改後之估計，並相應調整以其他儲備。

Under the share award scheme, when the awarded shares are vested the related cost of the vested shares is released from the other reserves to eliminate the related amount of treasury shares held for the share award scheme. Any difference between the cost of the vested shares and the related amount of treasury shares is transferred to share premium.

當獎勵股份被授予時，所授予股份之相關成本將從僱員以股份為基礎之補償儲備中轉出，以扣除股份獎勵計劃持有股份之相關數額。行權股份及庫存股相關差額轉撥制股份溢價。

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3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Taxation

所得稅

Income tax expense represents the sum of the tax currently payable and deferred tax.

所得稅費用包括當期所得稅和遞延所得稅。

The tax currently payable is based on taxable profit for the year. Taxable profit differs from “profit before tax” as reported in the consolidated statement of profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

當期所得稅是根據當年應納稅所得額計算得出。應納稅所得額與在綜合損益表上列報之「稅前利潤」不同，因為應納稅所得額不包括計入其他年度內之應稅收入或可抵稅支出等項目，也不包括不應稅或不可抵扣之項目。本集團之當期所得稅按截至報告期末止已執行或實質上已執行之稅率計算。

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary difference to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.

遞延所得稅基於綜合財務報表中資產和負債之賬面金額與用於計算應納稅所得額時相應計稅基礎之間之暫時性差異進行確認。一般情況下，所有應納稅暫時性差異產生之遞延所得稅負債均予確認。遞延所得稅資產只在很可能取得能利用該可抵扣暫時性差異來抵扣之應納稅所得額之限度內予以確認。如果暫時性差異是在某一既不影響應納稅所得額也不影響會計利潤之交易中之其他資產和負債之初始確認下產生之，則不確認遞延所得稅資產和負債。倘若商譽初始確認時產生了暫時性差額，則不確認遞延所得稅負債。

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3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Taxation (COntinuEd)

所得稅（續）

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries, and interests in associates and joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

對於與附屬公司和聯營公司中以及在合營企業中之權益相關之應納稅暫時性差異應確認遞延所得稅負債，除非本集團能夠控制這些暫時性差異之轉回，且該暫時性差異在可預見之未來很可能不會轉回。僅當很可能取得足夠之應納稅所得額以抵扣此類投資和權益相關之可抵扣暫時性差異，並且暫時性差異在可預見之未來將轉回時，才確認該可抵扣暫時性差異所產生之遞延所得稅資產。遞延所得稅資產之賬面金額會在每一報告期末進行覆核，如果不再很可能獲得足夠之應納稅所得額來抵扣轉回全部或部分資產，則相應減少遞延所得稅資產之賬面金額。

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of each reporting period.

遞延所得稅負債和資產，以報告期末已執行或實質上已執行之稅率（和稅法）為基礎，按預期清償該負債或實現該資產當期之稅率計量。

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

遞延所得稅負債和資產之計量，應反映本集團在報告期末預期收回或清償其資產和負債賬面金額之方式所導致之納稅後果。

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

當遞延稅項資產及負債具有法律上可執行的抵銷流動稅項資產的權利時，予以抵銷。就當期所得稅負債而言，當涉及同一稅務機關徵收所得稅時，本集團計畫以淨額結算當期稅項資產及負債。

Current and deferred tax are recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

當期和遞延所得稅應計入當期損益中，除非其與計入其他全面收益或直接計入權益之項目相關在這種情況下，當期和遞延所得稅也同樣計入其他全面收益或直接計入權益。倘於進行企業合併之初步會計時產生當期和遞延所得稅，則稅務影響計入企業合併之會計處理內。

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3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Property, plant and equipment

物業、廠房及設備

Property, plant and equipment including buildings for use in the production or supply of goods or services, or for administrative purposes (other than construction in progress as described below), are stated in the consolidated statement of financial position at cost, less subsequent accumulated depreciation and subsequent accumulated impairment losses, if any.

用於生產商品或提供勞務，或為了行政目之而持有之建築物（除下文所述之在建工程外），在綜合財務狀況表上按其重估金額（即該資產在重估日之公允價值）減去隨後發生之任何累計折舊和累計減值損失後之餘額列示。

Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualified assets, borrowing costs capitalised in accordance with the Group’s accounting policy. Such properties are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.

為生產、供應或行政目之之在建房地產以成本減去已確認減值損失後之餘額列示。成本包括專業人員服務費，以及（對於符合條件之資產）遵循本集團會計政策予以資本化之借款費用。此類房地產在完工並達到可使用之狀態時，被歸入適當之物業、廠房及設備類別。這些資產在達到其可使用之狀態時，才按與其他房地產資產相同之基礎開始計提折舊。

Depreciation is recognised so as to write off the cost of assets (other than construction in progress) less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

除永久持有土地及在建不動產外，其他資產會以直線法在其估計使用壽命內對其成本或重估價減去殘值後進行折舊。估計使用壽命、殘值和折舊方法會在每一報告期末覆核，並採用未來適用法對估計變更之影響進行核算。

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3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Property, plant and equipment (COntinuEd)

物業、廠房及設備（續）

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

當一項物業、廠房及設備被處置，或預期沒有來自繼續使用該資產之未來經濟利益流入時，應終止確認該物業、廠房及設備。處置或報廢一項物業、廠房及設備產生之任何利得或損失，應按銷售收入與該資產賬面金額之間之差額予以確定，並計入損益。

Buildings under development for future owneroccupied purpose

未來自佔目之在建房地產

When buildings are in the course of development for production or for administrative purposes, the amortisation of prepaid lease payments provided during the construction period is included as part of costs of buildings under construction. Buildings under construction are carried at cost, less any identified impairment losses. Depreciation of buildings commences when they are available for use (i.e. when they are in the location and condition necessary for them to be capable of operating in the manner intended by the management).

為生產或行政目之之在建房地產，其在建造過程中之預付租賃款攤銷納入在建建築物成本部分。在建建築物按成本減去已確認減值損失計量。建築物自其可供使用時開始折舊（如自其位於並達到滿足管理層意圖經營方式之地域和條件時開始折舊）。

Land use rights

土地使用權

Land use rights represent the Group’s interests in land held under operating leases and are initially recognised at cost and subsequently amortised on the straight-line basis over the lease terms.

土地使用權代表了本集團經營租賃項下持有之土地利益並按成本進行初始計量，後續在租賃期內按直線法進行攤銷。

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3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Intangible assets

無形資產

Intangible assets acquired separately

單獨取得之無形資產

Intangible assets with finite useful lives that are acquired separately are carried at costs less accumulated amortisation and any accumulated impairment losses. Amortisation for intangible assets with finite useful lives is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

單獨取得之使用壽命確定之無形資產，應按成本減去累計攤銷額和累計減值損失後之餘額列示。攤銷額在無形資產之預計使用壽命內按直線法確認。預計使用壽命和攤銷方法會在每一報告期末進行覆核，並採用未來適用法對估計變更之影響進行核算。

Intangible assets acquired in a business

企業合併中取得之無形資產

combination

Intangible assets acquired in a business combination are recognised separately from goodwill and are initially recognised at their fair value at the acquisition date (which is regarded as their cost).

企業合併中取得之並且與商譽分開確認之無形資產按其在購買日之公允價值（即被視為該等無形資產之成本）進行初始確認。

Subsequent to initial recognition, intangible assets acquired in a business combination with finite useful lives are reported at costs less accumulated amortisation and any accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

企業合併中取得之無形資產在初始確認之後，應按與單獨取得之無形資產相同之基礎，按成本減去累計攤銷額和累計減值損失後之餘額列示。

Impairment losses on tangible and intangible assets other than goodwill (see the accounting policy in respect of goodwill above)

除商譽以外之無形資產及有形資產之減值虧損

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets with finite useful lives to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the relevant asset is estimated in order to determine the extent of the impairment loss (if any).

於報告期完結時，本集團檢討其使用年期有限之有形及無形資產之賬面值，以釐定有否跡象顯示該等資產出現減值虧損。倘出現任何有關跡象，則須估計資產之可收回金額，以釐定減值虧損（如有）之程度。

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3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Impairment losses on tangible and intangible assets other than goodwill (see the accounting policy in respect of goodwill above) (COntinuEd)

除商譽以外之無形資產及有形資產之減值虧損（續）

The recoverable amount of tangible and intangible assets are estimated individually, when it is not possible to estimate the recoverable amount of an asset individually, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

有形資產和無形資產之可收回金額單獨估計，倘不可能估計個別資產之可收回金額，本集團會估計該資產所屬創現單位之可收回金額。倘能識別一項合理及貫徹之分配基準，企業資產亦會被分配至個別創現單位，否則會被分配至能就其識別合理及貫徹之分配基準之最小創現單位組別。

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset (or a cash-generating unit) for which the estimates of future cash flows have not been adjusted.

可收回金額為公平價值減去出售成本及使用價值兩者中之較高者。於評估使用價值時，估計未來現金流量乃以稅前貼現率貼現至現值以反映市場現時所評估之資金時值及未來現金流量估計未經調整之資產之特定風險。

If the recoverable amount of an asset (or a cashgenerating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or a cash-generating unit) is reduced to its recoverable amount. In allocating the impairment loss, the impairment loss is allocated first to reduce the carrying amount of any goodwill (if applicable) and then to the other assets on a pro-rata basis based on the carrying amount of each asset in the unit. The carrying amount of an asset is not reduced below the highest of its fair value less costs of disposal (if measureable), its value in use (if determinable) and zero. The amount of the impairment loss that would otherwise have been allocated to the asset is allocated pro rata to the other assets of the unit. An impairment loss is recognised immediately in profit or loss.

倘估計資產（或現金產出單元）之可收回金額少於其賬面值，資產（或現金產出單元）之賬面值被削減至其可收回金額。減值虧損即時於損益確認。在分配減值虧損中，減值虧損會首先沖減分配至該單元之商譽之賬面金額（如適當），然後根據該單元每一資產賬面金額之比例將減值虧損分配至該單元之其他資產。資產之賬面值減記不得下述三者之最高者：其公允價值減其可計量處置成本、其可計量之使用中價值及零。可能分配至資產之減值虧損金額按比例分配至該單元之其他資產。資產減值虧損即時確認於損益中。

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3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Impairment losses on tangible and intangible assets other than goodwill (see the accounting policy in respect of goodwill above) (COntinuEd)

除商譽以外之無形資產及有形資產之減值虧損 （續）

When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or a cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

倘減值虧損於其後撥回，則該項資產（或現金產出單元）之賬面值會增加至其經修訂之估計可收回金額，惟增加後之賬面值不得超出假設過往年度並無就該項資產（或現金產出單元）確認減值虧損原應釐定之賬面值。減值虧損撥回即時確認為收入。

Inventories

存貨

Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined using the specific identification of their individual costs. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.

存貨按成本與可變現淨值孰低計量。存貨之成本採用單個成本個別認定法確定。產成品和在製品之包括原材料、直接勞動成本，其他直接成本和相關生產開銷（基於日常經營能力）。可變現淨值指存貨之估計售價減去估計完工成本及銷售所必需之估計費用後之價值。

Provisions

預計負債

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

當本集團因過去事項而承擔了現時義務（法定義務或推定義務）, 並且很可能被要求履行該義務，而該義務之金額能夠可靠地估計時，本集團會對該義務確認預計負債。

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material).

確認為預計負債之金額應是在考慮到與義務相關之風險和不確定性之後，對報告期末履行現時義務所需支付對價之最佳估計。如果預計負債是以預期履行現時義務所需支出之估計現金流量來計量，其賬面金額為該等現金流量之現值（當貨幣之時間價值具有重大影響時）。

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3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments

金融工具

Financial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instruments. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date or settlement date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market place.

當集團實體成為工具合約條文之訂約方時，金融資產及金融負債予以確認。對所有以常規方式買賣之金融資產於交易日或結算日予以確認並終止確認。以常規方式買賣指須於市場法規或公約規定之時間內交付資產的金融資產買賣。

Financial assets and financial liabilities are initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance with HKFRS 15 since 1 January 2018. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at FVTPL) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognised immediately in profit or loss.

除與客戶之間之合約產生之貿易應收款外（自 2018 年 1 月 1 日起按照香港財務報告準則第 15 號進行初始計量），其餘金融資產和金融負債初始按公允值計量。收購或發行金融資產及金融負債（按公允值計入損益之金融資產或金融負債除外）直接產生之交易成本，於初次確認時於金融資產或金融負債（按適用情況而定）之公允值計入或扣除。收購按公允值計入損益之金融資產直接產生之交易成本，即時於損益中確認。

The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

實際利息法為計算有關期間金融資產或金融負債之攤餘成本及分配利息費用之方法。實際利率乃按債務工具之預計年期或適用的較短期間內於初始確認時準確折現估計未來現金收入（包括構成實際利率不可或缺部份之全部已付或已收費用、交易成本及其他溢價或折讓）至帳面淨值之利率。

Interest income which are derived from the Group’s ordinary course of business are presented as revenue.

從本集團正常業務過程中產生之利息收益乃按收入呈報。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets

金融資產

Classification and subsequent measurement of financial assets (upon application of HKFRS 9 in accordance with transitions in note 2)

金融資產之分類和後續計量（按照附註2 中之過渡採用香港財務報告準則第9 號進行）

Financial assets that meet the following conditions are subsequently measured at amortised cost:

滿足下列條件之金融資產於其後採用攤餘成本計量：
the financial asset is held within a business model whose objective is to collect contractual cash flows; and
業務模式內所持有以收取合約現金流量之金融資產；及
the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
合約條款令於特定日期產生之現金流量僅為支付本金及未償還本金之利息之金融資產。

Financial assets that meet the following conditions are subsequently measured at fair value through other comprehensive income (“FVTOCI”):

滿足下列條件之金融資產於其後透過其他綜合收益按公允值列賬計量：

the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling; and
業務模式內所持有以同時收回合約現金流量及出售之金融資產；及
the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
合約條款令於特定日期產生之現金流量僅為支付本金及未償還本金之利息之金融資產。

All other financial assets are subsequently measured at FVTPL, except that at the date of initial application of a financial asset the Group may irrevocably elect to present subsequent changes in far value of an equity investment in OCI if that equity investment is neither held for trading nor contingent consideration recognised by an acquirer in a business combination to which HKFRS 3 Business Combinations applies.

所有其他金融資產後續按以公允價值計量且其變動計入損益，但是，倘該股權投資既非交易性金融資產，亦非香港財務報告準則第 3 號企業合併所適用之企業合併收購方確認的或有對價，於首次採用金融資產之日，本集團將不可撤銷地於其他綜合收益中呈列股權投資公允價值之期後變動。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

Classification and subsequent measurement of financial assets (upon application of HKFRS 9 in accordance with transitions in note 2) (COntinuEd)

金融資產之分類和後續計量（按照附註2 中之過渡採用香港財務報告準則第9 號進行）（續）

A financial asset is classified as held for trading if:

滿足下列條件之金融資產乃歸類為持作買賣之資產：

it has been acquired principally for the purpose of selling in the near term; or
其購買主要用於在不久將來出售：或
on initial recognition it is a part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or
於初步確認時，其乃可識別金融工具組合一部分，由本集團一併管理，並於近期顯示實際短期盈利模式；或
it is a derivative that is not designated and effective as a hedging instrument.
其乃既無被指定亦非有效對沖工具之衍生工具。

In addition, the Group may irrevocably designate a financial asset that are required to be measured at the amortised cost or FVTOCI as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.

此外，如果能夠消除或顯著減少會計錯配，本集團可以將要求按照攤餘成本或按公允值計入其他綜合收益之金融資產指定為透過損當期益按公允值列賬之金融資產。該指定一經做出，不得撤銷。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產 （續）

Classification and subsequent measurement of financial assets (upon application of HKFRS 9 in accordance with transitions in note 2) (COntinuEd)

金融資產之分類和後續計量（按照附註2 中之過渡採用香港財務報告準則第9 號進行）（續）

(i) Amortised cost and interest income

(i) 攤餘成本和利息收益

Interest income is recognised using the effective interest method for financial assets measured subsequently at amortised cost and receivables subsequently measured at FVTOCI. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired (see below). For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit impaired.

就其後按攤餘成本計量的金融資產和其後透過其他綜合收益按公允值列賬的債務工具╱應收款項而言，利息收益乃採用實際利息法進行確認。除其後發生信用減值的金融資產外（見下文），利息收益乃通過金融資產之帳面總值採用實際利率法計算。就其後信用減值之金融資產，利息收益自下個報告期起通過金融資產之攤餘成本採用實際利率法進行確認。倘信用減值之金融工具之信用風險改善，使得金融資產不再信用減值，則從確定該項資產不再信用減值之後的報告期初起，利息收益通過金融資產之帳面總值採用實際利率法進行確認。

(ii) Financial assets at FVTPL

(ii) 透過損益按公允值列賬之金融資產

Financial assets that do not meet the criteria for being measured at amortised cost or FVTOCI or designated as FVTOCI are measured at FVTPL.

不符合按攤餘成本或透過損益按公允值列賬或指定為透過損益按公允值列賬之準則的金融資產透過損益按公允值列賬計量。

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset and is included in the “other gains and losses” line item.

透過損益按公允值列賬的金融資產按各報告期末之公允值計量，任何公允值收益或損失於損益中確認。於損益中確認之損益淨額不包括該金融資產所賺取之任何股息或利息，計入「其他收益及損失」項下。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

The Group recognises a loss allowance for ECL on financial assets which are subject to impairment under HKFRS 9 (including trade receivables, loan receivables and amounts due from joint ventures and associates, other receivables, finance lease receivables, contract assets and financial guarantee contracts). The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.

本集團根據香港財務報告準則第 9 號就發生減值之金融資產（包括貿易應收款、應收貸款、應收合營和聯營公司、其他應收款項、融資租賃應收款、合同資產和財務擔保合同）確認預期信用損失之損失準備。預期信用損失之金額於各報告日期更新，以反映自初始確認後信用風險之變化。

Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Assessment are done based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions.

存續期預期信用損失指將相關工具之預期使用期內所有可能之違約事件產生之預期信用損失。相反，12 個月預期信用損失將預期於報告日期後 12 個月內可能發生之違約事件導致之存續期預期信用損失部分。評估乃根據本集團之歷史信用損失經驗進行，並根據債務人特有之因素、一般經濟狀況以及對報告日期當前狀況的評估以及對未來狀況之預測作出調整。

The Group always recognises lifetime ECL for trade receivables (including trade-related amounts due from joint ventures and associates), finance lease receivables and contract assets. The ECL on these assets are assessed individually.

本集團始終就應收賬款（包括應收合營企業及聯營公司之貿易相關款項）、融資租賃應收款及合同資產確認存續期預期信用損失。對於該等資產之預期信用損失進行個別評估。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

For all other instruments, the Group measures the loss allowance equal to 12-month ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition.

對於所有其他工具，本集團計量之損失撥備等於 12 個月預期信用損失，除非自初始確認後信用風險顯著增加，本集團確認存續期預期信用損失。是否應確認存續期預期信用損失之評估乃基於自初始確認以來發生違約之可能性或風險之顯著增加。

(i) Significant increase in credit risk

(i) 信用風險大幅增加

In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

於評估信用風險自初始確認以來有否大幅增加時，本集團比較金融工具於報告日期出現違約之風險與該金融工具於初始確認日期出現違約的風險。作此評估時，本集團會考慮合理並有理據支援之定量及定性資料，包括過往經驗及毋須花費不必要成本或努力即可獲得之前瞻性資料。

In particular, the following information is taken into account when assessing whether credit risk has increased significantly:

尤其是，評估信用風險有否大幅增加時會考慮下列資料：

a n a c t u a l o r e x p e c t e d s i g n i f i c a n t deterioration in the financial instrument’s external (if available) or internal credit rating;
金融工具外界（如有）或內部信用評級之實際或預期重大惡化；

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

(i) Significant increase in credit risk (COntinuEd)
(i) 信用風險大幅增加（續）
significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;
信用風險的外界市場指標的重大惡化，例如信用息差大幅增加，債務人之信用違約掉期價大幅上升；
existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations;
業務、財務或經濟狀況之現有或預測不利變動，預期將導致債務人履行其債務責任之能力大幅下降；
a n a c t u a l o r e x p e c t e d s i g n i f i c a n t deterioration in the operating results of the debtor;
債務人經營業績之實際或預期重大惡化；
an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations.
債務人監管、經濟或技術環境的實際或預期重大不利變動，導致債務人履行其債務責任之能力大幅下降。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具（續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

(i) Significant increase in credit risk (COntinuEd)

(i) 信用風險大幅增加（續）

For financial guarantee contracts, the date that the Group becomes a party to the irrevocable commitment is considered to be the date of initial recognition for the purposes of assessing the financial instrument for impairment. In assessing whether there has been a significant increase in the credit risk since initial recognition for financial guarantee contracts, the Group considers the changes in the risk that the specified debtor will default on the contract.

就財務擔保合同而言，本集團應將其成為作出不可撤銷承諾之一方之日作為初始確認日，以便評估金融工具的減值。在評估財務擔保合同之信用風險自初始確認後是否顯著增加時，本集團會考慮特定債務人合同違約風險之變化。

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

本集團定期監控確定信用風險是否大幅增加之標準的有效性，並進行適時修訂，以確保標準能夠確定金額逾期前的信用風險大幅增加。

(ii) Definition of default

(ii) 違約之定義

For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group).

對於內部信用風險管理，當內部或外部獲取的資訊表明債務人不太可能全額支付債權人時，包括本集團（不考慮本公司持有的任何抵押物），本集團將視為發生違約事件。

249

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

(iii) Credit-impaired financial assets
(iii) 信用減值之金融資產

A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:

倘發生一項或多項事件對於金融資產之預期未來現金流量產生不利影響，則該金融資產發生了信用減值。信用減值的證據包括下列事項之可觀察資料：

significant financial difficulty of the issuer or the borrower;
發行方或債務人發生嚴重財務困難；
a breach of contract, such as a default or past due event;
違反合約條款，如違約或逾期事件等；
the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
債權人出於經濟或合約等方面因素之考慮，對發生財務困難的債務人作出讓步（而在其他情況下不會作此讓步）
it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or
借款人有可能破產或進行其他財務重組；或
the disappearance of an active market for that financial asset because of financial difficulties.
因財務困難導致金融資產無法在活躍市場繼續交易。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

(iv) Write-off policy

(iv) 核銷政策

The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables, when the amounts are over two years past due, whichever occurs sooner. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognised in profit or loss.

當有資訊表明交易對方處於嚴重之財務困境且沒有現實的恢復希望時（例如：當交易對方已處於清算程式或已進入破產程式，或當貿易應收賬款金額已逾期 2 年時，取發生較早者），則本集團核銷該金融資產。考慮到法律建議，在適當情況下，被核銷的金融資產仍可能在本集團之追償程式下受到強制執行。核銷構成終止確認，後續收回之款項於損益中確認。

(v) Measurement and recognition of ECL

(v) 預期信用損失的計量及確認

The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forwardlooking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights.

預期信用損失通過違約概率、違約損失率（即違約損失的程度）及違約風險暴露的函數進行計量。對於違約概率和違約損失率的評估，是基於歷史資料和前瞻性資訊進行調整。對預期信用損失之估計反映了無偏和概率加權金額，該金額以發生違約的風險為權重釐定。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

(v) M e a s u r e m e n t a n d r e c o g n i t i o n o f E C L (COntinuEd)
(v) 預期信用損失的計量及確認（續）

Generally, the ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the Group expects to receive, discounted at the effective interest rate determined at initial recognition. For a lease receivable, the cash flows used for determining the ECL is consistent with the cash flows used in measuring the lease receivable in accordance with HKAS 17 Leases.

一般而言，預期信用損失是本集團根據合同應收的所有合約現金流量與本集團預期收取的所有現金流量之間之差額，並按初始確認時確定的實際利率貼現。對於應收租賃款，用於確定預期信用損失之現金流量與根據香港會計準則第 17 號 - 租賃計量的應收租賃款所使用之現金流量一致。

For a financial guarantee contract, the Group is required to make payments only in the event of a default by the debtor in accordance with the terms of the instrument that is guaranteed. Accordingly, the expected losses is the present value of the expected payments to reimburse the holder for a credit loss that it incurs less any amounts that the Group expects to receive from the holder, the debtor or any other party.

對於財務擔保合同，本集團僅在根據被擔保的工具條款，債務人發生違約之情況下才進行付款。因此，預期損失為本集團就該合同持有人發生之信用損失向其做出賠付之預計付款額，減去本集團預期向該持有人，債務人或任何其他方收取之金額之間之差額之現值。

For ECL on financial guarantee contracts for which the effective interest rate cannot be determined, the Group will apply a discount rate that reflects the current market assessment of the time value of money and the risks that are specific to the cash flows but only if, and to the extent that, the risks are taken into account by adjusting the discount rate instead of adjusting the cash shortfalls being discounted.

對於無法確定實際利率之財務擔保合同或貸款承諾之預期信用損失，本集團將採用的折現率應反映針對貨幣的時間價值及特定於現金流量的風險的當前市場評估，前提是僅當此類風險是通過調整折現率（而非調整正在折現的現金短缺）予以考慮。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

(v) M e a s u r e m e n t a n d r e c o g n i t i o n o f E C L (COntinuEd)
(v) 預期信用損失的計量及確認（續）

Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit impaired, in which case interest income is calculated based on amortised cost of the financial asset.

利息收入根據金融資產的帳面值總額計算，但金融資產發生信用減值的情況除外，此時利息收入根據金融資產的攤餘成本計算。

For financial guarantee contracts, the loss allowances are recognised at the higher of the amount of the loss allowance determined in accordance with HKFRS 9; and the amount initially recognised less, where appropriate, cumulative amount of income recognised over the guarantee period.

對於財務擔保合同而言，損失準備為根據香港財務報告準則第 9 號所確定的損失準備金額和初始確認金額酌情減去擔保期內確認的累計收入金額之間的較高者。

Except for financial guarantee contracts, the Group recognises an impairment gain or loss in profit or loss for all financial instruments by adjusting their carrying amount, with the exception of trade receivables, contract assets, other receivables, and amounts due from joint ventures and associates where the corresponding adjustment is recognised through a loss allowance account.

除財務擔保合同外，本集團就其他所有金融工具，通過調整其帳面值，透過損益確認減值利得或損失。而貿易應收款、合同資產、其他應收款及應收合營和聯營公司款項，相應的調整透過損失準備帳戶確認。

253

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

(v) M e a s u r e m e n t a n d r e c o g n i t i o n o f E C L (COntinuEd)
(v) 預期信用損失的計量及確認（續）

Classification and subsequent measurement of financial assets (before application of HKFRS 9 on 1 January 2018)

金融資產之分類和後續計量（於 2018 年 1 月 1 日採用香港財務報告準則第 9 號之前）

Financial assets are classified into the following specified categories: financial assets at FVTPL, available-for-sale (“AFS”) financial assets and loans and receivables. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

金融資產被分類為以下幾種類型：透過損益按公允值列賬之金融資產、持有至到期投資和貸款及應收款。分類視乎金融資產之性質及目的並於初步確認時釐定。所有按正常方式買賣之金融資產，於交易日確認及終止確認。正常方式買賣是指一項金融資產之買賣根據市場的規章制度或慣例所確立之時間限度內交付。

Dealings in securities and sale of investments are recognised on the transaction dates when the relevant contract notes are exchanged on the trade dates when the securities are delivered.

證券交易和出售投資在交易日確認，交易日為於證券交付之交易日交換相關合同票據之日期。

254

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

Effective interest method

實際利率法

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

實際利率法是計算債務工具攤餘成本以及在有關期間分配利息收入和利息支出之一種方法。實際利率是指將金融資產或金融負債在預計存續期或更短期間內（如適當）的估計未來現金收支（包括支付或收取的構成實際利率組成部分的所有費用和貼息、交易費用以及其他溢價或折價）恰好折現為其初始確認時帳面淨值所使用之利率。

Interest income is recognised on an effective interest basis for debt instruments.

債務工具之利息收入按實際利率法確認。

255

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

Financial assets at FVTPL

透過損益按公允值列賬的金融資產

Financial assets are classified as at FVTPL when the financial asset is held for trading. A financial asset is classified as held for trading if:

當金融資產為持作買賣時，分類為透過損益按公允值列賬。倘屬下列情況，金融資產會分類為持作買：

it has been acquired principally for the purpose of selling in the near term; or
所收購之金融資產主要用於在近期銷售；或
on initial recognition it is a part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or
於初步確認時，屬於本集團整體管理之可識別金融工具組合一部分，且事實上近期有出售以賺取短期利潤之模式；或
it is a derivative that is not designated and effective as a hedging instrument.
屬於衍生工具（除指定及具有有效對沖作用之工具之外）。

Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial assets and is included in the other gains and losses line item. Fair value is determined in the manner described in Note 50.

透過損益以公允值列賬的金融資產以公允值入帳，重新計量產生的公允值利得或損失計入當期損益。損益中確認的淨利得或損失包括金融資產產生的任何股利或利息收入，並計入其他利得或損失項目。公允值按附註 50 所述方法確認。

256

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具（續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

AFS financial assets

可供出售金融資產

Available-for-sale financial assets are non-derivatives that are not classified as loans and receivables, heldto-maturity investments or financial assets at FVTPL.

可供出售金融資產是指那些被指定的或未被歸類為透過損益以公允值列賬的金融資產、貸款及應收款項或持有至到期投資的非衍生金融資產。

Equity securities held by the Group that are classified as AFS financial assets are unquoted equity investments whose fair value cannot be reliably measured. These AFS equity investments are measured at cost less any identified impairment losses at the end of each reporting period. Dividends on AFS equity instruments are recognised in profit or loss when the Group’s right to receive the dividends is established.

本集團分類為可供出售金融資產的權益證券為非上市權益投資，其公允值不能可靠計量。於每個報告結束時，該等可供出售權益投資按成本減任何可辨認減值損失計量。確立本集團收取股息之權利時，可供出售權益工具之股息於損益列賬。

Loans and receivables

貸款及應收款項

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, loans and receivables (including trade and bill receivables, deposits and other receivables, amounts due from and loans to joint ventures, amounts due from associates, restricted deposits, and cash and cash equivalents) are measured at amortised cost using the effective interest method, less any identified impairment.

貸款及應收款項是指有固定或可確定付款額，但在活躍市場未有報價的非衍生金融資產。初始確認後，貸款及應收款項（包括貿易應收款和票據、按金及其他應收款、應收及發放合營公司款項、應收聯營公司款項、受限制存款和現金及現金等價物）按攤餘成本減減值後之金額計量。

Interest income is recognised by applying the effective interest rate, except for short-term receivables where the recognition of interest would be immaterial.

除短期應收款之利息確認不重大外，利息收入採用實際利率法確認。

257

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

Impairment of financial assets

金融資產減值

Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the financial assets have been affected.

除透過損益按公允值列賬之金融資產外，其他金融資產在報告期末評估是否存在減值跡象。如果存在客觀證據表明金融資產初始確認後發生的一個或多個事項影響到該金融資產的預計未來現金流量，則該金融資產被認為發生減值。

For AFS equity investments, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment.

對於可供出售權益投資，其公允值明顯或持續地低於其成本被視為減值之客觀證據。

For all other financial assets, objective evidence of impairment could include:

對於所有其他金融資產，減值之客觀證據可包括：

significant financial difficulty of the issuer or counterparty; or
發行方或債務人發生嚴重財務困難；
breach of contract, such as a default or delinquency in interest or principal payments; or
違反合約，例如逾期或拖欠償還利息或本金；或
it becoming probable that the borrower will enter bankruptcy or financial re-organisation.
借款人有可能破產或進行其他財務重組。

Objective evidence of impairment for a portfolio of receivables could include the Group’s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables.

應收款項組合減值之客觀證據可包括本集團的過往催收款經驗，組合中延遲付款超過平均信用期限的筆數增加，以及與應收款違約相關的全國或本地經濟狀況之可觀察變化。

258

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

Impairment of financial assets (COntinuEd)

金融資產減值（續）

For financial assets that are carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate.

對於以攤餘成本計量之金融資產，確認減值損失之金額為該金融資產之帳面值與按其初始實際利率折現的預計未來現金流量現值之間之差額。

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

對於以成本計量之金融資產，確認減值損失之金額為該金融資產的帳面值與按其同類金融資產的現時市場回報率折現之預計未來現金流量現值之間之差額。該類減值損失在後續期間不會撥回。

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables and other receivables, where the carrying amount is reduced through the use of an allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. When a trade receivable or other receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited to profit or loss.

所有金融資產之帳面值通過減值損失直接抵減，惟貿易應收款和其他應收款之帳面值使用自備抵帳戶抵減除外。備抵帳戶之帳面值變動按損益列賬。倘貿易應收款或其他應收款視為不可收回，則會自備抵帳撇銷。先前撇銷而其後收回的金額計入損益。

259

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial assets (COntinuEd)

金融資產（續）

impairment of financial assets (upon application HKFRS 9 with transitions in accordance with note 2) (COntinuEd)

金融資產的分類和後續計量（按照附註2 中的過渡採用香港財務報告準則第9 號進行）（續）

Impairment of financial assets (COntinuEd)

金融資產減值（續）

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

就按攤餘成本計量之金融資產而言，如果在後續期間減值損失之金額減少並且該減少客觀上與確認減值之後發生之事項相關，則此前確認之減值損失通過損益轉回，但該轉回不應使該項投資在減值轉回日之帳面值超過其未確認減值前之攤餘成本。

Derecognition of financial assets

金融資產之終止確認

The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

僅於獲取金融資產所產生之現金流量的之合同權利到期，或者將金融資產及該資產所有權上幾乎所有之風險及利益轉讓給另一個主體的情況下，本集團才終止確認金融資產。

On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

以攤餘成本計量的金融資產終止確認時，該資產的帳面值和已收及應收代價之和之間的差額計入當期損益。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial liabilities and equity instruments

金融負債和權益工具

Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

集團實體發行之債務和權益工具根據所訂立之合約安排實質和金融負債和權益工具之定義分類為金融負債或權益。

Equity instruments

權益工具

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.

權益工具為證明本公司扣除所有負債後的資產中所剩餘權益的任何合約。本公司發行之權益工具按已收所得款項扣除直接發行成本後入帳。

Repurchase of the Company’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments.

本公司自有權益工具回購直接於權益中確認和扣減。收益或損失均不計入本公司自有權益工具購買、銷售、發行或註銷產生之損益。

Financial liabilities

金融負債

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.

所有金融負債後續均採用實際利率法按攤餘成本計量或透過損益按公允值列賬。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策 （續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial liabilities and equity instruments

金融負債和權益工具 （續）

(COntinuEd)

Financial liabilities at amortised cost

按攤餘成本計量之金融負債

Financial liabilities including bank and other borrowings, senior notes and bonds payable, trade and bill payables, contract liabilities, accruals and other payables, amounts due to joint ventures and associates, are subsequently measured at amortised cost, using the effective interest method.

