X 中期報信 四 川 能 投 發 展 股 份 有 限 公 司 Sichuan Energy Investment Development Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) 股份代號：1713 202 公司資訊 2 一. 二. 中期財務摘要 4 5 三. 管理層討論與分析 19 四. 企業管治及其他資料 25 五. 合併資產負債表 28 六.合併利潤表 七.合併現金流量表 | --- | --- | --- | |-------|-------|-------| | | | | | | | | | | | | | 30 | | | | | | | | 32 | | | | 34 | | | | 43 | | | 八. 合併股東權益變動表 九. 未經審核中期財務報表附註 十. 釋義及技術詞彙表 四川能投發展股份有限公司 中期報告2024 1 目錄 一. 公司資訊 | --- | --- | --- | |--------------------------------------------------|-------|-------------------------------- ...

Financial Performance - The company's operating revenue for the six months ended June 30, 2024, was RMB 2,264,588,613.72, representing a 23.5% increase from RMB 1,833,386,031.70 in the same period of 2023[2]. - Net profit for the same period was RMB 137,758,617.43, up 6.4% from RMB 129,101,568.86 year-on-year[3]. - Total revenue, including other business income, reached RMB 2,264,588,613.72, up from RMB 1,833,386,031.70 in the previous year, marking a growth of 23.5%[8]. - The net profit attributable to ordinary shareholders for the six months ended June 30, 2024, was RMB 137,799,706.39, compared to RMB 128,363,115.12 for the same period in 2023, reflecting an increase of 7.4%[20]. - The total profit for the same period was RMB 170.9 million, reflecting an 8.6% year-on-year growth, while net profit reached RMB 137.8 million, up 6.7% year-on-year[30]. - The company reported a total tax expense of RMB 33,092,753.74 for the six months ended June 30, 2024, compared to RMB 28,228,525.49 in 2023, representing an increase of 17.5%[19]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 6,518,748,973.80, an increase from RMB 6,324,835,385.59 at the end of 2023[4]. - The company's total liabilities increased to RMB 3,115,742,602.81 from RMB 2,920,998,154.61, reflecting a rise of 6.7%[5]. - Current assets totaled RMB 1,725,554,900.21, compared to RMB 1,562,998,347.56 at the end of 2023, indicating a growth of 10.4%[4]. - The total liabilities and shareholders' equity as of June 30, 2024, amounted to RMB 6,518,748,973.80, compared to RMB 6,324,835,385.59 as of December 31, 2023, indicating a growth of 3.1%[6]. - Accounts receivable increased to RMB 915,221,554.64 as of June 30, 2024, compared to RMB 847,806,277.58 as of December 31, 2023, with a net total of RMB 758,263,842.93 after deducting bad debt provisions[24]. - The bad debt provision for accounts receivable was RMB 156,957,711.71 as of June 30, 2024, slightly up from RMB 154,645,818.46 as of December 31, 2023[24]. Revenue Breakdown - The revenue from power supply contracts was RMB 2,082,428,793.14, an increase of 24.5% from RMB 1,673,522,074.59 in 2023[12]. - General power supply business revenue rose by 27.8% from RMB 1,509.7 million to RMB 1,929.8 million, driven by an increase of 42 large industrial and 2,450 general commercial customers, resulting in a sales increase of 796,496.52 MWh[40]. - Incremental power distribution business revenue was RMB 152.6 million, representing 6.7% of total operating revenue[34]. - Revenue from power engineering construction services and related businesses was RMB 182.2 million, making up 8.0% of total operating revenue[35]. Operational Efficiency - The company reported a significant increase in financial expenses, which rose to RMB 6,624,046.70 from RMB 2,393,801.02, marking an increase of 176.5%[2]. - Operating costs rose by 23.4% from RMB 1,592.7 million to RMB 1,966.1 million, primarily due to increased scale in general power supply and power engineering services[43]. - Gross profit increased by 24.0% from RMB 240.7 million to RMB 298.5 million, mainly due to higher gross profits from general power supply and power engineering services[47]. - The gross margin for general power supply business was 13.3% for the six months ended June 30, 2024, compared to 13.8% for the same period in 2023[47]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[1]. - The company aims to enhance its core business by expanding power generation capacity and accelerating the construction of key projects, including the pumped storage project in Xuzhou and the natural gas power generation project in Xingwen County[75]. - The company is focusing on technological innovation and increasing R&D investments, collaborating with research institutions for advancements in smart substations and inspection methods[38]. - The company is committed to deepening state-owned enterprise reforms to improve governance and core competitiveness, focusing on optimizing human resource management and financial asset management[78]. Future Outlook - The company expects a revenue guidance of RMB 2.5 billion for the second half of 2024, which would represent a 10% increase year-over-year[88]. - New product launches are anticipated to contribute an additional RMB 300 million in revenue by the end of 2024[88]. - Market expansion plans include entering two new provinces in China by Q3 2024, projected to increase market share by 5%[88]. - The company is considering strategic acquisitions to enhance its service portfolio, with a budget of RMB 500 million allocated for potential deals[88].

