Promoting “Belt and Road” power infrastructure construction is a concrete practice for promoting global energy interconnection, a new historical opportunity to expand the international development space, and the core of State Grid Corporation of China’s internationalization strategy. State Grid International Development Limited (SGID), as an important platform for State Grid Corporation of China (SGCC) to implement overseas power and energy assets investment and operation, has been actively carrying out overseas mergers and acquisitions (M&A) of existing assets, greenfield project development, and overseas asset operation in the power and energy sector in recent years, striving to become a leader among central government enterprises in “going out.”
As China becomes more and more deeply integrated into the economic globalization wave, internationalization has become an inevitable choice for Chinese enterprises. However, the market environment is more complex than the local one, and Chinese enterprises are facing enormous challenges as they venture overseas.
随着中国越来越深地融入经济全球化的浪潮，中国企 业国际化已经成为必然选择。然而比本土更为复杂的市场 环境，是中国企业面临着进军海外的巨大挑战。
Since 2008, SGID’s internationalization has gone through a development process of “going out, standing firmly, and taking big steps,” and has achieved an upward spiral in its own international competitiveness by continuously expanding and deepening its international operations. “Going out” means exploring through practice a progressive and synergistic path to internationalized development with horizontal and vertical integration. “Standing firmly” means that overseas companies are controlled effectively and given proper authority after acquisition, and all overseas projects are profitable without any losses. “Taking big steps” means seizing opportunities, investing directly, and reinvesting with the help of overseas project platforms, so as to achieve leapfrog growth of overseas assets. After nine years of development, SGID’s overseas book assets have reached RMB 280.8 billion (as of the end of July 2017), an increase of 131 percent year-on-year, generating an annual profit of about RMB 8 billion (comparable to a large domestic provincial power company), and achieving the overseas extension of SGCC’s core business, while also driving SGID to upgrade from traditional product and labor exporting to technology, management, and culture exporting.
从 2008 年迄今，国际公司的国际化经历了“走出去、站得住、迈大步”的发展历程，依靠不断扩大和深化的国际化经营，实现了自身国际竞争力的螺旋式上升。 “走出去”是指在实践中摸索出了一条渐进、协同、横纵结合的国际化发展路径。“站得住”是指并购后对境外公 司管控得力，授权得当，境外项目运营均实现盈利，无一 亏损。“迈大步”是指抢抓机遇，直接投资和借助海外项 目平台再投资，实现境外资产规模的跨越式增长。经过 九年的发展，国际公司境外账面资产达 2808 亿元人民 币（截至 2017 年 7 月底），同比增长 131%，年创利润约 80 亿元人民币，与国内大型省级电力公司相当，实现了国家电网公司的核心业务向海外延伸，同时带动了国家 电网公司从传统产品劳务输出向技术、管理和文化输出 的升级。
Business development model
Progressive. In terms of investment market selection, SGID has adopted a progressive internationalization path, starting from neighboring countries, the familiar first and then the unfamiliar, from near to far, first easy and then difficult, and upgrading gradually. The path overseas began in China’s neighbor, the Philippines. SGID seized the opportunity presented by the privatization of National Grid Corporation of the Philippines (NGCP), and acquired 40 percent of its shares. After that, the company took another step in the emerging market of Brazil, acquiring 100 percent of the equity of seven power transmission concessionaires. After accumulating successful experience, it extended its reach to mature markets, acquiring 21 percent equity of HK Electric in Asia, 25 percent of Portugal’s national energy grid company REN, 35 percent of energy grid company TERNA under Italy’s CDP RETI S.p.A., and 24 percent of Greece’s national grid operator ADMIE in Europe, as well stakes in ElectraNet Pty Ltd, SGSP (Australia) Assets Pty Ltd, and AusNet Services in Australia. The company has thus achieved a reasonable distribution of assets in Asia, South America, Europe, and Oceania.
