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Dear Shareholders,
In 2016, under the leadership of the Board, the management and all employees of the Company worked together to vigorously improve the quality and efficiency of various businesses and promote reform and innovation in the Company. Fruitful achievements were made in its various activities with a record-high operating results, stronger competitiveness and improved market image, laying a solid foundation for the future development of the “13th Five-Year Plan” and for the goal of developing into a world-class new energy enterprise.
In the past year, the Company spared no efforts to strengthen safety production management, vigorously strengthened marketing design at the top-level and proactively carried out market transactions, making the Company an industry leader in terms of power utilisation hours. The Company also took effective measures to cut down costs, resulting in a year-on-year decrease in finance costs and newly-built projects costs. In addition, the Company actively reviewed and approved high quality projects, with the total approved capacity of 1,681.5 MW in wind power projects in 2016, in which projects in the Tier IV tariff regions accounting for 64%. The Company also strengthened project construction target assessment management, with an increase of 742.0 MW in the installed capacity. Efforts were stepped up to strengthen comprehensive budget management, bidding and tendering management, internal control and risk management, intensive regional management and investor relationship management, which further enhanced the Company’s comprehensive strength. Through a series of measures covering production, operation and management, the Company’s profitability and competitiveness continued to improve, hitting new record highs in its key operating data. The Company recorded revenue of RMB9.2386 billion in 2016, representing a year-on-year increase of 25.6%. Net profit attributable to equity shareholders amounted to RMB2.6589 billion, representing a year-on-year increase of 43.0%. Return on net assets (excluding interests held by non-controlling shareholders) was 14.0%, representing a year-on-year increase of 3.0 percentage points. The Company was granted the China Securities Golden Bauhinia Award for the third consecutive years and has received a number of major awards in several important capital market award campaigns such as the 5th Corporate Governance Asia Excellence Awards and the China Financial Market Awards for Listed Companies, which contributed to higher brand recognition in the capital market.
The year 2017 is not only an important year for the further penetration of supply-side structural reform, but also represents a critical year for the Company to build itself into a world-class new energy enterprise with international competitiveness. The Chinese government launched a series of positive renewable energy development programs recently, which further affirmed the unwavering commitment of the government to vigorously develop new energies, indicating a promising prospect for the industry. In the coming year, the management team of the Company will continue to implement various strategies formulated by the Board and, focusing on the operation and development goals for the year, make sustained efforts to improve production and management, further optimize business structure, refine management of infrastructure construction, effectively expand market transactions and continue to cut down costs and improve efficiency, so as to create better return for our shareholders.
Lastly, on behalf of the management and employees of the Company, I would like to extend our sincere gratitude to all of our shareholders and investors for their continuing support and trust!

Cao Shiguang

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