Financial Performance - The company achieved a total revenue of RMB 4.16 billion in 2023, representing a year-on-year growth of 25.6% compared to RMB 3.31 billion in 2022[59]. - Total operating revenue increased by approximately 25.4% from about RMB 3,309.6 million for the year ended December 31, 2022, to about RMB 4,151.8 million for the year ended December 31, 2023[109]. - The total profit for the year was approximately RMB 409.2 million, reflecting a year-on-year increase of about 13.2%[69]. - Net profit attributable to shareholders reached RMB 339 million, a 12.5% increase from RMB 301 million in the previous year[63]. - The net profit for the year reached approximately RMB 342.0 million, with a year-on-year growth of about 13.0%[69]. - The gross profit rose by approximately 17.4% from RMB 568.7 million in 2022 to RMB 667.8 million in 2023, with gross margin recorded at 16.1% for 2023 compared to 17.2% for 2022[135]. - Revenue from general power supply business grew approximately 31.6% to about RMB 3,323.0 million, representing 80.0% of total operating revenue for the year ended December 31, 2023[109]. - Revenue from incremental power distribution business for the year ended December 31, 2023, was approximately RMB 358.8 million, accounting for 8.6% of total operating revenue[102]. Investments and Acquisitions - The company raised approximately RMB 380.5 million from its global offering, with RMB 340.9 million utilized by December 31, 2023, leaving RMB 39.6 million unutilized[2]. - The company strategically invested in a 15% stake in Shenzhen Car Electric Network Co., optimizing its equity structure and enhancing market value[59]. - As of December 31, 2023, the company completed the acquisition of a 15% stake in Shenzhen Vehicle Electric Network Co., Ltd. for approximately RMB 115.2 million[80]. - The company has allocated 40% of the net proceeds from its global offering for acquiring power-related assets, with RMB 115.2 million already utilized by the end of 2023[74]. - The company is actively seeking suitable acquisition targets to enhance its asset portfolio and operational capabilities[74]. Asset Management - Total assets increased to RMB 6,324,835 thousand in 2023, up 22.9% from RMB 5,148,011 thousand in 2022[45]. - Non-current assets rose to RMB 4,761,837 thousand, representing a 26.1% increase from RMB 3,775,182 thousand in the previous year[45]. - The company's net assets reached RMB 3,403,837 thousand, a growth of 6.9% compared to RMB 3,185,218 thousand in 2022[45]. - The company’s fixed assets increased to approximately RMB 3,888.5 million as of December 31, 2023, up from RMB 3,062.9 million in 2022[121]. - Accounts receivable increased from approximately RMB 3,635 million as of December 31, 2022, to approximately RMB 6,932 million as of December 31, 2023, mainly due to adjustments in the meter reading cycle[144]. - Total borrowings amounted to approximately RMB 6,574 million as of December 31, 2023, compared to approximately RMB 3,142 million as of December 31, 2022[147]. Operational Highlights - The company operates a total of 6 hydropower stations with a total installed capacity of 127,030 kW as of the end of 2023[49]. - The company has a stable user base and comprehensive power supply network in Yibin City, optimizing the utilization of power resources[48]. - The maximum power supply capacity of the grid increased to 1.95 million kilowatts, enhancing the electricity supply experience for the community[59]. - The company completed significant projects such as the Chengdu Universiade and the World Power Battery Conference without major power outages, ensuring reliable power supply for local economic development[103]. - The company reported a total electricity sales volume of 6,320,659 MWh for the year, an increase of 38.9% compared to the previous year[100]. Future Plans and Strategies - The company aims to focus on high-quality transformation and development in 2024, adapting to new economic and energy development trends[40]. - The company plans to invest approximately RMB 2,119.7 million in 2024, including RMB 624.1 million for infrastructure investment and RMB 617.6 million for rural network projects[83]. - The company plans to optimize its power grid operation methods based on load characteristics and historical operational experiences[89]. - The company aims to enhance its capital by actively acquiring quality clean energy projects to maximize profits and corporate value[53]. - The company is focused on promoting green energy projects, including distributed photovoltaic and energy storage initiatives, to build an integrated new energy industry chain[53]. Employee and Governance - The company employed 2,749 full-time employees as of December 31, 2023, down from 2,828 employees in 2022, with employee costs amounting to approximately RMB 477.4 million[51]. - The company has implemented a comprehensive training program for employees to enhance their skills and performance, ensuring the retention of high-quality talent[51]. - The company is focused on deepening party leadership and governance to ensure effective operational management and compliance[91]. - The company’s board composition includes various directors and supervisors, with changes noted as of April 6, 2023[175]. Dividend and Shareholder Information - The board proposed a final dividend of RMB 0.13 per share, totaling approximately RMB 139,666,501.00, subject to shareholder approval[94]. - The company will declare and pay dividends in cash or stock, subject to board discretion and shareholder approval[168]. - The company will withhold a 10% corporate income tax on the final dividend distributed to non-resident H-share shareholders[187]. - The company’s financial performance and dividend distribution will be influenced by its retained earnings and capital expenditure needs[168]. - The company has not been informed of any shareholders waiving their rights to the dividend as of the report date[185].

