从薪柴点亮蒙昧，到煤炭驱动蒸汽轰鸣，再到电力照亮现代文明，能源革命始终是时代更迭的序章。 能源作为文明演进的底层密码，每一次跃迁都在重塑世界图景。 如今，随着算力时代的到来，AI的急速发展加剧"能源焦虑"，能源行业正迎来百年未有之大变局。 此前，国际能源署（IEA）在今年1月的一份报告中曾表示，ChatGPT响应一个请求平均耗电2.9瓦时——相当于将一个60瓦的灯泡点亮略少于三分钟。而据 相关外媒报道，ChatGPT每天响应约2亿个需求，消耗超过50万度电力，约等于1.7万个美国家庭平均一天的用电量。 显然，AI带来的能源需求的激增，让人类正站在"比特驯服瓦特"的历史拐点。 而在这一关键节点，山高新能源(01250.HK)正以惊人的战略转身，精准卡位于"绿电"与"算力"的交汇处。其不再满足于单一能源供应商的角色，而是构建出 一张"三维能源网络"——以风光基地为基座（能源生产），以算力集群为引擎（能源消纳），以交通路网为血脉（能源融合），构筑起中国能源转型的"超 级样本"，意图执掌AI时代的能源命脉。 奠基——风光擎旗，抢占发展先机 万丈高楼平地起。 掌控AI时代的能源话语权，根基在于强大的绿色能源供给能力。 ...

2023年5月19日，是山高新能源(01250.HK)引入山高控股，成为山东高速生态圈成员企业的一周年。公司在2022年5月引入山东高速集团旗下山 高控股(0412.HK)成为控股股东，而山高控股背后是山东省国资委。 作为一家国资控股企业，山高新能源具有强烈的社会责任感，公司将"聚焦清洁低碳，加速能源变革，创建产业生态系统"作为自己肩负的责任 与担当，以时代发展为己任，为建设美丽清洁中国作出积极贡献。 ESG保障公司可持续发展 山高新能源是国内清洁能源领域领先的产业集团，规模位居国内新能源行业前列。截止2022年底，公司在境内外拥有53个集中式光伏发电站、 200余个分布式光伏发电站及13个风力发电站，提供约4000万平方米清洁供暖，服务的家庭达到23万户。公司坚持可持续经营理念，连续7年披 露ESG报告，依托于健全的ESG管治架构开展利益相关方沟通交流及供应链管理工作，在发展中履行企业对环境和社会肩负的责任与义务。 1 积极提升资本市场形象 在引入国企大股东之后，山高新能源在多个有力举措和坚持高质量发展路径下顺利完成了蜕变，一个全新形象，有强劲基本面及长期布局发展 潜力支撑的山高新能源已经出现。 近一年以来 ...

股份代號: 01250 （於開曼群島註冊成立的有限公司） 能動四海 綠享五洲 年報 2024 Shandong Hi-Speed New Energy Group Limited 山高新能源集團有限公司 2024 年報 官方微信 企業使命 能動四海 綠享五洲 企業願景 成為一流的清潔能源 綜合服務商 企業價值觀 高速致遠 暢和篤行 企業精神 勇於擔當 敢為人先 管理理念 長期主義 目標導向 守正創新 協同共享 組織氛圍 團結友愛 開放包容 目 錄 | 公司架構 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論與分析 | 8 | | 董事簡介 | 41 | | 企業管治報告 | 47 | | 董事會報告 | 71 | | 獨立核數師報告 | 92 | | 綜合損益表 | 97 | | 綜合全面收益表 | 98 | | 綜合財務狀況表 | 99 | | 綜合權益變動表 | 101 | | 綜合現金流量表 | 102 | | 財務報表附註 | 105 | | 五年財務摘要 | 203 | | 公司資料 | 204 | | 釋義 | 205 | 山高新能源集團有限公司 2024年年報 ...

首先，业务版图的结构性调整成为稳定营收基本盘的关键。 3月26日晚间，山高新能源发布了2024年业绩报告，翻阅过后，笔者认为"惊喜"二字最适合概括这份业 绩。 2024年，山高新能源实现收入44.23亿元人民币；净利润为4.63亿元人民币，同比增长约32%。 值得注意的是，在此之前格隆汇曾发布研报预测，公司2024财年预计实现收入约为44亿元人民币，净利 润约为4.1亿人民币。如此看来，山高新能源这份财报的收入、净利润均超出市场预期。 这也清晰地反映出，即便面临风电光伏限电、交易电价波动等不利因素，山高新能源仍然展现出强劲韧 性，营收实现稳健发展、利润保持快速增长，在行业中表现较为突出。 一、多维驱动下彰显韧性，业绩逆势增长 在笔者看来，营收、净利润之所以能够双双超预期，离不开公司业务结构优化、财务策略升级与运营效 率提升的三重合力。 聚焦到公司两大核心业务，当其光伏发电业务因电网消纳压力导致收入下滑2.3亿元时，其风电业务实 现跨越式发展，对冲了光伏发电业务下滑的影响，为稳定公司的营收做出积极贡献。2024年，山高新能 源风电业务实现收入11.87亿元，同比增长24.2%，在总营收中的占比达到了26.8%， ...