渐进式。在投资市场选择上，国际公司采取了渐进式的国际化路径，从邻国入手，先熟悉后陌生，由近及远，先易后难，逐步升级。出海之路启航于邻国菲律宾，国际公司抓住菲律宾国家电网公司私有化契机，收购其 40%股权。之后，在新兴市场巴西再下一城，收购七家输电特许经营权公司 100%股权。积累了成功经验之后，将触角伸向成熟市场，在亚洲收购港灯公司 21%股权，在欧洲先后收购葡萄牙国家能源网公司 25%股权、意大利存贷款公司旗下能源网公司 35%股权、希腊国家电网公司 24%股权，在澳洲入股南澳输电网公司、澳洲资产公司和澳网公司，从而在亚洲、南美洲、欧洲和大洋洲实现了资产的合理分布。
Synergistic. In terms of investment entry mode, SGID has formed a synergistic development model of existing asset acquisition and greenfield development. Operating uncertainty is low after the acquisition of existing assets, which helps enterprises enter target markets quickly, and it can yield quick investment returns at lower risk. However, there may be differences between the acquirer of the existing assets and the acquired enterprise in terms of business ideas and management systems and methods, resulting in adaptation costs and cost of trust for both parties. Under the greenfield development model, enterprises can choose appropriate geographic locations for investment and have high controllability of capital investment and expenditures, but development cycles are long and operational risks are high. After understanding the policy, legal, and industrial environments of the Brazilian power market, SGID relied on State Grid Brazil Holding Company S.A. (“SGBH”) to develop greenfield projects. These complemented the acquired assets, made the business structure more diversified, and boosted business expansion capacity and risk resistance.
Horizontal and vertical integration. Horizontal M&A allow capital to be concentrated in the same market area or sector, while vertical M&A connect upstream, middle, and downstream portions of the production chain. SGID has used horizontal M&A in the field of power transmission to open up international markets. Investment assets are currently distributed in eight countries on four continents. The company has further extended its indirect investment projects via overseas affiliated companies, achieving horizontal expansion and increased market share. It indirectly holds assets in Spain and Chile through REN in Portugal, and assets in France, the UK, and Belgium through TERNA and Snam S.p.A. in Italy. In terms of vertical M&A, SGID has successfully entered into fields overseas such as power and natural gas transmission and distribution through the projects of REN in Portugal, SGSP (Australia) Assets Pty Ltd., and AusNet Services, gradually lengthening its business chain. In Brazil, after acquiring the transmission concession assets, SGID acquired CPFL in 2017 through a vertical acquisition, creating good synergies between different assets and achieving comprehensive coverage in the power generation, transmission, distribution, and sale fields in the Brazilian market. CPFL is the second largest privately owned power generation company in Brazil. In addition to hydropower, its asset types include solar energy, biomass energy, wind power, and other new energy sources.
横纵结合式。横向并购使资本在同一市场领域或部门实现集中，纵向并购则打通了产业链条的上、中、下游。国际公司以输电领域的横向并购打开国际市场，目前投资资产分布于四大洲、八个国家。进一步由境外所属公司延伸出间接投资项目，实现了横向拓展和市场占有率的提升：通过葡萄牙国家能源网公司间接持有西班牙、智利等地资产，通过意大利输电网公司和意大利天然气网络公司间接持有法国、英国、比利时等地资产。在纵向并购方面，国际公司通过葡萄牙国家能源网公司、澳洲资产公司、澳网公司项目，成功涉足国外输配电、输配气等领域，业务链条逐步拉长。在巴西，国际公司收购输电特许经营权资产后，2017 年通过对巴西CPFL 公司的纵向收购，不同资产间形成良好的协同效应，在巴西市场实现了发输配售电领域的全面覆盖。CPFL 公司作为巴西第二大私有发电企业，资产类型更涵盖到水电之外的太阳能、生物质能、风电等多领域新能源。
By continuously developing horizontal and vertical integration, SGID has gradually enriched the business types and income composition of its overseas investment.