Financial Performance - Total operating revenue for the year ended December 31, 2023, was RMB 4,160,192,577.95, representing a 25.6% increase from RMB 3,313,256,211.05 in 2022[4] - Net profit attributable to shareholders for 2023 was RMB 338,999,671.13, up from RMB 301,441,634.66 in 2022, reflecting a growth of 12.5%[6] - Operating profit for the year was RMB 403,216,949.73, which is a 14.4% increase from RMB 352,547,689.30 in the previous year[4] - Basic and diluted earnings per share for 2023 were RMB 0.32, compared to RMB 0.28 in 2022, showing an increase of 14.3%[6] - The company achieved a total revenue of RMB 4,160,192,577.95 in 2023, compared to RMB 3,313,256,211.05 in 2022, marking an increase of 25.6%[47] - The total profit amounted to approximately RMB 409.2 million, reflecting a year-on-year increase of about 13.2%[95] - Net profit reached approximately RMB 342.0 million, with a year-on-year growth of about 13.0%[95] Assets and Liabilities - The company's total assets as of December 31, 2023, amounted to RMB 6,324,835,385.59, compared to RMB 5,148,010,911.31 in 2022, indicating a year-over-year increase of 22.9%[9] - The total liabilities increased to RMB 2,920,998,154.61 in 2023 from RMB 1,962,792,662.13 in 2022, marking a significant rise of 48.9%[17] - The total equity attributable to shareholders increased to RMB 3,355,293,837.13 in 2023 from RMB 3,147,365,694.96 in 2022, reflecting a growth of 6.6%[9] - The company reported a significant increase in accounts payable, totaling RMB 786,663,444.29 in 2023, compared to RMB 598,916,839.30 in 2022, reflecting a rise of approximately 31.4%[38] - Total liabilities for 2023 amounted to RMB 1,562,998,347.56, compared to RMB 1,372,829,099.02 in 2022, indicating a rise of about 13.8%[42] - The company reported a significant increase in prepayments to RMB 59,193,472.70 in 2023, compared to RMB 14,919,626.24 in 2022, reflecting a growth of about 296.5%[42] Revenue Sources - The company’s revenue from power supply contracts was RMB 3,681,784,222.54 in 2023, compared to RMB 2,908,759,220.60 in 2022, marking an increase of 26.5%[25] - Revenue from general power supply business was approximately RMB 3,323.0 million, accounting for about 80.0% of the main business revenue[100] - Revenue from incremental power distribution business was approximately RMB 358.8 million, representing about 8.6% of the main business revenue[100] - Revenue from power engineering construction services and related businesses was approximately RMB 470.0 million, accounting for about 11.3% of the main business revenue[100] - The company experienced a significant increase in revenue from large industrial customers, which rose by 97.6% to RMB 1,699,788,921.94 in 2023[73] Operational Metrics - The company sold 6,320,659 MWh of electricity in 2023, a 38.9% increase compared to 4,550,360 MWh in 2022[73] - The number of household electricity sales increased to 1,696,378 MWh in 2023, reflecting an 11.6% growth from 1,520,280 MWh in 2022[73] - The average accounts receivable turnover days increased from approximately 46.9 days in 2022 to 52.6 days in 2023, primarily due to adjustments in the meter reading cycle[169] Investments and Future Plans - The company plans to distribute a final dividend of RMB 0.13 per share for the fiscal year ending December 31, 2023, compared to RMB 0.12 per share in 2022[88] - The company aims to expand its power generation capacity by advancing projects in Sichuan Province, including pumped storage and natural gas power generation[162] - The company plans to enhance its power grid by upgrading key equipment and accelerating the construction of major grid projects, including three 220 kV projects[162] - The company plans to allocate 40% of its IPO proceeds, approximately RMB 152.2 million, for acquiring power-related assets[177] - The planned investment for the fiscal year 2024 is approximately RMB 1,502.0 million, including RMB 295.8 million for basic network construction and RMB 438.1 million for fixed asset renewal and transformation[184] Financial Management - The company reported a net financial expense of RMB 13,309,483.67 in 2023, an increase from RMB 8,557,733.92 in 2022, reflecting a rise of approximately 55.5%[50] - Financial expenses increased from approximately RMB 8.6 million in 2022 to RMB 13.3 million in 2023, mainly due to increased bank loans for grid asset investments[118] - The company utilized RMB 150.0 million in bank acceptance bills and letters of credit to centralize payments to upstream suppliers, reducing overall financing costs[170] Governance and Compliance - The company has adhered to the corporate governance code from January 1 to December 31, 2023[200] - The company is committed to improving safety standards and governance mechanisms to ensure effective operation and compliance with regulatory requirements[190]

| --- | --- | --- | |--------|-----------------------------------|------------------------------| | 項 目 | 2023 年 6 月 30 日 \n人民幣元 | 2022 年 12月31 日 \n人民幣元 | | | | | | 已簽約 | 153,712,689.86 | 104,883,250.10 | 33. 關聯方關係及其交易 | --- | --- | --- | |--------------|------------------------------------|---------------------------------| | | 截 至 6月30 \n年 \n2023 人民幣元 | 日止六個月 \n2022 年 \n人民幣元 | | | | | | 購買商品 | 80,839,736.84 | 96,378,819.90 | | 提供勞務 | 4,221,199.48 | 2,988,296.61 | | 接受勞務 | 77,533,424.96 | 26,679,797.77 | | ...

