Group 1 - The core point of the article is that the stock of the company, 普星能量, has surged over 240% following its subscription to Series A preferred shares issued by HashKey Holdings [1] - Upon completion of this transaction, the company will hold up to 5% equity in the digital asset financial services firm HashKey [1]

Core Viewpoint - Puxiang Energy (00090.HK) has seen a significant increase of over 240% in its stock price following its subscription to Series A preferred shares issued by HashKey Holdings, resulting in a potential ownership of up to 5% in the digital asset financial services company HashKey [1] Group 1 - Puxiang Energy's stock price surged by more than 240% [1] - The company has subscribed to Series A preferred shares from HashKey Holdings [1] - Upon completion of the subscription, Puxiang Energy will hold a maximum of 5% equity in HashKey [1]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 534,054,000, representing a 4.00% increase from RMB 513,510,000 in 2023[18] - Profit from operations decreased by 14.99% to RMB 119,668,000 compared to RMB 140,772,000 in the previous year[18] - Net profit attributable to equity shareholders fell by 15.44% to RMB 59,902,000 from RMB 70,842,000 in 2023[18] - Basic earnings per share decreased by 14.94% to RMB 0.131 from RMB 0.154 in the prior year[18] - Operating expenses for the year ended December 31, 2024, were RMB 414,386,000, an increase of 11.17% from RMB 372,738,000 in 2023[78] - Net finance costs for the year ended December 31, 2024, were RMB 31,752,000, a decrease of RMB 5,126,000 or 13.90% compared to RMB 36,878,000 in 2023[83] - The Group's income tax for the year ended December 31, 2024, was RMB 30,039,000, a decrease of RMB 6,758,000 or 18.37% from RMB 36,797,000 in 2023[84] - The Group's total revenue for the year ended December 31, 2024, was RMB 534,054,000, an increase of 4.00% from RMB 513,510,000 in 2023[77][80] Dividends - The proposed final dividend per share is HK$0.014, a 100% increase from nil in the previous year[18] - The company did not declare any interim dividends for the year 2024[18] - The Group's final dividend recommendation is HK$0.014 per share for the year ended December 31, 2024, compared to HK$0 for 2023[192] Operational Efficiency and Strategy - The company is focusing on market expansion and new product development to drive future growth[18] - Management indicated a strategic shift towards enhancing operational efficiency in response to declining profit margins[18] - The company plans to invest in new technologies to improve service offerings and customer satisfaction[18] - Future guidance suggests a cautious outlook due to market volatility and competitive pressures[18] - The Group aims to strengthen the development of its heating business and explore new business models to minimize the impact of external economic changes[39] - The Group anticipates challenges in 2025 due to capacity tariff cuts and natural gas price fluctuations, prompting a focus on cost management and new business models[120] Assets and Liabilities - Total assets increased by 10.71% to RMB 1,914,880,000 in 2024, compared to RMB 1,729,629,000 in 2023[20] - Total equity attributable to equity shareholders rose by 7.37% to RMB 876,280,000 in 2024, from RMB 816,130,000 in 2023[20] - The gearing ratio improved to 45.05% in 2024, down from 46.09% in 2023, indicating a reduction in financial leverage[20] - As of December 31, 2024, the Group's total debts amounted to RMB832,775,000, a slight increase from RMB828,337,000 in 2023, with bank loans rising to RMB195,680,000 from RMB72,768,000[104] - The current ratio improved to 0.50 as of December 31, 2024, from 0.47 as of December 31, 2023, primarily due to a decrease in current liabilities[99] Energy Production and Consumption - Total power generation volume increased by 15.62% to approximately 305,663.81 MWh in 2024, up from 264,361.73 MWh in 2023[23] - Total consumption of natural gas decreased by 0.13% to 68,406,436 m³ in 2024, down from 68,496,863 m³ in 2023[23] - The Group's natural gas generation volume for the year ended December 31, 2024, is approximately 305,663.81 MWh, an increase of 15.62% from 264,361.73 MWh in 2023[63] - The Group's photovoltaic generation volume for the year ended December 31, 2024, is approximately 1,059 MWh, a decrease from 1,135 MWh in 2023, with sales to the grid amounting to approximately 93 MWh[64] Leadership and Governance - Mr. Guan was appointed as the chairman of the Board and executive Director in March 2024, bringing extensive experience from various leadership roles within Wanxiang Group since March 1980[126] - Mr. Wei has over 20 years of corporate operations management experience, having held key positions