金融負債，包括銀行借款和其他借款、優先票據和應收債券、應付貿易款項及票據、合同負債、應計費用及其他應付款，以及應付合營和聯營公司款項，採用實際利率法按攤餘成本進行後續計量。

Financial guarantee contracts

財務擔保合同

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt instrument. Financial guarantee contract liabilities are measured initially at their fair values. It is subsequently measured at the higher of:

財務擔保合同是指當債務人未按時履行債務時，保證人按照約定履行債務以彌補債權持有者損失之合同。財務擔保合同負債按其公允值進行初始計量。後續按以下兩者中之較高者計量：

the amount of the loss allowance determined in accordance with HKFRS 9 (since 1 January 2018)/ HKAS 37 Provisions, Contingent Liabilities and Contingent Assets (before application of HKFRS 9 on 1 January 2018); and
根據香港財務報告準則第 9 號（自 2018 年 1 月 1 日以後）╱香港會計準則第 37 號撥備、或有負債和或有資產（於 2018 年 1 月 1 日採用香港財務報告準則第 9 號之前）確定之損失準備金額；以及
the amount initially recognised less, where appropriate, cumulative amortisation recognised over the guarantee period.
初始確認金額減去（如適當）擔保期間確認之累計攤銷額。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

3. SIGNIFICANT ACCOUNTING POLICIES (COntinuEd)

3. 主要會計政策（續）

Financial instruments (COntinuEd)

金融工具 （續）

Financial liabilities and equity instruments

金融負債和權益工具 （續）

(COntinuEd)

Convertible loan contain debt and derivative components

可轉換貸款包括債務和衍生組成部分

A conversion option that will be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Group’s own equity instruments is a conversion option derivative.

除以固定金額之現金或其他金融資產換取本集團固定數量之自身權益工具結算之可轉換選擇權外，其他可轉換選擇權作為可轉換選擇權衍生工具核算。

At the date of issue, both the debt component and derivative components are recognised at fair value. In subsequent periods, the debt component of the convertible loan is carried at amortised cost using the effective interest method. The derivative component is measured at fair value with changes in fair value recognised in profit or loss.

於發行日，債務成分及衍生成分均按公允值列賬。於後續期間，可轉換貸款之債務成分採用實際利率法按攤成本計量。而衍生成分按公允值計量，且公允值變動於損益確認。

Transaction costs that relate to the issue of the convertible loan are allocated to the debt and derivative components in proportion to their relative fair values. Transaction costs relating to the derivative component are charged to profit or loss immediately. Transaction costs relating to the debt component are included in the carrying amount of the debt portion and amortised over the period of the convertible loan using the effective interest method.

與發行可轉換貸款相關之交易成本按其相關公允值之比例分攤至債務和衍生成分。與衍生成分相關之交易成本乃即時於損益確認。與債務成分相關之交易成本乃計入債務部分之帳面值，且採用實際利率法於可轉換貸款期間進行攤銷。

derecognition/non-substantial modification of financial liabilities

金融負債終止確認╱非重大變動

The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

當且僅當本集團之義務解除、取消或到期，本集團終止確認金融負債。終止確認金融負債的帳面值與已付及應付代價之間之差額於損益列賬。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

4. 主要會計判斷及不確定估計之主要來源

In preparation of the Group’s accounting policies, which are described in Note 3, the directors of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

在採用附註 3 所述之本集團會計政策時，本公司之董事必須對從其他來源並不易得出之資產及負債之帳面金額作出判斷、估計和假設。有關估計和假設是基於以往經驗及其他被視為相關之因素而作出之，而實際結果可能與此類估計存在差異。

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

本集團會持續地對上述估計和相關假設進行覆核。如果會計估計之變更僅對變更之當期構成影響，則在變更之當期予以確認，或者，如果變更對當期和未來期間均構成影響，則同時在變更之當期和未來期間內予以確認。

Critical judgements in applying accounting

採用會計政策時之關鍵判斷

policies

The following is the critical judgement, apart from those involving estimations (see below), that the directors of the Company have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements.

以下為本公司之董事在採用本集團會計政策過程中所作之、對合併財務報表中確認之金額最具重大影響之關鍵判斷（涉及之估計除外，參見下文）。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (COntinuEd)

4. 主要會計判斷及不確定估計之主要來源 （續）

Critical judgements in applying accounting policies (COntinuEd)

採用會計政策時之關鍵判斷（續）

Revenue recognition on tariff subsidy on sales of electricity and impairment assessment of contract assets of tariff adjustment receivables

電力銷售之電價補助收入確認及合同資產之應收電價補貼款減值評估

Tariff subsidy represents subsidy received and/ or receivable from the government authorities in respect of the Group’s power generation business. As mentioned in the accounting policy above, tariff subsidy is recognised as revenue at its fair value where there is a reasonable assurance that the additional tariff will be received and the Group will comply with all attached conditions, if any.

電價補貼指就本集團發電業務從政府機關收到及╱或應收之補助。如上述會計政策所述，如存在合理保證將會收到電價且本集團符合所有附加條件（如有），則電價補助將按其公允價值確認。

According to the tariff notice released by the National Development and Reform Commission of the PRC (the “Tariff Notice”), for power plants which obtained ongrid approval and commence in generating electricity will be eligible for on-grid tariff subsidy, which is determined by deducting the basic electricity price from the total electricity price set out in respective electricity purchase agreement.

根據中華人民共和國國家發展與改革委員會發佈之電價通知（以下簡稱「電價通知」），獲得上網批准並開始發電之電廠將有資格享受電價補貼，這是通過從各電購協議中規定之總電價中扣除基本電價確定之。

Pursuant to the Tariff Notice, a set of standardised procedures for the settlement of the tariff subsidy has come into force since 2013 and approvals for the registration in the Reusable Energy Tariff Subsidy Catalogue（可再生能源電價附加資金補助目錄） (the “Catalogue”) on a project-by-project basis are required before the allocation of funds to the state grid companies, which then would make settlement to the Group.

根據電價通知，電價補助結算全套標準程式於 2013 年起生效，在資金分配給中國國家電網公司之前，要求獲得批准將項目逐個登記到可再生能源電價附加資金補助目錄（簡稱「目錄」），之後再對本集團進行結算。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (COntinuEd)

4. 主要會計判斷及不確定估計之主要來源 （續）

Critical judgements in applying accounting policies (COntinuEd)

採用會計政策時之關鍵判斷（續）

Revenue recognition on tariff subsidy on sales of electricity and impairment assessment of contract assets of tariff adjustment receivables (COntinuEd)

電力銷售之電價補助收入確認及合同資產之應收電價補貼款減值評估（續）

In making their judgement, the directors of the Company, taking into account the legal opinion as advised by the Group’s legal advisor, considered that all of the Group’s power plants (including power plants held by the Group’s joint ventures and associates) of which tariff subsidy is recognised as revenue but yet to register in the Catalogue currently in operation had been qualified for and had met, the requirements and conditions as stipulated in the Tariff Notice for the entitlement of the tariff subsidy when the electricity was delivered on grid.

在作出判斷時，本公司董事考慮了本集團法律顧問所建議之法律意見，認為本集團之所有電廠（包括由本集團合營企業及聯營公司所持有之電廠）之電價補助均被確認為收入但尚未登記在目錄中，且已符合或已滿足電價通知中有關上網電量享受電價補貼之要求和條件。

The directors of the Company are confident that all of the Group’s operating power plants (including power plants operated by the Group’s joint ventures and associates) are able to be registered in the Catalogue in due course and it’s probable that the accrued revenue on tariff subsidy will be received but only subject to timing of allocation of funds from the PRC government, after considering that there are no bad debt experiences with the state grid companies in the past and the tariff subsidy is fully funded by the PRC government.

本公司董事相信，本集團全部運營電廠（包括本集團合營企業和聯營公司控股電廠）可以通過正當程式進行目錄登記，並且，考慮到過去國家電網公司無壞賬經歷，且電價補助由國家政府負擔，電價補助很可能可以全額收回，不過需遵從中國政府之資金分配時間安排。

Any deferral on the timing of receiving the tariff subsidy relative to the directors’ estimation in performing impairment assessment may result in potential impairment losses..

在執行減值評估時，延遲（相對於董事之估計）收取電價補助可能因折現影響而導致潛在之減值損失。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (COntinuEd)

4. 主要會計判斷及不確定估計之主要來源 （續）

Critical judgements in applying accounting policies (COntinuEd)

採用會計政策時之關鍵判斷（續）

Revenue recognition on tariff subsidy on sales of electricity and impairment assessment of contract assets of tariff adjustment receivables (COntinuEd)

電力銷售之電價補助收入確認及合同資產之應收電價補貼款減值評估 （續）

As disclosed in Note 22(i), as at 31 December 2018, the tariff adjustment receivables of RMB501,146,000 (2017: RMB130,324,000) was recognised by the power plants which have not been included in the Catalogue

如附註 22(i) 所披露，截至 2018 年 12 月 31 日，未列入目錄之電場已確認應收賬款人民幣 501,146,000 元（2017 年：人民幣 130,324,000 元）。

Key sources of estimation uncertainty

估計不確定性之主要來源

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets within the next financial year.

以下為在報告期末有關未來之關鍵假設和估計不確定性之其他關鍵來源之資訊，其存在會導致對下一個會計年度之資產帳面金額作出重大調整之重大風險。

Impairment of goodwill

商譽之減值

Determining whether goodwill is impaired requires an estimation of the recoverable amount of the cashgenerating units (“CGUs”) to which goodwill has been allocated, which is the higher of the value in use or fair value less costs of disposal. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the CGU and a suitable discount rate in order to calculate the present value. Where the actual future cash flows are less than expected, or change in facts and circumstances which results in downward revision of future cash, a material impairment loss may arise.

要確定商譽是否已發生減值，須對包含分配商譽在內之現金產出單元之可收回金額作出估計，其為使用價值或公允價值減去處置成本之較高者。計算使用價值時，本集團須估計現金產出單元預期產生之未來現金流量以及用以計算現值之適當折現率。如果實際之未來現金流量低於預期，或事實或情況之改變導致未來現金減少，則可能產生重大之減值損失。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (COntinuEd)

4. 主要會計判斷及不確定估計之主要來源 （續）

Key sources of estimation uncertainty (COntinuEd)

估計不確定性之主要來源（續）

Impairment of goodwill (COntinuEd)

商譽之減值（續）

As set out in note 18 to the consolidated financial statements, the annual impairment review performed by the management involves assumptions, including estimated online power quantity of each wind farm, projected installation capacity, expected tariff rate and discount rate, amongst others, that are subjective in nature and the Company is required to use judgment in applying such information. Depending on the complexity of deriving reasonable estimates of the recoverable amount of the CGU, the Group may perform such assessment utilising internal resources or the Group may engage external advisors to counsel the Group in making this assessment.

如綜合財務報表附註18 所載，管理層所執行之年度減值覆核涉及假設，包括各風電場之估計網上電量，預計裝機容量，預期電價稅率及折現率等主觀因素，公司需要判斷性地應用這些資訊。根據對現金產出單元可收回金額作出合理估計之複雜程度，本集團可利用內部資源進行評估，或聘請外部顧問以獲取相關意見。

An impairment loss is recognised in the consolidated statement of profit or loss whenever the carrying amount of an asset or a CGU or groups of CGUs exceeds its recoverable amount.

當一項資產或現金產出單元或現金產出單元組之帳面價值超過其可收回金額時，在綜合損益表中確認減值損失。

As at 31 December 2018, the carrying amount of goodwill was, RMB1,000,060,000 (2017: RMB1,000,060,000). No impairment (2017: RMB62,584,000) was recognised during the current year. Details of the recoverable amount calculation are disclosed in note 18 .

於 2018 年 12 月 31 日，商譽之帳面價值為人民幣 1,000,060,000 元（2017 年：人民幣 1,000,060,000 元）。於本年無確認減值（2017：人民幣 62,584,000 元）。有關可收回金額計算之詳細資訊於附註18 中披露。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (COntinuEd)

4. 主要會計判斷及不確定估計之主要來源 （續）

Key sources of estimation uncertainty (COntinuEd)

估計不確定性之主要來源（續）

Fair value measurement of financial instruments

金融工具之公允值計量

As at 31 December 2018, certain of the Group’s financial assets including unquoted equity instruments of RMB8,545,000 (note 21) and derivative component of the convertible loan amounting to RMB10,169,000 as at 31 December 2018 (2017: Nil) (note 34) are measured at fair values with fair values being determined based on unobserved inputs using valuation techniques. Judgement and estimation are required in establishing the relevant valuation techniques and the relevant inputs thereof. Changes in assumptions relating to these factors could affect the reported fair values of these instruments. See note 49 for further disclosures.

於 2018 年 12 月 31 日，本集團之某些金融資產，包括人民幣 8,545,000 元之非上市權益工具（附註：21）及人民幣 10,169,000 元之可轉換貸款衍生組成部分（2017 年：零）（附註：34），按公允值計量且公允值系使用估值技術根據不可觀察輸入資料確定。在確定相關之估價技術及其相關輸入資料時，需要作出判斷和估計。與這些因素有關的假設的變化可能影響這些工具之公允值。更多詳情載於附註49。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

5. SEGMENT INFORMATION

5. 分類資料

(a) Business segments

(a) 業務分類

The management has determined the operating segments based on the internal reports reviewed and used by executive directors of the Company, who are the chief operating decision markers (“CODM”), for strategic decision making.

管理層已根據本公司執行董事即主要經營決策者所審閱及於作出策略性決定時採用之內部報告作運營分類。

The CODM considers the business from a product and service perspective. The Group is organised into certain business units according to the nature of the products sold or services provided. The CODM reviews operating results and financial information of each business unit separately. Accordingly, each business unit (including joint ventures and associates) is identified as an operating segment. These operating segments with similar economic characteristics and similar nature of products sold or services provided have been aggregated into the following reporting segments:

本公司主要經營決策者從產品及服務角度分析業務。本集團按出售產品或提供服務之性質確定業務組織。主要經營決策者分別檢查分項業務之經營成果及財務架構，因此，每一個業務單元（包括合營企業及聯營公司），被認定為一個經營分類。此類具有類似經濟特徵及出售類似產品或提供類似服務之運營分類分為下述報告分類：

Power generation segment — operation of wind and solar power plants through subsidiaries, generating electric power for sale to external power grid companies, investing in power plants through joint ventures and associates;
發電業務分類 — 運營附屬公司之風力及太陽能發電電廠，生產電力出售予外部電網公司，並投資於合營企業及聯營公司電廠；
“Others”segment — provision of power p l a n t o p e r a t i o n a n d m a i n t e n a n c e services, provision of design, technical and consultancy services, undertaking electrical engineering and construction of power plant projects (the “engineering, procurement and construction business”), provision of finance lease services and energy internet services.
「其他」分類 — 電廠運行及維護服務，提供設計、技術及諮詢服務，承攬電廠項目之電力工程及建設「設計、採購及施工業務」，提供融資租賃服務及能源物聯網服務。

270

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

5. SEGMENT INFORMATION (COntinuEd)

5. 分類資料（續）

(a) Business segments (COntinuEd)

(a) 業務分類（續）

During the prior year, the engineering, procurement and construction business became a non-core business, however, this segment met the quantitative thresholds for the reportable segment. In the current year, this segment does not meet the quantitative thresholds for the reportable segment, and accordingly, this segment was grouped in “Others” segment.

於以往年度，設計、採購及施工業務已作為非核心業務核算，但該分部滿足報告分部之量化標準。而於本年度，該分部不再滿足報告分部之量化標準，因此，將該分部分組至「其他」分類中。

The CODM assesses the performance of the operating segments based on a measure of adjusted earnings before interest and income tax. This measurement basis excludes the effects of non-recurring income and expenditure from the operating segments.

本公司主要經營決策者根據經調整息稅前盈利之計量評估運營分類之表現。該計量基準不包括來自運營分類之非經常性收入及開支之影響。

Inter-segment sales and transfers are transacted with reference to the selling prices used for sales made to the third parties at the then prevailing market prices.

集團分類間銷售及轉讓參考以當時現行市價向獨立第三方進行銷售所採用之售價進行。

The accounting policies of the operating segments are the same as the Group’s accounting policies described in Note 3. Segment profit represents the profit earned by each segment without allocation of central administration costs, directors’ remuneration, certain other income, finance income and finance costs.

經營分部之會計政策與附註 3 中所述本集團之會計政策相同。分部收益指在未分配中心管理費用、董事報酬、其他收入、財務收入及財務成本情況下由各分部賺取之收益。

For the purposes of monitoring segment performance and allocating resources between segments, all assets and liabilities are allocated to operating segments other than assets and liabilities attributable to head office.

為監控分部履約及分配分部間資源之目的，將所有資產及負債分配給經營分部，歸屬於總部的資產和負債除外。

271

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

5. SEGMENT INFORMATION (COntinuEd)

5. 分類資料（續）

(a) Business segments (COntinuEd)
(a) 業務分類 （續）

Segment revenues and results, and segment assets and liabilities

分類收入及業績，及分類資產與負債

The following is an analysis of the Group’s revenue, results, assets and liabilities by reportable operating segment.

下表中列示本集團運營分類之收入、業績、資產及負債。

	Power Segment generation Others total Elimination 發電業務其他分類總計抵銷	Total 總計
For the year ended 31 December 2018 截至2018年12月31日止年度 Segment revenue 分類收入 Sales to external customers 售予對外客戶 Inter-segment sales 集團分類間銷售 Segment results 分類業績 Unallocated other gains and losses, net 不予分配之其他收益及虧損，淨額 Unallocated income 不予分配之收入 Unallocated expenses 不予分配之開支 Finance income 財務收入 Finance costs 財務成本 Profit before income tax 除所得稅前溢利 Income tax expense 所得稅開支 Profit for the year 本年度溢利 At 31 December 2018 於2018年12月31日 Segment assets 分類資產 Unallocated assets 不予分配之資產 Total assets 資產總值 Segment liabilities 分類負債 Unallocated liabilities 不予分配之負債 Total liabilities 負債總額	*RMB’000* *RMB’000* *RMB’000* *RMB’000* 人民幣千元人民幣千元人民幣千元人民幣千元 1,251,109 162,961 1,414,070 — — 177,229 177,229 (177,229)	*RMB’000* 人民幣千元 1,414,070 —
	1,251,109 340,190 1,591,299 (177,229)	1,414,070
	781,016 12,781 793,797 16,195,520 2,127,418 18,322,938 (11,400,462) (1,445,863) (12,846,325)	793,797 29,697 11,572 (15,699) 11,983 (301,210)
		530,140 (16,291)
		513,849
		18,322,938 89,870
		18,412,808
		(12,846,325) (19,744)
		(12,866,069)

Revenue from power generation comprised revenue generated from wind power plants and solar power plants of RMB906,206,000 and RMB344,903,000, respectively.
發電業務收入分別來自於風力發電廠及太陽能電廠，金額分別為人民幣 906,206,000 元及人民幣 344,903,000 元。

272

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

5. SEGMENT INFORMATION (COntinuEd)

5. 分類資料（續）

(a) Business segments (COntinuEd)
(a) 業務分類 （續）

Segment revenues and results, and segment assets and liabilities (COntinuEd)

分類收入及業績，及分類資產與負債 （續）

	Power generation Engineering, procurement and construction Others Segment total Elimination 發電業務設計、採購及施工其他分類總計抵銷	Total 總計
For the year ended 31 December 2017 截至2017年12月31日止年度 Segment revenue 分類收入 Sales to external customers 售予對外客戶 Inter-segment sales 集團分類間銷售 Segment results 分類業績 Unallocated other gains and losses, net 不予分配之其他收益及虧損，淨額 Unallocated income 不予分配之收入 Unallocated expenses 不予分配之開支 Finance income 財務收入 Finance costs 財務成本 Profit before income tax 除所得稅前溢利 Income tax expense 所得稅開支 Profit for the year 本年度溢利 At 31 December 2017 於2017年12月31日 Segment assets 分類資產 Unallocated assets 不予分配之資產 Total assets 資產總值 Segment liabilities 分類負債 Unallocated liabilities 不予分配之負債 Total liabilities 負債總額	RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 717,548 235,817 82,602 1,035,967 — — 1,386,271 46,306 1,432,577 (1,432,577)	RMB’000 人民幣千元 1,035,967 —
	717,548 1,622,088 128,908 2,468,544 (1,432,577)	1,035,967
	467,153 (107,703) 10,486 369,936 — 12,210,238 2,172,713 360,602 14,743,553 (6,369,865) (3,123,334) (48,240) (9,541,439)	369,936 72,023 6,438 (15,565) 22,637 (184,903)
		270,566 (63,948)
		206,618
		14,743,553 63,585
		14,807,138
		(9,541,439) (10,553)
		(9,551,992)

Revenue from power generation comprised revenue generated from wind power plants and solar power plants of RMB366,295,000and RMB351,253,000, respectively.
發電業務收入分別來自於風力發電廠及太陽能電廠，金額分別為人民幣 366,295,000 元及人民幣 351,253,000 元。

273

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

5. SEGMENT INFORMATION (COntinuEd)

5. 分類資料 （續）

(a) Business segments (COntinuEd)
(a) 業務分類 （續）

Other segment information

其他分類資料

For the year ended 31 December 2018

截至 2018 年 12 月 31 日止年度

	Power generation Others Unallocated Total 發電業務其他不可分配總計
*RMB’000* *RMB’000* *RMB’000* *RMB’000* 人民幣千元人民幣千元人民幣千元人民幣千元 Amounts included in the measure of segment profit or loss or segment assets: 總額計量包含於分類損益或分類資產： Additions to non-current assets (including property ,plant and equipment and land use rights) 非流動資產之增加（包含物業、廠房、設備及土及土地使用權） 3,649,247 9,001 — 3,658,248 Depreciation of property, plant and equipment 物業、廠房及設備之折舊 339,006 15,606 — 354,612 Amortisation of other intangible assets and land use rights 其他無形資產及土地使用權之攤銷 15,834 4,645 319 20,798 Share-based compensation 以股份為基準之付款 209 27 309 545 Interests in joint ventures and associates 於合營企業及聯營公司之權益 1,798,820 51,751 — 1,850,571 Share of profit/(loss) of joint ventures and associates, net 應佔合營企業及聯營公司應之溢利 ╱（虧損），淨額 149,619 (2,846) — 146,773 Amounts regularly provided to the COdM but not included in the measure of segment profit or loss or segment assets: 該金額為定期向主要經營決策者提供之金額，並未計入分類損益或分類資產計量中： Loss on disposal of property, plant and equipment, net 出售物業、廠房及設備之虧損，淨額 11,886 507 — 12,393 Impairment loss on trade receivables 應收貿易賬款減值 — 11,906 — 11,906 Impairment loss on other receivables 其他應收款項減值 3,977 1,560 — 5,537 Finance income 財務收入 (3,261) (8,722) — (11,983) Finance costs 財務成本 299,158 2,052 — 301,210 Income tax expense 所得稅開支 13,323 2,968 — 16,291	*RMB’000* *RMB’000* *RMB’000* *RMB’000* 人民幣千元人民幣千元人民幣千元人民幣千元 3,649,247 9,001 — 3,658,248 339,006 15,606 — 354,612 15,834 4,645 319 20,798 209 27 309 545 1,798,820 51,751 — 1,850,571 149,619 (2,846) — 146,773

Power
generation
Others
Unallocated
Total
發電業務
其他
不可分配
總計

RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
人民幣千元
Amounts included in the measure
of segment profit or loss or
segment assets:
總額計量包含於分類損
益或分類資產：
Additions to non-current assets
(including property ,plant
and equipment and land use
rights)
非流動資產之增加
（包含物業、廠
房、設備及土及
土地使用權）
3,649,247
9,001
—
3,658,248
Depreciation of property, plant
and equipment
物業、廠房及設備
之折舊
339,006
15,606
—
354,612
Amortisation of other
intangible assets and land
use rights
其他無形資產及土
地使用權之攤銷
15,834
4,645
319
20,798
Share-based compensation
以股份為基準之付
款
209
27
309
545
Interests in joint ventures and
associates
於合營企業及聯營
公司之權益
1,798,820
51,751
—
1,850,571
Share of profit/(loss) of joint
ventures and associates, net
應佔合營企業及聯
營公司應之溢利
╱（虧損），淨額
149,619
(2,846)
—
146,773
Amounts regularly provided to the
COdM but not included in the
measure of segment profit or
loss or segment assets:
該金額為定期向主要經
營決策者提供之金
額，並未計入分類
損益或分類資產計
量中：
Loss on disposal of property,
plant and equipment, net
出售物業、廠房及設備
之虧損，淨額
11,886
507
—
12,393
Impairment loss on trade
receivables
應收貿易賬款減值
—
11,906
—
11,906
Impairment loss on other
receivables
其他應收款項減值
3,977
1,560
—
5,537
Finance income
財務收入
(3,261)
(8,722)
—
(11,983)
Finance costs
財務成本
299,158
2,052
—
301,210
Income tax expense
所得稅開支
13,323
2,968
—
16,291

RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
人民幣千元
3,649,247
9,001
—
3,658,248
339,006
15,606
—
354,612
15,834
4,645
319
20,798
209
27
309
545
1,798,820
51,751
—
1,850,571
149,619
(2,846)
—
146,773

274

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

5. SEGMENT INFORMATION (COntinuEd)

5. 分類資料（續）

(a) Business segments (COntinuEd)
(a) 業務分類 （續）

Other segment information (COntinuEd)

其他分類資料 （續）

For the year ended 31 December 2017

截至 2017 年 12 月 31 日止年度

				Engineering,
			Power	procurement,
			generation	and construction	Others	Unallocated	Total
				設計、採購
			發電業務	及施工	其他	不可分配	總計
			RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
			人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Amounts included in the	總額計量包含於分類損益
measure of segment profit		或分類資產：
or loss or segment assets:
Additions to non-current assets		非流動資產之增加（包含
(including property ,plant		物業、廠房、設備及
and equipment and land use		土及土地使用權）
rights)			3,295,579	5,027	4,402	—	3,305,008
Depreciation of property, plant		物業、廠房及設備之折舊
and equipment			213,740	13,770	3,979	—	231,489
Amortisation of other		其他無形資產及土地使用
intangible asset and land		權之攤銷
use rights			9,207	4,648	—	319	14,174
Share-based compensation		以股份為基準之付款	945	315	105	1,787	3,152
Interests in joint ventures and		於合營企業及聯營公司之
associates		權益	1,677,493	—	—	—	1,677,493
Share of profit/(loss) of joint		應佔合營企業及聯營公司
ventures and associates, net		應之溢利╱（虧損），
		淨額	127,451	(265)	—	—	127,186
Amounts regularly provided to	該金額為定期向主要經營
the COdM but not included		決策者提供之金額，
in the measure of segment		並未計入分類損益或
profit or loss or segment		分類資產計量中：
assets:
Write-down of inventories		存貨減值	3,518	13,353	—	—	16,871
Loss on disposal of property,		出售物業、廠房及設備之
plant and equipment, net		虧損，淨額	4,462	1,598	—	—	6,060
Impairment loss on goodwill		商譽減值	—	62,584	—	—	62,584
Impairment loss on trade		應收貿易賬款減值
receivables				8,590	1,002	—	9,592
Impairment loss on other		其他應收款項減值
receivables			19,386	—	—	—	19,386
Reversal of impairment loss		應收合營企業款項減值之
on amounts due from joint		轉回
ventures			—	(3,641)	—	—	(3,641)
Gain from a bargain purchase		折價購買利得	—	—	(1,213)	—	(1,213)
Finance income		財務收入	(6,968)	(15,614)	(55)	—	(22,637)
Finance costs		財務成本	172,838	12,065	—	—	184,903
Income tax expense		所得稅開支	37,190	22,250	4,508	—	63,948

275

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

5. SEGMENT INFORMATION (COntinuEd)

5. 分類資料（續）

(b) Geographical segments

(b) 地區分類

The Group’s operations are mainly located in the PRC and the remaining operations are located in the United States of America and Hong Kong.

本集團主要經營地址位於中華人民共和國（「中國」），其他經營地址包括美國及香港。

Information about the Group’s revenue from external customers is presented based on the location of the customers. Information about the Group’s non-current assets (excluding deferred tax assets and financial assets) is presented based on the geographical location of the assets.

本集團來自外部客戶之收入信息，根據外部客戶之地理位置確定。本集團之非流動資產信息根據資產之地理位置確認（除遞延所得稅資產及金融資產）。

	Revenue Year ended 31 December 截於12 月31 日止年度收入 2018 2017	Non-current assets At 31 December 於12 月31 日非流動資產
		2018 2017
The PRC 中國 Others 其他地區	*RMB’000* RMB’000 人民幣千元人民幣千元 1,382,822 1,012,096 31,248 23,871	*RMB’000* RMB’000 人民幣千元人民幣千元 13,563,562 10,025,511 836,121 763,333
	1,414,070 1,035,967	14,399,683 10,788,844

(c) Information about major customers

(c) 主要客戶資訊

Four (2017: three) external customers individually contribute more than 10% of the total revenue of the Group. The revenue of these customers is summarised below:

四名（2017：三名）外部客戶均佔本集團收入逾 10%。此等收入之客戶概述如下︰

		2018	2017
		*RMB’000*	RMB’000
		人民幣千元	人民幣千元
Customer A	客戶A	292,284	112,969
Customer B	客戶B	213,433	195,227
Customer C	客戶C	170,245	N/A*
Customer D	客戶D	162,178	109,038

Revenue from customers above are attributable to power generation segment.

上述客戶之收入均歸屬於發電業務分類。

The corresponding revenue did not contribute over 10% of the total revenue of the Group.
相應之收入貢獻未超過全部集團收入之 10%。

276

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

6. REVENUE

6. 收入

6.1 For the year ended 31 December 2018

6.1 截至 2018 年 12 月 31 止年度

An analysis of the Group’s revenue for the year ended 31 December 2018 is as follows:

截至 2018 年 12 月 31 日止年度本集團之收入分析如下：

		Power
		generation	Others	Total
		發電業務	其他	總計
		*RMB’000*	*RMB’000*	*RMB’000*
		人民幣千元	人民幣千元	人民幣千元
Revenue from contracts with	基於客戶合同之收入
customers	確認
Sales of electricity:	售電收入：
Basic electricity price	標杆電價收入	717,080	—	717,080
Renewable energy subsidy	可再生能源補貼
(note)	收入（附註）	529,095	—	529,095
Power plant operation and	電廠運行及維護
maintenance services	收入	—	95,803	95,803
Engineering, procurement	設計、採購及施工
and construction	收入	—	28,791	28,791
Provision of design services	提供設計服務收入	—	14,296	14,296
Provision of technical and	提供技術及諮詢服
consultancy services	務收入	—	10,987	10,987
Provision of agency service	設備銷售代理收入
on sale of equipment		—	7,403	7,403
Other revenue	其他收入	—	1,664	1,664
		1,246,175	158,944	1,405,119
Finance lease income	融資租賃收入	—	4,017	4,017
Financing component interest	融資成分利息收入
income		4,934	—	4,934
Total revenue	收入總計	1,251,109	162,961	1,414,070

277

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

6. REVENUE (COntinuEd)

6. 收入 （續）

6.1 For the year ended 31 December 2018 (COntinuEd)
6.1 截至 2018 年 12 月 31 止年度 （續）
note: Renewable energy subsidy is provided by the relevant PRC government authorities to the wind and solar power plants operate in the PRC, subject to the fulfilment of certain conditions. As further explained in Note 4, approval for the registration in the Catalogue is required before the allocation of renewable energy subsidy by the relevant PRC government authorities.

附註：可再生能源補貼收入是根據中國政府機關針對於中國經營之風力和太陽能電廠之資金分配額，並按照入網單位電價批復檔和電力供應合同規定確定。誠如附註 4 所述，在中國政府機關進行補助分配前，須申請註冊目錄。

An analysis of timing of revenue recognition for revenue from contracts with customers is as follows:

與客戶簽訂之合同收入按收入確認時間分析如下：

Power
generation
Others
Total
發電業務
其他
總計

RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
A point in time:
按時點確認：
Sales of electricity
售電收入
1,246,175
—
1,246,175
Engineering, procurement
and construction
設計、採購及施工
收入
—
28,791
28,791
Provision of design services
提供設計服務收入
—
14,296
14,296
Provision of technical and
consultancy services
提供技術和諮詢服
務收入
—
10,987
10,987
Provision of agency service
on sale of equipment
設備銷售代理收入
—
7,403
7,403
Other revenue
其他收入
—
1,664
1,664
1,246,175
63,141
1,309,316
Over time:
按進度確認：
Power plant operation and
maintenance services
電廠運行及維護
收入
—
95,803
95,803
Revenue from contracts with
customers
基於客户合同之收入
確認
1,246,175
158,944
1,405,119

RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
1,246,175
—
1,246,175
—
28,791
28,791
—
14,296
14,296
—
10,987
10,987
—
7,403
7,403
—
1,664
1,664

1,246,175
63,141
1,309,316
—
95,803
95,803

278

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

6. REVENUE (COntinuEd)

6. 收入 （續）

6.1 For the year ended 31 December 2018

6.1 截至 2018 年 12 月 31 止年度 （續）
(COntinuEd)

Set out below is the reconciliation of the revenue with the amounts disclosed in the segment information.

以下是與客戶簽訂之收入與分部報告中披露金額之間之對帳。

		Segment		Con-
		revenue	Elimination	solidated
		分部收入	抵銷	損益報收入
		*RMB’000*	*RMB’000*	*RMB’000*
		人民幣千元	人民幣千元	人民幣千元
Revenue from contracts with	基於客户合同之收入
customers:	確認：
Sales of electricity	售電收入	1,246,175	—	1,246,175
Power plant operation and	電廠運行及維護
maintenance services	收入	153,924	(58,121)	95,803
Engineering, procurement	設計、採購及施工
and construction	收入	54,935	(26,144)	28,791
Provision of agency service	設備銷售代理收入
on sale of equipment		10,300	(2,897)	7,403
Provision of design services	提供設計服務收入	36,583	(22,287)	14,296
Provision of technical and	提供技術及諮詢
consultancy services	服務收入	67,643	(56,656)	10,987
Other revenue	其他收入	3,481	(1,817)	1,664
Revenue from contracts with	基於客户合同之收入
customers	確認	1,573,041	(167,922)	1,405,119
Finance lease income	融資租賃收入	13,324	(9,307)	4,017
Financing component interest	融資成分利息收入
income		4,934	—	4,934
Total revenue	收入總計	1,591,299	(177,229)	1,414,070

279

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

6. REVENUE (COntinuEd)

6. 收入 （續）

6.1 For the year ended 31 December 2018 (COntinuEd)
6.1 截至 2018 年 12 月 31 止年度 （續）

Performance obligations for contracts with

與客戶簽訂合同之履行義務

customers

The Group’s revenue is mainly generated from the sale of electricity, the provision of power plant operation and maintenance services, provision of agency service on sale of equipment, the provision of design, technical and consultancy services, and finance lease income.

本集團之收入主要來自售電收入、提供電廠運營和維護服務、出售設備代理服務、提供設計、技術和諮詢服務以及融資租賃收入。

The revenue from the sale of electricity comprises of basic electricity price and renewable energy subsidy. For the renewable energy subsidy related to power plants not yet registered in the Catalogue, the related receivables are classified as contract assets upon the application of HKFRS 15. Such contract assets are transferred to trade receivables upon the completion of the registration in the Catalogue. More details are set out in Note 22(i).

售電收入包括標杆電價收入及可再生能源補貼收入。對於尚未進入目錄中登記之發電廠相關之可再生能源補貼收入，相關應收款項根據香港財務報告準則第 15 號之規定歸類為合同資產。此類合同資產在進入目錄登記完成後轉入應收貿易款項。更多詳情見附註 22(i)。

Transaction price allocated to the remaining

performance obligation for contracts with

分配至剩餘客戶合約履約義務之交易價格

customers

Contracts for power plant operation and maintenance services are typically have a 1-year non-cancellable term in which the Group bills on a monthly fixed amount. The Group elected to apply the practical expedient by recognising revenue in the amount to which the Group has right to invoice.