Using brand value to achieve low-cost financing, SGCC has strong core competitiveness and brand influence, which convey a superior level of international credit. SGID has in turn translated the intrinsic advantages of an A-grade credit rating into the external advantage of low-cost financing in overseas markets, injecting strong financial support and competitive strength into its existing asset M&A and greenfield project development. Against a background of domestic power reform, SGID has promoted the overseas extension of SGCC’s core business, expanded the development space by translating brand value into financing advantages, and played an active role in improving quality and efficiency and cultivating profit growth points for the group. At the same time, SGID has actively performed its shareholder duties, operated existing overseas assets efficiently and steadily, achieved stable income from existing asset investment projects, and steadily promoted greenfield construction projects. This has driven the further enhancement of SGCC’s international brand value.
以品牌价值实现低成本融资。国家电网公司具有强大的核心竞争力和品牌影响力，延伸出优等的国际资信水 平。国际公司则将 A 类级别信用等级的内在优势转化为在海外市场低成本融资的外在优势，为存量资产并购和绿 地项目开发注入强劲的资金支持和竞争实力。在国内电力 改革的背景下，国际公司推动了国家电网公司核心业务向 境外延伸，通过将品牌价值转化为融资优势，拓展发展空 间，为集团提质增效、培育利润增长点发挥了积极作用。同 时，国际公司积极履行股东职责，高效稳健运营现有境外 资产，实现存量投资项目收益稳定，绿地建设项目稳步推 进，也带动了国家电网公司国际品牌价值的进一步提升。
Gaining stable income by investing in regulatory assets. With low-cost financing abroad and investment in overseas transmission and distribution regulatory assets, SGID’s overseas businesses have gained stable income and realized a virtuous cycle with “both ends of the business overseas.” Power and gas transmission and distribution are natural monopolies enabled by economies of scale. In mature overseas markets, regulatory mechanisms based on revenue cap or price cap models are adopted in the energy transmission sector, so pricing is transparent and reasonable. After caps are set on the annual revenue or regulatory tariff of transmission companies, such companies can lower their expenditures below predicted values by improving internal operational efficiency, etc., which will in turn enhance their actual return on net assets, and the regulatory revenue will also be adjusted along with changes in inflation rates. Under mature investment environments and industry policies of overseas markets, SGID can make the most of SGCC’s comparative advantages in technology, operations, and talent to reduce costs and increase efficiency, thereby achieving stable operating income from overseas investments.
以投资监管资产获得稳定收益。 以境外低成本融资， 投资境外输配电监管资产，国际公司海外业务获取了稳定收益，实现了“两头在外”的良性循环。输配电、输配气是由规模经济促成的自然垄断行业，境外成熟市场在输电领域的监管机制采用收入上限或价格上限模式，定价透明合理。设定输电公司年收入或监管电价的上限后，输电公司可以通过提高内部运营效率等方式，使支出低于预测值，进而提升实际的净资产收益率，监管收入还会随着通胀率的变化而调整。在境外市场成熟的投资环境和行业政策下，国际公司可以充分发挥国家电网公司技术、运营、人才等方面的比较优势，降本增效，实现稳定的境外投资运营收益。
Positioning as a long-term investor. From a macro perspective, SGID is committed to being a long-term strategic investor. This is not only necessary for serving the national “Belt and Road” strategy, but also a prerequisite for taking full advantage of its own strengths. As a long-term strategic investor, SGID has actively participated in the governance of overseas companies in many fields, forming situations of mutually beneficial win-win cooperation with acquired parties. For example, as the single largest shareholder of NGCP in the Philippines, SGID has assisted in the construction of the technical standard system; as the largest shareholder of Portugal’s REN, SGID has established a joint venture R&D center with REN and encouraged REN to improve its international credit rating; and as a shareholder of ADMIE in Greece, SGID has actively promoted the Greek islands interconnection project to improve the interconnected scale and power supply capacity of the Greek grid. With the support of our international headquarters, SGBH was twice named the “best company in the Brazilian electricity industry,” in 2012 and 2014.