Financial Performance - For the six months ended June 30, 2023, the company's main business revenue was RMB 1,829,746,480.01, an increase from RMB 1,498,732,043.43 in the same period of 2022, representing a growth of approximately 22.1%[30] - The total operating income for the six months ended June 30, 2023, was RMB 1,833,386,031.70, compared to RMB 1,502,213,920.97 for the same period in 2022, indicating an increase of about 22.0%[30] - The company's net profit attributable to shareholders for the six months ended June 30, 2023, was RMB 128,363,115.12, slightly down from RMB 129,713,416.10 in the same period of 2022, a decrease of approximately 1.0%[25] - Total revenue for the six months ended June 30, 2023, was RMB 1,833,386,031.70, an increase of 22.0% compared to RMB 1,502,213,920.97 for the same period in 2022[45] - General power supply business revenue reached RMB 1,509,652,892.30, up from RMB 1,190,640,941.12, reflecting a growth of 26.8%[45] - The total profit for the same period was RMB 157.3 million, a decrease of 1.0% year-on-year[135] - The net profit for the period was RMB 129.1 million, down 0.5% compared to the previous year[135] - The net profit attributable to shareholders was RMB 128.4 million, reflecting a year-on-year decline of 1.0%[135] Revenue Breakdown - Revenue from incremental power distribution business increased by 22.2% to RMB 163.9 million for the six months ended June 30, 2023, compared to RMB 134.1 million for the same period in 2022[23] - Revenue from power engineering construction services decreased by 9.9% to RMB 159,863,957.11 from RMB 177,447,930.23, accounting for 8.7% of total revenue in 2023[48] - For the six months ended June 30, 2023, the operating revenue from general power supply business increased by 26.8% to RMB 1,509.7 million, compared to RMB 1,190.6 million for the same period in 2022[113] Costs and Expenses - Operating costs rose by 27.7% from RMB 1,246.8 million for the six months ended June 30, 2022, to RMB 1,592.7 million for the six months ended June 30, 2023, mainly due to the increased scale of general power supply operations in the first half of 2023[89] - The income tax expense for the six months ended June 30, 2023, was RMB 28.2 million, with an effective tax rate of 17.9%, compared to RMB 29.2 million and 18.3% for the same period in 2022[121] - Financial expenses decreased significantly from RMB 4,526.6 million for the six months ended June 30, 2022, to RMB 2,393.8 million for the same period in 2023[68] Assets and Liabilities - The total liabilities as of June 30, 2023, amounted to RMB 2,364,063,001.98, an increase from RMB 1,962,792,662.13 as of December 31, 2022, reflecting a growth of approximately 20.4%[5] - The company's current liabilities totaled RMB 1,463,289,626.61 as of June 30, 2023, down from RMB 1,511,575,255.85 as of December 31, 2022, a decrease of about 3.2%[5] - The total assets increased from RMB 5,148.0 million as of December 31, 2022, to RMB 5,546.0 million as of June 30, 2023[70] - The total equity attributable to shareholders as of June 30, 2023, was RMB 3,143,787,797.77, slightly down from RMB 3,147,365,694.96 as of December 31, 2022[96] Customer and Market Development - The company reported a total of 7,290 new household customers, 35 new large industrial customers, and 2,285 new general commercial customers in the first half of 2023[113] - The total electricity sales for the first half of 2023 amounted to 2,866,676.70 MWh, a 25.6% increase from 2,282,636.19 MWh in the same period last year[192] Strategic Initiatives - The company plans to enhance its core power supply business by promoting gas, wind, solar, and pumped storage projects[142] - The company aims to actively seize opportunities in the new energy revolution and develop integrated energy services[142] - The company is actively expanding its renewable energy business, focusing on projects such as gas, photovoltaic, pumped storage, and smart integrated energy stations[188] - The company is advancing the construction of pumped storage and gas power generation projects, with significant support from local government[153] Operational Efficiency - The company is focusing on improving service capabilities by optimizing the electricity business environment and enhancing customer service through its 96598 service center[153] - The average turnover days for accounts payable decreased from 162.9 days as of June 30, 2022, to 137.8 days as of June 30, 2023[125] - The average inventory turnover days decreased from 10.9 days in 2022 to 10.3 days in 2023[175] Risk Management and Compliance - The company is reinforcing its internal control system to mitigate financial risks and improve cost management[153] - The company has adopted the listing rules and standards for the conduct of its directors and supervisors, ensuring compliance with securities trading regulations[197]

Revenue and Profitability - Revenue from general power supply business reached approximately RMB 2,524.3 million, accounting for 76.3% of total revenue[3] - Revenue from power engineering construction services and related businesses was RMB 400.9 million, representing 12.1% of total revenue, an increase of 6.6% from RMB 376.1 million in the previous year[4][10] - Total revenue for the year ended December 31, 2022, was RMB 2,740.9 million, up from RMB 2,617.7 million in 2021, reflecting an overall growth of approximately 4.7%[11] - Total revenue for 2022 reached RMB 3,313,256,000, an increase of 4.5% from RMB 3,171,674,000 in 2021[65] - Net profit attributable to equity shareholders of the company was RMB 301,442,000, representing an increase of 11.8% compared to RMB 269,558,000 in the previous year[65][72] - Basic earnings per share for 2022 was RMB 0.28, up from RMB 0.25 in 2021[65] - The company achieved a pre-tax profit growth of 12.6% year-on-year[72] - The company reported a pre-tax profit of RMB 361.5 million, which is an increase of 12.6% compared to the previous year[91] - Net profit for the year reached RMB 302.5 million, reflecting an 11.7% year-on-year growth[91] Operating Costs and Expenses - Operating costs related to power engineering construction services rose to RMB 311.3 million, a 1.4% increase