通常，發電廠運行及維修服務相關合約的不可撤回期限為 1 年，本集團於該等期間於每月開具固定金額的票據。本集團選擇通過於本集團有權開票之金額中確認收入應用權宜處理方法。

All other contracts are for periods of one year or less. As permitted by HKFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.

所有其他合約之不可撤回期限均為 1 年或短於 1 年。經香港財務報告準則第 15 號批准，分配至該等未履行合約之交易價格未作披露。

280

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

6. REVENUE (COntinuEd)

6. 收入 （續）

6.2 For the year ended 31 December 2017

6.2 截至 2017 年 12 月 31 止年度

An analysis of the Group’s revenue for the year is as follows:

收入之分析如下：

	RMB’000 人民幣千元
Sales of electricity: 售電收入： Basic electricity price 標杆電價收入 Renewable energy subsidy 可再生能源補貼收入 Engineering, procurement and construction 設計、採購及施工收入 Power plant operation and maintenance services 電廠運行及維護收入 Finance lease income 融資租賃收入 Other revenue 其他收入	347,918 369,630 235,817 79,461 3,035 106
	1,035,967

281

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

7. OTHER INCOME

7. 其他收入

An analysis of the Group’s other income for the year is as follows:

其他收入之分析如下︰

	2018 2017
Interest income 利息收入 Tax refunds_(note ii) 稅費返還（附註ii） Government grants(note i) 政府補助（附註i） Rental income 租金收入 Guarantee income(note iii)_ 擔保收入（附註iii） Others 其他	*RMB’000* RMB’000 人民幣千元人民幣千元 11,983 22,637 9,301 2,412 3,765 1,908 1,496 5,051 — 8,364 4,133 3,221
	30,678 43,593

note:

附註：

(i) During the year, the Group obtained government grants of RMB2,902,000 (2017: RMB5,777,000) to promote the development of renewable energy and investments in certain provinces in the PRC. There are no unfulfilled conditions or contingencies relating to these grants. Government grants for which related to the investments in power plants are included in deferred income and are credited to profit or loss on a systematic basis over the useful lives of the related assets. Further details are disclosed in note 36 .
(i) 於本年內，本集團取得政府補助人民幣 2,902,000 元（2017：人民幣 5,777,000 元）用於推動位於中國之可再生能源之發展投資。目前已滿足該等補助之所有前提和條件。與電廠投資相關之政府補助計入遞延收益，並以系統基準在相關資產之使用年期內貸記入損益。詳情載列於附註 36。
(ii) The amounts mainly represent refunds of valueadded tax and other taxes received from the PRC tax authorities.
(ii) 該金額主要是從中國稅務機關收取之增值稅和其他稅款返還。
(iii) The amounts in the prior year mainly represented guarantee fees earned for providing financial guarantees to a former subsidiary. The financial guarantees were expired during the prior year.
(iii) 該金額是對原附屬公司提供金融擔保賺取之擔保收入。該金融擔保已於前一年內到期。

282

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

8. OTHER GAINS AND LOSSES, NET

8. 其他收益及虧損 , 淨額

An analysis of other gains and losses, net is as follows:

其他收益及虧損淨額之分析如下：

2018
2017

Gain on disposal/de-registration of
subsidiaries and associates, net
(note 39(b) and 39(c))
出售╱註銷附屬公司及聯
營公司之收益，淨額
（附註39(b)及39(c)）
Fair value gains on financial assets at
FVTPL
按公允價值計入損益之金融
資產之公允價值變動收益
Fair value gains on derivative
component of convertible loan
(note 34)
可換股貸款之公允價值變
動收益（附註34）
Loss on disposal of property, plant and
equipment_(notes 39(d))
出售物業、廠房及設備之
虧損（附註39(d)）
Impairment loss on goodwill(note 18)
商譽減值（附註18）
Write-down of inventories(note 26)
存貨減值（附註26）
Gain from a bargain purchase
(note 42)_
折價購買利得（附註42）
Exchange gain/(loss), net
匯兌收益╱（虧損），淨額
Adjustments of sales proceeds of prior
year’s disposal of subsidiaries
以前年度處置附屬公司之
調整
Others
其他

RMB’000
RMB’000
人民幣千元
人民幣千元
25,066
172,198
42,750
16,644
11,307
—
(12,393)
(6,060)
—
(62,584)
—
(16,871)
—
1,213
204
(88)
(17,970)
—
(1,824)
(7,092)

47,140
97,360

283

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

9. IMPAIRMENT LOSSES, NET OF REVERSAL

9. 減值損失，轉回之淨額

	2018 2017
Impairment loss on trade receivables (note 23) 應收貿易賬款減值（附註23） Impairment loss on other receivables (note 24) 其他應收款項減值（附註24） Reversal of impairment loss on amounts due from joint ventures 應收合營企業款項減值之轉回	*RMB’000* RMB’000 人民幣千元人民幣千元 (11,906) (9,592) (5,537) (19,386) — 3,641
	(17,443) (25,337)

Details of impairment assessment of financial assets for the year ended 31 December 2018 are set out in note 48 .

截至 2018 年 12 月 31 日年度金融資產之減值評估詳情見附註48。

10. EMPLOYEE BENEFIT EXPENSE (INCLUDING DIRECTORS’ EMOLUMENTS)

10. 僱員福利開支（包含董事酬金）

	2018 2017
Wages, salaries and bonuses 工資、薪金及獎金 Pension costs — defined contribution plans_(note (i)) 退休金成本—定額供款計劃（附註(i)） Share-based compensation(note 38) 以股份為基準之付款（附註38） _Less:_Employee benefit expense capitalised(note(ii))_ 減：資本化僱員福利開支（附註(ii)）	*RMB’000* RMB’000 人民幣千元人民幣千元 185,330 144,647 35,615 28,077 545 3,152
	221,490 175,876
	(36,254) (24,987)
	185,236 150,889

284

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

10. EMPLOYEE BENEFIT EXPENSE (INCLUDING DIRECTORS’ EMOLUMENTS) (COntinuEd)

10. 僱員福利開支（包含董事酬金）（續）

notes:

附註：

(i) As at 31 December 2018, the Group had no significant forfeited contributions available to reduce its contributions to the pension scheme in future years (2017: nil).
(i) 於 2018 年 12 月 31 日，本集團無重大被沒收供款可用於扣減其未來年度退休金計劃供款（2017：無）。
(ii) Employee benefit expense has been capitalised as construction in progress under property, plant and equipment as at 31 December 2018.
(ii) 此外，於 2018 年 12 月 31 日，僱員福利開支已資本化計入物業、廠房及設備中在建工程。

Five highest paid individuals

五名最高薪人士

The five individuals whose emoluments were the highest in the Group for the current and prior year are all directors whose emoluments are reflected in the analysis shown in Note 46.

本集團年內及上年五名最高薪人士全部是董事，其酬金反映在附註 46 之分析中。

11. FINANCE COSTS

11. 財務成本

	2018 2017
Interest expenses on: 利息支出： — Bank borrowings —銀行借款 — Other borrowings —其他借款 — Loans from a joint venture —合營企業之貸款 — Senior notes and bonds payable (note 33) —優先票據及債券之應付款項（附註33） — Convertible loan_(note 34) —可換股貸款（附註34） _Less:_Interest capitalised(note)_ 減：利息資本化（附註）	*RMB’000* RMB’000 人民幣千元人民幣千元 214,439 203,599 90,137 27,450 — 585 123,768 12,695 11,222 —
	439,566 244,329
	(138,356) (59,426)
	301,210 184,903

note:

附註：

During the year, borrowing costs have been capitalised at various applicable rates ranging from 4.4% to 8.3% (2017: 2.9% to 7.2%) per annum for qualified assets classified as construction in progress under property, plant and equipment.

本年度內，在物業、廠房及設備下之在建工程中，被界定為合格資產之借款費用按各自適用之 4.4% 至 8.3%（2017 年：2.9% 至 7.2%）之年利率進行資本化。

285

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

12. PROFIT BEFORE INCOME TAX

12. 除所得稅前溢利

Profit before income tax is arrived at after charging the following:

除所得稅前溢利已扣除下列各項：

2018
2017

Cost of sales and services rendered
included:
銷售產品及服務成本包括:
Direct operating costs for power
generation
電廠運行之直接成本
Cost of power plant operation and
maintenance services
電廠運行及維護成本
Cost of provision of design services
設計服務成本
Cost of provision of technical and
consultancy services
技術和諮詢服務成本
Cost of provision of agency service
on sale of equipment
設備銷售代理成本
Cost of engineering, procurement
and construction
施工、採購及製造成本
Cost of finance lease
融資租賃成本
Cost of other revenue
其他成本

RMB’000
RMB’000
人民幣千元
人民幣千元
425,487
289,319
68,199
55,932
10,226
2,545
10,415
7,458
4,367
—
26,489
286,979
1,120
818
1,297
701

547,600
643,752

286

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

12. PROFIT BEFORE INCOME TAX (COntinuEd)

12. 除所得稅前溢利（續）

	2018 2017
*RMB’000* RMB’000 人民幣千元人民幣千元 Depreciation of property, plant and equipment 物業、廠房及設備之折舊 354,612 231,489 Amortisation of land use rights 土地使用權攤銷 20,479 13,855 Amortisation of other intangible assets 其他無形資產攤銷 319 319 Total depreciation and amortization 折舊及攤銷總額 375,410 245,663 _Less:_Amount capitalised as construction in progress under property, plant and equipment 減：計入物業、廠房及設備之在建工程之資本化金額 (7,887) (8,136) Total depreciation and amortisation charged to profit or loss 計入損益之折舊和推銷總額 367,523 237,527 Amount included in cost of sales and services rendered 計入提供服務及銷售成本金額 (357,739) (228,439) Amount included in administrative expenses 計入管理費用之金額 9,784 9,088 Auditor’s remuneration 核數師酬金 2,633 2,492 Operating lease payments 經營租金 23,119 18,446	*RMB’000* RMB’000 人民幣千元人民幣千元 354,612 231,489 20,479 13,855 319 319
	367,523 237,527 (357,739) (228,439)
	9,784 9,088
	2,633 2,492 23,119 18,446

287

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

13. INCOME TAX EXPENSE

13. 所得稅開支

	2018 2017
Current tax 當期稅項 — PRC corporate Income tax —中國企業所得稅 — PRC dividend withholding tax —中國股息預扣稅 (Overprovision)/underprovision in prior years: 過往期間（多）╱少計提稅金： PRC corporate Income tax 中國企業所得稅 Deferred tax_(note 35)_ 遞延稅項（附註35）	*RMB’000* RMB’000 人民幣千元人民幣千元 17,242 49,658 1,070 15,861 (8,056) 7,441 6,035 (9,012)
	16,291 63,948

No provision for taxation in Hong Kong has been made as the Group did not generate any assessable profits arising from Hong Kong during the year (2017: nil)

本集團於本年度內未在香港產生任何可評估溢利，故未對香港利得稅計提撥備（2017：無）。

PRC corporate income tax is provided for at the rate of 25% (2017: 25%) for the year of the profits for the PRC statutory financial reporting purpose, adjusted for those items which are not assessable or deductible for the PRC corporate income tax purpose

就中國法定財務申報而言，中國企業所得稅按照本年度溢利之 25%（2017： 25%）之稅率計提撥備，並根據中國企業所得稅，就毋須納稅或不可扣減之項目作出調整。

Taxation arising from other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions. During the year, no provisions for income tax have been made in other jurisdictions as the Group had no assessable profit generated from other jurisdictions (2017: nil).

從其他司法權區所產生之稅收是在有關司法權區之現行稅率計算。本期本集團不存在來自其他管轄區之應稅收益，因此並未產生其他司法管轄區之稅收（2017 年：無）。

The law of the PRC on corporate income tax provides that qualified dividend income between two “resident corporates” that have a direct investment relationship is exempted from income tax. Otherwise, such dividends will be subject to 5% to 10% withholding tax under the tax treaty or the domestic law. The Group is currently subject to withholding tax at 5% to 10%.

根據中國人民共和國企業所得稅法規定，在擁有直接投資關係之兩個」居民企業」之間進行之股息分配，如符合規定條件，可以免稅。否則，根據此稅收規定或國內法律，將對上述股息代扣 5% 至 10% 之所得稅。本集團本年應遵循代扣 5% 至 10% 所得稅之規定。

288

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

13. INCOME TAX EXPENSE (COntinuEd)

13. 所得稅開支（續）

The tax charge for the year can be reconciled to the profit before income tax per the consolidated statement of profit or loss as follows:

本年度所得稅開支與綜合損益表之除所得稅前溢利對賬如下：

2018
2017

Profit before income tax
除所得稅前溢利
Tax calculated at domestic income tax
rate of 25% (2017: 25%)(note (i))
各地溢利按適用之當地稅率
25%（2017: 25%）
（附註(i)）計算
Effect of preferential tax rates of
certain subsidiaries_(note (ii))
若干附屬公司優惠稅率之影
響（附註(ii)）
Tax effect of share of results of
associates and joint ventures
所呈報聯營公司及合營企業
分享損益之稅項影響
Income not subject to tax
無需課稅之收入
Expenses not deductible for tax
purposes
不可扣稅之開支
(Overprovision)/Underprovision in prior
years
過往期間（多）╱少計提稅金
Effects of tax holiday on assessable
profits of subsidiaries established in
the PRC(note (iii))_
免稅期對於中國註冊成立之
附屬公司之應課稅溢利之
影響（附註(iii)）
Tax effect of tax losses not recognised
沒有確認遞延稅項資產之
虧損
Utilisation of previously unrecognised
tax losses and unrecognised
temporary differences
利用過往未確認之稅項虧損
及暫時性差異
Tax effect of temporary differences not
recognised
本集團之未變現收益所產生
之暫時差額
Recognition of withholding tax in
current year
確認本年度之預提稅項

RMB’000
RMB’000
人民幣千元
人民幣千元
530,140
270,566
132,535
67,642
(2,878)
(15,190)
(36,693)
(31,797)
(17,716)
(11,979)
29,708
38,118
(8,056)
7,441
(116,160)
(57,271)
57,486
25,230
(28,466)
(11,680)
5,461
37,573
1,070
15,861

16,291
63,948

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

13. INCOME TAX EXPENSE (COntinuEd)

13. 所得稅開支（續）

notes:

附註：

(i) The domestic tax rate (which is PRC corporate income tax rate) in the jurisdiction where the operation of the Group is substantially based is used.
(i) 本集團使用運營實質所在管轄地區之稅率（即中國企業所得稅率）。
(ii) Certain subsidiaries resided in western China or engaged in high-technology industry are entitled to preferential income tax rate of 9% and 15% respectively (2017: 9% and 15% respectively).
(ii) 部分屬於中國西部地區或從事高新技術產業之附屬公司分別享受 9% 和 15% 之優惠所得稅率（2017 年：9% 和 15%）。
(iii) Certain subsidiaries of the Group established in the PRC are entitled to preferential tax treatments including three years exemption followed by three years of 50% tax reduction. The first year exemption started from 2013 to 2018.
(iii) 本集團中國內地若干附屬公司享有稅務優惠，包括三年免稅期及於隨後三年獲減免一半稅項，免稅期第一年從 2013 至 2018 年開始。

14. EARNINGS PER SHARE

14. 每股盈利

Basic

基本

Basic earnings per share is calculated by dividing the profit attributable to owners of the Company of RMB502,406,000 (2017: RMB200,036,000) by the weighted average number of 8,549,412,000 (2017: 8,574,740,000) ordinary shares in issue during the year, after adjusting the effect of shares repurchased and held by the Company’s share award scheme.

基本每股盈利是通過調整本公司股份獎勵計畫回購和持有之股票之影響，將本公司股東應佔溢利人民幣 502,406,000 元（2017 年：人民幣 200,036,000 元）除以年內已發行普通股之加權平均股數 8,549,412,000（2017 年：8,574,740,000）計算得出。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

14. EARNINGS PER SHARE (COntinuEd)

14. 每股盈利 （續）

Diluted

攤薄

Diluted earnings per share is calculated by adjusting 每股攤薄盈利是經調整已發行普通股之 the weighted average number of ordinary shares 加權平均數至假設兌換股份獎勵計劃及 outstanding to assume conversion of all dilutive 可換股貸款之所有攤薄潛在普通股計 potential ordinary shares from the share award 算。 scheme and the convertible loan.

	2018 2017
Earnings: 溢利： Earnings for the purpose of basic earnings per share_(RMB’000) 基本每股盈利之溢利（人民幣千元） Effect of dilutive potential ordinary shares: 攤薄潛在普通股份之影響： Adjustments on convertible loan (RMB’000) (note 34) 可換股貸款之調整（人民幣千元）（附註34） Earnings for the purpose of diluted earnings per share (RMB’000) 攤薄每股盈利之溢利（人民幣千元） Number of shares: 股份數： Weighted average number of ordinary shares for the purpose of basic earnings per share (thousands) 基本每股盈利之普通股份之加權平均數（千股） Effect of dilutive potential ordinary shares: 攤薄潛在普通股份之影響： Adjustment for effect of dilutive potential shares: 攤薄潛在普通股份之調整： Share award scheme(thousands) 股份獎勵計劃（千股） Convertible loan(thousands) 可換股貸款（千股） Weighted average number of ordinary shares for the purpose of diluted earnings per share (thousands)_ 每股攤薄盈利之普通股加權平均數（千股）	502,406 200,036 15,328 —
	517,734 200,036
	8,549,412 8,574,740 3,588 20,584 263,598 —
	8,816,598 8,595,324

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

15. DIVIDEND

15. 股息

	2018 2017
Dividends for ordinary shareholders of the Company recognised as distribution during the year: 於本年度內本公司普通股股東股息分配之確認: 2017 Final — HK$0.01 (2016: HK$0.01) per share 2017年末 — 每股0.01港元（2016:每股0.01港元）	*RMB’000* RMB’000 人民幣千元人民幣千元 73,154 74,758
	73,154 74,758

Subsequent to the end of the reporting period, final dividend in respect of the year ended 31 December 2018 of HK$0.02 per ordinary share has been proposed by the directors of the Company and is subject to approval by the shareholders at the forthcoming general meeting (2017: final dividend in respect of the year ended 31 December 2017 of HK$0.01 per ordinary share has been proposed by the directors of the Company and approved by the shareholders at the general meeting held on 28 May 2018).

於本報告期期後，本公司董事已提呈截至 2018 年 12 月 31 日止年度之末期股息每股 0.02 港元，並須股東於即將舉行之股東周年大會上批准（2017：本公司董事已提呈截止 2017 年 12 月 31 日止年度之末期股息每股 0.01 港元，並已經股東於 2018 年 5 月 28 日舉行之股東周年大會上批准）。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

16. PROPERTY, PLANT AND EQUIPMENT

16. 物業、廠房及設備

	Buildings Leasehold improvements Power plant equipment Office furniture and fixtures Motor vehicles Construction in progress Total 樓宇租賃物業裝修電廠設備辦公傢俱汽車在建工程總額
Cost: 成本值： As at 1 January 2018 於2018年1月1日 Additions 添置 Disposals_(note 39(d)) 出售（附註39(d)） Reclassifications 重分類 Disposal of subsidiaries (note 39(b)) 處置附屬公司（附註39(b)） As at 31 December 2018 於2018年12月31日 Accumulated depreciation: 累計折舊： As at 1 January 2018 於2018年1月1日 Charge for the year 本年度支出 Disposals(note 39(d)) 出售（附註39(d)） Disposal of subsidiaries (note 39(b))_ 處置附屬公司（附註39(b)） As at 31 December 2018 於2018年12月31日 Net carrying value: 賬面淨值 As at 31 December 2018 於2018年12月31日	*RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 635,459 27,863 5,315,498 43,777 50,657 1,675,634 7,748,888 — — 10,472 27,443 11,177 3,506,926 3,556,018 (36) — (5,837) (402) (2,980) (11,586) (20,841) 188,838 — 2,889,314 — — (3,078,152) — — — — (35) — (59,895) (59,930)
	824,261 27,863 8,209,447 70,783 58,854 2,032,927 11,224,135
	55,714 26,091 438,410 24,458 32,421 — 577,094 28,294 33 312,249 9,079 4,957 — 354,612 (16) — (1,731) (83) (2,831) — (4,661) — — — (16) — — (16)
	83,992 26,124 748,928 33,438 34,547 — 927,029
	740,269 1,739 7,460,519 37,345 24,307 2,032,927 10,297,106

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

16. PROPERTY, PLANT AND EQUIPMENT (COntinuEd)

16. 物業、廠房及設備（續）

	Buildings Leasehold improvements Power plant equipment Office furniture and fixtures Motor vehicles Construction In progress Total 樓宇租賃物業裝修電廠設備辦公傢俱汽車在建工程總額
Cost: 成本值： As at 1 January 2017 於2017年1月1日 Additions 添置 Disposals_(note 39(d)) 出售（附註39(d)） Reclassifications 重分類 Disposal of subsidiaries 處置附屬公司 Acquisition of a subsidiary (note 42) 收購附屬公司（附註42） As at 31 December 2017 於2017年12月31日 Accumulated depreciation: 累計折舊： As at 1 January 2017 於2017年1月1日 Charge for the year 本年度支出 Disposals(note 39(d))_ 出售（附註39(d)） Disposal of subsidiaries 處置附屬公司 As at 31 December 2017 於2017年12月31日 Net carrying value: 賬面淨值 As at 31 December 2017 於2017年12月31日	RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 295,416 27,765 2,589,170 37,597 43,263 1,629,462 4,622,673 336 98 9,859 6,653 10,015 3,134,888 3,161,849 — — (2,595) (462) (2,621) (4,383) (10,061) 339,707 — 2,719,064 — — (3,058,771) — — — — (16) — (25,562) (25,578) — — — 5 — — 5
	635,459 27,863 5,315,498 43,777 50,657 1,675,634 7,748,888
	39,562 24,789 248,089 21,247 29,732 — 363,419 16,152 1,302 191,088 3,660 4,337 — 216,539 — — (767) (436) (1,648) — (2,851) — — — (13) — — (13)
	55,714 26,091 438,410 24,458 32,421 — 577,094
	579,745 1,772 4,877,088 19,319 18,236 1,675,634 7,171,794

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

16. PROPERTY, PLANT AND EQUIPMENT (COntinuEd)

16. 物業、廠房及設備（續）

(a) The above items of property, plant and equipment, except for construction in progress, depreciation is calculated using the straight-line method to allocate their costs to their residual values over their estimated useful lives, as follows:
(a) 以上固定資產，除在建工程外，折舊按預計可使用年期將其成本按直線法分攤至其剩餘價值計算如下：

Buildings 20 to 25 years Leasehold Over the shorter of improvements useful lives of 5 years and lease terms Power plant equipment 20 years Office furniture and 3 to 5 years fixtures Motor vehicles 5 years

樓宇 20 至 25 年租賃物業裝修按可使用年限 5 年及租期之較短者電廠設備 20 年辦公室傢私 3 至 5 年汽車 5 年

(b) For the year ended 31 December 2018, d e p r e c i a t i o n o f R M B 4 , 5 7 6 , 0 0 0 ( 2 0 1 7 : RMB6,719,000) has been capitalised as construction in progress under property, plant and equipment.
(b) 截至 2018 年 12 月 31 日，物業、廠房及設備項下之在建工程之資本化折舊金額為人民幣 4,576,000 元
（2017：人民幣 6,719,000 元）。
(c) As at 31 December 2018, certain buildings and power plant equipment with an aggregate net carrying value of RMB230,621,000 (2017: RMB134,342,000) and RMB3,091,346,000 (2017: RMB1,760,156,000), respectively, have been pledged to banks and certain financial institutions to secure banking facilities and other borrowings granted to the Group (Note 31 and Note 32).
(c) 於 2018 年 12 月 31 日，本集團因貸款及其他借款餘額產生以樓宇及設備為抵押之資產賬面淨值分別人民幣 230,621,000 元（2017：人民幣 134,342,000 元）及人民幣 3,091,346,000 元（2017：人民幣 1,760,156,000 元）（附註 31 及附註 32）。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

17. LAND USE RIGHTS

17. 土地使用權

	2018 2017
Analysed for reporting purposes as: 為呈報分析如下： Current assets (included in prepayments, deposits and other receivables)(note 24) 流動資產（計入按金、預付賬款及其他應收款項）（附註24） Non-current assets 非流動資產	*RMB’000* RMB’000 人民幣千元人民幣千元 22,317 18,115 432,424 355,001
	454,741 373,116

The Group’s interests in land use rights represent prepaid operating lease payments in the PRC with remaining lease terms ranging from 3 years to 49 years, of which title certificates in respect of carrying amount totalling RMB133,036,000 (2017: RMB123,317,000) have been obtained as at 31 December 2018.

本集團之土地使用權權益指預付經營租賃款，主要在中國地區，其剩餘租期一般從 3 年至 49 年，其中已獲得土地使用權證之金額為人民幣 133,036,000 元（2017 年：人民幣 123,317,000 元）。

For the year ended 31 December 2018, amortisation of RMB3,311,000 (2017: RMB1,417,000) has been capitalised as construction in progress under property, plant and equipment.

於 2018 年 12 月 31 日之年度，攤銷金額人民幣 3,311,000 元（2017：人民幣 1,417,000 元）已被資本化入在建物業、廠房和設備。

296

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

18. INTANGIBLE ASSETS

18. 無形資產

	Goodwill Other intangible assets Total 商譽其他無形資產總額
Net carrying value as at 1 January 2017 於2017年1月1日之賬面淨值 Amortisation 攤銷 Impairment_(note 8)_ 減值（附註8） Net carrying value as at 31 December 2017 於2017年12月31日之賬面淨值 Amortisation 攤銷 Net carrying value as at 31 December 2018 於2018 年12 月31 日之賬面淨值	RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元 1,062,644 4,867 1,067,511 — (319) (319) (62,584) — (62,584)
	1,000,060 4,548 1,004,608 — (319) (319)
	1,000,060 4,229 1,004,289

Goodwill

商譽

Goodwill mainly arose from the acquisition of China Wind Power Holdings Limited (“China Wind Power”) and its subsidiaries (collectively “China Wind Power Group”) which was completed on 1 August 2007. China Wind Power Group was engaged in investment in wind power plants, engineering, procurement, construction and power plant operations and maintenance.

商譽是由於收購中國風電控股有限公司（「中國風電」）及其附屬公司（統稱「中國風電集團」）而產生之，收購與 2007 年 8 月 1 日完成。中國風電集團從事風電電廠投資，設計、採購、施工以及電廠運行和維護。

Upon application of HKFRS 8 Operating Segment in 2009, the relevant goodwill was reallocated to the respective groups of CGUs, which represent the lowest level within the Group at which the relevant goodwill is monitored for internal management purposes, and not larger than an operating segment. The reallocation was based on the relative value of the relevant groups of CGUs.

於 2009 年使用香港財務報告準則第 8 號 — 經營分類時，相關商譽被重新分配至對應現金產出單位群組，現金產生單位群組代表在本集團內部為了內部管理目之對相關商譽進行監控且不大於相應經營分類之最低層級。重新分配基於相關現金產出單位群組之相對價值。

297

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

18. INTANGIBLE ASSETS (COntinuEd)

18. 無形資產（續）

Goodwill (COntinuEd)

商譽（續）

The carrying amounts of goodwill are allocated to the groups of CGUs as follows:

商譽之賬面值將被分配到包含下列分類之現金產生單位群組中：

	2018 2017
Investment in wind power plants 風電場投資業務 Engineering, procurement and construction (“EPC Business”) 施工、採購及建造（「EPC」業務） Power plant operations and maintenance 電動運行和維護 _Less:_Impairment 減：減值	*RMB’000* RMB’000 人民幣千元人民幣千元 926,157 926,157 75,800 75,800 60,687 60,687
	1,062,644 1,062,644 (62,584) (62,584)
	1,000,060 1,000,060

Goodwill is monitored at the groups of CGUs, the lowest level at which goodwill is monitored for internal management purpose and not larger than the respective operating segments. The Group has assessed the recoverable amount of goodwill and determined that the goodwill has not been impaired, apart from the impairment provided for the EPC Business CGUs in the prior year as explained below.

商譽在現金產生單位群組進行監控，現金產生單位群組是為了內部管理目的進行監控且不大於相應經營分部之最低層級。本集團已評估商譽之可回收金額，除下方披露之 EPC 業務現金產生單位已於去年確認的減值外，並釐定該商譽並無減值。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

18. INTANGIBLE ASSETS (COntinuEd)

18. 無形資產（續）

Goodwill (COntinuEd)

商譽（續）

Investment in wind power plants CGUs

於風電電廠現金產出單位之投資

The recoverable amount is determined based on fair value less costs of disposal calculations. These calculations use cash flow projections based on the financial forecast covering a ten-year period and discount rate of 14% (2017: 15%). Cash flows beyond the ten-year period are extrapolated at zero % (2017: zero %) growth rate. The cash flows and discount rate reflect assumptions that market participants would use when pricing the relevant CGUs. Key assumptions include estimated online power quantity to be generated from the Group’s existing and forthcoming projects, projected installation capacity, expected tariff rate and discount rate. The management determined these key assumptions based on past performance and expectation on market development.

可收回金額按公允價值減出售成本計算。計算所用現金流基於涵蓋十年期之財務預測並採用 14%（2017：15%）之貼現率。超過十年之現金流量以零（2017：零）增長率來推算。現金流及貼現率反應了市場參與者在對相關現金產出單元進行估值時所用之假設。關鍵假設包括本集團現有及未來項目預計產生之上網發電量、預測裝機容量、預期電價及貼現率。管理層基於過往經驗及對市場發展之預期確定這些關鍵假設。

EPC Business CGUs

設計、採購及施工現金產生單位

The recoverable amount was determined based on a value in use calculation using cash flow projections based on financial budgets covering a five-year period approved by senior management. The discount rate applied to the cash flow projections was 15% (2017: 15%) and cash flows beyond the five-year period were extrapolated using a growth rate of zero % (2017: zero %). Key assumptions include estimated revenue generated from the Group’s existing and forthcoming design and consultancy services, expected profit margin and discount rate. The management determined these key assumptions based on past performance and expectation on market development.

現金產生單位可回收金額基於現金流預測計算出之使用價值而確定，而該現金流預測乃基於高級管理層批准之涵蓋五年期之財務預算。現金流預測採用之折現率為：15%（2017：15%），超過五年期之現金流則按 0%（2017：0%）增長率推算而來。關鍵假設包括本集團現有及即將開展之設計及諮詢服務產生之估計收益，預期利潤率及折現率。管理層根據過往業績及市場發展預期釐定該等關鍵假設。

During the prior year, the directors of the Company determine that the scale of the EPC Business will be reduced in the foreseeable future and the Group will principally focus on the provision of design and consultancy services. Accordingly, an impairment loss of RMB62,584,000 was recognised in the prior year.

上一年，公司董事會認為，在可預見之將來，總承包業務之規模將減少，集團將主要集中在提供設計和諮詢服務上。因此，上一年度確認了人民幣 62,584,000 元之減值損失。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

18. INTANGIBLE ASSETS (COntinuEd)

18. 無形資產（續）

Goodwill (COntinuEd)

商譽（續）

Power plant operations and maintenance CGUs

電廠運營及維護現金產生單位

The recoverable amount of the CGUs was determined based on a value in use calculation using cash flow projections based on financial budgets covering a fiveyear period approved by senior management. The discount rate applied to the cash flow projections was 15% (2017: 15%) and cash flows beyond the fiveyear period were extrapolated using a growth rate of zero % (2017: zero %). Key assumptions include estimated service revenue, expected profit margin and discount rate. The management determined these key assumptions based on past performance and expectation on market development.

現金產生單位可回收金額基於現金流預測計算出之使用價值而確定，而該現金流預測乃基於高級管理層批准之涵蓋五年期之財務預算。現金流預測運用之貼現率為：15%（2017：15%），五年期之外之現金流則按 0%（2017：0%）之增長率推算而來。關鍵假設包括估計服務收入、預期利潤率及貼現率。管理層在過去業績及市場發展預期情況之基礎上確定了該等關鍵假設。

In the opinion of the directors of the Company, any reasonably possible change in the key assumptions on which the recoverable amount is based would not cause the CGUs’ carrying amounts to exceed their respective recoverable amounts.

本公司董事認為任何關於可收回金額之關鍵假設可能發生之合理變動不會導致現金產出單元之賬面值超出其可收回金額。

Other intangible assets

其他無形資產

Other intangible assets, which arose from business combination completed on 1 August 2007, represent the Wind Power Plan Cooperation Agreements signed with relevant local government authorities in the PRC. This intangible assets are amortised over the duration of the agreements of 20 years.

2007 年 8 月 1 日因收購 China Wind Power 集團而產生了其他無形資產，即與相關中國地方政府機關簽訂之風力發電計劃合作協定。此無形資產按協議年限 20 年攤銷。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

19. INTERESTS IN ASSOCIATES AND BALANCES WITH ASSOCIATES

19. 於聯營公司之權益

The amounts recognised in the consolidated statement of financial position are as follows:

在綜合資產負債表中確認之金額如下：

	2018 2017
Non-current assets 非流動資產 Cost of investment in associates 於聯營公司投資成本 Share of post-acquisition results and other comprehensive income, net of dividends 應佔收購後業績及其他全面收益，扣除股息 Share of net assets of associates (note (i)) 分享聯營公司之淨資產（附註(i)） Current assets 流動資產 Amounts due from associates (note (ii)) 應收聯營公司款項（附註(ii)） Other receivables from associates (note (iii)) 應收聯營公司其他款項（附註(iii)） Amounts due from associates for contract work_(notes (iv)) 合同工程之應收聯營公司金額（附註(iv)） Current liabilities 流動負債 Amounts due to associates(note (v))_ 應付聯營公司款項（附註(v)）	*RMB’000* RMB’000 人民幣千元人民幣千元 298,061 243,464 19,638 37,922
	317,699 281,386
	2,389 16,467 18,524 1,411 — 10,372
	20,913 28,250
	(234) (3,502)

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

19. INTERESTS IN ASSOCIATES AND BALANCES WITH ASSOCIATES (COntinuEd)

19. 於聯營公司之權益（續）

notes:

附註：

(i) As at 31 December 2018 and 2017, particulars of the principal associates are as follows:

(i) 於 2018 年和 2017 年 12 月 31 日，主要聯營公司之詳情如下：

	Place of establishment	Proportion of ownership	Proportion of ownership
	and operations and kind	interest and voting rights held
Name of associates	of legal entity	by the Group — indirectly		Principal activities
	註冊成立╱註冊及營業地點
聯營公司名稱	及法律實體種類	本集團間接持股及投票權比例		主要業務
		2018	2017
Changtu Liaoneng Xiexin Wind Power Co., Ltd.	The PRC, Sino-foreign	25%	25%	Wind power plant
	equity joint venture			investment and operation
昌圖遼能協鑫風力發電有限公司	中國，中外合資企業			風電廠投資及運行
Jilin Province Zhanyu Wind Power Assets	The PRC, limited company	17.15%	17.15%	Wind power plant
Management Co., Ltd.		(note)		investment and operation
吉林省瞻榆風電資產經營管理	中國，有限公司	（附註）		風電廠投資及運行
有限公司
Fuxin Union Wind Power Co., Ltd.	The PRC, Sino-foreign	24.5%	24.5%	Wind power plant
	equity joint venture			investment and operation
阜新聯合風力發電有限公司	中國，中外合資企業			風電廠投資及運行
Fuxin Century Concord-Shenhua Wind Power	The PRC, Sino-foreign	24.5%	24.5%	Wind power plant
Co., Ltd.	equity joint venture			investment and operation
阜新申華協合風力發電有限公司	中國，中外合資企業			風電廠投資及運行
Chaoyang Century Concord Wanjia Wind Power	The PRC, limited company	30%	30%	Wind power plant
Co., Ltd.				investment and operation
朝陽協合萬家風力發電有限公司	中國，有限公司			風電廠投資及運行
Fuxin Taihe Wind Power Co., Ltd. (“Fuxin	The PRC, limited company	30%	30%	Wind power plant
Taihe”)				investment and operation
阜新泰合風力發電有限公司	中國，有限公司			風電廠投資及運行
（「阜新泰合」）

note:

附註：

Even though the Group holds less than 20 percent of the voting power of this investee, the Group demonstrates significant influences on this investee by holding a seat on the board of directors for a board with 11 members and the 11 members each represents respective shareholders of this investee, and the Group is the second highest percentage in total shareholding of the investee while the largest shareholder hold 18.55% equity interest in this investee.