定位于长期战略投资者。宏观上，国际公司致力于成为长期战略投资者，这既是服务国家“一带一路”战略的需要，也是发挥自身优势的先决条件。作为长期战略投资者， 国际公司在众多领域积极参与境外公司治理，与被收购方形成互利共赢的合作局面。例如国际公司以菲律宾国家电网公司的单一最大股东身份，协助建设技术标准体系；作为葡萄牙国家能源网公司（REN） 的单一最大股东，与REN 合资成立研发中心，推动REN 提升国际信用评级； 作为希腊国家电网公司的股东，积极推进希腊岛屿互联项目，提高希腊电网联网规模和供电能力。在国际公司本部的支持下，巴控公司在 2012 年、2014 年两度获得“巴西电力行业最佳公司”称号。
Scientifically controlled overseas companies. At the micro level, SGID scientifically sets up the control and governance structures of overseas companies. It strives for rights corresponding to its shareholding percentage to set up key positions and nominate managers, and manages overseas project companies through shareholders’ meetings and boards of directors according to company shareholders’ agreements and articles of association. SGID’s foreign-based team of senior managers is deeply involved in the decisionmaking for major operational matters of overseas holding companies, such as strategic planning, business plans, financial budgets, and senior management appointments and removals, putting the advanced management concepts and excellent technical experience of SGCC into effect in the development planning and daily work of the overseas companies. SGID headquarters has set up an overseas operations management committee to focus its professional strengths on the major issues of overseas companies and elevate the refinement level of their operations management. Some 632 important issues were analyzed and addressed in the first half of 2017 alone. In addition, SGID has established an overseas asset operation monitoring (measurement) center, which realizes real-time control of key indicators and early warning of changes through an informatized system, comprehensively strengthening the online monitoring of overseas assets.
科学管控境外公司。微观上，国际公司科学设置境外公司管控治理结构，努力争取与股比相对应的关键岗位设置权、管理人员提名权，根据股东协议和公司章程，通过股东会和董事会对境外项目公司进行管理。国际公司的驻外高管团队深入参与境外控股公司的战略规划、商业计划、 财务预算、高管任免等重大经营事项的决策，将国家电网公司的先进经营理念及优秀技术经验贯彻落实到境外公司的发展规划及日常工作中。国际公司本部则成立海外运营管理委员会，集中专业优势力量，协同研讨境外公司重大议题，提升运营管理精细化水平，仅 2017 上半年就分析处理重要议题 632 项。此外，国际公司建立境外资产运营监控（测）中心，通过信息化系统实现了对关键指标的实时掌控和异动预警，全面加强对海外资产的在线监控。
Since 2008, SGID has made overseas investments totaling over USD 15 billion, forming book assets of RMB 280.8 billion (as of the end of July 2017) and annual profits of about RMB 8 billion, equivalent to replicating a large provincial power company overseas. In addition, international development has also accumulated considerable intangible asset value for the company: By building a two-way exchange platform, it has exported superior domestic UHV technology and mature grid operation and management experience, and introduced the advanced management methods and concepts of its overseas companies, using international benchmarking of distribution assets as a “demonstration plot,” and boosting SGCC’s overall internationalization. In the course of its overseas business expansion, the company’s international competitiveness and influence have continuously expanded, and the harvest has been bountiful.
2008 年至今，国际公司累计境外投资超过 150 亿美元，形成账面资产 2808 亿元人民币（截至 2017 年 7 月底），年利润约80 亿元人民币，相当于在海外再造了一个大型省级电力公司。此外，国际化发展也为企业积累了可 观的无形资产价值：通过搭建双向交流平台，输出国内特 高压优势技术、成熟的电网运营管理经验，引入所属境外 公司先进管理方法和理念，以配电资产国际对标为“样板 田”，助推国家电网公司整体国际化。在海外业务拓展过程 中，公司国际竞争力、影响力不断扩大，收获丰硕。
Spurring “going out” as group by going global with ultra high voltage. In implementing the national “going out” development strategy, SGCC has clearly defined the strategic goal of “going out” with UHV technology and has striven to promote the global application of UHV transmission technology, specifications, and standards. Brazil is the largest country in South America. It has a vast territory, and primary energy and resources are far from the load centers. After entering the Brazilian market in 2010, SGID keenly grasped Brazil’s objective need for north-south power transmission in the context of rapidly growing power loads. It aggressively followed and participated in the demonstration and research of a technical proposal for the 11 million kilowatt Belo Monte Hydropower Station in the Brazilian Amazon River Basin, ultimately persuading the Brazilian government’s energy and power authorities to select the UHV DC transmission technology solution for Belo Monte.
