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The company, which runs the majority of China's electricity distribution networks, saw its combined installed capacity for wind power and solar power reach 294.7 billion kilowatt-hours, up 15 percent compared with the same period of last year. Wind and solar power accounted for 11.4 percent of total power generated, up 1.6 percentage points year-on-year.

The company's related bonds were also heavily hit. Its two bonds issued at the Shanghai Stock Exchange both dropped more than 8 percent on Thursday. Its US dollar bond due by 2023 shed a 27 percent on Wednesday, hitting a record high.

The company said the e-buses in its fleet have a range of 200 km for now. However, this range is expected to increase in the near future as the technology used in e-bus batteries is quickly developing.

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The company's net profit attributable to shareholders decreased by 12.66 percent year-on-year to about 3.39 billion yuan.

The company's Kingdee Cloud Cosmic, a platform which focuses on providing cloud services to large enterprises, has been offering over 20 types of cloud services and more than 100 enterprise-based applications since its launch in 2018.

The company will further enhance global R&D for Hongqi, focusing on forward-looking design, new energy, new materials and processes, smart manufacturing, as well as artificial intelligence and 5G application, Xu said at the conference.

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The company is promoting its products in the domestic market but faces challenges such as production costs that are higher than its Chinese competitors－because of its higher quality standards－and a lack of brand recognition in China, he said.

The company’s corporate development team is also well-positioned to make deals, having brought on corporate development specialists?including Christine Feng, formerly of Microsoft, and Atul Deo, formerly of Yahoo,?among others.

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The company will build infrastructure across the capital to upgrade the broadband network from the current basic 300 Mbps to 1Gbps, the newspaper said.

The company said it has signed an agreement with the Yancheng-based supplier, requiring the products involved to not flow into the market. Those honey products can only be used for feeding bees, and cannot be used for any other purposes, it said.