from RMB 307.1 million in the previous year[12] - Operating costs increased by 4.7% to RMB 2,740.9 million, primarily due to the expansion of general power supply business and increased electricity procurement from third-party suppliers[82] - Operating costs for general electricity business rose by 11.5% from RMB 1,840.4 million in 2021 to RMB 2,052.8 million in 2022, representing 74.9% of total operating costs[120] - Financial expenses rose by approximately 16.8% from RMB 7.3 million in 2021 to RMB 8.6 million in 2022, primarily due to foreign exchange losses[143] Asset Management and Investments - The company reported a significant reduction in asset impairment losses, down approximately 95.4% to about RMB 0.7 million, with no significant damage or operational halts in 2022[16] - Non-current assets totaled RMB 3,775,182 thousand in 2022, an increase from RMB 3,461,642 thousand in 2021, reflecting a growth of approximately 9.06%[106] - The total assets reached RMB 5,148,011 thousand in 2022, up from RMB 4,631,453 thousand in 2021, indicating a growth of about 11.14%[106] - The company constructed and put into operation over 580 charging piles in 2022, expanding its comprehensive energy business[95] - The company invested RMB 43.62 million in a two-year plan to address low voltage areas, enhancing service quality[96] Business Development and Strategy - The company aims to enhance the level of electricity access, focusing on improving service quality and expanding its market presence[6] - The company has established a strategic goal to build a "first-class modern comprehensive energy service enterprise in the western region" as part of its development strategy[72] - The company is focused on optimizing asset structure and expanding its comprehensive energy layout[72] - The company aims to create a new energy consumption and service pattern centered on electricity, ensuring safety, green energy, convenience, and efficiency[72] - Sichuan Energy plans to focus on enhancing power supply security and transformation development in alignment with the national "dual carbon" strategy[85] - The company anticipates further development in electricity sales, distributed energy, engineering construction, and integrated energy services due to the promotion of the Chengdu-Chongqing economic circle[79] Safety and Reliability - The company has not experienced any major power outages or significant safety incidents in 2022, maintaining a stable safety production situation[115] - The company reduced the number of power outages in the 10 kV grid by 30% year-on-year, enhancing service reliability[96] - Safety inspections identified 2,044 safety hazards, with RMB 4.2 million allocated for rectification efforts[115] - The company conducted 72 emergency drills involving over 800 participants to improve emergency management capabilities[115] Corporate Governance and Compliance - The company emphasizes effective communication with shareholders to enhance investor relations and provide timely information on business developments and financial performance[165] - The company has established procedures for identifying, handling, and disclosing inside information in compliance with relevant regulations[162] - The company’s remuneration and assessment committee is responsible for approving the remuneration policy for directors and senior management[150] - The company has adopted measurable targets for board diversity, including at least four independent non-executive directors[156] - The company has established a shareholder communication policy to enhance relationships and communication with shareholders[167] - The board of directors includes members with extensive experience in the energy sector, enhancing governance and oversight[170] - The company is committed to transparency by publishing operational and financial data on its website and the Hong Kong Stock Exchange[167] - The management team consists of professionals with advanced degrees and significant industry experience, contributing to strategic decision-making[173][175][178] Employee Engagement and Diversity - The company aims to ensure gender diversity in hiring practices, with male employees making up 77% and female employees 23% of the total workforce[154] - The company is committed to fostering a pipeline of potential female leaders for senior management and board succession[154] - The Nomination Committee reviewed board diversity and confirmed that the company has met measurable diversity objectives in professional experience, skills, knowledge, gender, age, and tenure[155] Performance and Operational Efficiency - The company has implemented a series of reforms to enhance operational efficiency and governance structures, including a comprehensive performance evaluation system for all employees[113] - The company is focusing on the integration of power generation assets and has established a unified management structure for its six core hydropower stations[113] - The company aims to enhance organizational construction and strengthen the cadre team to support high-quality development[133] - The management team is focused on enhancing operational efficiency and driving growth in the energy sector[173][175]

Financial Performance - The company achieved revenue of approximately RMB 3,313.3 million in 2022, representing a year-on-year growth of about 4.5%[31]. - The pre-tax profit for the year was approximately RMB 361.5 million, reflecting a year-on-year increase of about 12.6%[31]. - The net profit for 2022 was approximately RMB 302.5 million, which is a year-on-year growth of about 11.7%[31]. - The net profit attributable to equity shareholders of the parent company was approximately RMB 301.4 million, marking a year-on-year increase of about 11.8%[31]. - The company reported a basic earnings per share of RMB 0.28 for 2022, compared to RMB 0.25 in 2021[7]. - The company's operating revenue for the year ended December 31, 2022, was RMB 3,313,256,211.05, an increase of 4.46% compared to RMB 3,171,673,615.54 in 2021[192]. - The total profit for the year was RMB 361,545,939.02, up 12.58% from RMB 321,194,989.19 in the previous year[192]. - Net profit for 2022 reached RMB 