以特高压“走出去”带动抱团出海。国家电网公司在贯 彻国家“走出去”发展战略中，明确了特高压技术“走出去” 战略目标，着力推动特高压输电技术、规范和标准的全球化应用。巴西是南美洲最大的国家，幅员辽阔且一次能源、 资源远离负荷中心。国际公司在 2010 年进入巴西市场 后，敏锐地把握住巴西在电力负荷快速增长的大背景下， 亟待北电南送的客观需求，积极跟踪和参与巴西亚马逊河流域装机 1100 万千瓦的美丽山水电站电力送出技术方案的论证和研究工作，最终推动巴西政府能源和电力主管部门选定美丽山水电站特高压直流送出技术方案。
In February 2014, SGID, together with Brazil’s national power company, won the bid for the Belo Monte Phase I project, which successfully realized “going out” for UHV. A year and a half later in July 2015, based on the successful experience of the Belo Monte Phase I project, the company won the bid for the Belo Monte Phase II project, which achieved the “going out” of integrated UHV investment, construction, equipment, and operation. According to preliminary estimates, the company’s investment in the construction of the Belo Monte Phase I and Phase II projects can drive the “going out” of nearly RMB 5 billion in domestic high-end power equipment and EPC services. The Belo Monte Phase I project is expected to achieve single-phase electricity pilot operation by the end of 2017.
2014 年 2 月，国际公司联合巴西国家电力公司中标美丽山一期项目，成功实现特高压“走出去”。时隔一年半， 借鉴美丽山一期项目成功经验，国际公司于 2015 年 7 月独立中标美丽山二期项目，实现了特高压投资、建设、装备和运营一体化“走出去”。根据初步测算，公司投资建设美丽山一期、二期项目，可带动近 50 亿元人民币的国产高端电力装备和EPC 总承包服务“走出去”，预计 2017 年底美丽山一期项目将实现单极带电试运行。
Creating a new benchmark for low-cost financing abroad. Financing is an important tool for supporting the rapid development of international business. The continuous expansion of international business creates greater financing requirements: larger scale, more currencies, and faster turnover. For this reason, SGID has constantly improved its financing system, and has achieved cost reductions and efficiency increases by improving its international credit rating, broadening overseas financing channels, and applying different kinds of financial instruments.
创立境外低成本融资新标杆。融资工作是国际业务快速发展的重要支点。国际业务的不断拓展对资金筹措提出 了更高要求：规模加大、币种增多、周转提速。为此，国际公 司不断完善融资体系，通过提升国际信用评级、拓宽境外 融资渠道、应用各类金融工具等方式，实现降本增效。
SGID’s credit rating has risen year after year since its first international credit rating was carried out in 2012, and now SGID’s main credit ratings by the three major agencies have all entered the Grade A ranks. On that basis, the company has continuously broadened overseas financing channels and reduced financing costs: In the currency market, it has expanded financing from bilateral to multilateral and syndicated financing, and in the capital markets, it has advanced from a single capital market to multiple capital markets. SGID also helped the head office issue a total of more than , and issued its own one billion euro bond. At the same time, it has directed and assisted its subsidiaries in financing debt issues in the Australian and Brazilian capital markets.