即使本集團持有被投資公司投票權少於 20%，本集團可通過以下方式顯示對被投資公司之重大影響力：在董事會 11 名成員中佔一席位，而 11 名成員每一名代表被投資者各自股東，本集團持有被投資公司總持股量第二高百分比，而最高百分比為 18.55%。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

19. INTERESTS IN ASSOCIATES AND BALANCES WITH ASSOCIATES (COntinuEd)

19. 於聯營公司之權益（續）

note: (COntinuEd)

附註：（續）

(ii) Amounts due from associates represent trade receivables and are unsecured, interest-free and repayable based on terms of the relevant contracts. Included in such amounts as at 31 December 2017 was retention money held in respect of construction contracts and sales of equipment to associates of RMB11,510,000, which were aged over 1 year. Upon application of HKFRS 15, the above retention money was reclassified to contract assets (Note 22).
(ii) 應收聯營公司貿易款項為無抵押擔保、免息並按照相關合約約定之付款信貸期償還。截止 2017 年 12 月 31 日，應收聯營公司貿易款項為建造合同及銷售設備之尾款人民幣 11,510,000 元，賬期超過 1 年。根據香港財務報告準則第 15 號，上述質保金重新分類為合同資產（附註 22）。

An aging analysis of the above trade receivables, based on the invoice date, is as follows:

基於發票日期之上述貿易應收款項之賬齡分析如下：

	2018 2017
Within 3 months 3個月內 3 to 6 months 3至6個月 6 to 12 months 6至12個月 Over 1 year 1年以上	*RMB’000* RMB’000 人民幣千元人民幣千元 316 632 475 — 634 18 964 15,817
	2,389 16,467

The aging analysis of the above receivables which are past due but not impaired is as follows:

逾期未減值應收貿易賬款賬齡分析如下：

	2018 2017
Within 3 months 3個月內 Over 1 year 1年以上	*RMB’000* RMB’000 人民幣千元人民幣千元 — 11,510 964 4,307
	964 15,817

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

19. INTERESTS IN ASSOCIATES AND BALANCES WITH ASSOCIATES (COntinuEd)

19. 於聯營公司之權益（續）

note: (COntinuEd)

附註：（續）

(iii) Other receivables due from associates are unsecured, interest-free, non-trade in nature and repayable on demand.
(iii) 其他應收聯營公司款項為無抵押擔保、免息、非貿易及無固定還款期。
(iv) The amounts due from associates for contract work as at 31 December 2017 were contract costs incurred plus recognised profits less recognised losses, but not yet billed. Upon application of HKFRS 15, the amounts were reclassified to contract assets (Note 22).
(iv) 截至 2017 年 12 月 31 日，應收聯營公司之合約工程款項為已發生之合同成本加上已確認盈利減去已確認損失。根據香港財務報告準則第 15 號之規定，重新分類為合同資產（附註 22）。
(v) Amounts due to associates are unsecured, interest-free and repayable on demand.
(v) 應付聯營公司款項為其他應付款，無擔保、無息按要求償還。

Summarised financial information of associates

重大聯營公司之財務資訊概述

Set out below is the summarised unaudited financial information for Fuxin Taihe, a material associate of the Group in the opinion of the directors of the Company, prepared under HKFRSs which is accounted for using the equity method.

下表列示了採用權益法核算之阜新泰合（本公司董事認為該公司為本集團之重大聯營公司）未經審計概要核財務資訊。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

19. INTERESTS IN ASSOCIATES AND BALANCES WITH ASSOCIATES (COntinuEd)

19. 於聯營公司之權益 （續）

Summarised financial information of associates (COntinuEd)

重大聯營公司之財務資訊概述 （續）

Fuxin Taihe

阜新泰合

Summarised statement of

Summarised statement of
financialposition 資產負債表概述	2018 2017
Current assets 流動資產 Non-current assets 非流動資產 Current liabilities 流動負債 Non-current liabilities 非流動負債 Net assets 資產淨值 Summarised statement of profit or loss and other comprehensive income 綜合收益表概述	*RMB’000* RMB’000 人民幣千元人民幣千元 210,403 187,881 545,989 594,969 (101,773) (74,389) (289,700) (332,500)
	364,919 375,961
	2018 2017
Revenue 收入 Depreciation and amortisation 折舊及攤銷 Finance costs 財務成本 Other expenses 其他支出 Profit before income tax 除所得稅前溢利 Income tax expense 所得稅開支 Profit and total comprehensive income for the year 本年度溢利及全面收益總額 Dividend received from the associate during the year 本年收到聯營公司股息 Share of profit by the Group 本集團應佔溢利	*RMB’000* RMB’000 人民幣千元人民幣千元 124,322 120,221 (37,370) (36,854) (17,630) (20,204) (11,332) (11,799)
	57,990 51,364 (15,175) (6,420)
	42,815 44,944
	4,084 —
	12,845 13,483

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

19. INTERESTS IN ASSOCIATES AND BALANCES WITH ASSOCIATES (COntinuEd)

19. 於聯營公司之權益（續）

Fuxin Taihe (COntinuEd)

阜新泰合（續）

Reconciliation of the above summarised financial information to the carrying amount of the interest in the associate recognised in the consolidated financial statements:

上述匯總財務資訊與合併財務報表中確認之於聯營公司權益賬面值之對賬如下：

	2018 2017
下述為本集團採用權益法入賬之所有個別不重大聯營公司之權益賬面值合計。 *RMB’000* RMB’000 人民幣千元人民幣千元 Net assets of Fuxin Taihe 年末資產淨值 364,919 375,961 The Group’s shareholding in Fuxin Taihe 本集團持股權益 30% 30% The Group’s share of net assets of Fuxin Taihe 本集團應佔淨資產 109,475 112,788 Unrealised profits, net 未實現溢利，淨額 (2,444) (2,887) Carrying amount of the Group’s interest in Fuxin Taihe 本集團權益之賬面值 107,031 109,901 Set out below is, in aggregate, the carrying amounts of the Group’s interests in all individually immaterial associates that are accounted for using the equity method.	*RMB’000* RMB’000 人民幣千元人民幣千元 364,919 375,961
	30% 30% 109,475 112,788 (2,444) (2,887)
	107,031 109,901

	2018 2017
Aggregate carrying amounts of the Group’s interests in these associates 本集團應佔業績之賬面價值 The Group’s share of profit and total comprehensive income for the year 應佔本集團之本年度溢利及全面收益總額	*RMB’000* RMB’000 人民幣千元人民幣千元 210,668 171,485
	3,749 10,763

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

20. INTERESTS IN JOINT VENTURES AND BALANCES WITH JOINT VENTURES

20. 於合營企業之權益

The amounts recognised in the consolidated statement of financial position are as follows:

綜合資產負債表中確認之金額如下：

	2018 2017
Non-current assets 非流動資產 Cost of investment in joint ventures 合營企業投資成本 Share of post-acquisition results and other comprehensive income, net of dividends received 應佔收購後業績及其他全面收益，扣除股息 Share of net assets of joint ventures (note (i)) 應佔合營企業資產淨值（附註(i)） Current assets 流動資產 Amounts due from joint ventures (note (iii)) 應收合營企業款項（附註(iii)） Amounts due from joint ventures for contract work_(notes (iv)) 合同工程之應收合營企業金額（附註(iv)） Loans to joint ventures(note (ii)) 予合營企業之貸款（附註(ii)） _Less:_Allowance for amounts due from joint ventures (note (iii)) 減：合營企業款項壞賬撥備（附註(iii)） Current liabilities 流動負債 Amounts due to joint ventures (note (v)) 應付合營企業款項（附註(v)） Amounts due to joint ventures for contract work(note (vi))_ 合同工程之應付合營企業金額（附註(vi)）	*RMB’000* RMB’000 人民幣千元人民幣千元 1,461,179 1,461,179 71,693 (65,072)
	1,532,872 1,396,107
	34,252 322,515 — 16,669 26,798 36,366
	61,050 375,550 — (21,383)
	61,050 354,167
	(19,837) (8,363) — (5,108)
	(19,837) (13,471)

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

20. INTERESTS IN JOINT VENTURES AND BALANCES WITH JOINT VENTURES (COntinuEd)

20. 於合營企業之權益（續）

notes:

附註：

(i) As at 31 December 2018 and 2017, particulars of the principal joint ventures are as follows:

(i) 於 2018 年及 2017 年 12 月 31 日，主要合營企業詳情如下：

	Place of	Proportion	Proportion of
	establishment and operations	of ownership	voting power
	and	interest held by	held by the
Name of joint ventures	kind of legal entity	the Group	Group	Principal activities
	註冊成立╱註冊及營業地點	本集團持有之	持有
合營企業名稱	及法律實體種類	價值比例	投票權比例	主要業務
		2018 and 2017	2018 and 2017
Jilin CWP-Milestone Wind	The PRC, sino-foreign	49%	50%	Wind power plant investment and
Power Co., Ltd.	equity joint venture			operation
吉林里程協合風力發電有限公司	中國，中外合資企業			風電廠投資及運行
Erlianhaote Changfeng Century Concord Wind	The PRC, sino-foreign equity	49%	50%	Wind power plant investment and
Power Exploiture Co., Ltd.	joint venture			operation
二連浩特長風協合風能開發	中國，中外合資企業			風電廠投資及運行
有限公司
Jilin Taihe Wind Power Co., Ltd.	The PRC, sino-foreign equity	49%	50%	Wind power plant investment and
	joint venture			operation
吉林泰合風力發電有限公司	中國，中外合資企業			風電廠投資及運行
Tongliao Taihe Wind Power	The PRC, sino-foreign equity	49%	50%	Wind power plant investment and
Co., Ltd.	joint venture			operation
通遼泰合風力發電有限公司	中國，中外合資企業			風電廠投資及運行
Taipusiqi Century Concord-Shenhua Wind Power	The PRC, sino-foreign equity	49%	50%	Wind power plant investment and
Investment Co., Ltd.	joint venture			operation
太僕寺旗申華協合風力發電投資	中國，中外合資企業			風電廠投資及運行
有限公司
Taipusiqi Union Wind Power Co., Ltd.	The PRC, limited company	51%	50%	Wind power plant investment and
				operation
太僕寺旗聯合風力發電有限公司	中國，有限公司			風電廠投資及運行
Suqian Century Concord New Energy Co., Ltd.	The PRC, limited company	49%	50%	Solar power plant investment and
				operation
宿遷協合新能源有限公司	中國，有限公司			太陽能電廠投資及運行

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

20. INTERESTS IN JOINT VENTURES AND BALANCES WITH JOINT VENTURES (COntinuEd)

20. 於合營企業之權益（續）

notes: (COntinuEd)

附註：（續）

(i) As at 31 December 2018 and 2017, particulars of the principal joint ventures are as follows: (COntinuEd)

(i) 於 2018 年及 2017 年 12 月 31 日，主要合營企業詳情如下：（續）

	Place of	Proportion	Proportion of
	establishment and operations	of ownership	voting power
	and	interest held by	held by the
Name of joint ventures	kind of legal entity	the Group	Group	Principal activities
	註冊成立╱註冊及營業地點	本集團持有之	持有
合營企業名稱	及法律實體種類	價值比例	投票權比例	主要業務
		2018 and 2017	2018 and 2017
Mengdong Century Concord New Energy Co.,	The PRC, limited company	32.16%	50%	Wind power plant investment and
Ltd.				operation
蒙東協合新能源有限公司	中國，有限公司			風電廠投資及運行
Tianchang Century Concord Wind Power Co., Ltd.	The PRC, limited company	49%	50%	Wind power plant investment and
				operation
天長協合風力發電有限公司	中國，有限公司			風電廠投資及運行
Gansu Guazhou Century Concord Wind Power	The PRC, sino-foreign equity joint	51.45%	50%	Wind power plant investment and
Co., Ltd.	venture			operation
甘肅瓜州協合風力發電有限公司	中國，中外合資企業			風電廠投資及運行
Wuchuan County Yihe Wind Power Co., Ltd.	The PRC, limited company	46%	50%	Wind power plant investment and
				operation
武川縣義合風力發電有限公司	中國，有限公司			風電廠投資及運行
Suzhou Century Concord Wind Power Co., Ltd.	The PRC, limited company	49%	50%	Wind power plant investment and
				operation
宿州協合風力發電有限公司	中國，有限公司			風電廠投資及運行
Xiaoxian Century Concord Wind Power Co., Ltd.	The PRC, limited company	49%	50%	Wind power plant investment and
				operation
蕭縣協合風力發電有限公司	中國，有限公司			風電廠投資及運行
Jianghua Yao Autonomous County Century	The PRC, limited company	59.3%	50%	Wind power plant investment and
Concord Wind Power Co., Ltd.				operation
江華瑤族自治縣協合風力發電	中國，有限公司			風電廠投資及運行
有限公司

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

20. INTERESTS IN JOINT VENTURES AND BALANCES WITH JOINT VENTURES (COntinuEd)

20. 於合營企業之權益（續）

notes: (COntinuEd)

附註：（續）

(i) As at 31 December 2018 and 2017, particulars of the principal joint ventures are as follows: (COntinuEd)
(i) 於 2018 年及 2017 年 12 月 31 日，主要合營企業詳情如下：（續）

	Place of	Proportion	Proportion of
	establishment and operations	of ownership	voting power
	and	interest held by	held by the
Name of joint ventures	kind of legal entity	the Group	Group	Principal activities
	註冊成立╱註冊及營業地點	本集團持有之	持有
合營企業名稱	及法律實體種類	價值比例	投票權比例	主要業務
		2018 and 2017	2018 and 2017
Jingmen Century Concord Wind Power Co., Ltd.	The PRC, limited company	59.3%	50%	investment and operation
荊門協合風力發電有限公司	中國，有限公司			風電廠投資及運行
Hebi Century Junlong Wind Power Co., Ltd.	The PRC, limited company	59.3%	50%	Wind power plant investment and
				operation
鶴壁協合浚龍風力發電有限公司	中國，有限公司			風電廠投資及運行
Yantai Yihao New Energy Development Co., Ltd.	The PRC, limited company	49%	50%	Wind power plant investment and
				operation
煙臺億豪新能源開發有限公司	中國，有限公司			風電廠投資及運行

(ii) Loans to joint ventures are unsecured, bear interest at 5.2% (2017: 5.2%) per annum and are repayable within one year.
(ii) 予合營企業之貸款未設抵押、按年利率 5.2%（2017：5.2%）計息且將於一年內收回。
(iii) Amounts due from joint ventures included trade receivables from joint ventures of RMB31,210,000 (2017: RMB261,788,000), net of impairment of RMB nil (2017: RMB18,246,000), are unsecured, interest-free and repayable according to the terms of the relevant contracts. The remaining balances of RMB3,042,000 (2017: RMB39,344,000),net of impairment of RMB nil (2017: RMB3,137,000) are unsecured, interest-free and repayable on demand.
(iii) 應收合營企業款項包括合營企業之應收貿易賬款扣除壞賬撥備後淨額人民幣 31,210,000 元（2017：人民幣 261,788,000 元），減值金額為人民幣零元（2017 年：人民幣 18,246,000 元）。該金額無抵押擔保、免息並按相關合同進行償還。剩餘金額人民幣 3,042,000 元（2017 年：人民幣 39,344,000 元），減值金額為人民幣零元（2017：人民幣 3,137,000 元）為無抵押擔保、免息及須按要求償還。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

20. INTERESTS IN JOINT VENTURES AND BALANCES WITH JOINT VENTURES (COntinuEd)

20. 於合營企業之權益（續）

notes: (COntinuEd)

附註：（續）

(iii) (COntinuEd)

(iii) （續）

Included in the above trade receivables from joint ventures as at 31 December 2017 were retention money held in respect of construction contracts and sales of equipment to joint ventures of RMB85,718,000 in which RMB69,122,000 were aged over 1 year based on invoice date but not impaired. Upon application of HKFRS 15, the above retention money was reclassified to contract assets (Note 22).

截至 2017 年 12 月 31 日，應收合營企業貿易賬款包括合營企業設備銷售相關之質量保證金人民幣 85,718,000 元，其中人民幣 69,122,000 元為發票日一年後到期，但無減值。根據香港財務報告準則第 15 號，上述質量保證金重新分類為合同資產（附註 22）。

An aging analysis of the above trade receivables from joint ventures, net of allowance for doubtful debts, based on the invoice date, which approximates to the revenue recognition date, is as follows:

基於與收入確認日期相近之發票日期，上述貿易應收賬款扣除壞賬撥備後淨額之賬齡分析如下：

	2018 2017
Within 3 months 3個月以內 3 to 6 months 3至6個月 6 to 12 months 6至12個月 Over 1 year 1年以上	*RMB’000* RMB’000 人民幣千元人民幣千元 6,798 11,148 2,440 1,121 704 15,678 21,268 233,841
	31,210 261,788

The aging analysis of the above trade receivables which are past due but not impaired is as follows:

上述已逾期未減值之貿易應收款項之賬齡分析如下：

	2018 2017
Within 3 months 3個月以內 3 to 6 months 3至6個月 Over 1 year 1年以上	*RMB’000* RMB’000 人民幣千元人民幣千元 — 12,675 — 10,836 1,939 192,545
	1,939 216,056

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

20. INTERESTS IN JOINT VENTURES AND BALANCES WITH JOINT VENTURES (COntinuEd)

20. 於合營企業之權益（續）

notes: (COntinuEd)

附註：（續）

(iii) (COntinuEd)

(iii) （續）

An analysis of the movements in the allowance for doubtful debts for amounts due from joint ventures during the year is as follows:

應收合營企業之呆賬撥備之變動分析如下：

	2018 2017
At 1 January 1月1日 Impairment recognised during the year, net 已確認應收款項之減值損失 Written-off during the year 於本年撇銷 At 31 December 12月31日	*RMB’000* RMB’000 人民幣千元人民幣千元 21,383 17,865 — 3,518 (21,383) —
	— 21,383

(iv) The amounts due from joint ventures for contract work as at 31 December 2017 were contract costs incurred plus recognised profits less recognised losses, but not yet billed. Upon application of HKFRS 15, the amounts were reclassified to contract assets (Note 22).
(iv) 截至 2017 年 12 月 31 日，應收合營企業之合約工程款項為已發生之合同成本加上已確認利潤減去已確認損失。根據香港財務報告準則第 15 號之規定，金額重新分類為合同資產（附註 22）。
(v) The amounts due to joint ventures are unsecured, interest-free and repayable on demand.
(v) 其他應付合營企業款項為無抵押擔保、免息及按要求償還。
(vi) The amounts due to joint ventures for contract work as at 31 December 2017 were advances received from joint ventures but not yet provided the construction service. Upon application of HKFRS 15, the amounts were reclassified to contract liabilities (Note 30).
(vi) 截至 2017 年 12 月 31 日，合同工程之應付合營企業款項為向合營企業收取但尚未提供建造服務之預收款項。根據香港財務報告準則第 15 號之規定，金額重新分類為合同負債（附註 30）。
(vii) As at 31 December 2018, the Group has pledged its equity interests of one (2017: one) joint venture, with total value of its share of registered capital held by the Group amounted to RMB37,240,000 (2017: RMB37,240,000) for certain bank borrowings advanced to such joint venture. At 31 December 2018, the related outstanding bank borrowings amounted to RMB31,519,000 (2017: RMB42,918,000) which bear interest rate at 4.41% (2017: 4.41%) per annum.
(vii) 於 2018 年 12 月 31 日，本集團已抵押其所佔之一（2017：一）間合營企業股權，用於該合營企業取得銀行借款，本集團所持有之註冊資本總值為人民幣 37,240,000 元（2017：人民幣 37,240,000 元）。截至 2018 年 12 月 31 日，該合營企業此抵押之借款餘額為人民幣 31,519,000 元（2017: 人民幣 42,918,000 元），年利率為 4.41%
（2017: 4.41%）。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

20. INTERESTS IN JOINT VENTURES AND BALANCES WITH JOINT VENTURES (COntinuEd)

20. 於合營企業之權益（續）

notes: (COntinuEd)

附註：（續）

Summarised financial information of joint ventures

合營企業之財務信息概要

The Group’s joint ventures are involved in either wind or solar power plant investments and operations and related activities in the PRC, and each joint venture involved in wind or solar power plant investments and operations has similar risk and return. Accordingly, the directors of the Company have considered that it is appropriate to aggregate the disclosures in accordance with HKFRS 12 Disclosure of Interests in Other Entities and present the summarised financial information of the Group’s joint ventures engage in the same principal activities on an aggregate basis.

本集團之合營企業在中國境內主要從事風力及太陽能發電電場投資、運營及相關活動，每間風力發電合營企業具有相似風險及彙報。據此，本公司董事認為將合營企業按照香港財務報告準則 12 號其他主體權益之披露進行合併披露且在合併基礎上呈現合營企業匯總財務信息是適當的。

Summarised aggregate financial information of the Group’s joint ventures engage in wind power plant investments and operations is as follows:

本集團風力發電合營企業之財務資訊如下：

	2018 2017
Current assets 流動資產 Non-current assets 非流動資產 Current liabilities 流動負債 Non-current liabilities 非流動負債 Net assets 資產淨值	*RMB’000* RMB’000 人民幣千元人民幣千元 1,698,609 1,497,901 7,052,187 7,473,916 (1,146,648) (1,430,310) (4,032,834) (4,237,346)
	3,571,314 3,304,161

The above amounts of assets and liabilities include the following:

上述資產及負債之金額包含下述：

		2018	2017
		*RMB’000*	RMB’000
		人民幣千元	人民幣千元
Cash and cash equivalents	現金及現金等值項目	377,555	421,542
Current financial liabilities	流動金融負債
(excluding trade payables)	（不包括應付賬款）	(889,499)	(1,132,172)
Non-current financial liabilities	非流動金融負債
(excluding trade payables)	（不包括應付賬款）	(4,032,834)	(4,237,346)

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

20. INTERESTS IN JOINT VENTURES AND BALANCES WITH JOINT VENTURES (COntinuEd)

20. 於合營企業之權益（續）

notes: (COntinuEd) 附註：（續）

Summarised financial information of joint ventures

合營企業之財務信息概要（續）

(COntinuEd)

	2018 2017
本集團太陽能發電合營企業之財務概要如下： *RMB’000* RMB’000 人民幣千元人民幣千元 Revenue 收入 1,272,339 1,139,175 Depreciation and amortization 折舊與攤銷 (456,696) (464,877) Interest expense 利息費用 (236,804) (243,636) Other expenses 其他費用 (270,551) (208,135) Profit before income tax 除所得稅前溢利 308,288 222,527 Income tax expense 所得稅開支 (47,449) (25,957) Net profit and total comprehensive income for the year 本年度淨溢利和全面收益總額 260,839 196,570 Dividend received from these joint ventures during the year 本年度收到分紅 25,372 77,213 Summarised aggregate financial information of the Group’s joint ventures engage in solar power plant investments and operations is as follows:	*RMB’000* RMB’000 人民幣千元人民幣千元 1,272,339 1,139,175 (456,696) (464,877) (236,804) (243,636) (270,551) (208,135)
	308,288 222,527 (47,449) (25,957)
	260,839 196,570
	25,372 77,213

	2018 2017
Current assets 流動資產 Non-current assets 非流動資產 Current liabilities 流動負債 Non-current liabilities 非流動負債 Net assets 資產淨值	*RMB’000* RMB’000 人民幣千元人民幣千元 20,294 14,049 150,514 155,516 (8,266) (29,823) (127,000) (110,000)
	35,542 29,742

314

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

20. INTERESTS IN JOINT VENTURES AND BALANCES WITH JOINT VENTURES (COntinuEd)

20. 於合營企業之權益（續）

notes: (COntinuEd)

附註：（續）

Summarised financial information of joint ventures

合營企業之財務信息概要 （續）

(COntinuEd)

The above amounts of assets and liabilities include the following:

上述資產及負債之金額包含下述：

		2018	2017
		*RMB’000*	RMB’000
		人民幣千元	人民幣千元
Cash and cash equivalents	現金及現金等值項目	15,870	7,031
Current financial liabilities	流動金融負債
(excluding trade payables)	（不包括應付賬款）	(3,709)	(27,264)
Non-current financial liabilities	非流動金融負債
(excluding trade payables)	（不包括應付賬款）	(127,000)	(110,000)

	2018 2017
Revenue 收入 Depreciation and amortization 折舊與攤銷 Interest expense 利息費用 Other expenses 其他費用 Profit before income tax 除所得稅前溢利 Income tax expense 所得稅開支 Net profit and total comprehensive income for the year 本年度淨溢利和全面收益總額 Dividend received from these joint ventures during the year 本年度收到分紅	*RMB’000* RMB’000 人民幣千元人民幣千元 22,365 22,805 (7,382) (7,275) (6,031) (6,352) (4,225) (3,600)
	4,727 5,578 (1,191) (668)
	3,536 4,910
	— —

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

21. AVAILABLE-FOR-SALE FINANCIAL ASSETS/ FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

21. 可供出售金融資產╱按公允價值計入損益之金融資產

	2018 2017
Available-for-sale financial assets 可供出售金融資產 Unlisted equity securities, at cost (note (i)) 以歷史成本計量之未上市權益性證券（附註(i)） Financial assets at FVTPL 按公允價值計入損益之金融資產 Unlisted equity securities, at fair value_(note (i)) 以公允價值計量之未上市權益性證券（附註(i)） Equity securities listed in Hong Kong, at market value(note (ii))_ 按市值計量之香港上市股票（附註(ii)）	*RMB’000* RMB’000 人民幣千元人民幣千元 — 4,726
	8,545 — 34,280
	8,545 34,280

note:

附註：

(i) The unlisted equity securities represent investment in equity securities issued by private entities established and operate in the PRC. As at 31 December 2017, they were stated at cost less impairment. Upon the application of HKFRS 9, they were reclassified to financial assets at FVTPL as disclosed in Note 2.
(i) 非上市權益證券指在中國成立和經營之私營企業所發行之權益證券投資。它們於 2017 年 12 月 31 日按歷史成本減去減值列示。按香港務報告准則第 9 號之規定，它們按照附註 2 披露重新分類為公允價值計入損益之金融資產。
(ii) The equity securities listed in Hong Kong were held for trading purpose and fully disposed of during the year, and were classified under current assets.
(ii) 香港上市股票指以交易為目的，且已於當年全部處置之證券產品，並分類至流動資產項下。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

22. CONTRACT ASSETS

22. 合同資產

	At 31 December 2018 At 1 January 2018 2018 年 12 月31 日* 2018年 1月1日
Tariff adjustment receivables (note (i)) 應收電價調整款項（附註(i)） Retention money_(note (ii)) 質保金（附註(ii)） Construction contracts(note (iii))_ 建造合同（附註(iii)） Analysed for reporting purposes as: 為呈報分析如下： Current assets 流動資產 Non-current assets 非流動資產	*RMB’000* RMB’000 人民幣千元人民幣千元 501,146 130,324 453,555 538,442 32,783 48,687
	987,484 717,453
	689,080 587,129 298,404 130,324
	987,484 717,453

The amounts in this column are after the adjustments from the application of HKFRS 15.
本欄金額基於香港財務報告準則第 15 號之應用而調整。

notes:

附註：

(i) Tariff adjustment receivables

(i) 應收電價調整款項

Tariff adjustment receivables represented government subsidies on renewable energy for ground projects to be received from the State Grid based on the existing government policies.

應收電價調整款項指根據現行政府政策，應從國家電網公司收取之可再生能源項目之政府補貼。

As mentioned in Note 4, pursuant to the Tariff Notice, a set of standardised procedures for the settlement of the tariff subsidy has come into force since 2013 and approvals for the registration in Catalogue on a project-by-project basis are required before the allocation of funds to the state grid companies, which then would make settlement to the Group.

如附註 4 所述，根據電價通知，電價補助結算全套標準程式於 2013 年起生效，在資金分配給中國國家電網公司之前，要求獲得批准將項目逐個登記到可再生能源電價附加資金補助目錄，之後再對本集團進行結算。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

22. CONTRACT ASSETS (COntinuEd)

22. 合同資產（續）

notes: (COntinuEd)

附註：（續）

(i) Tariff adjustment receivables (COntinuEd)

(i) 應收電價調整款項（續）

The directors of the Company are of the opinion that the recognition of accrued revenue on tariff subsidy is proper based on their judgement and taking into account the opinion from the Group’s legal advisor, that all of the Group’s power plants of which tariff subsidy is recognised as revenue but yet to register in the Catalogue had been qualified for, and had met, all the requirements and conditions as required according to the requirements and conditions for the registration in the Catalogue. The directors of the Company are confident that all of the Group’s operating power plants (including power plants operated by the Group’s joint ventures and associates) are able to be registered in the Catalogue in due course and the accrued revenue on tariff subsidy are fully recoverable but only subject to timing of allocation of funds from the PRC government, after considering that there are no bad debt experiences with the state grid companies in the past and the tariff subsidy is fully funded by the PRC government.

本公司董事認為，因為本集團之全部運營電廠均符合並滿足目錄登記規定之所有要求和條件，因此，在考慮本集團法律顧問意見之基礎上，根據董事判斷確認電價補助計提收入是適當的。本公司董事相信，本集團全部運營電廠（包括本集團合營企業和聯營公司控股電廠）可以通過正當程式進行目錄登記，並且，考慮到過去國家電網公司無壞賬經歷，且電價補助由中國政府負擔，電價補助可以全額收回，不過需遵從中國政府之資金分配時間安排。

As at 31 December 2018, the tariff adjustment receivables of RMB501,146,000 (2017: RMB130,324,000) was recognised by the power plants which have not been included in the Catalogue.

在 2018 年 12 月 31 日，尚未納入目錄之電廠確認之電價補助應收款金額為人民幣 501,146,000 元（2017 年：人民幣 130,324,000 元）。

Tariff adjustment receivables classified under contract assets are transferred to trade receivables when the Group’s respective power plants are registered in the Catalogue pursuant to the prevailing national government policies on renewable energy.

根據國家現行可再生能源政策，當本集團發電廠在目錄中登記時，相關應收電價調整款可由合同資產分類至應收貿易賬款項下。

In respect of the revenue from the sale of electricity by power plants not yet registered in the Catalogue, the directors of the Company have evaluated the terms and conditions of, and the counterparties to, the contracts which may impact revenue recognition. The related receivables are mainly from the PRC state grid companies, which would normally be settled within one and a half year based on past experience. The Group considers the settlement terms contain significant financing component and accordingly the amount of consideration is adjusted for the effects of the time value of money taking into consideration the credit characteristics of the relevant counterparties.

有關未納入目錄之電廠產生之售電收入，公司董事已評估可能影響收入確認之合同之相關條款、條件、交易對手方等。相關應收款主要來自中國國家電網公司，且依據過往經驗通常可在 1.5 年左右收回。集團認為回收條款中包含重要融資成份，因此應收金額已按考慮相關交易對手方之信用特徵之資金時間價值作相應調整。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

22. CONTRACT ASSETS (COntinuEd)

22. 合同資產（續）

notes: (COntinuEd)

附註：（續）

(ii) Retention money

(ii) 質保金

	At 31 December 2018 At 1 January 2018 2018 年 12 月31 日* 2018年 1月1日
Receivables from: 應收款項： Third parties 獨立第三方 Joint ventures 合營企業 Associates 聯營公司	*RMB’000* RMB’000 人民幣千元人民幣千元 352,274 441,214 88,428 85,718 12,853 11,510
	453,555 538,442

The above balances represent retention money held in respect of construction revenue and sale of equipment, in which in an aggregate amount of RMB418,841,000 (1 January 2018: 475,903,000) were aged over 1 year based on invoice date but not impaired.

上述貿易應收款項中之建造收入和設備銷售相關之質量保證金為人民幣 418,841,000 元（2018 年 1 月 1 日人民幣 475,903,000 元），此金額基於發票日期賬齡為 1 年以上，但未減值。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

22. CONTRACT ASSETS (COntinuEd)

22. 合同資產（續）

notes: (COntinuEd)

附註：（續）

(iii) Construction contracts

(iii) 建造合同

	At 31 December 2018 At 1 January 2018 2018 年 12 月31 日 2018年 1月1日
Amounts due from customers for contract work 合同工程之應收金額 — Third parties —獨立第三方 — Associates —聯營公司 — Joint ventures —合營企業	*RMB’000* RMB’000 人民幣千元人民幣千元 21,844 21,646 10,650 10,372 289 16,669
	32,783 48,687

The amounts due from customers for contract work are contract costs for construction contracts incurred plus recognised profits less recognised loss, but not yet billed.

建造合同之應收款指已發生之工程建造成本與已確認利潤之和減去已確認損失但尚未結算金額。

The Group's construction contracts include payment schedules which require stage payments over the construction period once certain specified milestones are reached. The directors of the Company consider the above amounts due from customers for contract work would normally be transferred to related receivables within one year based on past experience.

本集團之建造合約包括要求在達到特定里程碑時在建造期間內進行階段付款之付款時間表。公司董事認為，基於過往經驗，以上應收建造款項通常可於一年以內轉至相關應收款。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

23. TRADE AND BILL RECEIVABLES

23. 應收貿易賬款及票據

	2018 2017
Trade receivables_(note (i)) 應收貿易賬款（附註(i)） Tariff adjustment receivables (note (ii)) 應收電價調整款項（附註(ii)） Bill receivables(note (ii)) 應收票據（附註(ii)） Impairment loss on trade receivables (note (i))_ 應收貿易賬款減值（附註(i)）	*RMB’000* RMB’000 人民幣千元人民幣千元 258,231 853,640 356,179 448,480 130,724 75,592
	745,134 1,377,712 (11,906) (9,592)
	733,228 1,368,120

Analysed for reporting purposes as:

為呈報分析如下：

	2018 2017
Current assets 流動資產 Non-current assets 非流動資產	*RMB’000* RMB’000 人民幣千元人民幣千元 714,746 1,227,743 18,482 140,377
	733,228 1,368,120

The Group does not hold any collaterals over trade and bill receivables as security.

本集團並未持有任何應收貿易賬款及票據相關之抵押品作擔保。

Details of impairment assessment of trade receivables for the year ended 31 December 2018 are set out in Note 48.

於 2018 年 12 月 31 日應收貿易賬款減值評估詳情見附註 48。

notes:

附註：

(i) Trade receivables

(i) 應收貿易賬款

The Group’s trade receivables include receivables from the sale of electricity, provision of construction and other services. The Group’s credit terms granted to customers ranging from 30 to 180 days. For certain construction projects, the Group generally grants project final acceptance period and retention period to its customers ranging from 1 to 2 years from the date of acceptance according to the contracts signed between the Group and customers.