in Ping An Insurance and Minsheng Life Insurance, and currently serves as an executive Director and Authorized Representative[132] - Mr. Yuan was appointed as a non-executive Director in March 2024 and transitioned to an executive Director in June 2024, with a background in engineering and experience in research and development at Wanxiang Group[136] - The leadership team is composed of experienced professionals with backgrounds in engineering, finance, and corporate management, positioning the company for future growth and market expansion[132] Environmental and Regulatory Compliance - The Group is committed to sustainable development and has implemented emission management policies to reduce environmental impact[154] - The Group's operations are governed by the Companies Act of the Cayman Islands and the Hong Kong Companies Ordinance, ensuring compliance with relevant laws and regulations[160] - The Chinese government's commitment to carbon neutrality is expected to create significant opportunities in green power and energy storage, aligning with the Group's goal to transform into an integrated energy supplier[124] Risks and Challenges - The Group's business relies on natural gas supplied by one to two suppliers, making it vulnerable to supply interruptions, which could significantly impact operations[173] - The PRC government's reduction of incentives effective from January 2022 has adversely affected the Group's revenue and profit[178] - The Group's financial performance may be adversely affected if existing banking and credit facilities are not extended on favorable terms[185] - The Group is exposed to risks from financial instruments, including credit risk, liquidity risk, and market risk[186]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 534,054,000, representing a 4.00% increase from RMB 513,510,000 in 2023[2] - Operating profit decreased by 14.99% to RMB 119,668,000 from RMB 140,772,000 in the previous year[2] - Net profit attributable to equity shareholders was RMB 59,902,000, down 15.44% from RMB 70,842,000 in 2023[2] - Basic earnings per share decreased by 14.94% to RMB 0.131 from RMB 0.154 in the prior year[2] - The group reported a pre-tax profit of RMB 31,752,000 for 2024, down from RMB 36,878,000 in 2023, reflecting a decrease in financial costs[20] - For the year ended December 31, 2024, the company's pre-tax profit was RMB 89,958,000, a decrease of 16.54% from RMB 107,637,000 in 2023[26] - The actual tax expense for 2024 was RMB 30,039,000, down from RMB 36,797,000 in 2023, reflecting a reduction of 18.36%[26] - Operating expenses for the year ended December 31, 2024, were RMB 414,386,000, an increase of RMB 41,648,000 or 11.17% from RMB 372,738,000 in 2023[53] - Financial costs for the year ended December 31, 2024, were RMB 31,752,000, a decrease of RMB 5,126,000 or 13.90% from RMB 36,878,000 in 2023[56] - Income tax for the year ended December 31, 2024, was RMB 30,039,000, a decrease of RMB 6,758,000 or 18.37% compared to RMB 36,797,000 in 2023[57] Assets and Liabilities - Total assets increased by 10.71% to RMB 1,914,880,000 compared to RMB 1,729,629,000 in 2023[2] - Total equity attributable to equity shareholders rose by 7.37% to RMB 876,280,000 from RMB 816,130,000 in the previous year[2] - Net debt increased by 2.97% to RMB 718,317,000 from RMB 697,618,000 in 2023[2] - The debt-to-capital ratio improved to 45.05% from 46.09% in the previous year, a decrease of 2.26%[2] - As of December 31, 2024, the group's net current liabilities amounted to RMB 229,592,000, a decrease from RMB 284,999,000 as of December 31, 2023[11] - Total debt as of December 31, 2024, was RMB 832,775,000, an increase from RMB 828,337,000 as of December 31, 2023[63] Dividends - The company proposed a final dividend of HKD 0.014 per share, compared to no dividend in the previous year[2] - The board proposed a final dividend of HKD 0.014 per share for the year ended December 31, 2024, compared to no dividend in 2023, subject to shareholder approval[74] Revenue Sources - Total revenue for 2024 was RMB 534,054,000, an increase from RMB 513,510,000 in 2023, with electricity revenue contributing RMB 482,107,000 and heat sales revenue at RMB 39,260,000[16] - The group’s major customer accounted for over 10% of total revenue, generating RMB 494,794,000 in electricity and storage income in 2024, up from RMB 468,882,000 in 2023[17] - The company's overall heat sales volume decreased by 5.43% to 107,228 tons compared to 113,387 tons in 2023, with sales revenue dropping by 12.03% to RMB 39,260,000 from RMB 44,628,000[43] Operational Metrics - Total electricity generation increased by 15.62% to 305,663.81 MWh in 2024 from 264,361.73 MWh in 2023[41] - Total natural