自 2012 年起，国际公司首次开展国际信用评级，此后评级连年提升，目前三大机构对国际公司主体信用评级全部进入A 级行列。以此为基础，公司不断拓宽境外融资渠道，降低融资成本：在货币市场上，融资由双边向多边、 银团拓展；在资本市场上，从单一资本市场向多个资本市场进军，目前，国际公司协助总部累计发行超过 120 亿美元和欧元债券，自身发行 10 亿欧元债券，同时指导协助下属公司在澳洲和巴西资本市场融资发债。
This year, for the first time, SGID has used financial instruments to raise approximately EUR 800 million in zero and negative interest rate financing. In the financing scheme for the acquisition of 24 percent equity interest in Greece’s national grid operator, using its high quality credit rating, and taking advantage of Europe’s negative interest rate monetary policy, the company innovatively applied cross-currency swaps to swap floating-rate U.S. dollar loans into fixed-rate euro loans, and 90 percent of the settled funds achieved -0.29 percent interest rate financing. Not only were loans successfully obtained, but about EUR 850,000 in interest was earned from banks in one year as well.
今年以来，国际公司首次利用金融工具，累计实现约 8 亿欧元的零利率和负利率融资。在收购希腊国家电网公司 24%股权的融资方案中，以优质的信用评级，利用欧洲负利率货币政策，创新应用交叉货币掉期，将浮动利 率美元贷款掉期为固定利率欧元贷款，90%交割资金实现 – 0.29%利率融资，不仅成功贷款，而且一年可从银行获得约 85 万欧元利息。
Building an internationalized professional talent team. Being globally oriented, whole-grid oriented, and practice-oriented, SGID has introduced and cultivated composite teams of multi-skilled talents with international vision and cross-cultural communication ability. As of August 2017, SGID had 320 Chinese employees and 126 employees stationed overseas, and the total number of Chinese and foreign employees under management had reached 17,000.
打造国际化专业人才队伍。国际公司面向全球、面向全网、面向实践，引入和培养了一支一专多能、具有国际视 野、具备跨文化沟通能力的复合人才队伍。这其中越来越 多的员工奔赴海外一线，截至 2017 年 8 月，国际公司共有中方员工 320 人，派驻境外员工达 126 人，管理的中外员工总量已达 1.7 万余人。
By means of internationalization, a two-way learning and exchange platform of “inviting in” and “going outl” is increasingly being formed. With the assistance of National Electric Power Dispatching and Communication Center, State Grid Technology College, Advanced Training Center of SGCC, and other units in the system, SGID arranges for senior managers of NGCP in the Philippines to attend training in China, and invites technical experts from SGSP (Australia) Assets Pty Ltd. to conduct technical exchanges in China. On the other hand, backed by the technical advantages of SGCC, we have joined with other units in the system to establish counterpart technical support mechanisms, such as experts from China Academy of Electric Power and State Grid Tianjin Electric Power Company going to diagnose power grid operation in Brazil’s SGBH, and technical experts from State Grid Jiangsu Electric Power Co., Ltd. going to assist in post-typhoon reconstruction in the Philippines. This allows employees within the system to improve their quality and ability to work abroad while making the most of their technical strengths, which contributes to the company’s international development.
藉国际化“，请进来”、“走出去”双向学习交流平台日益形成。在国调中心、国网技术学院、国网高培中心等系统 内单位的协助下，国际公司组织菲律宾国家电网公司高级 管理人员来华参加培训，邀请澳洲资产公司技术专家来国 内开展技术交流，目前参与交流、培训的境外单位外籍员 工已达百余名，加深了外籍员工对公司的了解和认同。另 一方面，背靠国家电网公司技术优势，与系统内单位建立 对口技术支持机制，如中国电科院和天津电力公司专家赴 巴控公司开展电网运营状况诊断，江苏电力公司技术专家 赴菲律宾协助开展台风灾后重建，使系统内员工发挥自身 技术所长的同时，提升境外工作的素质和能力，为公司国 际化发展储备智力资源和后备力量。
Demonstrating a responsible corporate image. In serving “Belt and Road” construction, SGID attaches great importance and value to the company’s overseas brand image, respects the culture, religion, and customs of the countries (regions) where it conducts international business, operates strictly in compliance with the law, strengthens local operations, and fulfills its social responsibilities, winning the recognition and respect of host governments, partners, and all sections of society.