本集團應收貿易賬款包括售電、提供施工和其他服務之應收賬款。本集團予客戶之付款信貸期為 30 天至 180 天。對於部分施工項目，本集團予客戶之最終確認及質保期為本集團與客戶驗收之日起 1 至 2 年。

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

23. TRADE AND BILL RECEIVABLES (COntinuEd)

23. 應收貿易賬款及票據（續）

notes: (COntinuEd)

附註：（續）

(i) Trade receivables (COntinuEd)

(i) 應收貿易賬款 （續）

The movements in the impairment loss on trade receivables during the year are as follows:

壞賬撥備變動分析如下：

	2018 2017
At 1 January 於1月1日 Impairment recognised during the year, net 本年減值變動淨額 Written-off during the year 於本年撇銷 At 31 December 於12月31日 As at 31 December 2018, the aging analysis of the trade receivables, net of allowance for doubtful debts, presented based on invoice date, was as follows:	*RMB’000* RMB’000 人民幣千元人民幣千元 9,592 — 11,906 9,592 (9,592) —
	11,906 9,592
	於2018年12月31日，應收貿易賬款扣除壞賬撥備後淨額之賬齡分析（以發票日期為準）如下：

As at 31 December 2018, the aging analysis of the trade receivables, net of allowance for doubtful debts, presented based on invoice date, was as follows:

	2018 2017
Within 3 months 3個月以內 3 to 6 months 3至6個月 6 to 12 months 6至12個月 1-2 years 1至2年 Over 2 years 2年以上	*RMB’000* RMB’000 人民幣千元人民幣千元 162,972 141,505 12,451 26,645 13,555 81,281 32,511 304,972 24,836 289,645
	246,325 844,048

Included in trade receivables as at 31 December 2017 was retention money of RMB441,214,000 held in respect of construction revenue and equipment sales. Upon application of HKFRS 15, the retention money receivables were reclassified to contract assets (Note 22).

於 2017 年 12 月 31 日，包含在貿易應收款項中之建造收入和設備銷售相關之質量保證金為人民幣 441,214,000 元。根據香港財務報告準則第 15 號，應收賬款之質量保證金重新分類為合同資產（附註 22）。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

23. TRADE AND BILL RECEIVABLES (COntinuEd)

23. 應收貿易賬款及票據（續）

notes: (COntinuEd)

附註：（續）

(i) Trade receivables (COntinuEd)

(i) 應收貿易賬款（續）

An aging analysis of the above trade receivables which are past due but not impaired is as follows:

該應收貿易賬款已逾期但尚未減值之賬齡分析如下：

	2018 2017
Within 3 months 3個月以內 3 to 6 months 3至6個月 6 to 12 months 6至12個月 Over 1 year 1年以上	*RMB’000* RMB’000 人民幣千元人民幣千元 1,755 116,888 8 11,295 14,126 21,692 36,720 128,994
	52,609 278,869

The above receivables relate to a number of independent customers for whom there is no financial difficulty and based on past experience, the overdue amounts can be recovered and are not considered as impaired.

上述金額涉及若干名沒有財政困難之獨立客戶，根據以往經驗，逾期款項可以收回，不視為違約。

Certain of the Group’s bank borrowings (Note 31) are pledged by the cash receipts from the sale of electricity by certain of the Group’s power plants.

一些集團發電電廠之應收電價款收費權已為本集團若干之銀行借款擔保作質押（附註 31）。

(ii) Tariff adjustment receivables

(ii) 應收電價調整款項

An aging analysis of the tariff adjustment receivables, based on the revenue recognition date, was as follows:

應收電價調整款項之賬齡分析（以收入確認日期為準）如下：

	2018 2017
Within 3 months 3個月以內 3 to 6 months 3至6個月 6 to 12 months 6至12個月 Over 1 year 1年以上	*RMB’000* RMB’000 人民幣千元人民幣千元 68,136 127,841 56,828 91,758 129,489 132,776 101,726 96,105
	356,179 448,480

323

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

23. TRADE AND BILL RECEIVABLES (COntinuEd)

23. 應收貿易賬款及票據（續）

notes: (COntinuEd)

附註：（續）

(ii) Trade adjustment receivables (COntinuEd)

(ii) 應收電價調整款項（續）

The Group’s tariff adjustment receivables from the sale of electricity are mainly receivables from the state grid companies. The collection of the tariff adjustment receivables is subject to settlement by state grid companies upon finalisation of the allocation of funds by relevant PRC government authorities to the state grid companies. See Note 22 for tariff adjustment receivables recognised by the power plants which have not been included in the Catalogue.

本集團電力銷售應收電價調整款主要為應收國家電網公司款項。在相關中國政府機構完成給國家電網公司之款項分配後，國家電網公司將結算相應電價調整款。未列入目錄之應收電價調整款見附註 22。

(iii) Bill receivables

(iii) 應收票據

As 31 December 2018, the Group endorsed certain bill receivables accepted by banks in Mainland China (the “Bills”) to certain of its suppliers in order to settle the trade payables due to these suppliers with a carrying amount in aggregate of RMB564,707,000 (2017: RMB618,080,000). The Bills had a maturity of one to six months at the end of the reporting period. In the opinion of the directors of the Company, the Group has transferred substantially all risks and rewards relating to the Bills. Accordingly, it has derecognised the full carrying amounts of the Bills and the associated liabilities.

截止 2018 年 12 月 31 日，本集團背書部分中國大陸銀行可承兌之應收票據（「票據」）給供應商用於結算到期之應付貿易款合計人民幣 564,707,000 元（2017：人民幣 618,080,000 元）。這些票據於本報告期末後一至六個月內到期。本公司董事認為，集團已實質轉移該等票據之全部風險與報酬，因此，公司並未確認此等票據之全部帳面金額及相關負債。

All bills received by the Group are with a maturity period of less than one year.

本集團收到所有票據之到期日均少於一年。

Upon application of HKFRS 9, the Group’s bill receivables were reclassified as financial assets at FVTPL because the bills receivables are held in a business model whose objective it to sell.

根據香港財務報告準則第 9 號之規定，由於應收票據持有是基於轉讓目的之商業模型，集團之應收票據分類至按公允價值計入損益之金融資產。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

24. P R E P A Y M E N T S , D E P O S I T S A N D O T H E R RECEIVABLES

24. 預付款項、按金及其他應收款項

	2018 2017
Deposits paid for purchase of property, plant and equipment 預付物業、電廠及設備採購款 Deposits paid for project investments 電廠投資保證金 Other prepayments 其他預付帳款 Deposits for other borrowings (note 32) 其他借款保證金（附註32） Other deposits 其他按金 Sales proceeds receivables from disposal of subsidiaries 處置附屬公司應收款項 Receivables from former subsidiaries 應收前附屬公司款項 Other receivables 其他應收款項 Current portion of land use rights (note 17) 土地使用權之即期部分（附註17） Value-added tax recoverable 可收回增值稅 Amounts due from customers for contract work 合同工程之應收客戶金額 _Less:_Impairment loss on sales proceeds receivables from disposals of subsidiaries 減：處置附屬公司應收款項之減值 Impairment loss on other receivables 其他應收款項減值	*RMB’000* RMB’000 人民幣千元人民幣千元 103,157 176,230 119,235 125,898 48,939 105,220 21,319 72,203 43,729 50,256 106,294 149,701 46,799 83,661 67,429 94,954 22,317 18,115 970,834 711,673 — 21,646
	1,550,052 1,609,557 (15,197) (16,545) (3,297) (2,841)
	1,531,558 1,590,171

325

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

24. P R E P A Y M E N T S , D E P O S I T S A N D O T H E R RECEIVABLES (COntinuEd)

24. 預付款項、按金及其他應收款項（續）

	2018 2017
_Less:_Non-current portion 減：非流動部份 Deposits paid for purchase of property, plant and equipment 預付物業、電廠及設備採購款 Deposits paid for project investments 電廠投資保證金 Deposits for other borrowings 其他借款保證金 Other deposits and prepayments 其他按金 Sales proceeds receivables from disposal of subsidiaries 處置附屬公司應收款項 Other non-current receivables 其他應收款項 Value-added tax recoverable 可收回增值稅 Impairment loss on sales proceeds receivables from disposals of subsidiaries 處置附屬公司應收款項之減值 Impairment loss on other receivables 其他應收款項減值 Non-current portion classified under non-current sets assets 非流動部分分類至非流動資產 Current portion classified under current assets 流動部分分類至流動資產	*RMB’000* RMB’000 人民幣千元人民幣千元 (103,157) (176,230) (39,235) — (21,319) (72,203) (35,466) (17,546) (15,197) (20,679) (27,579) (38,707) (619,273) (384,618) 15,197 16,545 — 1,104
	(846,029) (692,334)
	685,529 897,837

Upon application of HKFRS 15, the amounts due from customers for contract work were reclassified to contract assets.

依據香港會計準則第 15 號，建造合同應收款分類至合同資產。

Details of impairment assessment of other receivables for the year ended 31 December 2018 are set out in Note 48.

於 2018 年 12 月 31 日其他應收款之減值評估詳情請見附註 48。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

24. P R E P A Y M E N T S , D E P O S I T S A N D O T H E R RECEIVABLES (COntinuEd)

24. 預付款項、按金及其他應收款項 （續）

The movements in the impairment loss during the year are as follows:

本年度壞賬撥備變動情況如下：

	2018 2017
At 1 January 於1月1日 Impairment recognised during the year 本年確認之壞賬減值淨額 Written-off during the year 於本年撇銷 At 31 December 於12月31日	*RMB’000* RMB’000 人民幣千元人民幣千元 19,386 1,050 5,537 19,386 (6,429) (1,050)
	18,494 19,386

25. FINANCE LEASE RECEIVABLES

25. 融資租賃應收款項

Certain plant and machinery of the Group are leased out under finance leases. All interest rates inherent in the leases are fixed at the contract date over the lease terms.

本集團某些廠房和機械設備以融資租賃方式出租。所有租賃合同利率在合同簽訂之日以條款固定。

	2018 2017
Analysed for reporting purposes as: 為呈報分析如下： Current assets 流動資產 Non-current assets 非流動資產	*RMB’000* RMB’000 人民幣千元人民幣千元 8,327 5,100 53,628 19,100
	61,955 24,200

327

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

25. FINANCE LEASE RECEIVABLES (COntinuEd)

25. 融資租賃應收款項（續）

	Minimum lease payments Present value of minimum lease payments 最低租賃付款額最低租賃付款額現值 2018 2017 2018 2017
Finance lease receivables comprise: 融資租賃應收款 Within one year 1年以內 In more than one year but not more than two years 1至2年 In more than two years but not more than five years 2至5年 In more than five years 5年以上 _Less:_unearned finance income 減：未實現融資收益	*RMB’000* RMB’000 *RMB’000* RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元 12,244 6,880 8,327 5,100 16,768 5,667 12,901 4,340 43,082 11,103 37,875 9,900 3,001 5,182 2,852 4,860
	75,095 28,832 61,955 24,200 (13,140) (4,632) N/A N/A
	61,955 24,200 61,955 24,200

Effective interest rates of the above finance leases range from 7.32% to 9.84% per annum.

上述融資租賃之實際利率為每年 7.32% 至 9.84%。

Finance lease receivables are secured over the plant and machinery leased. The Group is not permitted to sell or repledge the collateral in the absence of default by the lessee.

融資租賃應收款項以租賃之廠房和機械設備為擔保。在承租人沒有違約的情況下，本集團不允許出售或更換抵押品。

Details of impairment assessment for the year ended 31 December 2018 are set out in Note 48.

截至 2018 年 12 月 31 日年度之減值評估詳情見附註 48。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

26. INVENTORIES

26. 存貨

	2018 2017
Raw materials 原材料 Work in progress 在製品 Finished goods 製成品	*RMB’000* RMB’000 人民幣千元人民幣千元 3,905 226 15,583 34,045 994 15,998
	20,482 50,269

The cost of inventories recognised as expense and included in profit or loss amounted to RMB28,926,000 (2017: RMB221,337,000). During the year ended 31 December 2018, no work in progress (2017: RMB16,871,000) was considered as obsolete and written-off.

存貨金額人民幣 28,926,000 元（2017：人民幣 221,337,000 元）在損益內確認為開支。於 2018 年 12 月 31 日，無（2017：人民幣 16,871,000 元）逾期而計提撥備之在製品成本額。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

27. CASH AND CASH EQUIVALENTS

27. 現金及現金等值項目

	2018 2017
Cash and bank balances 現金及銀行結餘 Less:_Restricted deposits(note)_ 減：受限制存款（附註） Cash and cash equivalents 現金及現金等值物	*RMB’000* RMB’000 人民幣千元人民幣千元 1,366,305 1,110,803 (12,692) (99,509)
	1,353,613 1,011,294

The Group’s cash and cash equivalents that are denominated in foreign currencies are set out below:

本集團以實體功能貨幣以外之貨幣計量之現金及現金等價值項目如下：

	2018 2017
Denominated in: 以下列貨幣計值： — RMB —人民幣 — HKD —港幣 — US$ —美元	*RMB’000* RMB’000 人民幣千元人民幣千元 24,177 493 1,326 5,408 837 389
	26,340 6,290

note: The restricted deposits mainly represent bank acceptance bill deposits and electricity sale guarantee deposits.

附註：受限制存款主要為銀行承兌匯票相關存款及電力銷售保證金。

As at 31 December 2018, the weighted average effective interest rate on the Group’s bank balances is 0.39% (2017: 0.41%) per annum.

於 2018 年 12 月 31 日，本集團銀行結餘之加權平均實際利率為 0.39%（2017： 0.41%）。

330

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

28. TRADE AND BILL PAYABLES

28. 應付貿易賬款及票據

	2018 2017
Trade payables 應付貿易賬款 Bill payables 應付票據	*RMB’000* RMB’000 人民幣千元人民幣千元 624,002 1,240,592 375,807 403,795
	999,809 1,644,387

Included in trade payables as at 31 December 2018 were retention money held in respect of construction contracts of RMB378,920,000 (2017: RMB385,151,000). Apart from the retention money which is normally repayable after one year, the average credit period on purchase of goods is approximately one year (2017: one year).

截止 2018 年 12 月 31 日，應付貿易賬款中包含之建造合同之保證金為人民幣 378,920,000 元（2017 年：人民幣 385,151,000 元）。除一年後支付之保證金，採購物資之平均信貸期大約為一年（2017 年：一年）。

As at 31 December 2018, the maturity date of bill payables was within 12 months (2017: within 6 months).

於 2018 年 12 月 31 日，應付票據到期日指 12 個月內（2017：6 個月內）。

An aging analysis of the trade payables, based on invoice date, is as follows:

應付貿易賬款之賬齡分析（以發票日期為準）如下：

	2018 2017
Within 3 months 3個月以內 3 to 6 months 3至6個月 6 to 12 months 6至12個月 1 to 2 years 1至2年 Over 2 years 2年以上	*RMB’000* RMB’000 人民幣千元人民幣千元 39,007 1,091,970 12,184 1,657 13,879 37,767 464,869 72,243 94,063 36,955
	624,002 1,240,592

331

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

29. PAYABLES FOR CONSTRUCTION IN PROGRESS, 29. 項目建造之應付賬款、其他應付款 OTHER PAYABLES AND ACCRUALS 項及應計費用

	2018 2017
Payables for construction in progress 項目建造之應付款項 Retention money payables 保證金應付帳款 Deposits received for disposal of subsidiaries 處置附屬公司預收股權款 Other payables and accruals 其他應付款項及應計款項 Receipts in advance 預收賬款 Amounts due to customers for contract work 合同工程之應付客戶金額 _Less:_Amounts repayable after one year and shown under non- current liabilities 減：一年後償付在非流動負債列示之金額 Current portion classified under current liabilities 分類為流動負債	*RMB’000* RMB’000 人民幣千元人民幣千元 1,994,782 1,425,630 586,432 381,560 8,500 44,405 231,189 146,373 — 58,415 — 5,636
	2,820,903 2,062,019
	(1,362,746) (652,033)
	1,458,157 1,409,986

Upon application of HKFRS 15, the amounts due to customers for contract work were reclassified to contract liabilities.

根據香港財務報告準則第 15 號之規定，合同工程之應付客戶款項重新歸類為合同負債。

332

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

30. CONTRACT LIABILITIES

30. 合同負債

	At 31 December 2018 At 1 January 2018 2018 年 12 月31 日* 2018年 1月1日
Receipts in advance 預收賬款 Construction contracts_(note)_ 建造合同（附註）	*RMB’000* RMB’000 人民幣千元人民幣千元 60,116 50,842 1,376 10,744
	61,492 61,586

The amounts in this column are after the adjustments from the application of HKFRS 15.
本欄金額基於香港財務報告準則第 15 號之應用調整。

note:

附註：

The amounts represent advances received from customers for contract work but not yet provided the construction service. Included in the above balances are amounts due to joint ventures for contract work of RMB1,376,000 (1 January 2018: RMB5,108,000).

此金額為建造活動中已預先收款而尚未提供建造服務之合同款，以上金額包含應付合營企業之金額為人民幣 1,376,000 元（2018 年 1 月 1 日：人民幣 5,108,000 元）。

333

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

31. BANK BORROWINGS

31. 銀行借款

	2018 2017
Secured 抵押擔保貸款 Unsecured 無抵押擔保貸款 Total borrowings 借款總額	*RMB’000* RMB’000 人民幣千元人民幣千元 3,626,968 3,659,545 744,654 429,300
	4,371,622 4,088,845

The secured bank borrowings are secured by certain buildings and power plant equipment of the Group (Note 16(c)), cash receipts from the sale of electricity by certain of the Group’s power plants (Note 23) and certain equity interests in subsidiaries.

抵押擔保銀行借款之抵押物為本集團物業、廠房及設備（附註 16(c)），及本集團電場之電力銷售（附註 23）取得之現金及附屬公司之股權。

The carrying amounts of the above borrowings are repayable*:

以上借款之本金需於下列期間償還 *：

	2018 2017
Within 1 year 1年內 Between 1 and 2 years 於第1至第2年間 Between 2 and 5 years 於第2至第5年間 Over 5 years 5年以上 _Less:_Amounts due within one year shown under current liabilities 減：於流動負債項下列示之於一年內到期之應付款項 Amounts shown under non-current liabilities 於非流動負債項下列示之款項 The above amounts due are based on scheduled repayment dates set out in the respective loan	*RMB’000* RMB’000 人民幣千元人民幣千元 620,389 513,246 370,364 330,525 1,192,884 1,019,591 2,187,985 2,225,483
	4,371,622 4,088,845 (620,389) (513,246)
	3,751,233 3,575,599
	以上款項到期金額基於各借款合同規定之計劃還款日。

The above amounts due are based on scheduled repayment dates set out in the respective loan agreements.

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

31. BANK BORROWINGS (COntinuEd)

31. 銀行借款（續）

The exposure of the Group’s bank borrowings are as follows:

本集團銀行借款在不同利率下分佈為：

	2018 2017
Fixed-rate borrowings 固定利率借款 Variable-rate borrowings 浮動利率借款	*RMB’000* RMB’000 人民幣千元人民幣千元 293,552 273,670 4,078,070 3,815,175
	4,371,622 4,088,845

The ranges of effective interest rates on the Group’s bank borrowings are as follows:

本集團銀行借款之實際利率之範圍如下：

Effective interest rate:	實際利率：
Variable-rate bank borrowings	浮動利率銀行借款
Fixed-rate bank borrowings	固定利率銀行借款

	2018		2017
2.9% to	6.9%	2.9% to	5.9%
2.7% to	5.9%	2.7% to	7.0%

The fair values of the non-current borrowings are estimated using discounted cash flow calculations based upon the Group’s current incremental borrowing rates for similar types of borrowings with maturities consistent with those remaining for the debt. The carrying amounts of the non-current borrowings approximate their fair values at the end of the reporting period.

非流動借款之公允價值，基於本集團到期期限與未償債務一致之類似借款目前之增量借款利率，使用現金流折現計演算法預計得來。於報告期末，非流動借款之賬面金額與其公允價值相若。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

31. BANK BORROWINGS (COntinuEd)

31. 銀行借款（續）

The carrying amounts of the Group’s foreign currency denominated bank borrowings at the end of each reporting period are as follows:

截止每個報告期末本集團外幣銀行借款金額如下：

	2018 2017
Denominated in United States dollars: 以美元呈列： Fixed-rate borrowings 固定利率貸款 Variable-rate borrowings 浮動利率貸款 Denominated in Hong Kong dollars: 以港幣呈列： Fixed-rate borrowings 固定利率貸款	*RMB’000* RMB’000 人民幣千元人民幣千元 16,148 16,607 11,957 13,386
	7,404 7,063
	35,509 37,056

32. OTHER BORROWINGS

32. 其他借款

32.其他	借款
	2018 2017
Analysed for reporting purposes as: 為呈報分析如下： Current liabilities 流動負債 Non-current liabilities 非流動負債	*RMB’000* RMB’000 人民幣千元人民幣千元 102,931 28,120 2,587,324 1,380,555
	2,690,255 1,408,675

During the year, the Group entered into agreements (the “Agreements”) with certain PRC financial institutions (the “Financial Institutions”) whereby the Group drew down RMB1,414,600,000 (2017: RMB1,418,300,000) in aggregate from the Financial Institutions of which RMB854,303,000 (2017: RMB835,462,000) was received in the form of bills.. Such borrowings are to be repayable in 2018 to 2030 and carry interest ranging from 5.0% to 6.1% per annum (2017: ranging from 5.0% to 5.9% per annum).

在本年內集團與中國內地金融機構（以下簡稱「金融機構」）簽訂協定（以下簡稱「協議」）並提款總額為人民幣 1,414,600,000 元（2017：人民幣 1,418,300,000 元），其中人民幣 854,303,000 元（2017：人民幣 835,462,000 元）是通過應收票據收到。該等借款將在 2018 至 2030 年得以償還，借款年利率為 5.0 ％至 6.1 ％（2017：借款年利率為 5.0％至 5.9％）。

336

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

32. OTHER BORROWINGS (COntinuEd)

32. 其他借款（續）

As collaterals for the above financing,

上述融資之擔保物，

(i) The Group transferred the ownership title of certain property, plant and equipment to the Financial Institutions.
(i) 本集團已將部分物業、廠房及設備之所有權轉移至金融機構。
(ii) The Group entered into financial guarantee contracts in favour of the Financial Institutions for the due performance of the Group’s obligations under the Agreements.
(ii) 本集團訂立了有利於金融機構之融資擔保合約以敦促本集團正當履行協議義務。
(iii) Upon the discharging all the Group’s obligations under the Agreements, the Financial Institutions will return the ownership title of those property, plant and equipment to the Group for minimal consideration. Despite the Agreements involve a legal form of a lease, the Group accounted for the Agreements as collateralised borrowing in accordance with the actual substance of the Agreements.
(iii) 在本集團履行了所有協約義務後，金融機構將非常低之代價有償歸還本集團上述物業、廠房及設備之所有權。儘管協定涉及租約之法律形式，本集團根據協定之實質將協定按照擔保借款核算。
(iv) An aggregate amount of security deposits of RMB119,569,000 placed with the Financial Institutions as at 31 December 2018 (2017: RMB72,203,000), of which RMB98,250,000 was offset with certain repayment instalments as agreed with the Financial Institution (2017: nil).
(iv) 於 2018 年 12 月 31 日累計支付押金人民幣 119,569,000 元（2017：人民幣：72,203,000 元）。其中金融機構同意與相關應付款項抵銷之金額為人民幣 98,250,000 元
（2017 年：零）。
(v) Other borrowings are secured by the Company’s equity interests in subsidiaries with an aggregate investment cost of RMB1,022,776,000 as at 31 December 2018 (2017: RMB473,240,000).
(v) 於 2018 年 12 月 31 日其他借款由本集團附屬公司之股權質押，金額為人民幣 1,022,776,000 元
（2017：人民幣 473,240,000 元）。

The maturity profile of the above borrowings is as follows:

上述借款到期情況如下：

	2018 2017
Within 1 year 1年內 Between 1 and 2 years 於第1至第2年間 Between 2 and 5 years 於第2至第5年間 Over 5 years 5年以上	*RMB’000* RMB’000 人民幣千元人民幣千元 102,931 28,120 130,583 76,589 1,197,730 559,247 1,259,011 744,719
	2,690,255 1,408,675

337

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

33. SENIOR NOTES AND BONDS PAYABLE

33. 優先票據及債劵之應付款項

The movements of senior notes and bonds issued by the Group during the year are as follows:

年內已發行優先票據及債劵之應付款項變動如下：

	Medium term Green Senior bonds bonds notes Total *(Note a)* *(Note b)* *(Note c)* 中期票據綠色債券優先票據合計（附註a）（附註b）（附註c）
Carrying amount at 1 January 2017 於2017年1月1日賬面價值 Issue of green bonds 綠色債券 Interest charge_(note 11) 利息支出（附註11） Interest payable 應付利息 Carrying amount at 31 December 2017 於2017年12月31日年末賬面價值 Issue of senior notes 優先票據之發行 Interest charge(note 11)_ 利息支出（附註11） Interest payable 應付利息 Exchange differences 匯兌調整 Carrying amount at 31 December 2018 於2018年12月31日年末賬面價值 _Less:_Amounts due within one year shown under current liabilities 減：一年內到期之流動負債 Amounts shown under non- current liabilities 非流動負債	RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元 199,451 — — 199,451 — 99,864 — 99,864 12,201 494 — 12,695 (12,195) (491) — (12,686)
	199,457 99,867 — 299,324 — — 1,267,890 1,267,890 13,002 7,212 103,554 123,768 (12,940) (7,170) (101,502) (121,612) — — 93,311 93,311
	199,519 99,909 1,363,253 1,662,681 (199,519) — — (199,519)
	— 99,909 1,363,253 1,463,162

Both the medium term bonds and green bonds are shown under non-current liabilities as at 31 December 2017.
於 2017 年 12 月 31 日，中期債券和綠色債券均列在非流動負債項下。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

33. SENIOR NOTES AND BONDS PAYABLE (COntinuEd)

33. 優先票據及債劵之應付款項（續）

note:

附註：

(a) The medium term bonds issued by the Group in April 2016 were registered in the National Association of Financial Market Institutional Investors (Zhong Shi Xie Zhu [2016]GN No.1) and China Development Bank has been designated as the principal underwriter of the bonds. The principal amount of the bonds is RMB200,000,000 with maturity in three years. The bonds bear fixed interest rate of 6.2% per annum, payable annually.
(a) 本集團於 2016 年 4 月 6 日發行了 2016 年度第一期中期票據，該中期票據已獲中國銀行間市場交易商協會（中市協註 [2016]GN 1 號）註冊。國家開發銀行股份有限公司為此次發行之主承銷商。該中期票據發行金額為人民幣 200,000,000 元，該中期票據期限為三年。該中期票據年利率為 6.2%，每年付息。

The principal and interest of the bonds are cashed through the custodian in accordance with its face value at the maturity date. The bonds are unsecured and the custodian is the Inter-bank Market Clearing House Co., Ltd. The effective interest rate of the bonds is 6.5% per annum.

該中期票據之本息兌付通過託管人辦理。到期日按照票面值兌付。中期票據無抵押擔保。該中期票據託管人：銀行間市場清算所股份有限公司。該中期票據之實際年利率為 6.5%。
(b) The green bonds were issued by the Group in December 2017 and its principal amount is RMB100,000,000 with maturity in three years. The green bonds bear fixed interest rate of 7.2% per annum, payable annually. The effective interest rate of the green bonds is 7.2% per annum.
(b) 本集團於 2017 年 12 月公開發行綠色公司債券，本金為人民幣 100,000,000 元，三年到期。綠色債券利率為年付固定年利率 7.2%。綠色債券之實際利率為年利率 7.2%。
(c) The senior notes (the “Notes”) were issued by the Group on 16 January 2018 and its principal amount of is US$200,000,000 with maturity on 23 January 2021 unless earlier redeemed in accordance with the terms thereof. The Notes bear fixed interest at 7.9% per annum payable semi-annually. The effective interest rate of the Notes is 8.3% per annum.
(c) 於 2018 年 1 月 16 日，本集團發行總額為 200,000,000 美元之優先票據，到期日為 2021 年 1 月 23 日，除非根據其條款提前贖回。該票據票面固定利率為每年 7.9%，每半年支付一次。票據的實際利率為每年 8.3%。

339

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

33. SENIOR NOTES AND BONDS PAYABLE (COntinuEd)

33. 優先票據及債劵之應付款項（續）

note: (COntinuEd)

附註：（續）

(c) (COntinuEd)

(c) （續）

At any time prior to 23 January 2021, the Group may at its option redeem the Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the applicable premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date.

在 2021 年 1 月 23 日之前之任何時間，本集團可選擇贖回全部但不是部分票據，贖回價格等於贖回票據本金之 100%，加上截至贖回日期（但不包括贖回日期）之適用溢價，以及應計和未付利息（如有）。

At any time and from time to time prior to 23 January 2021, the Group may at its option redeem up to 35% of the aggregate principal amount of the Notes with the net cash proceeds of one or more sales of common stock of the Company in an equity offering at a redemption price of 107.9% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to (but not including) the redemption date; provided that at least 65% of the aggregate principal amount of the Notes originally issued on the original issue date remains outstanding after each such redemption and any such redemption takes place within 60 days after the closing of the related equity offering.

本集團可在 2021 年 1 月 23 日之前直至贖回日（但不包括當日）之任何時間及不時使用其選擇權，按已贖回債券本金之 107.9% 之贖回價格，加上應計及未付利息（如有），在股權融資中出售一筆或多筆本公司普通股所得現金淨額，贖回至多 35% 之債權本金總額；條件是在初始發行日初始發行的至少 65% 之債券本金總額在每次進行該等贖回後仍未償付，且該等贖回乃于相關權益發行結束後的 60 天內發生。

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2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

34. CONVERTIBLE LOAN

34. 可換股貸款

On 23 May 2018, the Group issued convertible loan (the “Convertible Loan”) in the aggregate principal amount of HK$233,800,000 (approximately R M B 1 8 9 , 9 3 8 , 0 0 0 ) t o I n t e r n a t i o n a l F i n a n c e Corporation (“IFC”), which consists of three tranches: (i) Tranche I being HK$93,480,000; and (ii) Tranche II being HK$70,110,000; and (iii) Tranche III being HK$70,210,000. IFC has the right to convert all or any part of the outstanding amount of the Convertible Loan into the ordinary shares of the Company at a conversion price of (i) HK$0.5 per Share (for Tranche I);(ii) HK$0.55 per Share (for Tranche II); and (iii) HK$0.6 per Share (for Tranche III) (subject to the adjustments as set out in the agreement for the Convertible Loan dated 28 December 2017 (the “Agreement”)).

2018 年 5 月 23 日，本集團向國際金融公司（簡稱「IFC」）發行本金總額為 233,800,000 港元（約為人民幣 189,938,000 元）可換股貸款（簡稱「可換股貸款」）。該筆可換股貸款共分為三期：(i) 第一期為 93,480,000 港元，(ii) 第 2 期為 70,110,000 港元，(iii) 第 3 期為 70,210,000 港元。IFC 有權按下述轉換價格將該筆可換股貸款之部分或全部未償金額轉換為本公司之普通股：(i) 第一期每股 0.5 港元；(ii) 第二期每股 0.55 港元；及 (iii) 第三期 0.6 港元（且根據 2017 年 12 月 28 日簽署之可換股貸款協定（簡稱「協定」）規定進行調整。）

The outstanding principal of the Convertible Loan bears interest at a rate of (i) 2% per annum for the period commencing on the date of the Agreement until the date falling on the third anniversary of the date of the Agreement; and (ii) 5% per annum thereafter. The maturity date of the Convertible Loan is 27 December 2022 (the “Maturity Date”). If the whole or any part of the Convertible Loan is not converted into the ordinary shares of the Company by the Maturity Date then the relevant non converted portion of the Convertible Loan shall be repaid in full together with an amount required to provide IFC with an Internal Rate of Return (as defined in the Convertible Loan Agreement) in respect of such nonconverted portion of the Convertible Loan of 7%.

可換股貸款之未償本金將 (i) 從可換股貸款協議日開始至可換股貸款日後第三周年當日結束期間按 2% 的年利率計息，且於其後按 (ii)5% 之年利率計息。該筆可換股貸款之到期日為 2022 年 12 月 27 日（簡稱「到期日」）。倘於到期日，該筆可換股貸款之部分或全部尚未轉換為本公司之普通股，則可換股貸款之尚未轉換部分應加上就未轉換部分需向 IFC 提供之 7% 之內部收益率計算之金額一起全額償還。

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2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

34. CONVERTIBLE LOAN (COntinuEd)

34. 可換股貸款（續）

IFC may serve a written notice on the Group requiring the Group to (a “Prepayment Notice”): (i) at any time during the period commencing on (and including) the third anniversary of the date of the Agreement and ending on the fourth anniversary of the date of the Agreement (the “First Prepayment Period”), prepay the non-converted portion of the Loan within 45 days of the date of the relevant Prepayment Notice in the amount specified in the Prepayment Notice, provided such amount is not, when aggregated with all other amounts prepaid in response to Prepayment Notices during the First Prepayment Period, greater than onethird of the total amount of the Loan; or (ii) at any time during the period commencing on (and including) the fourth anniversary of the date of this Agreement and ending on the fifth anniversary of the date of the Agreement (the “Second Prepayment Period”), prepay the non-converted portion of the Loan within 45 days of the date of the relevant Prepayment Notice in the amount specified in the Prepayment Notice, provided such amount is not, when aggregated with all other amounts prepaid in response to Prepayment Notices during the First Prepayment Period and the Second Prepayment Period, greater than two-third of the amount of the Loan. Any prepayment made shall be applied pro rata across Tranche I, Tranche II and Tranche III.

IFC 可能會向本集團發出書面通知，要求本集團（簡稱「預付款通知」）：(i) 從第三周年日（包括當日）開始至協議第四周年當日結束（簡稱「首次預付款期間」）的任何時間，以付款通知規定的金額，在相關付款通知日期後的 45 天內，預付貸款之未轉換部分，條件是，該金額加上於首次預付款期間就付款通知所預付的所有其他金額之和，不大於貸款總額的三分之一；或 (ii) 於該協議第四周年當日（包括當日）開始至該協議第五周年當日（簡稱「第二次預付款期間」）結束的任何時間內，以付款通知規定的金額，在相關付款通知日期後的 45 天內，預付貸款之未轉換部分，條件是，該金額加上首次預付款期間和第二次預付款期間就預付款通知所預付的所有其他金額之和，不大於貸款金額的三分之二。支付的任何預付款均按比例適用於第一期，第二期和第三期。

The Convertible Loan contain two components, debt component and derivative (including conversion and early redemption options) component. The effective interest rate of the debt component is 10.2% per annum. The derivative component is measured at fair value with changes in fair value recognised in profit or loss.

可換股貸款包括兩個組成部分：債務成分和衍生（包括轉換和提前贖回選擇權）成分。債務成分的實際利率為每年 10.2%。衍生成分按公允值計量，且公允值變動於損益列賬。

342

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

34. CONVERTIBLE LOAN (COntinuEd)

34. 可換股貸款（續）

The movements of the debt component and derivative component of the convertible loan during the year are as follows:

本年內，可換股貸款債務成分和衍生成分之變動如下：

	Debt component Derivative component Total 債務部分衍生部分合計
Upon issuance 發行 Issue expense 發行費用 Interest expense_(note 11)_ 利息支出（附註11） Interest payable 應付利息 Fair value changes 公允價值變動 Exchange differences 匯兌調整 At 31 December 2018 於2018年12月31日	RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元 170,508 19,430 189,938 (1,894) — (1,894) 11,222 — 11,222 (2,547) — (2,547) — (11,307) (11,307) 13,367 2,046 15,413
	190,656 10,169 200,825

Binominal valuation model is used for valuation of the derivative component. The key inputs used in the model are disclosed in Note 49.