评级提升彰显稳健实力 绿色发展驱动可持续增长 2024年，集团凭借稳健的经营表现、优质的资产结构及持续优化的财务管理能力，在信用评级方面取得 重要突破，进一步巩固了行业领先地位。集团成功获得国内顶级评级机构联合资信授予的AAA级主体 长期信用评级，评级展望为"稳定"。在ESG表现方面，国际权威评级机构惠誉常青可持续评估有限公司 确认集团ESG主体评级为"2"级，并授予75分的主体评分。山高新能源本年度标普全球评分达41分， ESG评分42分，均较2023年提升了7分，反映了公司在ESG方面的卓越表现。集团在绿色能源开发、能 碳数据管理、企业治理优化等方面持续发力，全方位提升可持续发展能力，持续释放"山高价值"，有力 提振全球投资者信心与长期价值预期。 山高新能源集团公告2024年全年业绩：风光齐进布 局升级 评级跃升稳健前行 3月26日，山高新能源集团(股票代码：1250.HK，以下简称为"山高新能源")披露2024年全年业绩公告。 2024年，山高新能源紧随国家政策指引，依托深厚的技术积累、优质的新能源资产，乘山东高速生态圈 全面发展东风，在不断夯实光伏板块硬实力的同时、实现风电业务跨越式发展，集团新能源装 ...

Financial Performance - The group's profit for the year ended December 31, 2024, was approximately RMB 462.8 million, an increase of about 32% compared to RMB 350.3 million in 2023[2]. - Basic and diluted earnings per share were RMB 12.65, down from RMB 15.22 in 2023[2]. - Total revenue for the year was RMB 4,423.1 million, a decrease from RMB 4,486.9 million in 2023[3]. - Gross profit for the year was RMB 2,021.4 million, down from RMB 2,179.7 million in 2023[3]. - The total comprehensive income for the year was RMB 352.7 million, compared to RMB 211.5 million in 2023[4]. - The group's EBITDA for the year was approximately RMB 3,672.1 million, a slight increase of about 1% from RMB 3,652.4 million in 2023[2]. - The total operating revenue for the group in 2024 was RMB 4,423,147,000, a decrease of 1.4% from RMB 4,486,942,000 in 2023[12]. - The revenue from photovoltaic power generation business decreased to RMB 2,486,893,000 in 2024 from RMB 2,716,595,000 in 2023, representing a decline of 8.4%[12]. - Wind power business revenue increased to RMB 1,186,855,000 in 2024, up 24.2% from RMB 955,702,000 in 2023[12]. - Other income and net gains totaled RMB 242,918,000 in 2024, a significant decrease of 54.1% compared to RMB 529,100,000 in 2023[12]. Financial Position - The debt-to-asset ratio at year-end decreased to approximately 60% from 65% in 2023, with cash and cash equivalents at approximately RMB 3,645.6 million[2]. - Current assets totaled RMB 16,577.3 million, a slight decrease from RMB 16,825.2 million in 2023[6]. - The total equity of the company increased to RMB 19,358.0 million from RMB 17,545.2 million in 2023[6]. - Total assets as of December 31, 2024, were approximately RMB 48,404.5 million, compared to RMB 49,754.9 million in 2023, while total liabilities decreased to approximately RMB 29,046.5 million from RMB 32,209.7 million[31]. - The company’s net asset value increased to approximately RMB 19,358.0 million, up from RMB 17,545.2 million in the previous year[31]. - The total tax expense for the year 2024 is RMB 195,984,000, a decrease of 10.67% from RMB 219,520,000 in 2023[15]. - The company has a total of RMB 890,344,000 in trade payables as of 2024, down from RMB 1,351,351,000 in 2023[23]. - The company’s cash and cash equivalents as of December 31, 2024, were approximately RMB 3,645.6 million, with a focus on raising funds through long-term bank loans and strategic investments for clean energy development[99]. Operational Highlights - The company plans to continue focusing on the development and management of photovoltaic and wind power businesses in China[9]. - The company aims to align with national energy policies, targeting a reduction of energy consumption and carbon emissions by approximately 2.5% and 3.9% respectively for the year 2024[34]. - The installed capacity of solar power reached approximately 89 million kW, growing by 45.2% year-on-year, while wind power capacity increased by 18.0% to approximately 52 million kW[36]. - The company has secured a total installed capacity of over 5.5 GW for power generation projects under construction and approved for construction, with 20 projects of 100 MW or more[39]. - The company aims to achieve a national renewable energy utilization rate of no less than 90% by 2027, with an annual addition of over 200 million kW of new energy[37]. - The company is focusing on project incubation, expansion, and deep implementation as core drivers for high-quality development[38]. - The company has successfully launched six distributed photovoltaic projects in highway service areas, contributing to its distributed energy business strategy[41]. - The company is actively expanding its clean heating services and aims to become a leading comprehensive clean energy service provider[38]. Strategic Initiatives - The company is committed to enhancing its technological innovation capabilities and market competitiveness in response to national policy initiatives[37]. - The company has established strong strategic partnerships with leading enterprises to explore innovative models combining green energy and water resource management[42]. - The company is prioritizing wind power projects as a core segment, reflecting its confidence and determination in the renewable energy market[44]. - The group is actively conducting long-term power marketing in 11 provinces, with a projected annual trading