New era, new mission, new action.

In the past five years, SPIC has always been adhering to practicing new development ideas, and deepening the energy supply-side structural reform and the reform of state-owned assets and enterprises.

SPIC has made comprehensive breakthroughs in deepening reform and restructuring, accelerating transformation and development, implementing innovation-driven concepts, and expanding overseas businesses, and brought about the simultaneous development of both quality and benefit.

Despite the overall downturn of the industry, SPIC has remained at the forefront among its peers in terms of gross and net profits for three consecutive years, with total assets exceeding RMB 1 trillion (USD 157.4 billion).

SPIC’s newly-installed capacity ranks first in the industry for three consecutive years and its scale and proportion of clean energy ranks first among the five power generators, with PV installed capacity exceeding 10 GW. SPIC successively improved its structural advantage by focusing on clean energy, and achieved a favorable situation.

Strengthen top-level design and unleash vitality of reform

SPIC was established in 2015 through the merger of China Power Investment Corporation (CPI) and State Nuclear Power Technology Corporation (SNPTC). It was the first restructuring case of enterprises under supervision of the Central Government after the 18th CPC National Congress.

In order to strengthen its core business, SPIC injected all nuclear power assets of the then CPI into SNPTC and combined the nuclear power operation license with China’s top-notch nuclear power design and R&D capability, forming a nuclear power group that spreads across the whole industrial chain from technology development, project construction, to investment and operation. This makes SPIC one of China’s three nuclear power developers and operators.

In optimizing asset structure, SPIC constantly deepened the supply-side structural reform, managed to resolve excess capacity problems, steadily carried out the policy of “dispose of zombie enterprises with extreme operational issues” as well as the policy of separating SOEs’ obligations of supplying water, power and heating to their employees and managing employee properties. A number of SPIC subsidiaries engaged in finance, technology and service sectors were listed on the National Equities Exchange and Quotations (NEEQ), and the asset-liability ratio of the company was controlled effectively.

In innovating system and mechanism, SPIC changed its commercial registration into wholly state-owned company on schedule, and implemented headquarters functions transformation and organization reform in line with the call to turn the company into a state-owned capital investment company. SPIC progressively established and improved the corporate governance structure with the board of directors as the core, and transformed from asset management to capital management based on an effective system focused on equity management.

Restructuring and reform have catalyzed the chemical reaction in corporate development. As one of the first batch of pilot mergers and restructurings among central SOEs, SPIC boosted its asset size by leaps and bounds in previous years, with assets significantly larger than the sum of CPI and SNPTC prior to reorganization, thus achieved the “1 + 1 > 2” expectation.

Lead indigenous nuclear power technology and push forward the energy transformation

SPIC pursues a noble cause of self-reliant innovation, industry chain establishment and international marketing of China’s Gen-III nuclear power. Since restructuring, SPIC has been working to build nuclear power into a competitive edge of the company under the goal of “completing national strategic mission by leading indigenous nuclear power development”.

Through a decade of introduction, digestion, assimilation and re-innovation, SPIC subsidiary SNPTC tackled a series of key technologies, completed the indigenous standard design of AP1000, moving China’s nuclear power technology toward a leading position by turning the AP1000 technology from drawings to reality. Moreover, SPIC also independently developed the world’s most powerful Gen-III passive reactor—CAP1400 with independent intellectual property rights, an important milestone for China to possess strong nuclear power capabilities.

Since the restructuring, SPIC has placed high value on the mission of being a clean energy provider, accelerated clean development, and has successfully built two cascade hydropower clean energy bases in the Yellow River and the Yuanshui River drainage basins. In addition, SPIC is making substantial progress on the preliminary work of Qinghai Hainan 10 GW Multi-energy Complement Demonstration Base. Its 800 MW Binhai Offshore Wind Farm in Yancheng, Jiangsu Province currently under construction will be the largest offshore wind farm in the world upon completion, while a number of PV power generation projects have been put into operation in Japan, Malaysia and other places. While expanding its clean energy business, SPIC has become a forerunner in exploring new technologies and business models, who have mastered a series of cutting-edge clean energy technologies at home and abroad to become an industry leader eventually.

Innovation leads development and promotes transformation and upgrade

SPIC has always implemented the idea of innovative development and seized the technological commanding point of the energy industry with a series of key technological breakthroughs.

Since the restructuring, SPIC has accelerated the strategic R&D deployment and tackled key technologies in fields such as nuclear power, clean and efficient thermal power, new energy and integrated smart energy, so as to speed up the application of demonstration technologies and promote technological transformation and upgrade. Meanwhile, taking the implementation of the national key science and technology projects as an opportunity, and new technologies and businesses as a new force of enterprise development, SPIC is committed to stimulating the growth points of profits.

The world stage is the new highland for the development of Chinese enterprises. Since restructuring, SPIC has actively participated in the construction of the Belt and Road with its international development capabilities and profitability constantly improved. At present, its overseas businesses cover 41 countries with plans to achieve overseas installed capacity of 8 GW by 2020.

Facing the new junction of historic development, SPIC is taking solid steps toward the goal of “being a world first-class energy enterprise with global competitiveness,” gathering strong force for strengthening China through energy, and undertaking the mission of the times.