302,548,693.75, representing a growth of 11.65% compared to RMB 270,917,104.67 in 2021[192]. - The company's investment income increased significantly to RMB 13,121,964.93, compared to RMB 5,468,716.24 in 2021, marking a growth of 139.66%[192]. Revenue Sources - Revenue from power engineering construction services and related businesses reached RMB 400.9 million, accounting for 12.1% of the main business revenue as of December 31, 2022[35]. - The company's main business revenue increased by approximately 4.5% from about RMB 3,165.8 million in 2021 to approximately RMB 3,309.6 million in 2022, primarily due to the growth in general power supply and power engineering construction services[42]. - Revenue from incremental power distribution business decreased by approximately 21.4% from about RMB 489.1 million in 2021 to approximately RMB 384.4 million in 2022, mainly due to a reduction in the scale of this business in 2022[43]. - General power supply business generated approximately RMB 2,524.3 million in revenue, accounting for about 76.3% of the main business revenue[60]. Operating Costs and Expenses - The total operating expenses for 2022 amounted to RMB 4,996,447.16, significantly higher than RMB 842,045.57 in 2021[6]. - The main business operating costs increased by approximately 4.7% from about RMB 2,617.7 million in 2021 to about RMB 2,740.9 million in 2022, primarily due to the expansion of general power supply operations[71]. - Operating costs for general power supply business increased by approximately 11.5% from RMB 1,840.4 million in 2021 to RMB 2,052.8 million in 2022, accounting for about 74.9% of total operating costs[88]. - The total operating costs for 2022 were RMB 2,740,916,362.02, up from RMB 2,619,736,947.46 in 2021, reflecting an increase of 4.61%[192]. Assets and Liabilities - The total assets at the end of 2022 amounted to approximately RMB 5,026.3 million, reflecting the company's investment in infrastructure and equipment[49]. - The total liabilities as of December 31, 2022, amounted to RMB 1,962,792,662.13, an increase from RMB 1,635,553,773.87 in 2021[195]. - The company's fixed assets as of December 31, 2022, amounted to approximately RMB 3,062.95 million, an increase from approximately RMB 2,785.05 million as of December 31, 2021[78]. - The company's intangible assets rose from approximately RMB 128.1 million in 2021 to RMB 149.5 million in 2022, mainly due to the acquisition of new land[99]. Investment and Future Plans - The company planned to invest RMB 991 million in power grid construction for the year, with an expected completion of RMB 876 million, achieving a completion rate of 88.41%[38]. - The group plans to accelerate the construction of high-voltage power networks with a total investment of RMB 300.5 million, expected to be completed by the end of 2023[111]. - The company plans to allocate 40% of the net proceeds from the global offering, approximately RMB 152.2 million, for the acquisition of power-related assets[105]. - The company aims to further develop its business in electricity sales, distributed energy, engineering construction, and integrated energy services due to the economic growth in the Sichuan province[55]. Dividends - The proposed final dividend for 2022 is RMB 0.12 per share, totaling RMB 128,922,924.00, consistent with the previous year's dividend[51][52]. - The final dividend will be subject to a 10% withholding tax for individual H-share shareholders residing in countries with a tax agreement with China that stipulates a lower tax rate[135]. - For individual H-share shareholders from countries without a tax agreement, a 20% withholding tax will be applied[136]. - The final dividend for H-share shareholders will be paid in HKD at a rate of HKD 0.13716 per share, based on the average exchange rate prior to the dividend declaration date[160]. Governance and Compliance - The company has adhered to the corporate governance code throughout the reporting period from January 1, 2022, to December 31, 2022[180]. - The audit committee has reviewed the financial statements for the year ended December 31, 2022, and confirmed compliance with applicable accounting standards and sufficient disclosure[171]. - The company is committed to maintaining transparency and accountability in its financial reporting and governance practices[171]. - The company has adopted the corporate governance code as its governance framework, ensuring compliance with all relevant provisions[180]. Safety and Risk Management - The company is committed to enhancing safety production measures and improving risk management in power distribution facilities[151]. - The company invested approximately RMB 4.2 million to rectify 2,044 safety hazards identified throughout the year[65]. - The company established a comprehensive safety production mechanism and signed the 2022 safety production responsibility letter, enhancing safety management capabilities[65]. Employee and Operational Management - Employee costs for the year amounted to approximately RMB 454.9 million, with a total of 2,828 full-time employees as of December 31, 2022[125]. - The company has implemented a 100% open recruitment ratio for new personnel and a 100% competitive coverage rate for management positions, promoting a market-oriented employment mechanism[71]. - The company aims to strengthen operational management with a focus on efficiency and service improvement for users[152]. Market and Strategic Development - The company aims to enhance power market development by improving customer quality and increasing marketing oversight, with a focus on eliminating mixed pricing and enhancing operational management[130]. - The company is committed to advancing power grid development, addressing issues such as insufficient power sources and bottlenecks, and plans to establish a new type of power grid with 220 kV as the backbone[132]. - The company is actively expanding financing channels and innovating financing methods to improve capital utilization efficiency and investment returns[130]. - The company is focusing on comprehensive energy development, leveraging local government resources to enhance core business and support market expansion[132].