volume of 1.36 billion kWh from 23 projects totaling 1.9 GW capacity[47]. - The company is set to benefit from national policies that support the addition of over 20 million kW of renewable energy capacity from 2025 to 2027[73]. Governance and Compliance - The company maintained compliance with corporate governance codes, focusing on transparency and accountability in operations[119]. - Changes in the board included the resignation of Mr. He Yongbing as an executive director effective February 20, 2025, and the appointment of Mr. Liu Zhijie as an executive director on February 28, 2025[120]. - The audit committee has reviewed the annual performance and confirmed compliance with applicable accounting policies and listing rules[123]. - The company has adopted its own code of conduct for securities trading by directors, ensuring compliance with standard codes[122]. - The company has conducted an internal investigation and engaged internal control consultants to address the identified deficiencies[121]. Employee and Community Engagement - The group employed 1,886 employees as of December 31, 2024, down from 2,106 employees in 2023, reflecting a focus on optimizing workforce efficiency[105]. - The company expresses gratitude to shareholders, business partners, and employees for their support and contributions during the year[126].

Renewable Energy Projects and Capacity - The company's total installed capacity for photovoltaic power generation projects is 50 MW or above, with operations in multiple provinces including Hebei, Henan, and Shandong[7] - The company's wind power projects are located in Henan, Shandong, and Inner Mongolia, with specific sites such as Qixian Huangdong and Binzhou Luxa[7] - The company's total capacity of power generation projects under construction and approved for construction reached 1.9 GW by the end of the reporting period[12] - The company secured over 350 MW of wind power indicators from the second batch of centralized onshore wind power projects in Shandong Province during the "14th Five-Year Plan" period[12] - The company obtained 400 MW of centralized wind power projects in Guangxi and 175 MW of distributed wind power projects in Shandong[12] - The company successfully acquired a 387.5 MW centralized onshore wind power project in Heze, Shandong Province, marking a significant breakthrough in independent development[12] - The company has reported and locked potential key projects with a total scale of approximately 3.4 GW in the centralized photovoltaic power generation business[12] - The company is expanding its photovoltaic market in North China and implementing a diversified regional development strategy[12] - The company is advancing 22 key distributed photovoltaic power generation projects, covering provinces in Northeast, North, Central, and Southwest China, with the first six highway service area projects already connected to the grid[13] - The company has reported and locked potential key wind power projects with a total scale of approximately 3.7 GW, with some key projects already implemented after the reporting period[13] - The company's operation and maintenance service scale increased by approximately 460 MW during the reporting period, with a cumulative scale exceeding 2.4 GW, and operational efficiency improved by over 60% through digital transformation[13] - The company completed green power transactions for two parity projects, with an annual green power transaction volume of nearly 70 million kWh, generating green power revenue of approximately RMB 1.3 million[14] - The company operates 54 centralized photovoltaic power stations with a total grid-connected capacity of 2,562 MW, up from 2,362 MW in 2023[20] - The total electricity generation from centralized photovoltaic power stations reached 1,496,021 MWh, a slight increase from 1,493,448 MWh in the previous year[21] - The majority of the company's centralized photovoltaic power stations are located in China's central and eastern regions, classified under Class II and III photovoltaic resource zones by the National Development and Reform Commission[22] - The total grid-connected capacity of photovoltaic power stations in China reached 2,556 MW as of June 30, 2024, compared to 2,356 MW in the same period last year, representing an increase of 8.5%[23] - The total electricity generation from photovoltaic power stations in China was approximately 1,493,371 MWh as of June 30, 2024, a slight increase from 1,491,473 MWh in the previous year[23] - The weighted average utilization rate of centralized photovoltaic power stations decreased to 87.69% in 2024 from 92.80% in 2023, a decline of 5.11 percentage points[24] - The distributed photovoltaic power generation business generated revenue of approximately HKD 356.3 million in 2024, down from HKD 394.0 million in 2023, with a total installed capacity of 860 MW, up from 800 MW in the previous year[25] - The