gas consumption decreased by 0.13% to 68,406,436 cubic meters in 2024 from 68,496,863 cubic meters in 2023[41] - The natural gas power generation volume increased by 15.62% to approximately 305,663.81 MWh from 264,361.73 MWh in 2023[46] Employee and Compensation - Employee costs for 2024 totaled RMB 27,603,000, slightly up from RMB 27,329,000 in 2023[21] - The total employee compensation for the year ended December 31, 2024, was RMB 27,603,000, an increase of 1% from RMB 27,329,000 in 2023, with a total of 278 employees as of December 31, 2024, compared to 266 in 2023[70] Capital Expenditure - Capital expenditure for the year ended December 31, 2024, was RMB 188,477,000, significantly higher than RMB 5,571,000 in 2023, primarily for construction projects[65] - As of December 31, 2024, the group's capital expenditure amounted to RMB 53,399,000, a decrease of 80.7% from RMB 275,655,000 as of December 31, 2023, primarily used for generator unit technology upgrades and maintenance[66] Compliance and Governance - The company has maintained compliance with all corporate governance codes throughout the year ending December 31, 2024[78] - The company has no significant contingent liabilities as of December 31, 2024, and 2023[68] Strategic Initiatives - The company plans to enhance its energy business diversification and seek new opportunities in line with China's dual carbon goals, focusing on green electricity, energy storage, and smart energy sectors[73]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 208,203, a decrease of 10.26% compared to RMB 232,012 in 2023[7]. - Profit from operations for the same period was RMB 69,574, reflecting a slight decrease of 0.72% from RMB 70,079 in 2023[9]. - Profit attributable to equity shareholders increased by 15.32% to RMB 36,837 from RMB 31,942 in 2023[9]. - Basic earnings per share rose to RMB 0.080, up 14.29% from RMB 0.070 in the previous year[9]. - Total comprehensive income for the period was RMB 36,964, an increase from RMB 32,520 in 2023[13]. - Total profit before taxation decreased to RMB 15,562,000 in 2024 from RMB 22,383,000 in 2023, a decline of 30.6%[42]. - Operating expenses decreased to RMB 138,629,000, down 14.39% from RMB 161,933,000 in the same period last year, primarily due to reduced fuel costs[100]. - Net finance costs decreased to RMB 15,562,000, a reduction of 30.47% from RMB 22,383,000 in the same period last year, mainly due to lower loan interest expenses[102]. Assets and Liabilities - Total assets increased by 15.26% to RMB 1,993,493 from RMB 1,729,629 at the end of 2023[7]. - Total equity attributable to equity shareholders rose by 4.53% to RMB 853,096 from RMB 816,130[7]. - Net debt decreased by 2.32% to RMB 681,448 from RMB 697,618[7]. - The gearing ratio improved to 44.41%, down from 46.09% in the previous period, indicating a stronger capital structure[7]. - As of June 30, 2024, total interest-bearing borrowings amounted to RMB 742,316,000, an increase from RMB 715,375,000 as of December 31, 2023, representing a growth of approximately 3.9%[67]. - Current liabilities decreased to RMB 285,516,000 from RMB 374,575,000, a reduction of about 23.7%[67]. - Non-current liabilities increased to RMB 456,800,000 from RMB 340,800,000, reflecting a rise of approximately 34%[67]. Cash Flow and Investments - Net cash generated from operating activities increased to RMB 90,336,000 for the six months ended June 30, 2024, up from RMB 81,635,000 in 2023, representing an increase of approximately 9.5%[26]. - The company reported a net cash used in investing activities of RMB 71,000,000 for the six months ended June 30, 2024, significantly higher than RMB 3,132,000 in 2023, indicating increased investment in property and equipment[26]. - Cash and cash equivalents increased to RMB 176,957,000 from RMB 130,719,000, representing a growth of approximately 35.4%[15]. - The balance of retained profits as of June 30, 2024, was RMB 453,112,000, compared to RMB 417,473,000 at the beginning of the year, showing an increase of approximately 8.5%[22]. Revenue Breakdown - Revenue comprises volume tariff revenue, capacity tariff revenue, and revenue from sales of heat, with volume tariff revenue representing sales of electricity to power grid companies[36]. - Revenue from volume tariff decreased to RMB 38,216,000 in 2024 from RMB 58,301,000 in 2023, representing a decline of 34.4%[37]. - Capacity tariff revenue remained stable at RMB 150,297,000 for both 2024 and 2023[37]. - Revenue from heat sales decreased to RMB 19,690,000 in 2024 from RMB 23,414,000 in 2023, a decrease of 16.0%[37]. Corporate Governance and Management Changes - The company has undergone significant changes in its board of directors, with multiple