衍生成分採用二叉樹估值模型進行估值。該模型中所使用之關鍵輸入值載於附註 49。

35. DEFERRED TAX

35. 遞延稅項

The analysis of deferred tax assets and deferred tax liabilities is as follows:

遞延所得稅資產及遞延所得稅負債之分析如下：

	2018 2017
Deferred tax assets 遞延所得稅資產 Deferred tax liabilities 遞延所得稅負債	*RMB’000* RMB’000 人民幣千元人民幣千元 36,898 33,256 (13,577) (3,900)
	23,321 29,356

343

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

35. DEFERRED TAX (COntinuEd)

35. 遞延稅項（續）

The movements in deferred tax assets and liabilities during the year are as follows:

本年內遞延所得稅資產及負債之變動如下：

Deferred tax assets

遞延所得稅資產

	Unrealised inter-companies gains Deferred government subsidy Total 未實現收益遞延政府補貼總計 2018 2017 2018 2017 2018 2017
At 1 January 於1月1日 Credited/(debited) to the profit or loss_(note 13) 扣除自╱（計入）損益（附註13） Disposal of subsidiaries (note 39(b))_ 喪失附屬公司之控制權（附註39(b)） At 31 December 於12月31日	*RMB’000* RMB’000 *RMB’000* RMB’000 *RMB’000* RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 30,524 21,909 2,732 2,882 33,256 24,791 3,792 8,599 (150) (150) 3,642 8,449 — 16 — — — 16
	34,316 30,524 2,582 2,732 36,898 33,256

At 31 December 2018, the Group had tax losses of RMB340,448,000 (2017: RMB126,621,000) arose in Mainland China that can be carried forward to set off against future taxable income which will expire within 1 to 5 years. No deferred tax asset has been recognised due to the unpredictability of future profit streams.

於 2018 年 12 月 31 日，本集團於中國大陸產生之稅項虧損為人民幣 340,448,000 元（2017 年：人民幣 126,621,000 元），已結轉以抵銷日後應課稅收入，將分別於 1 至 5 年內到期。由於未來收入來源有不可預測性而並未確認有關遞延稅項資產。

344

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

35. DEFERRED TAX (COntinuEd)

35. 遞延稅項（續）

Deferred tax assets (COntinuEd)

遞延所得稅資產（續）

The unrecognised tax losses will expire in the following years:

未確認稅項虧損將於以下年度屆滿：

2018
2017

To be expired on:
將於下列日期屆滿
31 December 2018
二零一八年十二月三十一
31 December 2019
二零一九年十二月三十一
31 December 2020
二零二零年十二月三十一
31 December 2021
二零二一年十二月三十一
31 December 2022
二零二二年十二月三十一
31 December 2023
二零二三年十二月三十一
Total unused tax losses
未動用稅項虧損總額

RMB’000
RMB’000
人民幣千元
人民幣千元
—
2,412
10,347
11,072
11,113
11,301
15,357
15,906
81,399
85,930
222,232
—

340,448
126,621

At 31 December 2018, the Group had estimated unused tax losses of RMB150,904,000 (2017: RMB138,226,000), subject to the agreement of the Inland Revenue Department of Hong Kong, arose in Hong Kong available for offset against future profits. No deferred tax asset has been recognised due to the unpredictability of future profit streams. The estimated tax losses may be carried forward indefinitely.

於 2018 年 12 月 31 日，本集團於香港產生之稅項虧損為人民幣 150,904,000 元（2017 年：人民幣 138,226,000 元）可供抵銷日後溢利。由於未來之溢利流無法預測，並未作出遞延稅項資產確認。此估計稅項虧損可無限期結轉。

345

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

35. DEFERRED TAX (COntinuEd)

35. 遞延稅項（續）

Deferred tax liabilities

遞延所得稅負債

	Unremitted earnings Unremitted interest Total 未實現收益未實現利息總計 2018 2017 2018 2017 2018 2017
At 1 January 於1月1日 Debited / (credited) to the profit or loss_(note 13)_ 計入╱（扣除）自損益（附註13） At 31 December 於12月31日	*RMB’000* RMB’000 *RMB’000* RMB’000 *RMB’000* RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 3,900 4,463 — — 3,900 4,463 873 (563) 8,804 — 9,677 (563)
	4,773 3,900 8,804 — 13,577 3,900

The deferred tax liabilities recognised relate to temporary differences arising from the unremitted earnings of joint ventures and associates, and the unremitted intercompany interest payable from certain PRC subsidiaries to overseas subsidiaries.

已確認遞延稅項負債與來自合營企業及聯營公司之未匯返利潤產生之暫時性差異有關，以及某些中國與境外附屬公司之間未實現之利息。

As at 31 December 2018, deferred tax liabilities of RMB99,684,000 (2017: RMB81,573,000) have not been recognised for the withholding tax that would be payable on the undistributed retained earnings of subsidiaries of the Group, as the Group is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.

由於本集團能夠控制遞延稅項暫時性差異轉回之時間，且暫時性差異在可預見之未來很可能不會轉回，於 2018 年 12 月 31 日，本集團附屬公司未分派保留盈利應付之預提稅及其他稅項遞延所得稅負債為人民幣 99,684,000 元（2017：人民幣 81,573,000 元）並未獲得確認。

346

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

36. DEFERRED GOVERNMENT GRANTS

36. 遞延政府補助

Government grants are received from the PRC government and the government of the United States of America (“US”) by the Group as financial subsidies for the promotion of the development of renewable energy and investments in the PRC and the US. Government grants from the PRC government are recognised as income over 20 years based on the expected useful lives of the relevant non-current assets including property, plant and equipment invested in certain areas in the PRC, while the government grants from the US government are recognised as income over 5 years as the relevant properties continue to qualify as specified energy properties as defined by the US Department of the Treasury.

政府補助為本集團獲取中國及美國政府為刺激新能源產業發展而提供之政府財政補貼。來自中國政府之新能源產業發展補助按照被投資固定資產期望之使用期限在 20 年內分期確認收入，而來自美國政府之補助則基於美國財政部門界定相關資產可持續符合特定能源資產之標準，在 5 年內分期確認收入。

The movements in deferred government grant during the year are as follows:

本年內遞延政府補助之變動如下：

	2018 2017
At 1 January 於1月1日 Government grants obtained during the year 本年獲得政府補助 Released to profit or loss during the year 政府補助攤銷 At 31 December 於12 月31 日	*RMB’000* RMB’000 人民幣千元人民幣千元 24,136 20,267 2,902 5,777 (3,765) (1,908)
	23,273 24,136

347

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

37. SHARE CAPITAL

37. 股本

Ordinary shares issued of HK$0.01 each:

已發行普通股每股 0.01 港元：

	No. of shares Nominal value 股份數目面值
As at 1 January 2017 於2017年1月1日 Cancellation of ordinary shares (note (i)) 註銷之普通股（附註(i)） Repurchase and cancellation of ordinary shares_(note (i)) 回購後註銷之普通股（附註(i)） As at 31 December 2017 於2017年12月31日 Repurchase and cancellation of ordinary shares(note (ii))_ 回購後註銷之普通股（附註(ii)） As at 31 December 2018 於2018 年12 月31 日	000’shares RMB’000 千股人民幣千元 8,730,965 75,645 (19,370) (173) (34,800) (308)
	8,676,795 75,164 (126,210) (1,115)
	8,550,585 74,049

notes:

附註：

(i) During the prior year, 54,170,000 ordinary shares of the Company with total par value of RMB481,000 were cancelled, the related costs of repurchase were RMB18,731,000 and the exceed of costs of repurchase over the par value of the shares of RMB18,250,000 was charged to share premium. Of which, 19,370,000 ordinary shares were repurchased in 2016 for a total consideration of RMB6,947,000 and 34,800,000 ordinary shares were repurchased in 2017 for a total consideration of RMB11,784,000.
(i) 上一年度，公司注銷普通股 54,170,000 股，總面值人民幣 481,000 元，回購相關費用人民幣 18,731,000 元，超過面值人民幣 18,250,000 元的回購費用計入股票溢价。其中， 2016 年回購普通股 19,370,000 股，對價人民幣 6,947,000 元，2017 年回購普通股 34,800,000 股，對價人民幣 11,784,000 元。
(ii) During the current year, the Group repurchased a total of 164,080,000 ordinary shares of the Company from the market for a total consideration of HK$51,160,000 (equivalent to approximately RMB45,250,000), of which 126,210,000 ordinary shares with total par value of RMB1,115,000 were cancelled before 31 December 2018. The related costs of repurchase are RMB34,895,000 and the exceed of costs of repurchase over the par value of the shares of RMB33,780,000 is charged to share premium.
(ii) 於本年度內，本集團於市場中回購 164,080,000 股之本公司普通股，總價值 51,160,000 港元（相當於人民幣 45,250,000 元），其中 126,210,000 股之普通股，總價值為人民幣 1,115,000 元，已於 2018 年 12 月 31 日前註銷。回購相關費用人民幣 34,895,000 元，超過股票面值人民幣 33,780,000 元的回購費用計入股票溢價。

348

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

37. SHARE CAPITAL (COntinuEd)

37. 股本（續）

Treasury shares for the purpose of share award schemes

庫存股

During the year ended 31 December 2015, 151,500,000 ordinary shares were repurchased from market at a price of approximately HK$0.55 per share for a total consideration of RMB66,572,000 and held as treasury shares for the purpose of the Group’s share award scheme (the “Scheme”) as detailed in Note 38. The directors of the Company approved an aggregate number of 61,700,000 shares under such scheme and all of these shares have been awarded to the relevant participants of the scheme up to 31 December 2018. At 31 December 2018, the remaining 89,800,000 ordinary shares are held as treasury shares.

於截至 2015 年 12 月 31 日止年度內， 151,500,000 股普通股以每股約 0.55 港元於市場中回購，總價值為人民幣 66,572,000 元，並被作為庫存股持有，用於本集團之股票獎勵計劃（“計劃”），詳情見附註 38。本公司董事根據該計劃批准股份總數為 61,700,000 股，截至 2018 年 12 月 31 日，所有這些股份均已授予該計劃相關參與者。於 2018 年 12 月 31 日，89,800,000 股普通股被持作庫存股。

349

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

38. SHARE AWARD SCHEMES

38. 股份獎勵計劃

In June 2015, the directors of the Company approved a share award scheme under which shares of the Company will be awarded to the Group’s employees as an incentive (the “Scheme”). Pursuant to the rules of the Scheme, the Group has engaged a trustee, for the purpose of administering the Scheme and holding the awarded shares before they are vested. The directors of the Company have approved an aggregate number of 61,700,000 shares under the Scheme and they have been awarded to the relevant employees according to the vesting period as set out in the Scheme, of which 37,500,000 shares have been awarded to directors of the Company and the remaining to other employees of key position.

2015 年 6 月，本公司董事會批准了一項股份獎勵計劃，在此計劃下將本公司股份用以獎勵本集團僱員（「股份獎勵計劃」）。根據股份獎勵計劃，本集團已聘請一位信託人，以管理股份獎勵計劃及在股份被授予之前代為持有上述股份。本公司董事會批准 61,700,000 股該股份獎勵計劃股，該股份將用以獎勵根據股份獎勵計劃設定授予期間之相關聯僱員；其中 37,500,000 股獎勵給本公司之董事，剩餘股份獎勵給其他關鍵崗位員工。

Movements in the number of awarded shares during the year are as follows:

獎勵股份之數量變動如下：

	Number of shares 股份數量（股） 2018 2017
於1月1日已歸屬獎勵於12月31日 000) shares were any.	18,510,000 37,020,000 (18,510,000) (18,510,000)
	— 18,510,000
	其中12,450,000股（2017：12,450,000 股）獎勵本公司董事。

As at 1 January Vested during the year* As at 31 December	於1月1日已歸屬獎勵* 於12月31日

Of which 12,450,000 (2017: 12,450,000) shares were allocated to the directors of the Company.

The Group recognised total expense of RMB545,000 (2017: RMB3,152,000) for the year ended 31 December 2018 in relation to the Scheme.

截至 2018 年 12 月 31 日止年度，本集團就本公司授出之購股權確認支出總額為人民幣 545,000 元（2017：人民幣 3,152,000 元）。

The fair value of the shares awarded at the grant date (i.e. 16 November 2015) was HK$0.47 per share, which was based on the market value of the Company’s shares at the grant date. At 31 December 2018, the Company had no awarded shares unvested under the Scheme.

基於授予日（即 2015 年 12 年 16 日）公司股票之市價，授予日該等用於激勵之股份公允價值為每股 0.47 港元。截至 2018 年 12 月 31 日，本公司沒有授予本計劃項下未授予之股份。

350

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

39. NOTES TO THE CONSOLIDATED STATEMENT OF 39. 綜合現金流量表附註 CASH FLOWS

(a) Cash generated from operations

(a) 經營業務所得之現金

			2018	2017
		notes	*RMB’000*	RMB’000
		附註	人民幣千元	人民幣千元
Profit before income tax	除所得稅前溢利		530,140	270,566
Adjustments for:	已調整：
Finance costs	財務成本	11	301,210	184,903
Interest income	利息收入	7	(11,983)	(22,637)
Depreciation of property,	物業、廠房及設備
plant and equipment	折舊		350,036	224,770
Amortisation of land use	土地使用權攤銷
rights			17,168	12,438
Amortisation of other	其他無形資產攤銷
intangible assets			319	319
Release of deferred	遞延政府補助攤銷
government grants		36	(3,765)	(1,908)
Write-down of inventories	存貨減值	7	—	16,871
Impairment loss on trade	應收賬款減值
receivables		9	11,906	9,592
Impairment loss on other	其他應收賬款減值
receivables		9	5,537	19,386
Reversal of impairment	應收合營企業款項減
loss on amounts due	值之轉回
from joint ventures		9	—	(3,641)
Impairment of goodwill	商譽減值	8	—	62,584
Fair value gains on	按公允價值計入損益
financial assets at FVTPL	之金融資產之已實
	現收益淨額	8	(42,750)	(16,644)
Fair value gains on	可轉換債券衍生部分
convertible loan	公允价值变动收益	8	(11,307)	—
Share-based compensation	以股份為基準之付款		545	3,152
Share of profit of	應佔聯營公司業績
associates, net			(16,594)	(24,246)
Share of profit of joint	應佔合營企業業績
ventures, net			(130,179)	(102,940)
Adjustment of sales	以前年出售附屬公司
proceed of prior year’s	所得銷售款之調整
disposal of subsidiaries		8	17,970	—
Gain on disposal/	出售╱註銷附屬公司
de-registration of	及聯營公司之收益，
subsidiaries and	淨額
associates, net		8	(25,066)	(172,198)
Gain from a bargain	折價購買利得
purchase			—	(1,213)
Exchange (gain)/loss, net	匯兌（收益）╱虧損，
	淨額	8	(204)	88
Loss on disposal of	出售物業、廠房及設
property, plant and	備之虧損
equipment		8	12,393	6,060

351

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

39. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (COntinuEd)

39. 綜合現金流量表附註（續）

(a) C a s h g e n e r a t e d f r o m o p e r a t i o n s (COntinuEd)

(a) 經營業務所得之現金 （續）

2018
2017

notes
附註
Operating profit before
working capital
changes:
營運資金變動前之經營
溢利：
Decrease in inventories
存貨減少
Increase in trade and bill
receivables
應收貿易賬款及票據
增加
Decrease in
prepayments,deposits and
other receivables
預付款項、按金及
其他應收款項減少
Increase in contract assets
合同資產增加
Decrease in amounts due
from associates
應收聯營公司款項減少
Decrease in amounts due
from joint ventures
應收合營企業款項減少
Decrease in trade and bill
payables
應付貿易賬款及票據
減少
(Decrease)/increase in other
payables and accruals
其他應付款項及應計款
項（減少）╱增加
Increase in contract liabilities
合同負債增加
Decrease in amounts due to
associates
應付聯營公司款項減少
Increase/(decrease) in
amounts due to joint
ventures
應付合營企業款項增加
╱（減少）
Cash generated from
operations
經營業務所得之現金

RMB’000
RMB’000
人民幣千元
人民幣千元
1,005,376
465,302
29,787
14,041
(98,982)
(297,606)
234,328
423,342
(119,601)
—
7,779
68,893
139,441
228,320
(418,251)
(681,589)
(54,492)
149,268
50,748
—
(3,268)
(9,130)
11,474
(5,661)

784,339
355,180

352

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

39. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (COntinuEd)

39. 綜合現金流量表附註（續）

(b) Disposal/de-registration of subsidiaries

(b) 出售╱註銷附屬公司

During the year, the Group disposed of its entire equity interests in certain wholly-owned subsidiaries to independent third parties for an aggregate consideration of RMB172,417,000 (2017: RMB594,420,000), and resulting an aggregate gain on disposal of RMB30,842,000 (2017: RMB176,627,000).

本年度，本集團將某些全資附屬公司之全部股權以人民幣 172,417,000 元（2017 年：人民幣 594,420,000 元）之對價出售給獨立第三方，並由此獲得總計人民幣 30,842,000 元（2017 年：人民幣 176,627,000 元）之處置收益。

During the year, the Group deregistered certain wholly-owned subsidiaries of the Group and recorded an aggregate loss on de-registrations of RMB5,776,000 (2017: RMB11,150,000).

本年度，本集團註銷了本集團某些全資附屬公司，註銷登記累計虧損人民幣 5,776,000 元（2017 年：人民幣 11,150,000 元）。

353

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

39. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (COntinuEd)

39. 綜合現金流量表附註（續）

(b) Disposal/dep-registration of subsidiaries (COntinuEd)

(b) 出售╱註銷附屬公司 （續）

The gain on disposal/de-registration of subsidiaries, net, is as follows:

出售╱註銷附屬公司之收益，淨額如下：

	2018 2017
Consideration: 代價： Disposal of subsidiaries 出售附屬公司所得款項淨額 Proceeds from de-registration of subsidiaries 註銷所得款項淨額 Carrying amount of net assets of subsidiaries disposed of: 所出售附屬公司之淨資產之賬面總值： Land use rights 土地使用權 Property, plant and equipment 物業、廠房及設備 Interest in associates 於聯營公司權益 Inventories 存貨 Trade receivables 應收貿易賬款 Prepayments, deposits and other receivables 預付款項、按金及其他應收款項 Amounts due from fellow subsidiaries 應收附屬公司之款項 Cash and cash equivalents 現金及現金等值項目 Finance lease liabilities 融資租賃負債 Amounts due to joint ventures 應付合營企業款項 Amounts due to fellow subsidiaries 應付附屬公司之款項 Other payables and accruals 其他應付款項及應計款項 Realised profits on transactions between the Group and these subsidiaries 本集團與附屬公司間交易已實現之收益 Realised deferred tax assets 已實現之遞延所得稅資產 Others 其他 Gain on disposal/de-registration of subsidiaries, net_(note 8)_ 出售╱註銷附屬公司之收益，淨值（附註8）	*RMB’000* RMB’000 人民幣千元人民幣千元 172,417 594,420 92 62
	172,509 594,482
	— 108,425 59,914 1,164,146 — 3,093 — 695 — 335,242 30,993 148,507 44,640 11,244 83,063 9,072 — (902,778) — (9,056) (48,107) (404,366) (19,254) (30,381)
	151,249 433,843
	3,323 4,822 — 16 483 —
	25,066 165,477

354

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

39. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (COntinuEd)

39. 綜合現金流量表附註（續）

(b) Disposal/de-registration of subsidiaries (COntinuEd)

(b) 出售╱註銷附屬公司 （續）

Net cash inflow arising on the disposal and deregistration:

出售╱注銷附屬公司所得款項淨額：

	2018 2017
Consideration for disposal of subsidiaries 已收代價 Proceeds received upon liquidation of subsidiaries 附屬公司清算所得 Consideration not yet received and recorded in other receivables 未收取及計入其他應收款項之代價 Deposits received in prior years 以前年度預收轉讓款 Cash and cash equivalents derecognised from the consolidated financial statements 未於綜合財務報表確認之現金及現金等值項目 Consideration for prior year’s disposals received in the current year 本年度已收過往年度出售事項之代價	*RMB’000* RMB’000 人民幣千元人民幣千元 172,417 594,420 92 62 (18,412) (60,263) (38,576) (115,785) (83,063) (9,072)
	32,458 409,362 54,569 28,512
	87,027 437,874

355

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

39. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (COntinuEd)

39. 綜合現金流量表附註（續）

(c) Disposal/de-registration of associates

(c) 出售╱註銷聯營公司

During the prior year, the Group disposed of certain associates for an aggregate consideration of RMB34,450,000 and recorded gain on disposal totalling RMB6,721,000.

於 2017 年內，本集團出售聯營公司之總代價 34,450,000 元並確認出售收益 6,721,000 元。

Net cash inflow arising on the disposal:

處置產生之現金流入金額：

2017 RMB’000 人民幣千元 Total consideration 總代價 34,450 Consideration receivables 應收轉讓款 (4,746) Net cash inflows 淨現金流入 29,704 (d) Disposal of property, plant and equipment (d) 出售物業、廠房及設備

An analysis of the cash proceeds from the 綜合現金流量表中，出售物業、廠 disposal of property, plant and equipment is as 房及設備所得款項淨額包含： follows:

	2018 2017
Net carrying amount_(note 16) 賬面淨值（附註16） Loss on disposal(note 8)_ 出售虧損（附註8） Consideration for the disposal 出售之代價 _Less:_Settled with other receivables 減：其他應收款項 Net cash proceeds received 收到的現金收益淨額	*RMB’000* RMB’000 人民幣千元人民幣千元 16,180 7,210 (12,393) (6,060)
	3,787 1,150 (1,550) (980)
	2,237 170

356

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

40. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES

40. 來自於融資活動之負債之對賬表

The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities.

下表詳述了本集團來自於融資活動之負債之變動，包括現金及非現金變動。對於融資活動產生之負債，其過去現金流量或未來現金流量將歸類至本集團合併現金流量表中融資活動產生之現金流量項下。

	Bank borrowings Other borrowings Senior notes and bonds payable Convertible loan Interest Loans from a joint Total (note 31) (note 32) (note 33) (note 34) payable venture 應付優先合營企業銀行借款其他借款票據和債券可換股貸款應付利息貸款總計** （附註31）（附註32）（附註33）（附註34）
At 1 January 2017 於2017年1月1日 Financing cash flows 融資現金流入 Acquisition of subsidiaries 收購附屬公司 Deposits placed 保證金 Bills received 收到票據 Interest expenses 利息支出 Difference between coupon interest and effective interest 票面利率和實際利率差額 At 31 December 2017 於2017年12月31日 Financing cash flows 融資現金流入 Deposits placed 保證金 Set off with deposits placed (note 41) 保證金抵銷（附註41） Bills received 收到票據 Interest expenses 利息支出 Difference between coupon interest and effective interest 票面利率和實際利率差額 Fair value changes 公允價值變動 Exchange differences 滙兌影響 At 31 December 2018 於2018年12月31日*	*RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 3,426,660 — 199,451 3,222 40,500 3,669,833 662,185 501,010 99,864 (225,574) — 1,037,485 — — — — — (40,500) (40,500) — 72,203 — — 72,203 — 835,462 — — 835,462 — — — — 244,329 — 244,329 9 (9) — —
	4,088,845 1,408,675 299,324 — 21,968 — 5,818,812 282,777 478,161 1,267,890 188,044 (378,847) 1,838,025 — 47,366 — — 47,366 — (98,250) — — — (98,250) — 854,303 — — 854,303 — — — — 439,566 439,566 2,156 8,675 (10,831) — — — — (11,307) — (11,307) — — 93,311 15,413 — 108,724
	4,371,622 2,690,255 1,662,681 200,825 71,856 8,997,239

The movements of interest expenses attributable to bank borrowings, other borrowings, senior notes and bonds payable and convertible loan are grouped under interest payable.
歸屬於銀行借款、其他借款、應付優先票據及債券及可轉換貸款之利息費用變動規類於應付利息項下。

357

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

41. MAJOR NON-CASH TRANSACTIONS

41. 主要之非現金交易

(a) During the year, the Group entered into financing arrangements with the Financial Institution in respect of property, plant and equipment and drew down an aggregate a m o u n t o f R M B 1 , 4 1 4 , 6 0 0 , 0 0 0 ( 2 0 1 7 : RMB1,418,300,000) from the Financial Institution, of which RMB854,303,000 (2017: RMB835,462,000) was received in the form of bills. Further details of the financing arrangements are set out in Note 32.
(a) 在本年內，本集團就物業、廠房及設備與金融機構訂立了融資協議並從金融機構總計提款人民幣 1,414,600,000 元（2017：人民幣 1,418,300,000 元），其中人民幣 854,303,000 元（2017：人民幣 835,462,000 元）以票據形式收到。融資協議詳情列載於附註 32。
(b) During the year, the Group entered into an offset agreement with a Financial Institution to offset the security deposits placed with the Financial Institution and the repayment instalment of RMB98,250,000 (2017: nil).
(b) 本集團於本年度與一家金融機構訂立補償協議，補償存放於該金融機構之保證金及分期付款償款人民幣 98,250,000 元（2017：無）。
(c) During the year, the Group acquired the noncontrolling interests of certain non-wholly-owned subsidiaries with an aggregate consideration of RMB72,682,000, of which RMB48,512,000 was settled through offsetting other receivables from a non-controlling shareholder.
(c) 本集團於本年度以人民幣 72,682,000 元的累計代價收購部分非全資子公司的非控制權益，其中人民幣 48,512,000 元通過補償其他應收非控制股東款項結算。

358

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

42. BUSINESS COMBINATION

42. 企業合併

In March 2017, the Group acquired 20% equity interest in Topping Center Ltd. (“Topping Center”), the then joint venture of the Group, from the existing joint venture partner at a cash consideration of RMB1. Subsequent to the acquisition, Topping Center became a wholly—owned subsidiary of the Group. Topping Center is principally involved in the provision of finance lease of equipment for wind power plants.

2017 年 3 月，本集團以１元人民幣之現金對價，從現有合營企業夥伴手中購入本集團之合營企業 Topping Center Ltd （「Topping Center」）百分之二十之股權。被收購之後，Topping Center 成為本集團全資附屬公司。Topping Center 主要為風力發電廠設備提供融資租賃。

Fair values of the identifiable assets and liabilities acquired at the date of the above acquisition was as follows:

上述收購取得之可辨認資產和負債在收購之日之公允價值如下：

		RMB’000
		人民幣千元
Property, plant and equipment	物業、廠房及設備	5
Interest in an associate*	於聯營公司之權益*	79,876
Cash and cash equivalents	現金及現金等值項目	2,948
Prepayments, deposits and other receivables	預付款項、按金及其他應收款項	4,963
Finance lease receivables**	應收融資租賃款**	35,349
Amounts due from related companies	應收關聯公司款項	100,500
Amounts due to related companies	應付關聯公司款項	(217,576)

6,065

Interest in an associate represents Topping Center’s investment in 46.6% equity interest in a subsidiary of the Group, of which the amount is equal to the non-controlling interests of that subsidiary recorded by the Group. The acquisition of such associate is accounted for as an equity transaction as acquisition of additional interests in a subsidiary.
於聯營公司之權益指成高公司投資於本集團一附屬公司之 46.6% 股權，等於已入賬之本集團在該附屬公司之非控制性權益。該聯營公司收購事項作為權益交易核算，視為收購附屬公司額外權益。
** The fair value of finance lease receivables acquired in this transaction as at the date of acquisition approximate their carrying amounts and none of the receivables are expected to be uncollectible.
** 於購買日，通過本交易獲得之應收融資租賃款項之公允價值與其賬面金額相若，且預計無任何應收款項不可收回。

359

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

42. BUSINESS COMBINATION (COntinuEd)

42. 企業合併（續）

RMB’000 人民幣千元

於購買日確定之廉價購買利得

Gain from a bargain purchase recognised 於購買日確定之廉價購買利得 on the acquisition Consideration transferred: 已轉讓之對價 : Cash 現金 — Fair value of the joint venture 合營企業之公允價值 (80% in Topping Centre) （成高公司淨資產之 80%） 4,852 Less: Fair value of net assets acquired 減：購入淨資產之公允價值 (6,065) Gain from a bargain purchase recognised in 於損益中確認之廉價購買利得 profit or loss (1,213) Net cash inflows in respect of the 收購相關之現金流入淨額 — acquisition — Consideration paid in cash 已用現金支付之對價 Less: Cash and bank balances acquired 減：已獲得之現金及銀行結餘 (2,948) 2,948

Since the acquisition date, Topping Center contributed revenue of RMB3,035,000 and a net loss of RMB2,665,000 to the Group’s consolidated revenue and profit for the year ended 31 December 2017, respectively.

自收購日起，成高公司於 2017 年 12 月 31 日至年度本集團合併收入及利潤中貢獻收入人民幣 3,035,000 元及淨虧損為人民幣 2,665,000 元。

43. CONTINGENT LIABILITIES

43. 或有負債

The Group provided guarantee to a bank in favour of a joint venture of the Group in respect of a banking facility provided by the bank to that joint venture. As at 31 December 2018, the aggregate amount of guarantee was RMB16,126,000 (2017: RMB21,958,000), which represented the amount that could be required to be paid if guarantee was called upon in entirety, of which RMB16,126,000 had been utilised by the joint venture as at 31 December 2018 (2017: RMB21,958,000).

本集團關於銀行向合營公司提供之融資向銀行提供以銀行為受益人之擔保。截至 2018 年 12 月 31 日，累計擔保金額為人民幣 16,126,000 元（2017：人民幣 21,958,000 元），倘要求對其提供擔保時，本集團則須支付該金額，其中人民幣 16,126,000 元已由合營公司於 2018 年 12 月 31 日（2017：人民幣 21,958,000 元）利用。

360

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

43. CONTINGENT LIABILITIES (COntinuEd)

43. 或有負債（續）

In the opinion of the directors of the Company, the fair value of the financial guarantee contract at initial recognition and subsequently at the end of each reporting period is not significant as the default rate is low.

本公司董事認為於初始確認時及後續於各報告期末財務擔保合約的公允價值由於違約率較低因而金額較小。

44. COMMITMENTS

44. 承擔

Operating lease commitments

經營租賃承擔

As lessee

作為承租人

The Group leases certain of its office premises and equipment under non-cancellable operating lease arrangements. Leases are negotiated for terms ranging from 2 years to 15 years.

本集團根據不可撤銷經營租賃安排承租了若干辦公室及設備。協議租賃期期間從 2 年到 15 年。

At 31 December 2018, the Group had future aggregate minimum lease payments under noncancellable operating leases are as follows:

於 2018 年 12 月 31 日，本集團根據於不可撤銷經營租賃之未來最低租賃付款總額如下：

	2018 2017
No later than 1 year 不超過1年 Later than 1 year and no later than 5 years 超過1年但不超5年 Over 5 years 五年以上	*RMB’000* RMB’000 人民幣千元人民幣千元 17,486 15,128 73,707 65,180 67,353 83,051
	158,546 163,359

361

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

44. COMMITMENTS (COntinuEd)

44. 承擔（續）

Capital commitments

資本承擔

At 31 December 2018, the Group had capital expenditure contracted for but not provided for in the consolidated financial statements is as follows:

於報告日綜合財務狀況表中已簽訂合同但仍未產生之資本開支如下：

		2018	2017
		*RMB’000*	RMB’000
		人民幣千元	人民幣千元
Acquisition of property, plant and	物業、廠房及設備開支
equipment		1,222,769	1,855,552

T h e G r o u p h a s e n t e r e d i n t o a n u m b e r o f arrangements to develop power plant projects in the PRC. As at 31 December 2018, the Group had total capital commitments to joint ventures and associates contracted but not provided for amounted to RMB61,050,000 (2017: RMB105,050,000).