wind power business saw significant growth, with revenue increasing to HKD 729.0 million in 2024 from HKD 654.9 million in 2023, and the total grid-connected capacity of wind power stations reaching 1,176 MW, up from 790 MW in the previous year[27] - The total electricity generation from wind power stations was approximately 1,530,719 MWh in 2024, compared to 1,151,334 MWh in 2023, representing a 33% increase[28] - The weighted average utilization rate of wind power stations decreased to 94.75% in 2024 from 96.95% in 2023, a decline of 2.20 percentage points[31] - The company established Shandong High-speed Luzhong New Energy Co., Ltd. to jointly build a 100 MW/200 MWh independent energy storage project in Xintai City, Shandong Province, marking the start of its first large-scale independent energy storage project[36] - The company is actively promoting a pumped-storage power generation project in Lianzhou City, Guangdong Province, with an expected total scale of 2.4 GW[36] - The company successfully conducted its first green electricity transaction and is preparing to establish a carbon trading platform, integrating it with green electricity, green certificates, and power generation management[37] - The company signed a framework agreement with Beijing Century Interconnect Broadband Data Center Co., Ltd. and the Ulanqab Municipal Government in Inner Mongolia to explore the extensive application of new energy and support the city's energy structure transformation and sustainable development goals[37] - The company aims to enhance its core competitiveness by entering the energy storage industry, implementing the "power + computing power" model, accelerating power marketization, and building a green certificate and carbon asset management platform[39] Clean Heating Services - The company's clean heating business operates in several provinces including Liaoning, Ningxia, and Shaanxi, with multiple projects in each region[7] - The company achieved a clean heating area of 34,548,000 square meters, a year-on-year increase of 3.3%, and served 202,667 households, a year-on-year increase of 3.1%[14] - The company and its joint ventures held and/or managed 12 operational clean energy projects as of June 30, 2024, with a total clean heating area of 34.55 million square meters, a 3.3% increase year-over-year, and 202,667 users, a 3.1% increase year-over-year[34] - The company's clean heating service revenue for the reporting period was HK$373.6 million, a 2.3% decrease compared to HK$382.4 million in the same period last year, primarily due to the depreciation of the RMB against the HKD and the increase in heating area[34] - The clean heating area in East and Central China increased by 27.3% to 2.732 million square meters, and the number of users increased by 27.9% to 20,393 households[35] Corporate Governance and Leadership - The company's corporate structure includes a 43.45% stake held by Shandong Hi-Speed Holdings Group Limited[7] - The company's board of directors underwent changes, with Mr. Wang Xiaodong resigning as Chairman and Mr. Li Tianzhang being appointed as the new Chairman effective August 2, 2024[4] - The company's audit committee is chaired by Mr. Wong Wai Tak, with members including Mr. Yeung Cheung Leung and Mr. Zhao Gongzhi[5] - Wang Xiaodong resigned as Executive Director, Chairman of the Board, and Chairman of the Nomination Committee, effective August 2, 2024, with Li Tianzhang appointed to these positions on the same date[69] - Li Tianzhang was appointed as an executive director, chairman of the board, and member and chairman of the executive and nomination committees, effective August 2, 2024[93] - The audit committee reviewed the unaudited interim results for the six months ended June 30, 2024, and confirmed compliance with applicable accounting standards and disclosure requirements[94] Financial Performance and Metrics - The company aims to reduce energy consumption per unit of GDP by approximately 2.5% and CO2 emissions by 3.9% in 2024[10] - The company targets a non-fossil energy consumption ratio of 18.9% in 2024, with a goal of reaching 20% by 2025[10] - The company plans to achieve energy savings of 50 million tons of standard coal and reduce CO2 emissions by 130 million tons through energy-saving and carbon reduction transformations in key sectors by 2025[10] - The company saved over RMB 161 million (approximately HKD 174 million) in financial expenses through cost control and financial optimization measures[14] - The company successfully raised RMB 2 billion (approximately HKD 2.167 billion) in equity financing, effectively reducing the asset-liability ratio and enhancing financial stability[14] - The company completed the construction of its treasury system and successfully launched the financial sharing system, optimizing internal structure to improve resource utilization efficiency[15] - The company's total electricity