Financial Performance - For the six months ended June 30, 2022, the total operating revenue was RMB 1,502,213,920.97, a decrease of 4.15% compared to RMB 1,567,464,633.06 for the same period in 2021[10]. - The total profit for the same period was RMB 158,898,304.34, down 4.54% from RMB 165,907,988.12 in 2021[10]. - Net profit attributable to shareholders was RMB 129,740,774.82, representing a decline of 6.56% from RMB 138,818,251.11 in the previous year[10]. - Operating revenue decreased by 4.2% from RMB 1,567.5 million in the six months ended June 30, 2021, to RMB 1,502.2 million in the same period of 2022, primarily due to a reduction in incremental electricity distribution business[23]. - Net profit for the six months ended June 30, 2022, was RMB 129,740,774.82, down from RMB 138,818,251.11 in the previous year, reflecting a decline of approximately 6.8%[89]. - The total comprehensive income for the six months ended June 30, 2022, was RMB 129,740,774.82, down from RMB 138,818,251.11 in the previous year, reflecting a decline of approximately 7.77%[90]. Assets and Liabilities - Total current assets increased to RMB 1,365,135,901.47 from RMB 1,169,811,050.92, marking an increase of 16.67%[10]. - Total non-current assets decreased slightly to RMB 3,442,316,937.59 from RMB 3,461,642,156.46, a decrease of 0.56%[10]. - Total assets reached RMB 4,807,452,839.06, up from RMB 4,631,453,207.38, indicating an increase of 3.81%[10]. - Total liabilities increased to RMB 1,811,977,032.79 from RMB 1,635,553,773.87, reflecting an increase of 10.77%[10]. - The group reported a current liability exceeding current assets by RMB 84,634,961.33 as of June 30, 2022, indicating potential liquidity concerns[101]. - The group has an unused bank credit line of RMB 2.401 billion, which supports its operational funding needs[101]. Revenue Breakdown - The company generated operating revenue of RMB 1,190.6 million from general power supply business, accounting for 79.3% of total operating revenue[18]. - Incremental power distribution business generated revenue of RMB 134.1 million, representing 8.9% of total operating revenue[19]. - Revenue from power engineering construction services and related businesses was RMB 177.4 million, making up 11.8% of total operating revenue[20]. - General electricity supply business revenue increased by 8.2% from RMB 1,100.4 million in the six months ended June 30, 2021, to RMB 1,190.6 million in the same period of 2022, driven by an increase of over 48,232 household and general commercial customers[24]. - Incremental electricity distribution business revenue decreased by 47.5% from RMB 255.4 million in the six months ended June 30, 2021, to RMB 134.1 million in the same period of 2022, due to a reduction in business scale[25]. Cost and Profitability - Total operating costs decreased by 5.2% from RMB 1,314.6 million in the six months ended June 30, 2021, to RMB 1,246.8 million in the same period of 2022, mainly due to the reduced scale of incremental electricity distribution business[27]. - Gross profit increased by 1.0% from RMB 252.9 million in the six months ended June 30, 2021, to RMB 255.4 million in the same period of 2022, primarily due to growth in gross profit from electricity engineering construction services[31]. - General electricity supply business gross profit decreased by 1.4% from RMB 210.9 million in the six months ended June 30, 2021, to RMB 207.9 million in the same period of 2022, with a corresponding gross margin decrease from 19.2% to 17.5%[32]. - Incremental electricity distribution business gross profit decreased by 21.3% from RMB 5.5 million in the six months ended June 30, 2021, to RMB 4.3 million in the same period of 2022, while gross margin increased from 2.1% to 3.2%[33]. Cash Flow and Investments - Operating cash flow generated from operating activities was RMB 9,698,758.07, a significant improvement compared to a negative cash flow of RMB (5,823,402.09) in the same period of 2021[91]. - Cash inflow from investment activities totaled RMB 436,413,495.78, compared to RMB 160,820,465.80 in the previous year, indicating a substantial increase of 171.5%[92]. - The net cash flow from financing activities was RMB 156,454,570.02, recovering from a negative cash flow of RMB (85,396,386.91) in the same period of 2021[92]. - The company reported cash and cash equivalents at the end of the period amounting to RMB 480,401,801.49, an increase from RMB 354,214,115.95 at the end of June 2021[92]. Employee and Labor Costs - The company had a total of 2,854 employees as of June 30, 2022, with labor costs approximately RMB 203.0 million, up from RMB 201.4 million in the same period of 2021[59]. - The company’s short-term employee compensation decreased to RMB 52,483,544.27 from RMB 111,845,999.83 in the previous year, a decline of 53.1%[17]. Corporate Governance and Compliance - The company has complied with all corporate governance codes as of June 30, 2022, enhancing operational stability and transparency[68]. - The audit committee of the board has reviewed the company's interim report, including the unaudited financial statements for the six months ending June 30, 2022[83]. - The company has not granted any rights to directors or supervisors to purchase shares or bonds during the reporting period[65]. Strategic Initiatives and Future Outlook - The company is focusing on reform and innovation to enhance operational efficiency and has implemented a three-year reform action plan[22]. - The company aims to optimize the power grid structure and expand the "power + grid" development model as part of its strategic development plan[22]. - The company is committed to optimizing procurement management and enhancing the recycling system for waste materials[61]. - The company is expanding its comprehensive energy business, focusing on green and low-carbon energy, and developing integrated energy projects[63]. - The company is actively seeking market-oriented merger and acquisition opportunities to enhance capital operation capabilities[63].