本集團已就於中國發展風電項目訂立若幹安排。於 2018 年 12 月 31 日，已簽訂合同但未撥付予合營企業及聯營公司之權益資本金總額為人民幣 61,050,000 元（2017：人民幣 105,050,000 元）。

45. RELATED PARTY TRANSACTIONS

45. 關聯方交易

(a) Save as disclosed elsewhere in these consolidated financial statements, the following material transactions were carried out by the Group with related parties during the year:

(a) 除本綜合財務報表中另有披露外，以下為與關聯方進行之交易：

		2018	2017
		*RMB’000*	RMB’000
		人民幣千元	人民幣千元
Sales of goods and services to	向聯營公司及合營企業銷
associates and joint ventures	售貨品及服務（附註(i)）
(note (i))		59,239	4,910
Loan interest income from joint	合營企業貸款利息收入
ventures_(note (ii))_	（附註(ii)）	1,135	929
Loan interest expense to a joint	合營企業貸款利息支出
venture_(note (iii))_	（附註(iii)）	—	585

362

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

45. RELATED PARTY TRANSACTIONS (COntinuEd)

45. 關聯方交易（續）

(a) (COntinuEd)

(a) （續）

notes:

附註：

(i) The terms and conditions of sales of goods and services were mutually agreed by both parties.
(i) 銷售貨品及服務按雙方同意之商業條款與關聯方洽商。
(ii) The loan interest income arose from loans to joint ventures bear interest at 5.2% (2017: 5.2%) per annum. Details of the loans to joint ventures are disclosed in Note 20(ii).
(ii) 向合營企業提供之貸款按年利率 5.2%（2017：5.2%）計息。向合營企業提供之貸款之公允價值及實際利率於附註 20(ii) 中披露。
(iii) The loan interest expense arose from loans from a joint venture which bore interest at 6.76% per annum and were fully settled during the prior year.
(iii) 合營企業貸款之利息開支，年息為 6.76%。已於上一年全部歸還。

(b) Key management compensation

(b) 關鍵管理層薪酬

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, the total remuneration of the key management personnel is shown below:

關鍵管理人員指有權利並負責進行計劃、指揮和控制本集團活動之人員，關鍵管理人員薪酬總額如下：

	2018 2017
Salaries and other short-term employee benefits 薪金及其他短期僱員福利 Share-based compensation 以股份為基準之付款	*RMB’000* RMB’000 人民幣千元人民幣千元 15,529 13,078 345 2,375
	15,874 15,453

363

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

46. D I R E C T O R S ’ A N D C H I E F E X E C U T I V E ’ S EMOLUMENTS

46. 董事及行政總裁薪酬

Directors’ and chief executives’ remuneration for the year, disclosed pursuant to the applicable Listing Rules and the Hong Kong Companies Ordinance, are as follows:

本年董事及行政總裁薪酬，根據所適用之上市規則及香港公司條例，披露如下：

For the year ended 31 December 2018:

截至 2018 年 12 月 31 日止年度：

Name
姓名

Fees
Salary
Share-based
payment
(note (i))
Employer’s
contribution
to a
retirement
benefit
scheme
Total
袍金
薪金
股份支付
（附註(i)）
退休福利計劃
之僱主供款
總額

Executive directors
執行董事
Liu Shunxing_(Chairman)
劉順興（主席）
Liu Jianhong(Vice_
Chairperson)
劉建紅（副主席）
Yu Weizhou_(Chief Executive_
Officer)
余維洲（行政總裁）
Niu Wenhui
牛文輝
Gui Kai
桂凱
Shang Li_(note vi)
尚笠（附註vi）
Non-executive directors:
非執行董事：
Wu Shaohua
吳韶華
Independent non-
executive directors:
獨立非執行董事
Yap Fat Suan, Henry
葉發旋
Jesse Zhixi Fang(note vii)
方之熙（附註vii）
Huang Jian
黃簡
Zhang Zhong(note ix)
張忠（附註ix）
Wong Yau Kar, David, GBS,
BBS, JP(note viii)_
黃友嘉,GBS,BBS,JP
（附註viii）
Total
總額

RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
人民幣千元
人民幣千元
—
2,628
80
140
2,848
—
2,354
66
140
2,560
—
1,907
66
140
2,113
1,087
35
141
1,263
1,086
53
125
1,264
—
1,179
—
174
1,353
183
—
—
—
183
190
190
183
—
—
—
183
183
—
—
—
183
107
107
86
86

932
10,241
300
860
12,333

364

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

46. D I R E C T O R S ’ A N D C H I E F E X E C U T I V E ’ S EMOLUMENTS (COntinuEd)

46. 董事及行政總裁薪酬（續）

For the year ended 31 December 2017:

截至 2017 年 12 月 31 日止年度：

Name
姓名

Fees
Salary
Share-based
payment
(note (i))
Employer’s
contribution
to a
retirement
benefit
scheme
Total
袍金
薪金
股份支付
（附註(i)）
退休福利計劃
之僱主供款
總額

Executive directors
執行董事
Liu Shunxing_(Chairman)
劉順興（主席）
Liu Jianhong(Vice_
Chairperson)
劉建紅（副主席）
Yu Weizhou (Chief Executive
Officer)
余維洲（行政總裁）
Niu Wenhui_(note ii)
牛文輝（附註ii）
Gui Kai
桂凱
Yang Zhifeng(note v)
楊智峰（附註v）
Non-executive directors:
非執行董事：
Gao Fu Chun(note iii)
高富春（附註iii）
Wu Shaohua(note iv)
吳韶華（附註iv）
Independent non-
executive directors:
獨立非執行董事
Yap Fat Suan, Henry
葉發旋
Wong Yau Kar, David, GBS,
BBS, JP
黃友嘉,GBS,BBS,JP
Shang Li(note vi)_
尚笠（附註vi）
Huang Jian
黃簡
Total
總額

RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
人民幣千元
人民幣千元
—
2,053
460
130
2,643
—
1,950
383
130
2,463
—
1,787
383
130
2,300
—
1,076
205
118
1,399
—
1,043
307
114
1,464
—
499
383
46
928
13
—
—
—
13
151
—
—
—
151
156
—
—
—
156
156
—
—
—
156
163
—
—
—
163
163
—
—
—
163

802
8,408
2,121
668
11,999

365

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

46. D I R E C T O R S ’ A N D C H I E F E X E C U T I V E ’ S EMOLUMENTS (COntinuEd)

46. 董事及行政總裁薪酬（續）

notes:

附註：

(i) It represents amortisation of the fair value of shares award under the Scheme (Note 38) measured at the grant date and charged to the profit or loss over the reporting period.
(i) 代表按授出日期計量之購股權及股份獎勵計劃（附註 38）下獎勵股份公允價值計入在報告期間損益表內攤銷。
(ii) Mr. Niu Wenhui, the Chief Finance Officer, was appointed as an executive director of the Company with effect from 23 January 2017.
(ii) 2017 年 1 月 23 日起，首席財務官牛文輝先生擔任本公司執行董事。
(iii) Mr. Gao Fuchun resigned as a non-executive director of the Company with effect from 9 February 2017.
(iii) 2017 年 2 月 9 日起，高富春先生辭任本公司之非執行董事。
(iv) Mr. Wu Shaohua was appointed as an non-executive director of the Company with effect from 9 February 2017 and resigned with effect from 28 February 2019.
(iv) 2017 年 2 月 9 日起，吳韶華先生獲委任為本公司非執行董事，於 2019 年 2 月 28 日辭任。
(v) Mr. Yang Zhifeng resigned as an executive director and the Co-Vice Chairperson of the Board of the Company with effect from 1 November 2017.
(v) 2017 年 11 月 1 日起，楊智峰先生辭任本公司執行董事及董事會聯席副主席，同時辭任集團附屬公司之董事。
(vi) Dr. Shang Li has re-designate from independent nonexecutive director to an executive director of the Company with effect from 2 January 2018.
(vi) 尚笠博士於 2018 年 1 月 2 日由獨立非執行董事獲調任執行董事。
(vii) Dr. Jesse Zhixi Fang was appointed as an independent non-executive director of the Company with effect from 2 January 2018.
(vii) 方之熙博士於 2018 年 1 月 2 日獲任本公司獨立非執行董事。
(viii) Dr. Wong Yau Kar, David, GBS,BBS,JP resigned as an independent non-executive director of the Company with effect from 4 June 2018.
(viii) 黃友嘉博士 ,GBS,BBS,JP 於 2018 年 6 月 4 日辭任本公司獨立非執行董事。
(ix) Mr. Zhang Zhong was appointed as an independent non-executive director of the Company with effect from 4 June 2018.
(ix) 張忠先生於 2018 年 6 月 4 日獲任本公司獨立非執行董事。

Save as those emoluments presented above, no other fees or emoluments were paid, have been or will be paid to the independent non-executive directors in respect of the current year (2017: nil).

除上文所列報之酬金外，本年度無任何其他袍金或酬金已經或將會支付予獨立非執行董事（2017：無）。

366

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

46. D I R E C T O R S ’ A N D C H I E F E X E C U T I V E ’ S EMOLUMENTS (COntinuEd)

46. 董事及行政總裁薪酬（續）

The executive directors’ remuneration shown above was for their services in connection with the management of the affairs of the Company and the Group. The non-executive directors’ emoluments shown above were for their services as directors of the Company. The independent non-executive directors’ emoluments shown above were for their services as directors of the Company.

上述執行董事之報酬為其管理本公司和本集團事務之服務報酬。上述非執行董事之報酬為其作為本公司董事之服務報酬。上述獨立非執行董事之報酬為其作為本公司董事之服務報酬。

During the current and prior years, no directors of the Company waived or agreed to waive any emoluments, and no emoluments were paid to the directors of the Company as an inducement to join or upon joining the Group or as compensation for loss of office.

本年和以前年度，本公司沒有董事放棄或同意放棄任何報酬，且本公司未向本公司董事支付任何報酬作為其加入或即將加入本集團之激勵或作為離職補償。

47. CATEGORIES OF FINANCIAL INSTRUMENTS

47. 金融工具類別

The carrying amounts of each of the categories of financial instruments at the end of each reporting period are as follows:

每一報告期結束時每一類金融工具的帳面價值如下：

2018
2017

Financial assets
金融資產
Fair value through profit or loss
按公允價值入損益
Financial assets at amortised cost
按攤餘成本計量之金融資
Available-for-sale financial assets
可供出售金融資
Loans and receivables (including cash
and cash equivalents)
貸款和應收款項（包括現金及
現金等值項目）
Financial liabilities
金融負債
At amortised cost
以攤餘成本計量之金融負債
Derivative financial instruments
衍生金融負債

RMB’000
RMB’000
人民幣千元
人民幣千元
139,269
34,280
2,379,803
—
—
4,726
—
3,265,688

12,747,497
9,406,659
10,169
—

367

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

48. 財務風險管理

The Group’s activities exposed it to a variety of financial risks. The management periodically analyses and reviews measures to manage its exposure to market risk (including foreign currency risk , interest rate risk and other price risk), credit risk and liquidity risk. Generally, the Group employs a conservative strategy regarding its risk management and has not used any derivatives or other instruments for hedging purposes.

本集團承受各種財務風險。管理層定期分析和檢查管理其面臨市場風險（包括外幣風險、現金流量及公允價值利率風險）、信貸風險及流動性資金風險之措施。一般而言，本集團就其風險管理採取保守策略，並且不使用任何衍生工具或其他工具作對沖用途。

As at 31 December 2018, the Group’s major financial instruments include trade and bill receivables, deposits and other receivables, financial assets at FVTPL, loans and current account balances with associates and joint ventures, cash and cash equivalents, restricted deposits, trade and bill payables, payables for construction in progress, other payables and accruals, bank borrowings, other borrowings, senior notes and bonds payable, and convertible loan. Details of these financial instruments are disclosed in respective notes.

於 2018 年 12 月 31 日，本集團之金融工具主要包括應收貿易賬款及票據、按金及其他應收款項、按公允價值計入損益之金融資產╱負債、應收╱應付聯營公司款項、應收╱應付合營企業款項、應收╱應付合營企業之貸款、現金及現金等值項目、受限制存款、應付貿易賬款及票據、其他應付款項及應計款項、銀行借款、其他賬款、美元債及應付債券，可轉股貸款。金融工具之具體詳見相應附註披露。

368

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(a) Market risk

(a) 市場風險

(i) Foreign exchange risk

(i) 外匯風險

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Foreign exchange risk arises from monetary assets and liabilities denominated in foreign currencies.

外幣風險指金融工具之公允價值或未來現金流量將由匯率變動而波動之風險。外匯風險由外幣計值之貨幣資產及負債產生。

The Group operates mainly in the PRC, the United States of America and Hong Kong. Majority of revenue and cost of goods sold and operations are denominated in Renminbi (“RMB”). Almost all of the revenue and costs are denominated in the group entities’ respective functional currencies.

本集團主要在中華人民共和國，美國及香港經營，主要收入與銷售貨物及存貨成本用人民幣計值。幾乎所有收入及成本按集團各實體之功能貨幣計量。

The Group is exposed to foreign currency risk primarily with respect to the change of exchange rate of United States dollars (“US$”) and Hong Kong dollars (“HK$”), which is pegged with US$, against RMB, which is the functional currency of most of the Group’s operating entities. As at 31 December 2018, recognised assets or liabilities that are denominated in a currency that is not the entities’ functional currency include cash and cash equivalents (Note 27) , bank borrowings (Note 31), senior notes (Note 33) and convertible loan (Note 34).

本集團外幣風險主要與美元和港元對本集團內相關公司之功能貨幣，即人民幣之滙率變動有關，與美元掛鉤。截至 2018 年 12 月 31 日，已確認以外幣計量之資產和負債並未以各實體功能貨幣計量之包括現金及現金等值項目（附註 27）、銀行借款（附註 31）、優先票據（附註 33）及可換股貸款（附註 34）。

369

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(a) Market risk (COntinuEd)

(a) 市場風險（續）

(i) Foreign exchange risk (COntinuEd)

(i) 外匯風險（續）

The following table demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in RMB to US$/HK$ exchange rates (“RMB – US$/HK$”), with all other variables held constant, of the Group’s profit after tax due to changes in the carrying value of monetary assets and liabilities.

下表反映於報告期末，維持所有其他變數恒定不變，由於貨幣資產及負債之賬面價值變動，導致本集團稅後利潤對人民幣兌美元╱港元匯率（「人民幣 — 美元╱港元」）發生合理潛在變動之敏感性。

		2018	2017
		Increase/	Increase/
		(decrease)	(decrease)
		in profit after tax	in profit after tax
		稅後利潤增加╱	稅後利潤增加╱
		（減少）	（減少）
		*RMB’000*	RMB’000
		人民幣千元	人民幣千元
RMB – US$/HK$	人民幣對美元╱港幣
Appreciation of RMB by	人民幣升值5%
5%		78,875	142
Depreciation of RMB by	人民幣貶值5%
5%		(78,875)	(142)

(ii) Cashflow and fair value interest rate risk

(ii) 現金流量及公允價值利率風險

Cashflow interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate as it is issued at fixed interest rates.

現金流量利率風險為金融工具未來現金流量將因市場利率變動而波動之風險。公允價值利率風險為金融工具價值因發行時固定利率波動而面臨風險。

370

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(a) Market risk (COntinuEd)

(a) 市場風險（續）

(ii) Cashflow and fair value interest rate risk (COntinuEd)

(ii) 現金流量及公允價值利率風險（續）

The Group’s cashflow interest rate risk arises from bank balances, loans to joint ventures and bank borrowings. Borrowings issued at variable rates expose the Group to cashflow interest rate risk which is partially offset by bank balances held at variable rates.

本集團現金流利率風險來自銀行餘額、予合營企業之貸款及银行借款。本集團以浮動利率發行之借款面臨現金流利率風險，可被持有之浮動利率銀行餘額部份抵銷。

The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s bank balances and interest-bearing bank borrowings with a floating interest rate. The effective interest rates and terms of repayment of the interest-bearing bank borrowings of the Group are disclosed in Note 31. No sensitivity analysis has been presented for the exposure to interest rates for bank balances as the directors of the Company considers that, taking into account that the fluctuation in interest rates on bank balances is minimal, the impact of profit or loss both for the current and prior years is insignificant.

本集團對市場利率變動風險主要與本集團的銀行結餘、計息銀行借貸及浮動利率有關。附註 31 披露本集團計息銀行貸款的實際利率及還款條件。由於本集團管理層認為，銀行結餘利率波動不大，因此本年度損益的影響不大，因此沒有對銀行結餘利率進行敏感性分析。

The following analysis demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in interest rates for floating rate bank borrowings, with all other variables held constant.

下述分析顯示了在其他所有變數保持不變之情況下，報告期末利率之合理可能變動值敏感性分析。

371

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(a) Market risk (COntinuEd)

(a) 市場風險（續）

(ii) Cashflow and fair value interest rate risk (COntinuEd)

(ii) 現金流量及公允價值利率風險（續）

If interest rates had been 50 basis points (2017: 50 basis points) higher/lower and all other variables were held constant, the Group’s profit after tax for the year ended 31 December 2018 would have decreased/ increased by RMB32,909,000 (2017: RMB14,069,000).

若利率上升╱下降 50 個基點（2017：50 個基點），而所有其他變量維持不變，則本集團截止 2018 年 12 月 31 日止年度之稅後溢利將減少╱增加人民幣 RMB32,909,000 元（2017：人民幣 14,069,000 元）。

The above sensitivity analysis is prepared assuming the financial instruments outstanding at the end of the reporting period were outstanding for the whole year.

編制上述敏感性分析時，假設報告期末未償還之金融工具於整個年度仍未償還。

As at 31 December 2018, The Group is exposed to fair value interest rate risk in relation to financial assets at FVTPL and fixed-rate bank borrowings. No sensitivity analysis has been presented as the directors of the Company consider that the impact to profit or loss for both the current and prior years is insignificant.

於 2018 年 12 月 31 日，本集團面臨作為按公允價值計入損益之金融資產之固定利率銀行借款帶來之公允價值利率風險。本公司董事認為該風險對本年及上年損益無重大影響，因此未進行敏感性測試。

372

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(a) Market risk (COntinuEd)

(a) 市場風險（續）

(iii) Other price risk

(iii) 其他價格風險

The Group is exposed to equity price risk through its investments in equity securities measured at FVTPL (2017: held-for-trading investments and available-for-sale financial assets). The Group invested in certain unquoted equity securities for investees operating in renewable energy industry sector for long term strategic purposes which are stated at FVTPL (2017: availablefor-sale financial assets stated at cost less impairment). The Group monitors the price risk and will consider hedging the risk exposure should the need arise.

本集團因其對按以公允價值計量且其變動計入當期損益的權益性證券（2017：持有作交易投資和可供出售金融資產）的投資而暴露於股本價格風險。本集團因長期戰略之目的投資部分可再生能源行業之非上市權益性證券，按以公允價值計量且其變動計入損益（2017：以成本減去減值列報之可供出售金融資產）列報。本集團監控價格風險，倘該風險敞口增加，則本集團將考慮採取套期政策。

No sensitivity analysis has been presented as the directors of the Company consider that the impact on profit or loss for the current year is insignificant, taking into account that (i) the carrying amount of the investments is insignificant; and (ii) the impact to profit or loss is not material based on a reasonably possible change in fair value of 10%.

由於本公司董事考慮到 (i) 該等投資之賬面餘額較小；且 (ii) 基於公允價值 10% 的合理潛在變動，其他價格風險對損益的影響不重大，認為其他價格風險本年度對損益的影響較小，因此未對敏感性分析進行列報。

373

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(b) Liquidity risk

(b) 流動資金風險

In the management of the liquidity risk, the Group monitors and maintains a level of cash reserves and banking facilities deemed adequate by the management to finance the Group’s operations and mitigate the effects of fluctuations in cash flows and match maturity profiles of financial assets and liabilities. In addition to the currently available facilities, management expects that further banking facilities will be available by pledging those newly completed power plant equipment.

管理流動風險時，本集團保持管理層認為充分的現金及現金等價物並對其進行監控，以滿足本公司經營需要，降低現金流量波動的影響，並滿足金融資產與負債的到期要求。除當前可用之額度外，管理層期望通過質押新建完成的電廠設備以獲得額外的銀行信用額度。

The table below analyses the financial liabilities of the Group into relevant maturity groups based on the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows of financial liabilities based on earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate at the end of the reporting period.

下表顯示本集團之非衍生金融負債，按照相關到期組別，根據由資產負債表至合同到期日之剩餘期間進行分析。在表內披露金額是基於本集團被要求最早還款日期計算出未經折現之合同現金流量。該表包括利息和本金現金流。如果利息流為浮動利率，則未貼現金額源自報告期末之利率。

374

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(b) Liquidity risk (COntinuEd)

(b) 流動資金風險 （續）

As at 31 December 2018

於 2018 年 12 月 31 日

	Weighted average effective interest rate On demand or less than 6 months 6 to 12 months 1 to 2 years Over 2 years Total undiscounted cashflows Total carrying amount 加權平均實際利率少於6個月 6-12個月 1-2年 2年以上未折現現金流總額賬面值總額
Trade and bill payables 應付貿易賬款及票據 Payables for construction in progress, other payables and accruals 項目建造之應付，其他應付款項及應計款項 Amounts due to joint ventures 應付合營企業款項 Amounts due to associates 應付聯營公司款項 Senior notes and bonds payable 應付優先票據和債券 Convertible loan 可換股貸款 Bank borrowings 銀行借款 Other borrowings 其他借款 Financial guarantee contracts 財務擔保合同	*RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* *RMB’000* 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 — 656,059 2,099 204,109 137,542 999,809 999,809 — 1,379,583 70,074 467,933 894,813 2,812,403 2,812,403 — 19,837 — — — 19,837 19,837 — 234 — — — 234 234 6.5%-8.3% 266,619 61,389 215,609 1,426,859 1,970,476 1,662,681 10.2% 2,049 2,103 4,152 262,550 270,854 190,656 2.7%-6.9% 507,349 304,067 538,743 4,087,037 5,437,196 4,371,622 5.0%-6.1% 130,194 131,961 285,294 3,035,954 3,583,403 2,690,255
	2,961,924 571,693 1,715,840 9,844,755 15,094,212 12,747,497
	16,126 — — — 16,126 —

375

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(b) Liquidity risk (COntinuEd)

(b) 流動資金風險 （續）

As at 31 December 2017

於 2017 年 12 月 31 日

	Weighted average effective interest rate On demand or less than 6 months 6 to 12 months 1 to 2 years Over 2 years Total undiscounted cashflows Total carrying amount 加權平均實際利率少於6個月 6-12個月 1-2年 2年以上未折現現金流總額賬面值總額
Trade and bill payables 應付貿易賬款及票據 Payables for construction in progress, other payables and accruals 項目建造之應付，其他應付款項及應計款項 Amounts due to joint ventures 應付合營企業款項 Amounts due to associates 應付聯營公司款項 Bonds payable 應付債券 Bank borrowings 銀行借款 Other borrowings 其他借款 Financial guarantee contracts 財務擔保合同	RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 — 1,259,236 — 43,500 341,651 1,644,387 1,644,387 — 1,301,530 — 405,031 247,002 1,953,563 1,953,563 — 8,363 — — — 8,363 8,363 — 3,502 — — — 3,502 3,502 6.5%-7.2% 12,940 7,170 219,570 107,170 346,850 299,324 2.7%-7.0% 420,381 302,556 512,142 4,147,850 5,382,929 4,088,845 5.0%-5.9% 49,430 58,235 154,002 1,609,065 1,870,732 1,408,675
	3,055,382 367,961 1,334,245 6,452,738 11,210,326 9,406,659
	21,958 — — — 21,958 —

376

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(b) Liquidity risk (COntinuEd)

(b) 流動資金風險（續）

The amounts included above of variable interest rate instruments for non-derivative financial liabilities are subject to change if changes in variable interest rates differ from those estimate of interest rates determined at the end of the reporting period.

上述非衍生金融負債可變利率工具之金額受可變利率與截至報告期末已確定之利率估計值之變動差異影響。

The amounts included above for financial guarantee contracts are the maximum amounts the Group could be required to settle under the arrangement for the full guaranteed amount if that amount is claimed by the counterparty to the guarantee. Based on expectations at the end of the reporting period, the Group considers that it is more likely than not that no amount will be payable under the arrangement. However, this estimate is subject to change depending on the probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables held by the counterparty which are guaranteed suffer credit losses.

上述金融擔保合約中規定之金額為合約方索要擔保金時，全額擔保安排下本集團可能被要求結算之最大金額。基於報告期末的預期，本集團認為根據該安排極有可能不存在應付之金額。然而，該估計是否發生變化，取決於合約方是否認為該擔保須於合約方持有之已擔保金融應收賬款遭受信用損失之發揮作用。

(c) Credit risk and impairment assessment

(c) 信用風險及減值評估

(i) Credit risk and impairment assessment

(i) 信貸風險及減值評估

As at 31 December 2018, the Group’s maximum exposure to credit risk which will cause a financial loss to the Group due to failure to discharge an obligation by the counterparties or debtors provided by the Group is arising from the carrying amount of the respective recognised financial assets as stated in the consolidated statement of financial position, and the amount of financial guarantees provided by the Group as disclosed in Note 43.

截至 2018 年 12 月 31 日，本集團就交易對手或債務人未能履行責任以及本集團未能提供所承擔之最大信貸風險（將導致本集團產生財務虧損）是由綜合財務狀況表上呈列各已確認金融資產之帳面值產生，以及附註 43 披露之集團提供財務擔保之金額。

377

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(c) Credit risk and impairment assessment

(c) 信用風險及減值評估（續）

(COntinuEd)

(i) Credit risk and impairment assessment (COntinuEd)

(i) 信貸風險及減值評估（續）

As at 31 December 2018, the Group does not hold any collateral or other credit enhancements to cover its credit risks associated with its financial assets.

於 2018 年 12 月 31 日，本集團不持有任何抵押品或其他信用增級，以彌補其與金融資產相關的信用風險。

T h e G r o u p ’ s c r e d i t r i s k p r i m a r i l y attributable to its trade and other receivables, contract assets and amounts due from associates and joint ventures which is arose during the course of the Group’s business operations. The Group has policies in place to review the recoverability of these receivables on an ongoing basis and assess the adequacy of provision for impairment.

本集團信貸風險主要來源於貿易和其他應收款、合同資產以及在本集團業務經營過程中產生聯營公司和合營企業應收款項。本集團制定了政策，以持續審查這些應收款的可收回性，並評估減值準備之充分性。

For trade receivables, the management of the Group limit credit risk by assessing the credit quality of the customers, perform ongoing credit evaluation taking into account its financial position, past trade experience and other factors. The Group’s trading terms with its customers are mainly on credit, except for new customers, where payment in advance is normally required. The credit period is generally 30 to 180 days. Each customer has a maximum credit limit. The Group has concentration of credit risk because trade receivables from its top five customers accounted for 44% (2017: 47%) of the Group’s trade receivables as at 31 December 2018.

就應收貿易賬款而言，本集團管理層通過評估客戶信貸品質限制信貸風險，經計其財務狀況、過往貿易經驗及其他因素進行持續信貸評估。本集團與客戶之交易條件主要是賒銷，但新客戶除外，通常需要提前付款。信用期一般為 30 至 180 天。每個客戶都有一個最大信用額度。集團信貸風險集中，因為截至 2018 年 12 月 31 日，前五名客戶之應收貿易款占集團應收貿易款的 44% （2017: 47%）。

378

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(c) Credit risk and impairment assessment

(c) 信用風險及減值評估（續）

(COntinuEd)

(ii) Credit risk and impairment assessment

(ii) 信用風險及減值評估

For the amounts due from associates and joint ventures, financial positions of the associates and joint ventures are regularly monitored in order to minimise the credit risk associated with receivables due from associates and joint ventures.

就聯營公司和合資企業之應付金額而言，定期監控聯營公司和合營企業之財務狀況，以最大限度地降低與聯營公司和合資企業應收款項相關之信貸風險。

The Group seeks to maintain strict control over its outstanding receivables to minimise credit risk. Overdue balances are reviewed regularly by management. In addition, the Group performs impairment assessment under ECL model upon application of HKFRS 9 (2017: incurred loss model) on trade balances and other debtors individually. In this regard, the directors of the Company consider that the Group’s credit risk is significantly reduced.

本集團試圖對未嘗付應收賬款予以嚴格控制以將信用風險控制在最小水準。管理層定期覆核逾期餘額。此外，本集團於應用香港財務報告準則第 9 號時單獨對貿易差額及其他應收賬款在預期信用損失模型（2017：已發生損失模型）下進行減值評估。對此，本公司董事認為本集團之信用風險已大幅減少。

379

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(c) Credit risk and impairment assessment (COntinuEd)

(c) 信用風險及減值評估（續）

(ii) Credit risk and impairment assessment (COntinuEd)

(ii) 信用風險及減值評估（續）

In relation to contract assets of tariff adjustment receivables, the directors of the Company perform impairment assessment on a periodic basis. Based on the assessment, the directors of the Company concluded that the probability of defaults of the relevant counterparties are insignificant after considering the past repayment history, no bad debt experiences with the state grid companies in the past, existing market conditions, as well as forward looking information. In addition, as detailed in Note 4, the directors of the Company are confident that all of the Group’s operating power plants (including power plants operated by the Group’s joint ventures and associates) are able to be registered in the Catalogue in due course and the accrued revenue on tariff subsidy are fully recoverable but only subject to timing of allocation of funds from the PRC government. Accordingly, no allowance for credit losses is provided for contract assets of tariff adjustment receivables for the year ended 31 December 2018. For the remaining contract assets, the Group determines that they have low risk of default.

本公司董事就電費調整應收款項之合同資產定期進行減值評估。根據評估結果，考慮到相關交易對手過往還款歷史，且與國有電網公司無不良債務經驗，並考量現有市場條件及前瞻性資訊，本公司董事得出結論：本集團所營運發電廠（包括本集團合資公司及聯營公司經營之發電廠）圴能在適當之時成功納入目錄，且電費補貼之應計收益雖須視中國政府撥款時點而定，但完全收回。因此，本集團未就截至 2018 年 12 月 31 日止年度電費調整應收款之合同資產確認信用撰失備抵。本集團認為剩餘合同資產之違約風險較低。

The credit risks of the Group’s bank balances are limited because these balances are placed with reputable financial institutions.

本集團銀行結餘因存放於信譽良好之金融機構，故此部分信貸風險有限。

The credit risks on financial guarantee provided by the Group and finance lease receivables are limited as the counterparties have no default in the past and the management of the Group does not expect any loss arising from non-performance by these counterparties.

本集團提供之金融擔保及融資租賃應收款信用風險有限，因為交易方過去未發生過違約且本集團管理層預期不會發生任何由交易方未履行義務而引起之損失。

380

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(c) Credit risk and impairment assessment

(c) 信用風險及減值評估 （續）

(COntinuEd)

The Group’s internal credit risk grading assessment comprises the following categories:

本集團內部信用風險分級評估包括以下類別：

Internal credit	Description	Trade receivables,	Other financial assets/
rating		contract assets and	other items
		finance lease receivables
內部信用等級	描述	貿易應收款、合同資產和	其他金融資產╱其他項目
		融資租賃應收款
Low risk	The counterparty has a low risk of default	Lifetime ECL — not credit-	12-month ECL
	and does not have any past-due amounts	impaired
低風險	交易對手之違約風險很低，沒有任何逾期	整個存續期內預期信用損	12個月預期信用損失
	金額	失 — 未發生信用減值
Doubtful	There have been significant increases	Lifetime ECL—not credit-	Lifetime ECL—not credit-
	in credit risk since initial recognition	impaired	impaired
	through information developed internally
	or external resources
呆帳	內部或外部取得的資訊顯示，自初始確認以	整個存續期內預期信用損	整個存續期內預期信用損失-
	來信貸風險已顯著增加。	失 — 未發生信用減值	非信用減值
Loss	There is evidence indicating the asset is	Lifetime ECL—credit	Lifetime ECL—credit-
	credit-impaired	impaired	impaired
損失	有證據表明資產發生了信用受損	整個存續期內預期信用損	整個存續期內預期信用損失
		失 — 發生信用減值	—發生信用減值
Write-off	There is evidence indicating that the debtor	Amount is written off	Amount is written off
	is in severe financial difficulty and the
	Group has no realistic prospect of
	recovery
核銷	有證據表明債務人存在嚴重的財政困難，且	金額已核銷	金額已核銷
	集團沒有收回款項的現實可能。

381

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

48. 財務風險管理（續）

POLICIES (COntinuEd)

(c) Credit risk and impairment assessment

(c) 信用風險及減值評估（續）

(COntinuEd)

The tables below detail the credit risk exposures of the Group’s financial assets, which are subject to ECL assessment:

下表詳細列出了本集團的金融資產的信用風險敞口，這些風險受預期信用損失評估的影響：

Internal Credit rating
12-month or lifetime ECL
內部信用評級
12個月或整個存續期預期信用損失

Gross carrying amount
帳面值總額

Financial assets at
amortised costs
按攤餘成本計量之金融資產
Trade receivables_(note 23)
Low risk (Note (a))
Lifetime ECL (not credit-impaired)
應收貿易賬款（附註23）
低風險（附註(a)）
整個存續期內預期信用損失（未發生
信用減值）
Doubtful
Lifetime ECL (not credit-impaired)
呆賬
整個存續期內預期信用損失（未發生
信用減值）
Loss
Credit-impaired
損失
信用減值
Other receivables(note 24)_
Low risk
12-month ECL
其他應收款（附註24）
低風險
12個月內預期信用損失
Loss
Credit-impaired
損失
信用減值

RMB’000
RMB’000
人民幣千元
人民幣千元
549,895
52,609
11,906
614,410

267,076
18,494
285,570

382

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(c) Credit risk and impairment assessment

(c) 信用風險及減值評估（續）

(COntinuEd)

Internal Credit rating 12-month or lifetime ECL 內部信用評級 12個月或整個存續期預期信用損失	Gross carrying amount 帳面值總額
Amounts due from associates (note 19) 應收聯營公司款項（附註19） — trade nature Low risk (Note (a)) Lifetime ECL (not credit-impaired) —貿易性質低風險（附註(a)）整個存續期內預期信用損失（未發生信用減值） — non-trade nature Low risk 12-month ECL —非貿易性質低風險 12個月內預期信用損失 Doubtful Lifetime ECL (not credit impaired) 呆賬整個存續期內預期信用損失（未發生信用減值） Amounts due from Joint Ventures_(note 20) 應收合營企業款項（附註20） — trade nature Low risk (Note (a)) Lifetime ECL (not credit-impaired) —貿易性質低風險（附註(a)）整個存續期內預期信用損失（未發生信用減值） — non-trade nature Low risk 12-month ECL —非貿易性質低風險 12個月內預期信用損失 Doubtful Lifetime ECL (not credit impaired) 呆賬整個存續期內預期信用損失（未發生信用減值） Cash and cash equivalents (note 27) Low risk 12-month ECL 現金及現金等值物（附註27）低風險 12個月內預期信用損失 Restricted deposits(note 27)_ Low risk 12-month ECL 限制性存款（附註27）低風險 12個月內預期信用損失	*RMB’000* *RMB’000* 人民幣千元人民幣千元 1,425 18,524 964 20,913
	31,210 27,901 1,939 61,050
	1,353,613 12,692

383

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(c) Credit risk and impairment assessment

(c) 信用風險及減值評估 （續）

(COntinuEd)

	Internal Credit rating	12-month or lifetime ECL	Gross carrying	amount
	內部信用評級	12個月或整個存續期預期信用損失	帳面值總額
			*RMB’000*	*RMB’000*
			人民幣千元	人民幣千元
Other items
其他項目
Finance lease	Low risk (Note (a))	Lifetime ECL (not credit-impaired)		61,955
receivable_(note 25)_
融資租賃	低風險（附註(a)）	整個存續期內預期信用損失
應收款項（附註25）		（未發生信用減值）
Contract assets	Low risk (Note (a))	Lifetime ECL (not credit-impaired)		987,484
(note 22)
合同資產（附註22）	低風險（附註(a)）	整個存續期內預期信用損失
		（未發生信用減值）
Financial guarantee	Low risk	12-month ECL		16,126
contracts_(note 43)_
(note (b))
財務擔保合同	低風險	12個月內預期信用損失
（附註43）（附註(b)）

notes:

附註：

(a) For trade receivables (including trade-related amounts due from joint ventures and associates), finance lease receivables and contract assets, the Group has applied the simplified approach in HKFRS 9 to measure the loss allowance at lifetime ECL. The Group determines the expected credit losses on these items on an individual balance basis.
(a) 對於貿易應收賬款（包括合營企業和聯營公司應收貿易款項）、融資租賃應收賬款和合同資產，本集團採用香港財務報告準則第 9 號中之簡化方法來衡量整個存續期內預期信用損失之損失準備金。本集團按個別餘額法確定這些項目之預期信貸損失。
(b) For financial guarantee contracts, the gross carrying amount represents the maximum amount that Group has guaranteed under the relevant contract.
(b) 對於財務擔保合同，帳面總金額代表集團根據相關合同擔保之最大金額。

384

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (COntinuEd)

48. 財務風險管理（續）

(c) Credit risk and impairment assessment

(c) 信用風險及減值評估（續）

(COntinuEd)

notes: (COntinuEd)

附註：（續）

During the year ended 31 December 2018, the Group provided RMB11,906,000 and RMB5,537,000 impairment allowance for trade receivables and other receivables, respectively, were made on credit impaired debtors.

截至 2018 年 12 月 31 日止年度，本集團分別針對信用受損之債務人，計提了應收貿易款和其他應收款減值準備人民幣 11,906,000 元和人民幣 5,537,000 元人民幣。

The Group writes off a receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or when the trade receivables are over two years past due, whichever occurs earlier.

當有信息表明債務人處於嚴重之財政困難且無實際收回前景時，本集團核銷應收款，例如，債務人正處於清算或已進入破產程式，或當應收款逾期超過兩年時，以較早發生者為准。

The following tables shows the movement in lifetime ECL that has been recognised for trade receivables under the simplified approach:

下表顯示了按照簡化方法確認之應收貿易賬款在整個存續期內預計信用損失之變動。

Lifetime ECL
(not credit-impaired)
Lifetime ECL
(credit-impaired)
Total
整個存續期內
預期信用損失
（未發生信用減值）
整個存續期內
預期信用損失
（發生信用減值）
總計

As at 31 December 2017
under HKAS 39 and as at
1 January 2018 under
HKFRS 9
於2017年12月31日
根據香港會計準則第39號
及於2018年1月1日根據
香港財務報告準則第9號
Impairment losses recognised
attributable to financial
instruments recognised
as at 1 January 2018
於2018年1月1日及之前
確認之金融工具之本期
減值損失
Write-off
核銷
As at 31 December 2018
於2018年12月31日

RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
—
9,592
9,592
—
11,906
11,906
—
(9,592)
(9,592)

—
11,906
11,906

385

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

48. 財務風險管理（續）

POLICIES (COntinuEd)

(c) Credit risk and impairment assessment

(c) 信用風險和減值評估（續）

(COntinuEd)

The changes in the loss allowance for trade receivables are mainly due to debtors with an aggregate gross carrying amount of RMB11,906,000 defaulted as at 31 December 2018.

