( 於百慕達註冊成立的有限公司 ) (Incorporated in Bermuda with limited liability) 股份代號 1811.HK Stock Code : 1811.HK 2015 中期報告 2015 Interim Report Interim Report 2015 中期報告

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Victoria Place 31 Victoria Street Hamilton HM10, Bermuda 25 15 1811 5964 2018 www.cgnmeiyapower.com 2

15 21 88 35 3

29 20 MUFG Fund Services (Bermuda) Limited The Belvedere Building 69 Pitts Bay Road Pembroke HM 08, Bermuda 183 22 1 9 1 33 3307-3315 4-4A 13 (i) 4 13 (ii) (iii) 4 137 12 7 7 4

(1) EBITDA (2) 600 594 563 200 400 160 120 132 112 200 80 40 0 2015 2014 0 2015 2014 60 40 53 31 1.5 1.2 0.9 1.22 1.01 20 0.6 0.3 0 2015 2014 0.0 2015 2014 4,000 3,660 3,660 5,000 4,748 3,000 4,000 3,779 3,000 2,000 2,000 1,000 1,000 0 2015 2014 0 2015 2014 1. 2. EBITDA 5

. 6 30 9926.2% 14.2 6.515.12 2.084.18 2015 20141412015110. 6 30 3,659.544.2% 55.8% 6 30 51.6% 48.4% 20183.05.0 6 173,965.5 136 1,400 9 1 7 229 1 6

6 30 455.3 96.2 15.4 16.1 10.6 593.6 399.8 71.4 10.3 9.3 16.6 507.4 55.5 24.8 5.1 6.8 (6.0) 86.2 29.6 37.4 3.1 5.5 (14.4) 61.2 26.7 31.6 3.1 5.5 (14.4) 52.5 6 30 401.3 111.6 30.5 18.8 0.4 562.6 357.0 86.2 26.8 10.0 13.9 493.9 44.3 25.4 3.7 8.8 (13.5) 68.7 19.5 34.0 2.2 6.9 (23.2) 39.4 16.7 28.6 2.2 6.9 (23.2) 31.2 6 3012 31 6 30 12 31 1,770.7 1,770.7 119.3 119.3 1,890.0 1,890.0 1,187.5 1,187.5 507.0 507.0 75.0 75.0 1,769.5 1,769.5 3,659.5 3,659.5 6 303,659.5 6 30 2,867.8 20154,748.125.6% 31,163,000 2.4% 7

6 30 (1) (2) 544 901 (3) 2,352 1,643 (4) 1,753 2,190 (4) 2,619 2,894 (5) 13 24 1,801 2,057 (1) (2) 5 (3) 20153 (4) (5) 8

6 30 (1) (2) 0.53 0.60 (3) 133.11 176.05 (4) 0.49 0.50 (4) 0.49 0.51 339.51 457.20 0.39 0.39 (5) 178.14 200.53 (1) (2) 5 (3) 10.4 (4) 9 (5) 9

6 30 (1)(2)(3) 2.72 2.04 560.39 702.08 (1)(4) (1)(5) 630.80 835.00 (6) 1,455.47 1,427.04 (1) (2) (3) 8 0.49 1 (4) (5) 2014 (6) 10

. 593.65.5%52.5 21.368.3% 201561.221.855.3% 593.6562.65.5% Huamei Holding Company Limited 507.4493.92.7% 201586.268.7 25.5% 6.57.10.6 28.730.55.9% 19.215.53.7 9 201522.220.12.1 11

12 31407.1 6 30443.7 12 311.206 301.05 6 30 6 30 1.22 1.01 52,504 31,181 4,290,824 3,101,800 2014 6 30 3,101,800,000 9 15 3,101,800,0000.0001100,0000.4 1 1 12

6 30 12 31 89,597 158,121 (116) (118) 89,481 158,003 30 90 6 3099% 12 3199% 6 30 12 31 0 60 89,175 156,856 61 90 371 90 306 776 89,481 158,003 13