appointments and resignations occurring in March and June 2024[3][4]. - Mr. Yuan Feng was redesignated from a non-executive Director to an executive Director effective June 3, 2024[132]. - Ms. Li Yunjuan was appointed as a non-executive Director effective June 3, 2024[132]. - Mr. Tse Chi Man resigned as an independent non-executive Director and ceased to be the chairman of the audit committee effective June 3, 2024[132]. - The audit committee has reviewed the interim report for the six months ended June 30, 2024[134]. Future Outlook and Strategic Focus - The Group anticipates challenges in 2024 due to a cut in capacity tariff in Zhejiang Province, impacting profitability[123][125]. - The Group aims to strengthen its heating and energy storage business while enhancing cost management to mitigate policy changes' impact[123][125]. - The PRC government's commitment to carbon neutrality presents significant opportunities in green power, energy storage, and smart energy sectors for the Group[124]. - The Group plans to diversify its energy business structure and enhance long-term growth potential and shareholder value[124].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 208,203,000, a decrease of 10.26% compared to RMB 232,012,000 for the same period in 2023[1] - Operating profit increased by 15.32% to RMB 69,574,000 from RMB 70,079,000 year-on-year[2] - Net profit attributable to equity shareholders rose by 14.29% to RMB 36,837,000, compared to RMB 31,942,000 in the previous year[3] - The total comprehensive income for the period was RMB 36,964,000, compared to RMB 32,520,000 in the previous year, marking an increase[4] - The group reported a pre-tax profit of RMB 14,943,000 for the six months ended June 30, 2024, compared to RMB 18,515,000 for the same period in 2023, reflecting a decrease of approximately 19%[15] - Basic earnings per share rose to RMB 0.080 from RMB 0.070, reflecting a growth of 14.29%[3] - The group’s profit attributable to equity shareholders was RMB 36,837,000, an increase of 15.32% from RMB 31,942,000 in the same period last year, with basic and diluted earnings per share rising to RMB 0.080, up 14.29%[42] Assets and Liabilities - Total assets increased by 15.26% to RMB 1,993,493,000 from RMB 1,729,629,000 as of December 31, 2023[1] - The company's equity attributable to shareholders increased by 4.53% to RMB 853,096,000 from RMB 816,130,000[1] - As of June 30, 2024, the group's current liabilities exceeded current assets by RMB 336,657,000[8] - The total debt of the group as of June 30, 2024, was RMB 858,405,000, a rise of 3.9% from RMB 828,337,000 on December 31, 2023[46] - The debt-to-capital ratio improved to 44.41% from 46.09%, indicating a decrease of 1.68%[1] - The group's current ratio improved slightly to 0.48 as of June 30, 2024, from 0.47 on December 31, 2023[45] Cash Flow and Financing - Cash and cash equivalents increased to RMB 306,127,000 from RMB 251,272,000, showing a positive cash flow trend[5] - The group has secured a revolving loan facility of RMB 800 million, maturing on December 31, 2025, with RMB 221 million undrawn as of June 30, 2024[8] - The group anticipates generating sufficient cash flow to meet its liabilities due within the next twelve months, supporting its going concern basis[8] - Interest expenses totaled RMB 15,887,000 for the six months ended June 30, 2024, down from RMB 22,618,000 in the same period of 2023, indicating a reduction of about 30%[15] - Net finance costs decreased by 30.47% to RMB 15,562,000, attributed to reduced interest expenses and currency adjustments[40] Revenue Breakdown - For the six months ended June 30, 2024, the revenue from electricity sales was RMB 38,216,000, a decrease of 34.5% compared to RMB 58,301,000 in the same period of 2023[12] - The capacity fee revenue remained stable at RMB 150,297,000, unchanged from the previous year[12] - The total revenue from heat sales was RMB 188,513,000, down from RMB 208,598,000 in the same period last year, representing a decrease of 9.6%[12] - The total revenue for the group for the six months ended June 30, 2024, was RMB 208,203,000, compared to RMB 232,012,000 in the same period of 2023, reflecting a decline of 10.3%[12] Operational Metrics - The natural gas power generation decreased by 38.06% year-on-year to 56,875 MWh in the first half of 2024, compared to 91,821 MWh in the same period last year[29] - The sales volume of heat decreased by 16.77% year-on-year to 51,678 tons in the first half of 2024, down from 62,089 tons in the same period last year[29] - The average unit fuel cost for electricity generation was approximately RMB 678.59 per MWh, an increase of 0.62% year-on-year[34] - Total fuel costs amounted to RMB 54,834,000, a