彰显负责任企业形象。国际公司在服务“一带一路”建设中，高度重视和珍惜企业的海外品牌形象，尊重国际业 务所在国家（地区）的文化、宗教和习俗，严格守法经营，强化本土运营，履行社会责任，赢得了所在国政府、合作方和 社会各界的认同和尊重。
SGID’s Brazilian affiliate SGBH has made full use of local “tax incentive” policies to sponsor public-spirited projects such as the “China-Brazil Culture Month,” the “Rio de Janeiro Four Seasons Long-distance Race,” and a youth orchestra in Rio’s Maré area. In December 2013, SGBH won UN Global Compact’s SABERA award for best practices in socially responsible management. NGCP has provided funding to typhoon-hit areas in the Philippines, actively carried out social assistance and public welfare projects, and supported the construction of community education, cultural, medical, and other service facilities. SGSP (Australia) Assets Pty Ltd. has helped energy users with financial difficulties examine their household energy consumption and provided solutions to reduce energy expenses. HK Electric actively carries out social care activities, provides volunteer services, and visits elderly shut-ins. SGID has continuously strengthened soft power construction, demonstrated the image of a responsible international enterprise, and enhanced brand influence.
国际公司所属巴控公司充分利用当地的“税收激励” 政策，主动赞助“中巴文化月”、“里约四季长跑”、里约市马累区青少年交响乐团等公益项目，2013 年 12 月，巴控公司荣获联合国全球契约组织“社会责任管理最佳实践奖”；菲律宾国家电网公司资助菲律宾遭受台风灾害地区，积极开展社会援助和公益项目，支持社区教育、文化、医疗等服务设施建设；澳洲资产公司帮助经济困难居民能源用户检查家用能耗，提供减少能源支出的解决方案；港灯公司积极开展社会关爱活动，提供义工服务，探访独居老人。国际公司不断加强软实力建设，彰显负责任的国际化企业形象，提升了品牌影响力。
At present, the enterprise’s international development is still in a favorable period of strategic opportunity. The “Belt and Road” initiative is driving Chinese enterprises to enter a new stage of comprehensive and pragmatic foreign direct investment. The government actively supports overseas investment in infrastructure that is conducive to peripheral connectivity, as well as overseas investment that drives the export of superior production capacity, high-quality equipment, and technical standards, so as to deepen international production capacity cooperation. By relying on SGCC’s overall advantages, SGID has built up a certain scale of overseas operations and accumulated international development experience.
当前，企业的国际化发展仍处于有利的战略机遇期。 “一带一路”倡议正推动中国企业对外直接投资进入全面务实新阶段，政府积极支持有利于周边互联互通的基础设 施境外投资，以及带动优势产能、优质装备和技术标准输 出的境外投资，深化国际产能合作。依托国家电网公司综 合优势，国际公司海外经营已形成一定规模，积累了国际 化发展经验。
However, it is also necessary to see that “reverse globalization” and international competition pose multiple challenges to enterprises “going out.” First, the international situation is complicated. Political and security conflicts and turmoil, refugee crises, terrorism, and other regional hotspots and global challenges have enlarged overseas security risks. There are many countries along the “Belt and Road,” with huge differences in investment environment. Investment protectionism is on the rise in developed markets, and uncertainties persist in the political environments of emerging economies, so investment risks should not be underestimated. Second, business development faces challenges. On one hand, the willingness of developed countries to sell their power and energy assets has decreased, quality projects are scarce, international competition for capital is fierce, and high-premium M&A squeeze the room for revenue; on the other hand, countries are increasingly strict in conducting foreign investment and anti-monopoly reviews, especially for Chinese central government enterprises, and the difficulty of obtaining host country approval has increased. Third, the pressure to improve efficiency has increased. The conditions overseas on the replacement of regulatory assets in operation continue to be tightened, and there is a downward trend in regulatory business income.