6 30 12 31 0 60 77,201 156,015 61 90 59 90 933 77,201 157,007 6 3034 12 3133 12 311,699.5 6 301,656.4 6 30 12 31787.4 6 30745.9 12 31445.5 6 30232.3 6 30 140.0 12 311,225.4 6 301,315.6 100.020.0 14

12 311,035.8 6 30864.0 6 140.0 : 6 30 12 31 858,389 1,030,128 5,637 5,720 864,026 1,035,848 60,042 197,819 106,594 53,287 176,627 226,435 520,763 558,307 864,026 1,035,848 (60,042) (197,819) 803,984 838,029 6 30 780.7 2013 8 1999.686% 350.04% 2018 8 196 30 353.9 6 3020.02.38% 2018 6 30100.0 4.5%2025 15

8 9 19 1 131.3120.1 11.2 3 6 3012 31 6 301,215.0 6 30 1,481 4.5% 3.035% 6.55%0.9%1.0%0.7%0.8% 0.08% 485 5.0%10.0% 16

. (1)(2) (3) (4) 17

. 2018 3.05.0 6 30 18

6 30 A.5.1 4 13 3.10A 3.25A.5.1 7 7 3.10A3.25 A.5.1 6 30 6 30 6 30 571 XVXV7 8 352 19

6 30 336 (1)(2) 3,101,800,000 72.29% (2) 3,101,800,000 72.29% 3,101,800,000 72.29% (1) 100%72.29% (2) 70.59%72.29% Gold Sky Capital Limited29.41% 13.51B(1) 4 169,280 6 30 20

10 31,966.1 6 30 1,961.7 6 30 6 30 70% 1,376.3 2.1 1,374.2 30% 589.8 2.3 587.5 1,966.1 4.4 1,961.7 21

23 48 6 30 34 34 34 2410 34 8 19 22

6 30 6 30 3 593,587 571,775 396,963 392,655 44,403 43,591 11,424 12,066 30,864 28,631 23,764 26,213 507,418 503,156 86,169 68,619 6,461 7,383 272 1,883 (28,733) (30,729) 19,185 17,189 22,170 (3,112) 83,354 83,403 4 (22,200) (22,407) 5 61,154 60,996 (13,161) (11,903) (65) (45) 16 41 (13,210) (11,907) 47,944 49,089 52,504 52,560 8,650 8,436 61,154 60,996 40,989 42,201 6,955 6,888 47,944 49,089 7 1.22 1.69 23

6 30 6 30 12 31 8 1,434,984 1,483,283 12,688 13,794 844 844 182,432 168,271 838 860 1,485 1,356 23,115 31,086 1,656,386 1,699,494 28,652 30,830 1,921 1,938 9 89,481 158,003 16,852 8,976 2,373 1,936 10 517 37,090 10 87,449 87,943 73 658 11 136,892 118,132 11 36,098 11 362,270 284,673 726,480 766,277 16 19,463 21,163 745,943 787,440 12 77,201 157,007 55,646 62,005 10 6,233 90 11,216 7,470 7,424 7,533 13 60,042 197,819 4,718 4,718 86 175 9,161 7,842 231,727 444,659 16 539 821 232,266 445,480 513,677 341,960 2,170,063 2,041,454 24

6 30 6 30 12 31 779 791 10 20,000 10 100,000 13 803,984 838,029 349,197 349,008 274 278 41,388 37,258 1,315,622 1,225,364 854,441 816,090 14 55 55 749,982 708,993 750,037 709,048 104,404 107,042 854,441 816,090 25

6 30 a b 1 1 40 141,466 27,294 1,219 236,066 372,456 778,541 159,317 937,858 52,560 52,560 8,436 60,996 (10,355) (10,355) (1,548) (11,903) (45) (45) (45) 41 41 41 (4) (10,355) 52,560 42,201 6,888 49,089 (8,681) (8,681) 6 30 40 141,466 27,294 1,215 225,711 425,016 820,742 157,524 978,266 1 1 55 250,406 7,798 1,113 112,804 336,872 709,048 107,042 816,090 52,504 52,504 8,650 61,154 (11,466) (11,466) (1,695) (13,161) (65) (65) (65) 16 16 16 (49) (11,466) 52,504 40,989 6,955 47,944 (9,593) (9,593) 181 (181) 6 30 55 250,406 7,979 1,064 101,338 389,195 750,037 104,404 854,441 (a) 1981 (i) (ii) (b) 50% 25% 26