decrease of 32.17% from RMB 80,838,000 in the same period last year, with the fuel cost ratio dropping by 4.84 percentage points to 94.09%[35] Corporate Governance and Compliance - The group has applied several amendments to international financial reporting standards, which did not have a significant impact on the financial statements[10] - The group’s financial data is prepared in accordance with the International Accounting Standards and has been reviewed by the audit committee[9] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim results and found them compliant with applicable accounting standards[62] - The company has adhered to the corporate governance code and relevant regulations as of June 30, 2024[60] Future Outlook and Strategy - The company is facing challenges in 2024 due to the decline in capacity electricity prices in Zhejiang Province, impacting its profitability[56] - The company aims to explore new business models and strengthen its cost management to mitigate the effects of policy changes[56] - The Chinese government's commitment to carbon neutrality presents significant opportunities in green power, energy storage, and smart energy sectors for the company[56] - The company plans to diversify its energy business structure and increase research on national new energy policies to enhance long-term growth potential and shareholder value[56]

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 513,510,000, a decrease of 31.83% compared to RMB 753,307,000 in 2022[28]. - Profit from operations increased by 17.74% to RMB 140,772,000 in 2023, up from RMB 119,561,000 in 2022[28]. - Net profit attributable to equity shareholders rose by 36.41% to RMB 70,842,000 in 2023, compared to RMB 51,932,000 in the previous year[28]. - Basic earnings per share increased by 36.28% to RMB 0.154 in 2023, up from RMB 0.113 in 2022[28]. - Operating expenses for the year ended December 31, 2023, were RMB 372,738,000, a decrease of 41.18% from RMB 633,746,000 in 2022[99]. - Net finance costs for the year ended December 31, 2023, were RMB 36,878,000, a decrease of RMB 9,682,000 or 20.79% compared to RMB 46,560,000 in 2022[105]. - Income tax expenses for the year ended December 31, 2023, amounted to RMB 36,797,000, an increase of RMB 12,149,000 or 49.29% compared to RMB 24,648,000 in 2022[106]. - Total equity attributable to equity shareholders rose by 9.56% to RMB 816.13 million, with net asset value per share increasing by 9.88% to RMB 1.78[30][37]. - Total debts as of December 31, 2023, were RMB 828,337,000, a decrease from RMB 959,187,000 as of December 31, 2022[121]. - The current ratio as of December 31, 2023, was 0.47, an increase from 0.44 as of December 31, 2022, mainly due to an increase in cash and cash equivalents[114]. Revenue and Sales - Overall power generation volume decreased by 54.95% to 264,361.73 MWh from 586,869.83 MWh in 2022[32][40]. - Total natural gas consumption fell by 51.54% to 68,496,863 m³ from 141,333,300 m³ in 2022[32][40]. - Heat sales volume decreased by 20.19% to 113,387 tons compared to 142,073 tons in 2022[44]. - Revenue from heat sales declined by 21.52% to RMB 44,628,000 from RMB 56,869,000 in 2022[44]. - The average selling price of heat decreased by 1.67% to approximately RMB 429.01/ton from RMB 436.31/ton in 2022[44]. - The volume tariff of Bluesky Power Plant decreased by approximately 10.03% from RMB 0.8780/kWh to RMB 0.7899/kWh during the year[66]. - The volume tariff of Deneng Power Plant decreased by approximately 21.21% from RMB 0.8944/kWh to RMB 0.7047/kWh during the year[66]. Operational Changes and Strategies - The company is focusing on expanding its service offerings in the energy sector, particularly in heat and electricity services[20]. - Future outlook includes potential market expansion and the development of new technologies to enhance operational efficiency[20]. - The management is committed to improving financial performance and shareholder value through strategic initiatives and operational improvements[20]. - The Group plans to optimize business methods in response to rising natural gas prices and changes in capacity tariffs in 2024[42]. - The Group aims to transform into an integrated energy supplier and diversify its energy business structure in response to the PRC government's commitment to carbon neutrality[50]. - The Group will strengthen cost management and explore new business models to minimize the impact of policy changes in 2024[49]. - The Group will actively seek new opportunities in green power, energy storage, and smart energy sectors as part of its long-term growth strategy[50]. Governance and Compliance - The Company is governed by the Companies Act of the Cayman Islands and the Hong