generation reached approximately 3.376 million MWh, a 14.56% increase compared to the same period in 2023[17] - The total operating electricity generation, including joint ventures and associates, was approximately 3.436 million MWh, a 3.12% increase year-over-year[17] - Revenue from electricity sales and entrusted operation services decreased by 5% to HKD 2,205.5 million compared to HKD 2,326.3 million in the same period last year[18] - Revenue from centralized photovoltaic power generation accounted for 42% of total revenue, amounting to HKD 1,097.3 million, down from HKD 1,204.0 million (43% of total revenue) in the previous year[19] - Revenue for the six months ended June 30, 2024, was HK$2,606.0 million, a decrease of 6% compared to HK$2,769.4 million in the same period last year[40][42] - Gross profit decreased by 11% to HK$1,326.7 million, with gross margin declining by 2.9 percentage points to 50.9%[40][45] - Net profit for the period increased by 13% to HK$399.9 million, while profit attributable to equity holders decreased by 17% to HK$299.0 million[40] - Total assets as of June 30, 2024, were HK$54,230.8 million, a slight decrease of 1% compared to December 31, 2023[40][41] - Equity increased by 10% to HK$21,135.4 million, driven by strategic investments and trust plan funding[41] - Electricity sales revenue decreased by 3.1% to HK$2,182.6 million, but increased by 1.2% in RMB terms to RMB 2,014.1 million[42] - Gross profit from electricity sales accounted for 95% of the total gross profit, up from 93% in the same period last year[44] - Other income and net gains increased to HK$181.9 million, including a significant rise in exchange gains to HK$52.8 million[46] - Administrative expenses rose to HK$256.3 million, primarily due to increased bank fees from larger financing replacement activities[46] - Other operating expenses net amount was approximately HKD 15.8 million, including a loss of HKD 8.8 million from the sale of property, plant, and equipment[47] - Financial expenses decreased by HKD 61.9 million to HKD 719.3 million, primarily due to the replacement of high-cost financing with low-cost financing and early repayment of high-cost overseas loans[47] - Property, plant, and equipment decreased mainly due to the development of clean energy projects, depreciation provisions, and the impact of RMB depreciation against HKD[48] - Investment properties include an office in Hong Kong and four parking spaces, all leased to independent third parties[49] - Goodwill arose from the acquisition of subsidiaries since 2016[49] - Contract assets increased to HKD 886.0 million, mainly due to the recognition of renewable energy subsidies from the Chinese central government for photovoltaic and wind power projects[53] - Trade receivables and bills increased to HKD 9,410.0 million, with HKD 8,236.8 million from electricity sales of photovoltaic and wind power projects[54] - Prepayments, deposits, other receivables, and financial assets at fair value increased by HKD 336.2 million to HKD 4,693.6 million, driven by the development and construction of clean energy projects[55] - Cash and cash equivalents decreased by HKD 225.0 million to HKD 4,667.4 million, influenced by strategic investor funding, debt repayments, and cash outflows for clean energy projects[56] - Trade payables and bills payable decreased to HKD 1,091.1 million as of June 30, 2024, from HKD 1,485.8 million as of December 31, 2023, primarily due to payments for clean energy project development[57] - Other payables and accrued expenses increased by HKD 46.9 million to HKD 1,408.9 million as of June 30, 2024, driven by payments to contractors and suppliers for construction and equipment[58] - Interest-bearing bank borrowings and other borrowings, including corporate bonds, decreased by HKD 1,897.8 million to HKD 28,767.7 million as of June 30, 2024, with a reduction in current liabilities by HKD 2,770.7 million[59] - Capital expenditures for the period totaled HKD 255.7 million, a significant decrease from HKD 1,064.6 million in the same period last year, with HKD 147.7 million allocated to photovoltaic and wind power projects[59] - Cash and cash equivalents stood at HKD 4,667.4 million as of June 30, 2024, down from HKD 4,892.4 million as of December 31, 2023, reflecting funding needs for clean energy projects[60] - The company's debt-to-asset ratio improved to 61% as of June 30, 2024, down from 65% as of December 31, 2023, following strategic investments and trust fund establishment[61] - Long-term borrowings accounted for 79% of total borrowings as of June 30, 2024, up from 71% as of December 31, 2023, indicating a shift towards more stable financing[61] - The company's liquidity ratio was 2.14 as of June 30, 2024, indicating strong financial reserves for business development[61] - No significant contingent liabilities were reported as of June 30, 2024, consistent with the previous