於 2018 年 12 月 31 日，應收貿易賬款損失撥備之變動主要由於累計賬面總金額違約人民幣 11,906,000 元。

The following tables shows reconciliation of loss allowance that has been recognised for other receivables.

下表顯示了為其他應收款確認之損失備抵之對帳。

12-month ECL
Lifetime ECL
(credit-impaired)
Total
12個月內
預期信用損失
整個存續期內
預期信用損失
（發生信用減值）
總計

As at 31 December 2017
於2017年12月31日
under HKAS 39 and as at 1
January 2018 under HKFRS 9
根據香港會計準則第39號及
於2018年1月1日根據
香港財務報告準則第9號
Impairment losses recognised
attributable to financial
instruments recognised as at
1 January 2018
於2018年1月1日及之前確認
之金融工具之本期減值損失
Write-off
核銷
As at 31 December 2018
於2018年12月31日

RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
—
19,386
19,386
—
5,537
5,537
—
(6,429)
(6,429)

—
18,494
18,494

386

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

48. 財務風險管理（續）

POLICIES (COntinuEd)

(c) Credit risk and impairment assessment

(c) 信用風險和減值評估（續）

(COntinuEd)

The changes in the loss allowance for other receivables are mainly due to debtors with an aggregate gross carrying amount of RMB5,537,000 defaulted.

其他應收賬款損失撥備之變動主要由於累計賬面總金額違約人民幣 5,537,000 元。

For financial guarantee contracts, the maximum amount that the Group has guaranteed under the relevant contract was RMB16,126,000 as at 31 December 2018. At the end of the reporting period, the directors of the Company have performed impairment assessment, and concluded that there has been no significant increase in credit risk since initial recognition of the financial guarantee contracts. Details of the financial guarantee contracts are set out in Note 43.

關於金融擔保合約，截至 2018 年 12 月 31 日之年度，本集團於相關合約中擔保之最大金額為人民幣 16,126,000 元。截至報告期末，本公司董事已進行減值評估並得出結論稱自初始確認該金融擔保合約以來，信用風險尚未發生大幅增長。金融擔保合約詳見附註 43。

49. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS

49. 財務風險管理

This note provides information about how the Group determines fair values of various financial assets and financial liabilities. Some of the Group’s financial instruments are measured at fair value for financial reporting purposes.

本附註介紹了集團如何確認不同金融資產和金融負債之公允價值。部分集團之金融工具在財務報告中以公允價值計量。

In estimating the fair value, the Group uses marketobservable data of the extent it is available. Where Level 1 inputs are not available, the Group determines the appropriate valuation techniques and inputs for fair value measurements and works closely with the qualified values to establish the appropriate valuation techniques and inputs to the model.

本集團根據可獲得之市場資料之可觀察程度估計公允價值。如果無法獲得第一層次輸入值，本集團將通過適當之估值技術和輸入值進行公允減值計量，並通過合格價值為該模型建立適當之估值技術和輸入值。

387

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

49. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (COntinuEd)

49. 財務風險管理（續）

Fair value of financial instruments that are measured at fair value on a recurring basis

金融工具之公允價值按持續基準進行計量

Some of the Group’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table gives information about how the fair values of these financial assets and financial liabilities are determined.

本集團部分金融資產和金融負債以公允價值計量，下表給出了如何確定這些金融資產和金融負債的公允價值之資訊。

	Fair value hierarchy 公允價值層級 Level 1 Level 2 Level 3 Total 第1層第2層第3層總計
At 31 December 2018 於2018年12月31日 Financial assets at FVTPL 按公允价值計入損益之金融 Unlisted equity securities (note (a)) 非上市股票（附註(a)） Bill receivables_(note (b)) 應收票據（附註(b)） Financial liabilities 金融負債 Derivative financial liabilities (note (c)) 衍生金融負債（附註(c)） As at 31 December 2017 於2017年12月31日 Financial assets at FVTPL 按公允價值計入損益之金融資產 Listed equity securities (note (d))_ 上市股票（附註(d)）	RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元 — — 8,545 8,545 — 130,724 — 130,724
	— — 10,169 10,169
	34,280 — — 34,280

There were no transfers between level 1 and 2 for the years ended 31 December 2018 and 2017, and there were no transfers into or out of Level 3 during both years.

截至 2018 年 12 月 31 日和 2017 年 12 月 31 日之年度在第 1 層與第 2 層間無轉移，在這兩年中，沒有轉入或轉出第 3 層。

388

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

49. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (COntinuEd)

49. 財務風險管理（續）

Fair value of financial instruments that are measured at fair value on a recurring basis (COntinuEd)

金融工具之公允價值按持續基準進行計量 （續）

notes:

附註：

(a) The fair value of the unlisted equity securities is determined using valuation technique such as income approach. In this approach, the discounted cash flow method was used to capture the present value of the expected future economic benefits to be derived from the ownership of these investees, based on an appropriate discount rate. The significant unobservable inputs included long-term growth rates, taking into account management’s experience and knowledge of market conditions of the specific industries, and discount rate, taking into account of weighted average cost of capital of the investees. A slight increase in the long-term revenue growth rate used in isolation would result in an increase in the fair value measurement of the equity securities, and vice versa.
(a) 非上市股票之公允價值通過採用收入法等估值技術予以確定。該方法下，根據適用之折現率，採用現金流量折現法取得來自被投資方所有權之預期未來經濟利益之現值。該重大不可觀測輸入值包括長期增長率（考慮到管理層之經驗及對具體行業市場情況之瞭解）和折現率（考慮到被投資方資本之加權平均成本）。單獨使用的長期收入增長率小幅增長將可能造成權益性證券公允價值計量值之增加，反之亦然。
(b) Due to the short-term nature of the bill receivables, their carrying amounts are considered approximate to their fair value.
(b) 由於應收票據之短期性，其賬面金額視為近似於其公允價值。
(c) The derivative financial liabilities represent derivative component in relation to the convertible loan issued by the Group. Binomial option pricing model was used to determine the fair value. The key assumptions include the Company’s share price, volatility of the Company’s share prices, discount rate and dividend yield, inputs such as volatility is deducted from the quoted price of the relevant convertible loan. The higher the volatility, the higher the fair value. The higher the discount rate, the lower the fair value.
(c) 衍生金融負債指本集團發行之可轉換貸款相關之衍生工具。二項式期權定價模型用於確定公允價值。重要假設包括本公司的股價、本公司股價之波動性、折現率及股息率。波動性等輸入值須從相關可轉換貸款之市場報價中扣除。折現率越高，則公允價值越低。
(d) The fair value of listed equity securities is based on quoted market prices at the end of the reporting period.
(d) 上市股票之公允價值按照截至報告期末之已報價市場價格確定。

389

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

49. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (COntinuEd)

49. 財務風險管理（續）

Fair value of financial instruments that are measured at fair value on a recurring basis (COntinuEd)

金融工具之公允價值按持續基準進行計量 （續）

Reconciliation of Level 3 fair value measurement

第3 層公允值計量之調節

			Derivative
		Unlisted equity	component of
		securities	convertible loan
			可轉股貸款之
		非上市股票	衍生部分
		RMB’000	RMB’000
		人民幣千元	人民幣千元
Balance as at 1 January 2017	於2017年1月1日及
and 31 December 2017	2017年12月31日餘額
Adjustment upon application	根據香港財務報告準則第9號之
of HKFRS 9*	調整*	4,775	—
As at 1 January 2018	於2018年1月1日（重述）
(as restated)		4,775
Issue of convertible loan	可轉股貸款	—	19,430
Capital injection during	本年注入資本
the year		2,230	—
Fair value changes	公允價值變動	1,540	(11,307)
Exchange differences	匯兌損益	—	2,046
Balance as at	於2018年12月31日餘額
31 December 2018		8,545	10,169

The fair value of the equity securities as at 1 January 2018 is measured with the same valuation techniques and key inputs as at 31 December 2018.
於 2018 年 1 月 1 日，權益性證券之公允價值採用同等估值方法以於 2018 年 12 月 31 日之關鍵輸入值計量。

Fair value of financial instruments that are not measured at fair value on a recurring basis

非經常性以公允價值計量之金融工具之公允價值

The directors of the Company consider that the carrying amounts of financial assets and liabilities recorded at amortised cost in the consolidated statement of financial position, together with the interest accruals, approximate their respective fair values at the end of the reporting period.

本公司董事認為，合併財務狀況表中以攤餘成本計量之金融資產和負債之帳面價值，連同應計利息，與報告期末各自之公允價值近似。

390

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

50. CAPITAL RISK MANAGEMENT

50. 資本風險管理

The Group’s primary objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, by pricing products and services commensurately with the level of risk and by securing access to finance at a reasonable cost.

本集團資本管理之主要目標為保障本集團之持續經營能力，使其可通過將產品與服務定在與風險水準吻合之價格及通過按合理成本取得融資，繼續為股東提供回報及為其他利益相關者帶來利益。

The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholders’ returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions.

本集團積極地定期檢查及管理其資本結構，以維持可能因借款水準較高而產生之較高股東回報與良好資本狀況帶來之優勢和保障之間之平衡，並按照經濟變化情況對資本結構作出調整。

The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total borrowings divided by total capital. Total borrowings represented bank borrowings plus other borrowings, senior notes and bonds payable, and convertible loan. Total capital is calculated as total equity plus total borrowings.

本集團以資本負債比率為基礎監測資本。此比率由借款總額除以資本總額計算得出。借款總額為銀行借款加上其他借款、應付優先票據及債券及可轉股貸款。資本總額由權益總額加借款總額計算得出。

The Group’s total borrowings and total capital positions as at 31 December 2018 and 2017 are as follows:

於 2018 年及 2017 年 12 月 31 日，本集團借款總額及資本總額狀況如下：

	2018 2017
Total borrowings 借款總額 Total equity 權益總額 Total capital 資本總額 Gearing ratio 資本負債比率	*RMB’000* RMB’000 人民幣千元人民幣千元 8,915,214 5,796,844 5,546,739 5,255,146
	14,461,953 11,051,990
	62% 52%

391

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

51. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

51. 本公司之財務狀況表

At 31 December 2018

於 2018 年 12 月 31 日

	2018 2017
note 附註 Assets: 資產： Non-current assets 非流動資產 Interests in subsidiaries 於附屬公司之權益 Amounts due from subsidiaries 應收附屬公司款項 Deposits 按金 Current assets 流動資產 Amounts due from joint ventures 應收合營企業款項 Cash and cash equivalents 現金及現金等值項目 Financial assets at fair value through profit or loss 按公允價值計入損益之金融資產 Total assets 資產總額 Liabilities: 負債： Non-current liabilities 非流動負債 Bank borrowings 借款 Senior notes 優先票據 Convertible loan 可轉股貸款 Current liabilities 流動負債 Other payables and accruals 其他應付款項及應計款項 Amounts due to subsidiaries 應付附屬公司款項 Total liabilities 負債總額 Net current liabilities 流動負債淨值 Net assets 資產淨值 Equity 權益 Share capital 股本 Reserves_(note (a))_ 儲備（附註(a)） Total equity 權益總額	*RMB’000* RMB’000 人民幣千元人民幣千元 1,587,763 1,481,972 1,362,310 — 586 559
	2,950,659 1,482,531
	140 134 78,414 31,328 — 24,386
	78,554 55,848
	3,029,213 1,538,379
	7,404 7,063 1,363,253 — 200,825 —
	1,571,482 7,063
	63,094 2,824 21,702 76,315
	84,796 79,139
	1,656,278 86,202
	(6,242) (23,291)
	1,372,935 1,452,177
	74,049 75,164 1,298,886 1,377,013
	1,372,935 1,452,177

392

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

51. STATEMENT OF FINANCIAL POSITION OF THE COMPANY (COntinuEd)

51. 本公司之財務狀況表（續）

note (a): Reserve movements of the company

附註(a)：本公司儲備變動

	Share premium Treasury Share Contributed Surplus (note (i)) Other reserves Accumulated losses Total 繳入盈餘股份溢價庫存股（附註(i)）其他儲備累計虧損總額
Balance at 1 January 2017 於2017年1月1日 Loss and total comprehensive expense for the year 本年度虧損和其他全面開支總額 Share-based compensation 以股份為基準之付款 Vesting of shares under share award scheme 獎勵股份之歸屬 2016 final dividends 2016年度股息 Repurchase of ordinary shares (note 37) 普通股回購（附註37） Cancellation of treasury shares 註銷庫存股 Balance at 31 December 2017 於2017年12月31日 Profit and total comprehensive income the year 本年度溢利和其他全面收益總額 Share-based compensation 以股份為基準之付款 Vesting of shares under share award scheme 獎勵股份之歸屬 2017 final dividend 2017年度股息 Repurchase of ordinary shares (note 37) 普通股回購（附註37） Cancellation of treasury shares 註銷庫存股 Balance at 31 December 2018 於2018年12月31日	RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 449,816 (6,947) 2,359,063 97,781 (1,329,492) 1,570,221 — — — — (102,165) (102,165) — — — 3,152 — 3,152 (842) — — (7,292) — (8,134) — — — — (74,758) (74,758) — (11,784) — — — (11,784) (18,250) 18,731 — — — 481
	430,724 — 2,359,063 93,641 (1,506,415) 1,377,013 — — — — 46,751 46,751 — — — 545 — 545 (745) — — (7,389) — (8,134) — — — — (73,154) (73,154) — (45,250) — — — (45,250) (33,780) 34,895 1,115
	396,199 (10,355) 2,359,063 86,797 (1,532,818) 1,298,886

note:

附註：

(i) The Company’s contributed surplus brought forward represented the excess of the fair value of the shares of the former holding company acquired pursuant to the group reorganisation in prior years, over the nominal value of the Company’s shares issued in exchange thereof.
(i) 本公司已轉出之繳入盈餘指根據以前年度集團重組取得之原控股公司股份之公允值，超出本公司作為交換發行之股份之面值之部分。

393

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

52. SUBSIDIARIES

52. 附屬公司

As at 31 December 2018 and 2017, particulars of the principal subsidiaries are as follows:

於 2018 年及 2017 年 12 月 31 日，主要附屬公司之詳細資訊如下：

	Place of
	incorporation/	Nominal
	registration and	value of
	operations	issued ordinary/	Percentage	of equity
	and kind of legal	registered share	attributable to
Name	entity	capital	the Company		Principal activities
	註冊成立╱註冊及
	營業地點及	已發行普通股╱
名稱	法律實體種類	註冊股本之面值	本公司應佔股權百分比主要業務
			Direct	Indirect
			直接	間接
Century Concord Wind Power	The PRC, limited	Registered capital of	—	100%	Investment holding
Investment Co., Ltd	company	RMB3,100,000,000
協合風電投資有限公司	中國，有限公司	註冊資本人民幣			投資控股
		3,100,000,000元
Haotai New Energy Equipment	The PRC, limited	Registered capital of	—	100%	Sales of Solar power
Ltd	company	RMB500,000,000			equipmentand
					new energy
					equipment
浩泰新能源裝備有限公司	中國，有限公司	註冊資本人民幣			太陽能設備及新能源
		500,000,000元			設備銷售
Concord Power Consulting &	The PRC, limited	Registered capital of	—	70%	Power system design,
Design (Beijing) Corp., Ltd.	company	RMB50,000,000			research and
					exploitation
聚合電力工程設計（北京）股份	中國，有限公司	註冊資本人民幣			風電系統設計、研究
有限公司		50,000,000元			及開發
Beijing Century Concord	The PRC, limited	Registered capital of	—	90%	Wind power plant
Operation and Maintenance	company	RMB20,000,000			operation and
Co., Ltd.					maintenance
北京協合運維風電技術有限公司	中國，有限公司	註冊資本人民幣			風電設備運行及維修
		20,000,000元
Yongren Century Concord Solar	The PRC, limited	Registered capital of	—	100%	Solar power plant
Power Co., Ltd.	company	RMB86,690,000			investment and
					operation
永仁協合太陽能發電有限公司	中國，有限公司	註冊資本人民幣			太陽能電廠投資及
		86,690,000元			運行

394

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

52. SUBSIDIARIES (COntinuEd)

52. 附屬公司（續）

As at 31 December 2018 and 2017, particulars of the principal subsidiaries are as follows: (COntinuEd)

於 2018 年及 2017 年 12 月 31 日，主要附屬公司之詳細資訊如下：（續）

	Place of
	incorporation/	Nominal
	registration and	value of
	operations	issued ordinary/	Percentage	of equity
	and kind of legal	registered share	attributable to
Name	entity	capital	the Company		Principal activities
	註冊成立╱註冊及
	營業地點及	已發行普通股╱
名稱	法律實體種類	註冊股本之面值	本公司應佔股權百分比主要業務
			Direct	Indirect
			直接	間接
Naidong Century Concord Solar	The PRC, limited	Registered capital of	—	100%	Solar power plant
Power Co., Ltd.	company	RMB146,150,000			investment and
					operation
乃東協合太陽能發電有限公司	中國，有限公司	註冊資本人民幣			太陽能電廠投資及
		146,150,000元			運行
Pingyuanxian Century Concord	The PRC, limited	Registered capital of	—	100%	Solar power plant
Solar Power Co., Ltd	company	RMB74,380,000			investment and
					operation
平原縣協合太陽能發電有限公司	中國，有限公司	註冊資本人民幣			太陽能電廠投資及
		74,380,000元			運行
Eryuan Century Concord Solar	The PRC, limited	Registered capital of	—	100%	Solar power plant
Power Co., Ltd.	company	RMB48,000,000			investment and
					operation
洱源協合太陽能發電有限公司	中國，有限公司	註冊資本人民幣			太陽能電廠投資及
		48,000,000元			運行
Huaping Century Concord Solar	The PRC, limited	Registered capital of	—	100%	Solar power plant
Power Co., Ltd.	company	RMB97,860,000			investment and
					operation
華坪協合太陽能發電有限公司	中國，有限公司	註冊資本人民幣			太陽能電廠投資及
		97,860,000元			運行
Yongzhou Dongtian Century	The PRC, limited	Registered capital of	—	100%	Wind power plant
Concord Wind Power Co., Ltd.	company	RMB83,176,000			investment and
					operation
永州東田協合風力發電有限公司	中國，有限公司	註冊資本人民幣			風電廠投資及運行
		83,176,000元

395

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

52. SUBSIDIARIES (COntinuEd)

52. 附屬公司（續）

As at 31 December 2018 and 2017, particulars of the principal subsidiaries are as follows: (COntinuEd)

於 2018 年及 2017 年 12 月 31 日，主要附屬公司之詳細資訊如下：（續）

	Place of
	incorporation/	Nominal
	registration and	value of
	operations	issued ordinary/	Percentage	of equity
	and kind of legal	registered share	attributable to
Name	entity	capital	the Company		Principal activities
	註冊成立╱註冊及
	營業地點及	已發行普通股╱
名稱	法律實體種類	註冊股本之面值	本公司應佔股權百分比主要業務
			Direct	Indirect
			直接	間接
Fuchuan Century Concord Wind	The PRC, limited	Registered capital of	—	100%	Wind power plant
Power Co., Ltd	company	RMB140,500,000			investment and
					operation
富川協合風力發電有限公司	中國，有限公司	註冊資本人民幣			風電廠投資及運行
		140,500,000元
Yongzhou Jiepai Century Concord	The PRC, limited	Registered capital of	—	100%	Wind power plant
Wind Power Co., Ltd.	company	RMB1,826,834,000			investment and
					operation
永州界牌協合風力發電有限公司	中國，有限公司	註冊資本人民幣			風電廠投資及運行
		1,826,834,000元
Huize Century Concord Wind	The PRC, limited	Registered capital of	—	100%	Wind power plant
Power Co., Ltd.	company	RMB87,150,000			investment and
					operation
會澤協合風力發電有限公司	中國，有限公司	註冊資本人民幣			風電廠投資及運行
		87,150,000元
Lingbao Century Concord Wind	The PRC, limited	Registered capital of	—	100%	Wind power plant
Power Co., Ltd.	company	RMB75,000,000			investment and
					operation
靈寶協合風力發電有限公司	中國，有限公司	註冊資本人民幣			風電廠投資及運行
		75,000,000元
Yongzhou Qiaotoupu Century	The PRC, limited	Registered capital of	—	100%	Wind power plant
Concord Wind Power Co., Ltd.	company	RMB133,920,000			investment and
					operation

396

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

52. SUBSIDIARIES (COntinuEd)

52. 附屬公司（續）

As at 31 December 2018 and 2017, particulars of the principal subsidiaries are as follows: (COntinuEd)

於 2018 年及 2017 年 12 月 31 日，主要附屬公司之詳細資訊如下：（續）

	Place of
	incorporation/	Nominal
	registration and	value of
	operations	issued ordinary/	Percentage	of equity
	and kind of legal	registered share	attributable to
Name	entity	capital	the Company		Principal activities
	註冊成立╱註冊及
	營業地點及	已發行普通股╱
名稱	法律實體種類	註冊股本之面值	本公司應佔股權百分比主要業務
			Direct	Indirect
			直接	間接
永州橋頭鋪協合風力發電有限公司中國，有限公司		註冊資本人民幣			風電廠投資及運行
		133,920,000元
Wuhe Century Concord Yinmahu	The PRC, limited	Registered capital of	—	100%	Wind power plant
Wind Power Co., Ltd.	company	RMB136,540,000			investment and
					operation
五河協合飲馬湖風力發電	中國，有限公司	註冊資本人民幣			風電廠投資及運行
有限公司		136,540,000元
Suzhou Deren Wind Power Co.,	The PRC, limited	Registered capital of	—	100%	Wind power plant
Ltd.	company	RMB93,220,000			investment and
					operation
宿州德仁風力發電有限公司	中國，有限公司	註冊資本人民幣			風電廠投資及運行
		93,220,000元
Nanzhao Century Concord Wind	The PRC, limited	Registered capital of	—	100%	Wind power plant
Power Co., Ltd.	company	RMB180,000,000			investment and
					operation
南召協合風力發電有限公司	中國，有限公司	註冊資本人民幣			風電廠投資及運行
		180,000,000元
Huize Taihe Wind Power Co., Ltd.	The PRC, limited	Registered capital of	—	100%	Wind power plant
	company	RMB87,870,000			investment and
					operation
會澤泰合風力發電有限公司	中國，有限公司	註冊資本人民幣			風電廠投資及運行
		87,870,000元
Tianjin Green Energy International	The PRC, sino-foreign	Registered capital of	—	100%	Equipment Lease
Leasing Co., Ltd.	Equity joint venture	RMB1,000,000,000			operation
天津國銀新源國際租賃有限公司	中國，中外合資企業	註冊資本人民幣			設備租賃
		1,000,000,000元

397

2018 年報協合新能源集團有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

52. SUBSIDIARIES (COntinuEd)

52. 附屬公司（續）

As at 31 December 2018 and 2017, particulars of the principal subsidiaries are as follows: (COntinuEd)

於 2018 年及 2017 年 12 月 31 日，主要附屬公司之詳細資訊如下：（續）

	Place of
	incorporation/	Nominal
	registration and	value of
	operations	issued ordinary/	Percentage	of equity
	and kind of legal	registered share	attributable to
Name	entity	capital	the Company		Principal activities
	註冊成立╱註冊及
	營業地點及	已發行普通股╱
名稱	法律實體種類	註冊股本之面值	本公司應佔股權百分比主要業務
			Direct	Indirect
			直接	間接
Wuhe Juhe Wind Power Co., Ltd.	The PRC, limited	Registered capital of	—	100%	Wind power plant
	company	RMB70,000,000			investment and
					operation
五河聚合風力發電有限公司	中國，有限公司	註冊資本人民幣			風電場投資及運營
		70,000,000元
Tianchang Juhe Wind Power	The PRC, limited	Registered capital of	—	100%	Wind power plant
Co., Ltd.	company	RMB77,000,000			investment and
					operation
天長聚合風力發電有限公司	中國，有限公司	註冊資本人民幣			風電場投資及運營
		77,000,000元
Jingmen Shengjingshan Wind	The PRC, limited	Registered capital of	—	100%	Wind power plant
Power Co., Ltd.	company	RMB97,100,000			investment and
					operation
荊門聖境山風力發電有限公司	中國，有限公司	註冊資本人民幣			風電場投資及運營
		97,100,000元
Yongzhou Hongtang Century	The PRC, limited	Registered capital of	—	100%	Wind power plant
Concord Wind Power Co., Ltd.	company	RMB80,000,000			investment and
					operation
永州洪塘協合風力發電有限公司	中國，有限公司	註冊資本人民幣			風電場投資及運營
		80,000,000元

The table above lists the subsidiaries of the Company which, in the opinion of the directors of the Company, principally affected the results for the year or formed a substantial portion of the net assets of the Group. As at 31 December 2018, there was no non-whollyowned subsidiaries of the Group that have material non-controlling interests.

以上表格羅列了董事認為對本年業務有重要影響或構成本集團資產淨值重要部份之附屬公司。截止 2018 年 12 月 31 日，本集團非全資附屬公司之非控制性權益無重大影響。

398

2018 ANNUAL REPORT CONCORD NEW ENERGY GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

53. EVENTS AFTER THE END OF THE REPORTING PERIOD

53. 結算日後事項

On 13 December 2018, the Company entered into a convertible loan agreement with Goldman Sachs Asia Strategic Pte. Ltd. (“Goldman Sachs”), pursuant to which Goldman Sachs agreed to lend to the Company convertible loan with a principal amount of US$30,000,000, and the Company granted to Goldman Sachs the option and the right to advance an additional loan of up to an aggregate principal amount of US$20,000,000.

於 2018 年 12 月 13 日，本公司與 Goldman S a c h s A s i a S t r a t e g i c P t e . L t d . （「Goldman Sachs」）訂立可換股貸款協議，據此，Goldman Sachs 將向本公司借出 30,000,000 美元之可換股貸款，同時，本公司向 Goldman Sachs 授出選擇權及權利，據此 Goldman Sachs 將向本公司提供不超過 20,000,000 美元之額外貸款。

Subsequent to the end of the reporting period, on 16 January 2019, the Company and Goldman Sachs agreed to make certain amendments regarding the option and disbursement conditions of the additional US$20,000,000 convertible loan.

報告期結束後，於 2019 年 1 月 16 日，本公司與 Goldman Sachs 就有關授出 20,000,000 美元額外貸款之權利、發放條件等條款做出修訂。

Please refer to the Company’s announcements dated 13 December 2018 and 16 January 2019 for further details of the above convertible loan.

有關上述可換股貸款之更多詳情，請參閱本公司於 2018 年 12 月 13 日及 2019 年 1 月 16 日發佈之公告。

399

2018 年報協合新能源集團有限公司

FIVE YEAR FINANCIAL SUMMARY 五年財務概要

RESULTS

業績

For the year ended 31 December 2018 For the year ended 31 December 2017 For the year ended 31 December 2016 For the year ended 31 December 2015 For the year ended 31 December 2014 截至 2018 年 12 月31 日止年度截至 2017年 12月31日止年度截至 2016年 12月31日止年度截至 2015年 12月31日止年度截至 2014年 12月31日止年度	For the year ended 31 December 2018 For the year ended 31 December 2017 For the year ended 31 December 2016 For the year ended 31 December 2015 For the year ended 31 December 2014 截至 2018 年 12 月31 日止年度截至 2017年 12月31日止年度截至 2016年 12月31日止年度截至 2015年 12月31日止年度截至 2014年 12月31日止年度
*RMB’000* RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 Revenue and other income 收入及其他收入 1,444,748 1,079,560 1,834,355 3,509,721 2,832,669 Profit for the year attributable to owners of the Company 本公司擁有人應佔溢利 502,406 200,036 457,815 408,090 241,463 ASSETS, LIABILITIES AND EQUITY As at 31 December As at 31 December As at 31 December As at 31 December As at 31 December 2018 2017 2016 2015 2014 於2018 年 12 月31 日於2017年 12月31日於2016年 12月31日於2015年 12月31日於2014年 12月31日資產、負債及權益
	502,406 200,036 457,815 408,090 241,463
	As at 31 December As at 31 December As at 31 December As at 31 December As at 31 December 2018 2017 2016 2015 2014 於2018 年 12 月31 日於2017年 12月31日於2016年 12月31日於2015年 12月31日於2014年 12月31日資產、負債及權益
Total assets 資產總額 Total liabilities 負債總額 Net assets 資產淨值 Equity attributable to owners of the Company 本公司擁有人應佔權益	*RMB’000* RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 18,412,808 14,807,138 14,339,349 12,081,060 8,511,979 (12,866,069) (9,551,992) (9,113,599) (7,259,155) (3,971,542)
	5,546,739 5,255,146 5,225,750 4,821,905 4,540,437
	5,518,228 5,157,796 5,070,277 4,721,109 4,460,488

400

WWW.CNEGROUP.COM

香港總部

HONG KONG OFFICE

地址：香港金鐘夏愨道��號遠東金融中心��室 Suite 3901, Far East Finance Centre, 16 Harcourt Road, Admiralty, Hong Kong

北京管理中心

BEIJING OFFICE

地址：北京海澱區首體南路�號中國風電大廈 �� CWP Bldg., No. 9 South Shouti Rd., Haidian District, Beijing, P.R.C.

	Attributable to owners of the Company 本公司擁有人應佔 Share capital Treasury shares Share premium Contributed surplus Premium arising on acquisition of non- controlling interests Exchange reserve Other reserves Retained earnings Subtotal Non- controlling interests Total equity (note 37) (note 37) (note 51) (note b) (note a) 股本庫存股股份溢價繳入盈餘收購非控制性權益所產生之溢價匯兌儲備其他儲備保留盈利總計非控制性權益權益總計（附註37）（附註37）（附註51）附註(b) 附註(a)
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 Balance at 1 January 2017 於 2017年1月1日 75,645 (62,674) 449,816 2,359,063 (31,099) 17,100 102,625 2,159,801 5,070,277 155,473 5,225,750 Profit for the year 本年度溢利 — — — — — — — 200,036 200,036 6,582 206,618 Other comprehensive expense 其他全面開支 — — — — — (11,220) — — (11,220) (19) (11,239) Total comprehensive (expense) / income for the year 本年度全面（開支）╱ 收益總額 — — — — — (11,220) — 200,036 188,816 6,563 195,379 Cancellation of treasury shares (note 37(i)) 註銷庫存股（附註37(i)） (481) 18,731 (18,250) — — — — — — — — Repurchase of ordinary shares (note 37(i)) 普通股回購（附註37(i)） — (11,784) — — — — — — (11,784) — (11,784) Vesting of shares under share award scheme_(note 38)_ 獎勵股份之歸屬（附註38） — 8,134 (842) — — — (7,292) — — — — Share-based compensation 以股份為基準之付款 — — — — — — 3,152 — 3,152 — 3,152 2016 final dividends 2016年度股息 — — — — — — — (74,758) (74,758) — (74,758) Contributions by non-controlling interests 非控制性權益出資 — — — — — — — — — 10,000 10,000 Acquisition of non-controlling interests 非控制性權益收購 — — — — (17,907) — — — (17,907) (83,311) (101,218) Disposal of partial interest in a subsidiary 處置附屬公司部分股權 — — — — — — — — — 12,375 12,375 Dividend paid to non-controlling interests 支付股息予非控制性權益 — — — — — — — — — (3,750) (3,750) Balance at 31 December 2017 於2017年12月31日 75,164 (47,593) 430,724 2,359,063 (49,006) 5,880 98,485 2,285,079 5,157,796 97,350 5,255,146	RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 75,645 (62,674) 449,816 2,359,063 (31,099) 17,100 102,625 2,159,801 5,070,277 155,473 5,225,750 — — — — — — — 200,036 200,036 6,582 206,618 — — — — — (11,220) — — (11,220) (19) (11,239)
	— — — — — (11,220) — 200,036 188,816 6,563 195,379
	(481) 18,731 (18,250) — — — — — — — — — (11,784) — — — — — — (11,784) — (11,784) — 8,134 (842) — — — (7,292) — — — — — — — — — — 3,152 — 3,152 — 3,152 — — — — — — — (74,758) (74,758) — (74,758) — — — — — — — — — 10,000 10,000 — — — — (17,907) — — — (17,907) (83,311) (101,218) — — — — — — — — — 12,375 12,375 — — — — — — — — — (3,750) (3,750)

AI assistant

Bloks Group Limited — Annual Report 2018

49127_rns_2019-03-25_5a6a71ce-2d1d-4c1c-a64e-65f9d14075a2.pdf

2018年報 ANNUAL REPORT

CONTENTS 目錄

CORPORATE INFORMATION 公司資料

BOARD OF DIRECTORS

Executive directors

Non-executive director

Independent non-executive directors

COMPANY SECRETARY

AUDITOR

FINANCIAL INSTITUTIONS

董事會

執行董事

非執行董事

獨立非執行董事

公司秘書

核數師

金融機構

CORPORATE INFORMATION 公司資料

REGISTERED OFFICE

PRINCIPAL OFFICE IN HONG KONG

BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG

WEBSITE

註冊辦事處

香港主要辦事處

香港股份過戶登記分處

網站

CHAIRMAN’S STATEMENT 主席致詞

Dear Shareholders,

2018 was a year of rapid growth for the Group.

尊敬的各位股東：

2018 年，是集團高速增長的一年。

CHAIRMAN’S STATEMENT 主席致詞

CHAIRMAN’S STATEMENT 主席致詞

CHAIRMAN’S STATEMENT 主席致詞

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT

一、經營環境

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

(1) Changes in Macro Policies Having a FarReaching Impact on the Renewable Energy Industry

一、經營環境 （續）

（一）宏觀政策變化對可再生能源行業產 生深遠影響

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

一、經營環境 （續）

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

一、經營環境 （續）

（二）風電、光伏限電緩解，清潔能源消 納形勢持續向好

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

(3) Accelerated Advancements in Renewable Energy Technology with Rapid Reduction in Costs

一、經營環境 （續）

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

(4) Continuing Promotion of Power System Reform

一、經營環境 （續）

（四）電力體制改革持續推進

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

I. OPERATING ENVIRONMENT (COntinuEd)

一、經營環境 （續）

（五）可再生能源行業融資偏緊，政府政 策支持力度加大

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW

二、業務回顧

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

二、業務回顧 （續）

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

二、業務回顧 （續）

Total Attributable Power Generation Output (GWh) 權益總發電量（吉瓦時）

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

II. BUSINESS REVIEW (COntinuEd)

二、業務回顧 （續）

Weighted Average Utilization Hours of Power Plants (Hour) 電廠加權平均利用小時（小時）

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Bloks Group Limited Annual Report 2018

一、經營環境（續）

（一）宏觀政策變化對可再生能源行業產生深遠影響

一、經營環境（續）

一、經營環境（續）

（二）風電、光伏限電緩解，清潔能源消納形勢持續向好

一、經營環境（續）

一、經營環境（續）

一、經營環境（續）

（五）可再生能源行業融資偏緊，政府政策支持力度加大

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

2、利用小時數大幅提升，限電比例進一步下降（續）

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

1、電廠裝機容量持續增長，獨資電廠佔比逐年提升

二、業務回顧（續）

1、電廠裝機容量持續增長，獨資電廠佔比逐年提升（續）

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

二、業務回顧（續）

1、能源物聯網技術研發

二、業務回顧（續）

（三）其他業務（續）

1、能源物聯網技術研發（續）