Kong Companies Ordinance, ensuring compliance with relevant laws and regulations[180]. - The Group's operational activities adhere to the Electric Power Law of the PRC and other relevant regulations related to energy conservation and environmental protection[181]. - The Company has established a code of conduct for securities transactions to ensure compliance with corporate governance standards[183]. - The Group has maintained compliance with applicable laws and regulations, with no material breaches reported that significantly impact its business operations[187]. Environmental and Social Responsibility - The Group is committed to sustainable development and has implemented emission management policies to reduce environmental impact[173]. - The Group has a strong focus on reducing pollutant emissions and enhancing environmental management standards[177]. - The Company plans to issue an Environmental, Social, and Governance (ESG) report by the end of April 2024, detailing its environmental policies and performance[179]. Management and Leadership - Mr. Guan was appointed as the chairman and executive director in March 2024, bringing extensive experience from various leadership roles within Wanxiang Group[148]. - Mr. Wei has over 20 years of corporate operations management experience, having held key positions in Ping An Insurance and Minsheng Life Insurance[154]. - Mr. Yuan, appointed as a non-executive director in March 2024, has a background in electronic information engineering and has worked in research and development at Wanxiang Group[160]. - Mr. Tse, an independent non-executive director since May 2009, has over 20 years of experience in finance and business development management[163]. - Mr. Yao, also an independent non-executive director since May 2009, holds a master's degree in economics and is a professor at Zhejiang University[164]. - The Company has a diverse board of directors with extensive experience in finance and business development, enhancing governance and strategic oversight[167][168]. Risks and Challenges - The Group's operations are heavily reliant on natural gas, supplied by only one to two suppliers, which poses a risk of material adverse effects due to supply shortages or interruptions[194]. - Natural gas costs represent a significant portion of the Group's operating expenses, and any increase in these costs could adversely affect profitability if not passed on to customers[194]. - The PRC government's reduction of incentives effective from January 2022 has adversely affected the Group's revenue and profit, with potential future reductions posing further financial risks[200]. - The Group anticipates challenges in 2024 due to a cut in capacity tariff in Zhejiang Province, impacting profitability, and plans to explore new business models and strengthen cost management[142][144].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 513.51 million, a decrease of 31.83% compared to RMB 753.31 million in 2022[2] - Operating profit increased by 17.74% to RMB 140.77 million from RMB 119.56 million in the previous year[2] - Net profit attributable to equity shareholders rose by 36.41% to RMB 70.84 million, compared to RMB 51.93 million in 2022[2] - Basic earnings per share increased by 36.28% to RMB 0.154 from RMB 0.113 in the prior year[4] - The total comprehensive income for the year was RMB 71.24 million, compared to RMB 47.91 million in 2022, representing a significant increase[6] - The pre-tax profit increased to RMB 107,637,000 in 2023, compared to RMB 76,578,000 in 2022, showing an increase of about 40.6%[37] - The total income tax expense rose to RMB 36,797,000 in 2023 from RMB 24,648,000 in 2022, which is an increase of approximately 49.2%[34] - The basic and diluted earnings per share for the year were RMB 0.154, an increase of RMB 0.041 or 36.28% from RMB 0.113 in 2022[78] Assets and Liabilities - Total assets decreased by 2.81% to RMB 1,729.63 million from RMB 1,779.71 million in 2022[2] - Total equity attributable to equity shareholders increased by 9.56% to RMB 816.13 million from RMB 744.89 million in the previous year[2] - Net debt decreased by 19.79% to RMB 697.62 million from RMB 869.76 million in 2022[2] - The debt-to-capital ratio improved to 46.09%, down from 53.87% in the previous year, reflecting a decrease of 7.78%[2] - As of December 31, 2023, the group's net current liabilities amounted to RMB 284,999,000, compared to RMB 282,850,000 as of December 31, 2022, indicating a slight increase in liabilities[14] - The company's current liabilities increased from RMB 244,755,000 in 2022 to RMB 374,575,000 in 2023, reflecting a rise of approximately 53%[49] - As of December 31, 2023, the total debt of the group is RMB 