reporting period[62] - All outstanding amounts under the syndicated term loan agreements were fully repaid by June 30, 2024, and the agreements were terminated[64] - The company completed the repurchase of 30% equity in Heat Power Company for a total consideration of RMB 49,982,500, with subsequent reductions in the consideration for other repurchase agreements, resulting in a final registered capital reduction from RMB 960,000,000 to RMB 672,000,000[65] - The company secured a RMB 5,000,000,000 cash investment from Ping An, with RMB 3,441,580,300 allocated to increase registered capital and RMB 1,558,419,700 to capital reserves, leading to Ping An holding approximately 44.46% equity in Tianjin Fuhuan[66] - The company acquired 100% equity in Nanyang Qingdian for RMB 200,000,000, along with assuming up to RMB 600,000,000 in debt, totaling RMB 800,000,000, to gain control of a 100 MW wind power and smart energy storage project in Henan Province[67] - The company invested RMB 670,000,000 in a trust plan, with the trust plan being recorded as a non-wholly owned subsidiary of the group[67] - The company employed 2,051 full-time employees as of June 30, 2024, with total employee costs of approximately HKD 210.4 million for the first six months of 2024[68] - The company did not recommend an interim dividend for the six months ended June 30, 2024[69] - Revenue for the six months ended June 30, 2024, was HKD 2,606,014 thousand, a decrease of 5.9% compared to HKD 2,769,414 thousand in the same period in 2023[95] - Gross profit for the period was HKD 1,326,736 thousand, down 10.9% from HKD 1,489,031 thousand in 2023[95] - Net profit attributable to equity holders of the company was HKD 298,981 thousand, a decrease of 16.8% from HKD 359,530 thousand in 2023[95] - Total comprehensive loss for the period was HKD 142,000 thousand, significantly improved from HKD 661,098 thousand in 2023[96] - Non-current assets as of June 30, 2024, totaled HKD 35,133,239 thousand, a decrease of 3% from HKD 36,206,371 thousand at the end of 2023[97] - Current assets as of June 30, 2024, were HKD 19,097,547 thousand, an increase of 3.2% from HKD 18,499,401 thousand at the end of 2023[97] - Total equity as of June 30, 2024, was HKD 21,135,401 thousand, up 9.6% from HKD 19,291,012 thousand at the end of 2023[98] - Net current assets as of June 30, 2024, were HKD 10,168,103 thousand, a significant increase of 57% from HKD 6,477,822 thousand at the end of 2023[98] - Total equity as of June 30, 2024, was HKD 21,135,401,000, compared to HKD 14,428,659,000 on June 30, 2023, reflecting significant growth[100] - Net profit for the period ending June 30, 2024, was HKD 298,981,000, a decrease from HKD 359,530,000 in the same period in 2023[99][100] - Exchange rate differences for overseas operations resulted in a loss of HKD 505,238,000 in 2024, compared to a loss of HKD 937,741,000 in 2023[99][100] - Cash flow from operating activities for 2024 was HKD 661,250,000, down from HKD 759,207,000 in 2023[101] - Investment activities used a net cash flow of HKD 795,565,000 in 2024, a significant improvement from HKD 1,657,597,000 in 2023[

Financial Performance - The group's profit for the six months ended June 30, 2024, was approximately HKD 399.9 million, an increase of about 13% compared to HKD 355.4 million for the same period last year[2]. - EBITDA for the reporting period was approximately HKD 2,139.2 million, an increase of about 8% from HKD 1,977.5 million in the same period last year[2]. - Basic and diluted earnings per share for the six months ended June 30, 2024, were both HKD 0.1331, down from HKD 0.1600 in the previous year[2]. - The group reported a total comprehensive loss of HKD 142.0 million for the period, compared to a loss of HKD 661.1 million in the previous year[5]. - The total revenue for the six months ended June 30, 2024, was HKD 2,706,633,000, with a breakdown of HKD 127,514,000 from construction-related business and HKD 2,579,119,000 from clean energy projects[15]. - The company reported a pre-tax profit of HKD 507,351,000 for the period[13]. - The company reported a net profit attributable to equity holders of HKD 298,981 thousand for the six months ended June 30, 2024, down from HKD 359,530 thousand in 2023[30]. - The gross profit for the first half of 2024 was approximately HKD 1,327 million, down 11% from HKD 1,489 million in the previous year, resulting in a gross margin of 50.9%, a decrease of 2.9 percentage points[88][90]. - The overall gross margin decreased from 53.8% in the six months ended June 30, 2023, to 50.9%, a decline of approximately 2.9 percentage points, primarily due to increased power grid restrictions and lower comprehensive electricity prices[92]. Financial Position - The group's cash and cash equivalents at the end of the reporting period were approximately HKD 4,667.4 million, with a current ratio of 2.14, indicating sufficient financial