6 30 6 30 83,354 83,403 44,403 43,591 1,058 1,041 26 (1,264) (86) (97) (2,847) (2,528) 28,733 30,729 (19,185) (17,189) (22,170) 135,456 115,516 7,554 (1,908) 1,843 (2,291) 66,296 (37,750) (8,019) (1,687) (456) 4,382 (37,084) (64,358) 18,904 (6,472) 6,666 6,245 1,077 (27) 3,029 213 138,062 69,067 (16,204) (16,945) 121,858 52,122 (11,196) (132,416) (21,579) 494 2,847 2,528 39,637 39,166 36,098 (574,496) (536,637) 551,590 563,700 44,974 (85,238) 27

6 30 6 30 (166,601) (37,185) (28,460) (39,633) (4,137) (8,681) (1,574) (293) 100,000 20,000 4,019 53,322 (76,753) (32,470) 90,079 (65,586) 284,673 208,708 (1,253) (1,961) 373,499 141,161 362,270 141,161 11,229 373,499 141,161 28

6 30 1. 34 34 16 6 30 2. 6 30 12 31 19 20102012 20112013 29

6 30 3. (1) (2) (3) 6 30 129,930 453,095 10,562 593,587 40,942 37,574 503 79,019 919 (6,566) (9,475) 272 19,185 83,354 30

6 30 3. 6 30 169,222 402,110 443 571,775 40,321 24,009 21 64,351 23 (8,658) (10,443) 1,883 17,189 22,170 (3,112) 83,403 31

6 30 3. 6 30 478,928 460,415 39,184 49,526 64,759 61,179 154 212 10,562 443 593,587 571,775 4. 6 30 12,742 15,267 (543) (14) 12,199 15,253 8,588 5,883 1,413 1,271 22,200 22,407 32

6 30 4. 2008 1 1 25% 15%2011 2020 15% 6 30 24.2% 6 3016.5% 6 30 6 3035% 15% 2008 1 1 5% 10% 10% 5. 6 30 1,058 1,041 26,004 22,979 4,455 3,424 30,459 26,403 6. 33

6 30 7. 6 30 1.22 1.69 6 30 52,504 52,560 6 30 4,290,824,000 3,101,800,000 6 303,101,800,000 9 153,101,800,0000.0001 100,0000.4 1 1 6 30 8. 26,200 6 30 1336 304,029 26,067 6 304,029 34

6 30 9. 6 30 12 31 89,597 158,121 (116) (118) 89,481 158,003 30 90 6 3099% 12 3199% 6 30 12 31 0 60 89,175 156,856 61 90 371 90 306 776 89,481 158,003 6 30306,000 12 311,030,000 6 30 270 12 3195 35

6 30 9. 6 30 12 31 1 90 644 91 180 17 181 306 369 306 1,030 365 365 6 30 12 31 118 121 (2) (3) 116 118 36

6 30 10. 6 3012 31 75,467,000 12 31 86,272,000 0.01% 0.25% 12 310.01% 1.64% 12 31 6 3020,000,0002.38% 2018 6 30100,000,000 4.5% 2025 6 3012 31 11. 6 300% 3.25% 12 310% 3.25% 6 300.95% 1.37% 12 311.2% 2.05% 6 3052,935,000 12 3143,803,000 12 31 1.48% 1826 30 37

6 30 12. 6 30 12 31 0 61 77,201 156,015 61 90 59 90 933 77,201 157,007 6 30 34 12 3133 13. 6 30 12 31 858,389 1,030,128 5,637 5,720 864,026 1,035,848 60,042 197,819 106,594 53,287 176,627 226,435 520,763 558,307 864,026 1,035,848 (60,042) (197,819) 803,984 838,029 38