828,337,000, a decrease from RMB 959,187,000 as of December 31, 2022[84] Revenue Sources - The group's primary business involves the construction, operation, and management of power plants, with revenue derived from energy sales, capacity fees, thermal sales, and operation and maintenance services[24] - The total revenue from electricity sales decreased to RMB 468,882,000 in 2023 from RMB 696,273,000 in 2022, representing a decline of approximately 32.7%[30] - The revenue from heat sales was RMB 44,628,000 in 2023, down from RMB 56,869,000 in 2022, indicating a decrease of about 21.5%[30] - The company reported a total operating and maintenance service revenue of RMB 165,000 in 2022, which was not recorded in 2023[30] - The total sales volume of heat decreased by 20.19% to 113,387 tons compared to 142,073 tons in 2022, with sales revenue dropping by 21.52% to RMB 44,628,000 from RMB 56,869,000 in 2022[59][66] Costs and Expenses - Fuel costs for the year amounted to RMB 211,665,000, a decrease of 54.90% compared to RMB 469,318,000 in 2022[70] - Operating expenses for the year were RMB 372,738,000, down RMB 261,008,000 or 41.18% from RMB 633,746,000 in 2022[74] - Financial costs for the year were RMB 36,878,000, a decrease of RMB 9,682,000 or 20.79% from RMB 46,560,000 in 2022[76] Dividends - The company did not declare an interim dividend and proposed no final dividend, marking a 100% decrease from the previous year's final dividend of HKD 0.026[2] - The company did not declare any dividends for the year 2023, compared to RMB 10,440,000 in dividends declared for 2022[40] - The board decided not to declare a final dividend for the year ended December 31, 2023, due to high debt levels and the need to reserve funds for debt repayment[97] Governance and Compliance - The company has adopted and applied the corporate governance code as per the listing rules, ensuring compliance throughout the year ending December 31, 2023[100] - The audit committee has reviewed the group's annual performance for the year ending December 31, 2023, confirming compliance with applicable accounting standards and regulations[107] - The audit committee consists of three independent non-executive directors, ensuring independent oversight of financial reporting[105] - The company has complied with the corporate governance code and listing rules after appointing Mr. Wei Junyong as the authorized representative on September 13, 2023[101] - The company has ensured that all directors have access to the company secretary's advice and services to comply with legal and regulatory requirements[102] Operational Highlights - The company operates five wholly-owned gas-fired power plants in Zhejiang Province, maintaining a total installed capacity of 688.07 MW[54] - The total electricity generation for the year ended December 31, 2023, decreased by 54.95% to 264,361.73 GWh compared to 586,869.83 GWh in 2022[55] - The total natural gas consumption decreased by 51.54% from 141,333,300 cubic meters in 2022 to 68,496,863 cubic meters in 2023[55] - The photovoltaic generation capacity remained at 1,072 kW, with total photovoltaic generation of approximately 1,135 MWh, up from 777 MWh in 2022[65] - The group saved RMB 618,600 in electricity costs through photovoltaic generation, compared to RMB 389,700 in 2022[65] Future Outlook - The group aims to strengthen its cost management and explore new business models in response to challenges in the electricity market[94] - The Chinese government's commitment to carbon neutrality presents significant opportunities for the group in green energy and diversified energy supply[96] - The company is actively negotiating with its major shareholder regarding overdue loan repayments and exploring other financing options[85]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 232,012,000, a decrease of 32.40% compared to RMB 343,203,000 in the same period of 2022[16]. - Profit from operations for the same period was RMB 70,079,000, slightly down by 0.82% from RMB 70,657,000 in 2022[16]. - Profit attributable to equity shareholders increased by 0.61% to RMB 31,942,000 from RMB 31,748,000 year-on-year[16]. - Basic earnings per share rose by 1.45% to RMB 0.070 compared to RMB 0.069 in the previous year[16]. - Total comprehensive income for the period was RMB 32,520,000, an increase of 17.5% from RMB 27,603,000 in the same period of 2022[39]. - Profit for the period was RMB 31,940,000, slightly up from RMB 31,746,000 in the previous year, representing an increase of 0.6%[35]. - Basic and diluted earnings per share for the period were both RMB 0.070, compared to RMB 0.069 in the same period of 2022, indicating a 1.4% increase[35]. - Profit before taxation for the six months ended