reserves for business development[2]. - Non-current assets totaled approximately HKD 35,133.2 million as of June 30, 2024, down from HKD 36,206.4 million at the end of the previous year[6]. - Current assets amounted to approximately HKD 19,097.5 million, an increase from HKD 18,499.4 million at the end of the previous year[7]. - Total liabilities decreased to approximately HKD 33,095.4 million from HKD 35,414.8 million at the end of the previous year, reflecting improved financial health[7]. - The total equity increased to HKD 21,135,401,000 from HKD 19,291,012,000 year-over-year[8]. - The company's total assets as of June 30, 2024, were approximately HKD 54,231 million, a slight decrease of 1% from HKD 54,706 million at the end of 2023[89]. - The company's cash and cash equivalents were approximately HKD 4,667 million, down 5% from HKD 4,892 million at the end of 2023[88]. - The company's asset-liability ratio improved to approximately 61% as of June 30, 2024, down from 65% as of December 31, 2023, indicating better financial health[113]. Capital Expenditures and Investments - Capital expenditures for the period amounted to HKD 254,240,000, focusing on property, plant, and equipment[15]. - The group acquired property, plant, and equipment amounting to approximately 175,704,000 HKD for the six months ended June 30, 2024, a significant decrease from 1,018,852,000 HKD in the same period of 2023[32]. - The company has a capital commitment of HKD 138,511 thousand for the construction of clean energy projects as of June 30, 2024, compared to HKD 242,770 thousand as of December 31, 2023[47]. - The company completed equity financing of RMB 2 billion (approximately HKD 2.167 billion), effectively reducing its asset-liability ratio and enhancing financial stability[64]. - The company has secured a capital injection of RMB 5 billion (approximately HKD 5.45 billion) from strategic investors, enhancing its financial position[121]. Operational Performance - The company achieved a financial cost saving of over RMB 161 million (approximately HKD 174 million) through systematic cost control measures[64]. - The company is actively expanding its clean heating services, aiming to become a leading comprehensive clean energy service provider[59]. - The company has reported a significant increase in entrusted operation and maintenance services, with a cumulative scale surpassing 2.4 GW, and improved operational efficiency by over 60% through digital transformation[63]. - The company is focusing on regional diversification in project development, collaborating with local governments to ensure project sustainability and stability[62]. - The company is leveraging its shareholder resources to expand its wind power business, with potential key projects totaling approximately 3.7 GW reported and secured[62]. Market and Business Strategy - The company aims to enhance its market position through acquisitions and strategic investments in clean energy projects[14]. - The company is actively exploring new business models such as decentralized aggregation trading and virtual power plants to enhance its electricity marketing capabilities[63]. - The company is committed to high-quality development and aims to ensure stable performance in the second half of the year[65]. - The company has integrated ESG considerations into its business strategy and management, receiving a "Good" rating across various ESG indicators[65]. - The company is committed to maintaining transparency and timely communication with its stakeholders regarding financial performance and strategic initiatives[134]. Challenges and Risks - The company faced challenges such as a 4% depreciation of the RMB and increased competition, which led to a slight slowdown in business performance growth[66]. - The company maintains strict control over overdue receivables to mitigate credit risk, with regular reviews of overdue balances[36]. - The group’s tax expenses increased due to higher profits and the expiration of tax relief for certain operating subsidiaries[97]. Corporate Governance and Management - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with no dividend declared for the same period in 2023[126]. - The company emphasizes high standards of corporate governance to enhance shareholder value and ensure accountability[129]. - The board of directors includes a diverse group of experienced professionals, ensuring strong governance and strategic oversight[139]. - The company is actively seeking a suitable candidate to fill the CEO position, which has been vacant since May 2022[129].

山高新能源集團有限公司 SHANDONG HI-SPEED NEW ENERGY GROUP LIMITED (於開曼群島註冊成立的有限公司) 股份代號: 01250 第五洲 23 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 企業使命 能動四海 綠享五洲 | | | | | | | | | | | | | | | | | | 企業願景 | | | | | | | | | 成為一流的清潔能源綜合服務商 | | | | | | | | | | | | | | | | | | 企業價值觀 | | | | | | | | | 高速致遠 暢和篤行 | | | | | | | | | | | | ...