6 30 13. 6 30 1.75% 6.62% 12 311.75% 6.62% 6 30 12 31 1,075,809 1,126,062 2,295 2,475 136,892 118,132 1,214,996 1,246,669 14. 0.0001 1 1 125,000 50 (a) (125,000) (50) (a) 250,000,000,000 25,000 12 316 30 250,000,000,000 25,000 1 1 100,000 40 (a) (100,000) (40) 9 15 (a) 3,101,800,000 310 10 3 (b) 1,033,934,000 103 10 27 (b) 155,090,000 16 12 316 30 4,290,824,000 429 55 39

6 30 14. 12 31 (a) (b) 9 15 (i) 250,000,000,0000.0001 25,000,000 (ii)3,101,800,0000.0001 0.0001310,180 (iii)0.4 100,0000.4 40,000 (iv) 3,101,800,0000.0001(v)125,000 0.4 25,000,000250,000,000,000 0.0001 10 310 27 1,033,934,000 155,090,000 1.71 1,768,027,000 228,000,000 265,204,000 34,200,000 15. 16. 12 3 2015 6 3012 31 12 6 3012 31 40

6 30 16. 5 4 230386 30 6 3012 31 6 30 12 31 11,229 11,288 433 439 a 277 315 65 485 449 7,039 8,511 96 19,463 21,163 1 1 3 4 535 816 539 821 (a) 20 41

6 30 17. (a) 6 30 12 31 2,562 4,257 6 30 12 31 3,241 3,272 2,350 2,152 1,557 2,527 7,148 7,951 MPC Korea Holdings Co., Ltd. MPC Korea Korea Electric Power Corporation KEPCO 1996 2009 7 MPC KoreaMPC Yulchon Generation Company Limited MPC Yulchon MPC Korea MPC Korea KEPCOMPC Korea KEPCO MPC Korea 2,862,00020051,365,000KEPCO 2005 17.071,497,0002008 12 31 42

6 30 17. (a) ( ) 2005KEPCOMPC Korea20 1,497,000 6 30 702 640,000 12 31745680,000 2007 6 30 1,313,000 1,403,0007% 2005 20 6 30 12 31 161 163 123 201 284 364 41,851 42,221 167,405 168,888 209,256 232,220 418,512 443,329 43

6 30 17. (b) 6 30 12 31 5,012 11,758 (c) 2011 12 22 10,000,000 93% 7% 6 30 44

6 30 18. 6 30 (i) 27 28 (ii) 508 136 38 (iii) 197 367 (ii) 5,020 (ii) 209 92 9 Huamei Holding Company Limited Huamei Holding (ii) 5,345 76 (ii) 36 (iv) 75 (i) (ii) (iii) (iv) Huamei Holding 70% 45

6 30 18. 6 302.28% 12 3116% 6 30 15% 12 3116% 19. 6 307 22 8 10 12 31 20. 12 31 100% 7 1 6 30 46

6 30 20. 6 30 562,560 9,215 571,775 386,448 6,207 392,655 42,216 1,375 43,591 11,851 215 12,066 27,447 1,184 28,631 25,944 269 26,213 493,906 9,250 503,156 68,654 (35) 68,619 7,138 245 7,383 1,883 1,883 (30,536) (193) (30,729) 15,467 1,722 17,189 22,170 22,170 (3,112) (3,112) 59,494 23,909 83,403 (20,129) (2,278) (22,407) 39,365 21,631 60,996 31,181 21,379 52,560 8,184 252 8,436 39,365 21,631 60,996 a 1.01 0.68 1.69 a. 3,101,880,000 7 47

6 30 20. 6 30 456,889 3,526 460,415 43,837 5,689 49,526 61,179 61,179 212 212 443 443 562,560 9,215 571,775 357 357 1,703 214 1,917 1,652 1,652 2,526 2 2,528 409 409 491 29 520 7,138 245 7,383 (33,816) (2,792) (36,608) 3,280 2,599 5,879 6 30 (30,536) (193) (30,729) 53,220 (1,098) 52,122 (32,511) (24,458) (28,269) (85,238) (45,344) 12,874 (32,470) (24,635) (12,682) (28,269) (65,586) 167,629 41,079 208,708 (1,833) (128) (1,961) 141,161 28,269 (28,269) 141,161 48