June 30, 2023, was RMB 31,942,000, compared to RMB 31,748,000 for the same period in 2022, indicating a slight increase[111]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 1,791,343,000, reflecting a 0.65% increase from RMB 1,779,710,000 at the end of 2022[16]. - Current liabilities increased significantly to RMB 783,940,000 from RMB 504,796,000, resulting in net current liabilities of RMB (503,862,000) compared to RMB (282,850,000) in the previous period[41]. - Non-current liabilities decreased to RMB 230,013,000 from RMB 530,044,000, primarily due to a reduction in interest-bearing borrowings[45]. - Total equity attributable to equity shareholders increased by 4.37% to RMB 777,407,000 from RMB 744,885,000[16]. - Net assets increased to RMB 777,390,000 from RMB 744,870,000, reflecting a growth in reserves[45]. - The Group's current liabilities exceeded its current assets by RMB 503,862,000 as of June 30, 2023, raising concerns about liquidity[62]. Cash Flow and Liquidity - Cash generated from operating activities for the six months ended June 30, 2023, was RMB 107,981,000, down from RMB 122,448,000 in the same period of 2022, indicating a decline of approximately 11.7%[53]. - Net cash generated from operating activities was RMB 81,635,000, an increase of 13.5% compared to RMB 71,986,000 in the prior year[53]. - Cash and cash equivalents rose to RMB 141,276,000 from RMB 89,431,000, indicating improved liquidity[41]. - The net increase in cash and cash equivalents for the six months ended June 30, 2023, was RMB 51,845,000, compared to RMB 66,036,000 in the same period of 2022[53]. - The Group's directors believe that it will generate sufficient cash flows to meet its liabilities over the next twelve months[62]. Revenue Breakdown - Revenue from volume tariff decreased to RMB 58,301,000 in 2023 from RMB 163,573,000 in 2022, representing a decline of approximately 64.3%[82]. - Capacity tariff revenue remained stable at RMB 150,297,000 for both 2023 and 2022[82]. - Revenue from sales of heat decreased to RMB 23,414,000 in 2023 from RMB 29,168,000 in 2022, a decline of approximately 19.6%[82]. - The Group's operation and maintenance services revenue was negligible at RMB 165,000 in 2022, with no revenue reported in 2023[82]. - Revenue from heat sales was RMB 23,414,000, down from RMB 29,168,000 in the same period last year, with a contribution margin of RMB 1,711,000 compared to RMB 4,403,000 previously[198][199]. Expenses and Costs - Operating expenses decreased significantly, with fuel consumption costs dropping from RMB 199,684,000 in 2022 to RMB 80,838,000 in 2023, a reduction of 59.5%[33]. - Administrative expenses decreased slightly from RMB 10,434,000 in 2022 to RMB 9,228,000 in 2023, a reduction of 11.5%[33]. - The company reported net finance costs of RMB 22,383,000, which increased from RMB 21,377,000 in the previous year, marking a rise of 4.7%[33]. - The total income tax expense for the six months ended June 30, 2023, was RMB 17,154,000, down from RMB 20,560,000 in 2022, representing a decrease of approximately 16.5%[103]. - The depreciation charge for owned property, plant, and equipment was RMB 44,921,000 for the six months ended June 30, 2023, compared to RMB 42,883,000 in 2022, reflecting an increase of about 4.7%[97]. Strategic Outlook - The company is focusing on market expansion and new product development as part of its growth strategy[49]. - Future outlook remains positive with ongoing investments in technology and infrastructure to enhance operational efficiency[49]. - The Group's management believes there are no significant uncertainties regarding its ability to continue as a going concern for the next twelve months[64]. Compliance and Reporting - The company did not express an audit opinion on the interim financial report, indicating a review rather than a full audit was conducted[28]. - The interim financial report was prepared in accordance with International Accounting Standard 34, ensuring compliance with relevant financial reporting standards[29]. - The Group's financial report is unaudited but has been reviewed by KPMG, ensuring compliance with relevant standards[67]. - The Group has not applied any new accounting standards that are not yet effective for the current accounting period, indicating stability in accounting practices[71].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 PPUUXXIINNGG EENNEERRGGYY LLIIMMIITTEEDD 普普 星星 能能 量量 有有 限限 公公司司 （於開曼群島註冊成立的有限公司） 90 （股份代號： ） 截至二零二三年六月三十日止六個月之 中期業績公告 財務摘要 截至六月三十日止六個月 二零二三年 二零二二年 人民幣千元 人民幣千元 變動 232,012 343,203 –32.40% 收益 70,079 70,657 –0.82% 經營溢利 31,942 31,748 0.61% 本公司權益股東應佔溢利 +1.45% 每股基本盈利 人民幣 人民幣 0.070 0.069 元 元 每股股息 0% －中期 無 無 於二零二三年 於二零二二年 六月三十日 十二月三十一日 人民幣千元 人民幣千元 變動 ...