Financial Performance - The group's profit for the year was approximately HKD 387.5 million, an increase of about 71.6% compared to HKD 225.8 million in the previous year[2]. - The profit attributable to equity holders of the company was approximately HKD 378.2 million, up approximately 46.5% from HKD 258.2 million in the previous year[2]. - The group's EBITDA was approximately HKD 4,040.3 million, an increase of about 10.2% from HKD 3,666.1 million in the previous year[2]. - Basic and diluted earnings per share for the year were both HKD 0.1683, compared to HKD 0.1375 in the previous year[3]. - The group's operating revenue for 2023 was approximately HKD 4,963.4 million, a decrease of 6% compared to HKD 5,296.2 million in 2022[45]. - The net profit for the year increased by 72% to HKD 387.5 million, up from HKD 225.8 million in the previous year[45]. - The gross profit margin improved to approximately 48.6%, up from 48.3% in the previous year[45]. - The gross profit from electricity sales for the year was approximately HKD 2,291.5 million, a slight increase of about 0.1% compared to HKD 2,290.0 million in 2022, with a gross profit margin of 56.4%, down from 61.1% in 2022[73]. Revenue and Sales - The group's revenue from electricity sales was approximately HKD 4,062.3 million, representing an increase of about 8.4% from HKD 3,749.1 million in the previous year[3]. - The revenue from electricity sales and entrusted operation services was approximately HKD 4,182.1 million, an increase of about 5.4% from HKD 3,969.5 million in 2022[47]. - The revenue from centralized photovoltaic power generation was approximately HKD 2,365.4 million, accounting for about 47.7% of the total operating revenue[48]. - The company recorded revenue of approximately HKD 1,057.2 million from wind power sales in 2023, up from HKD 750.7 million in 2022, marking a significant growth[57]. - The company's distributed photovoltaic power stations generated revenue of approximately HKD 639.6 million in 2023, slightly up from HKD 636.2 million in 2022[55]. Assets and Liabilities - The total assets of the group reached approximately HKD 54,705.8 million, up from HKD 52,028.3 million in the previous year, while total liabilities decreased to approximately HKD 35,414.8 million from HKD 36,936.5 million[36]. - Non-current assets increased to HKD 36,206,371 thousand in 2023 from HKD 35,442,845 thousand in 2022, representing a growth of 2.16%[8]. - Current assets rose to HKD 18,499,401 thousand in 2023, up from HKD 16,585,420 thousand in 2022, marking an increase of 11.54%[9]. - Total liabilities decreased from HKD 36,936,541 thousand in 2022 to HKD 35,414,760 thousand in 2023, a reduction of 4.11%[9]. - The company's net assets increased to HKD 19,291,012 thousand in 2023, compared to HKD 15,091,724 thousand in 2022, reflecting a growth of 27.56%[9]. - The group's debt-to-asset ratio decreased to approximately 65% following strategic financing initiatives[2]. Investments and Acquisitions - The group plans to acquire all equity of Nanyang Qingdian for a total consideration of RMB 800 million, which includes RMB 200 million for equity transfer and RMB 600 million for debt repayment[33]. - The group entered into an investment agreement to establish a joint venture with a total investment of RMB 45 million, with the company contributing RMB 13.5 million[34]. - The group completed the acquisition of 100% equity interests in three renewable energy companies for a total consideration of RMB 242,722,700[104]. - The company entered into a capital increase agreement with investors, raising approximately RMB 5 billion (about HKD 5.45 billion) to support its strategic initiatives[98]. - The total consideration for the acquisition and capital increase in Guangzhou Juwan Technology was approximately RMB 300,000,000, with a direct ownership of 2.69532% in Guangzhou Juwan post-transaction[112]. Operational Highlights - The group achieved a power generation of approximately 5.6 million MWh in the fiscal year, representing a growth of about 14.5% compared to 4.9 million MWh in the previous year[36]. - The total installed capacity of the group's photovoltaic and wind power projects increased by 157 MW and 588 MW, respectively, representing growth rates of approximately 6.6% and 100%[3]. - The total installed capacity of the company's photovoltaic power stations in China reached approximately 2,526 MW in 2023, with a total power generation of about 2,930,309 MWh[50]. - The total grid-connected capacity of wind power stations reached 1,176 MW in 2023, an increase from 588 MW in 2022[57]. - The company operates 19 wind power stations as of December 31, 2023, compared to 13 in the previous year[57]. Strategic Initiatives - The company is focusing on the development of new energy technologies and expanding its market presence in response to the increasing demand for renewable energy solutions[37]. - The company aims to explore comprehensive energy management models integrating distributed solar, storage, and charging solutions, particularly in transportation and industrial applications[41]. - The company is preparing its first pumped storage project in Guangdong Province, which is expected to enhance local grid stability and economic development[66]. - The company plans to accelerate the development of data center green power market transactions in eastern developed regions, focusing on areas with high computing power demand and tight electricity supply[67]. - The company is committed to becoming a leading new energy enterprise with scale, industry recognition, and broad influence, capitalizing on national energy transition and green low-carbon development opportunities[70]. Governance and Compliance - The company has maintained compliance with the corporate governance code throughout the year, with the board consisting of 12 members, including 4 independent non-executive directors, meeting the requirement of one-third as per listing rules[118]. - The audit committee has reviewed the annual performance of the group, ensuring adherence to applicable accounting policies and listing regulations[121]. - The company's financial statements have been verified by auditors, confirming consistency with the draft financial reports for the year[122]. Employee and Talent Management - The group employed 2,106 employees as of December 31, 2023, up from 1,953 employees in the previous year[103]. - The group has established internal compensation policies to attract and retain talent, offering competitive salary packages and benefits[103].