Facing both opportunities and challenges, SGID will seize the first opportunity, forge ahead, and strive to be a leader in serving “Belt and Road” construction.
Continuously expanding the scale of international business. With development as the first priority and efficiency as the goal, we will continue to develop the path of overseas business expansion. We will: Take the initiative, continue to actively integrate into target markets; communicate and interact with potential partners, infrastructure funds, and the Ministry of Commerce, Ministry of Foreign Affairs, etc., to broaden the channels for obtaining project information and enrich project pipeline; and take advantage of the platform role of overseas affiliates to break through investment barriers, extend our international market development capacity, and strive to become bigger.
不断拓展国际业务规模。以发展为第一要务，以效益为追求目标，不断深化海外业务拓展之路。主动出击，继续 积极融入目标市场，与潜在合作伙伴、基础设施基金、商务 部、外交部等交流互动，拓广获取项目信息的渠道，丰富项 目储备；借船出海，多点多路，发挥境外所属公司平台作 用，突破投资壁垒，延伸国际市场开拓能力，力求做大。
Working to optimize the international development layout. Rooted in excellence, we will comprehensively balance the proportions of existing asset M&A and greenfield investment, and mature market business and emerging market business, so as to optimize the investment layout. We will: Actively carry out existing asset M&A business in developed countries with stable political environments, sound legal systems, and transparent regulatory mechanisms; increase investment in greenfield projects in regions with high demand for investment and construction and relatively stable political environments; and appropriately select local partners for joint development who share the company’s investment philosophy and have complementary strengths.
Striving to improve the quality of international development. We will: Support overseas companies in appropriately developing new non-regulatory businesses to hedge against the impact of downward adjustments in regulatory rates of return; and flexibly generate profit strategies, considering the strategic value, economic value, short-term value, and long-term value of projects, and focusing on investment opportunities with high growth potential despite their current poor financial performance, so as to achieve a combination of long and short term, and regulatory and non-regulatory businesses, expand the scale of assets, continuously build strength, strive to improve overall returns, and ensure the value preservation and appreciation of state-owned assets.
努力提高国际化发展质量。支持境外公司适度开拓非监管类新业务，对冲监管收益率下调影响；灵活创利策略， 统筹考虑项目战略价值、经济价值、短期价值和长远价值， 关注目前财务表现不佳但具备高成长潜力的投资机会，从而实现长短结合、监管与非监管业务兼顾，扩大资产规模， 不断做强，努力提高总体回报，确保国有资产保值增值。
Continuously strengthening the party-building work of overseas units. Party-building work provides political leadership and organizational assurance for the standardized and steady development of international business. Insisting on building the Party organization wherever international business is developed. We will: Give full play to the Party organization’s role as a bastion for making important decisions and safeguarding the safety of assets and personnel; comply with local laws and regulations, organize Party activities according to local conditions, and unite people’s hearts and minds; strengthen the leadership teams of overseas units, conduct regular talks on integrity, and carry out integrity risk checks, so as to effectively ensure that the cadres of overseas teams are clean. We will continue to deepen the party-building work in overseas units and build overseas Party member teams into the front-line vanguard of international development.
Looking back to the past and forward to the future, under the strong leadership of SGCC’s Party group, SGID will seize opportunities, control risks, expand international markets, operate existing assets steadily, fulfill overseas social responsibilities, create economic, social, and environmental value, be a leader in “Belt and Road” construction, and help SGCC’s internationalization grow bigger, better, and stronger.
回顾过去，展望未来，国际公司将在国家电网公司党 组的坚强领导下，抢抓机遇，控制风险，不断扩大国际市 场，稳健运营现有资产，积极履行海外社会责任，努力创造 经济、社会、环境综合价值，做服务“一带一路”建设的排头 兵，助力国家电网公司国际化做大做优做强。