Financial Performance - The company's operating revenue increased by 4.8% year-on-year, while the profit before tax rose by 5.1%[8] - The net profit attributable to equity shareholders of the parent company grew by 5.3% compared to the previous year, exceeding expected operational targets[8] - In 2021, the company's total revenue reached RMB 3,171.67 million, an increase of 4.85% from RMB 3,025.30 million in 2020[12] - The net profit for 2021 was RMB 270.92 million, representing a growth of 5.67% compared to RMB 257.20 million in 2020[12] - The company reported a total revenue of RMB 3,171.7 million for 2021, representing a year-on-year growth of 4.8%[15] - The pre-tax profit reached RMB 321.2 million, an increase of 5.1% compared to the previous year, while net profit was RMB 270.9 million, up by 5.3%[15] Assets and Liabilities - The total assets of the company as of December 31, 2021, amounted to RMB 4,631.45 million, up from RMB 4,491.62 million in 2020, indicating a growth of 3.12%[13] - The total liabilities of the company were RMB 1,635.55 million in 2021, showing a slight decrease from RMB 1,637.16 million in 2020[13] - Non-current assets totaled RMB 3,461.64 million in 2021, an increase from RMB 3,289.67 million in 2020, reflecting a growth of 5.22%[13] - Cash and cash equivalents rose to RMB 584.0 million as of December 31, 2021, up from RMB 500.8 million in 2020, with approximately RMB 300 million allocated for daily operations[45] - The total borrowings decreased from RMB 381.3 million in 2020 to RMB 313.3 million in 2021, with all borrowings subject to floating interest rates[45] Revenue Sources - The general power supply business generated revenue of RMB 2,300.5 million, accounting for 72.7% of the main business income[20] - Incremental power distribution business revenue was RMB 489.1 million, representing 15.4% of the main business income[21] - Revenue from power engineering construction services and related businesses was RMB 376.1 million, contributing 11.9% to the main business income[22] - Revenue from general electricity supply business rose by 9.3% from RMB 2,105.6 million in 2020 to RMB 2,300.5 million in 2021, with an increase of 11,542 residential users and 2,169 general commercial users[29] - Incremental electricity transmission and distribution revenue decreased by 5.2% from RMB 516.2 million in 2020 to RMB 489.1 million in 2021, attributed to reduced electricity demand from customers[29] Operational Developments - The company aims to enhance its business in electricity sales, distributed energy, engineering construction, and integrated energy services, leveraging the economic development in the Chengdu-Chongqing economic circle[14] - The company aims to transform into a modern integrated energy service provider, focusing on strategic planning and operational efficiency improvements[23] - The company has successfully developed a VR power safety training system, which has received copyright from the National Copyright Administration[23] - The company achieved a self-service and online payment ratio of 70% in 2021, with the establishment of convenient payment facilities[24] - The company is committed to enhancing safety production responsibilities and continuously improving its safety management standards[64] Employee and Governance - As of December 31, 2021, the company employed 2,880 full-time employees, a decrease from 3,006 employees as of December 31, 2020, with employee costs amounting to approximately RMB 421.4 million[57] - The board of directors consists of 11 members, including 4 non-executive directors who do not receive remuneration from the company[91] - The company has a strict division of responsibilities between the chairman and the general manager, with Mr. Xiong Lin serving as chairman and Mr. Li Hui as general manager[172] - The company emphasizes effective communication with shareholders to enhance investor relations and provide timely information[193] - The company maintains a high standard of corporate governance, ensuring effective management and fair treatment of all shareholders[159] Risk Management and Compliance - The company is committed to adapting to new economic and energy development trends while ensuring risk management and profitability[9] - The company has established a compliance management system focusing on key areas, forming a "1+3+1" compliance management framework[187] - The company strictly adheres to environmental protection laws and has received no non-compliance records during inspections by environmental authorities[137] - The company faces industry policy risks due to market reforms affecting coal-fired electricity pricing, which may impact its business model and profitability[142] - The company has not reported any significant changes in its corporate governance practices during the fiscal year ending December 31, 2021[78] Shareholder Matters - A final dividend of RMB 0.12 per share was proposed, totaling approximately RMB 128.9 million, subject to shareholder approval[47] - The final dividend payment is scheduled for July 20, 2022, pending shareholder approval at the annual general meeting[70] - The company will allocate 10% of its after-tax profits to the statutory reserve fund as per Chinese accounting standards before distributing dividends[69] - The company will pay dividends in RMB for domestic shareholders and in HKD for H-share shareholders, with the exchange rate set prior to the dividend declaration date[71] - The company has a significant shareholder structure, with the top three shareholders holding a combined 115,000,000 shares, which is approximately 10.69% of total shares[94] Related Party Transactions - The company engaged in related party transactions with its controlling shareholders, with all applicable percentage rates being below 5%[97] - The company entered into subcontracting agreements with Sichuan Energy Investment Construction Group Co., Ltd., involving payments of RMB 6,508,700 and RMB 6,295,600 for specific projects[98] - The company is actively engaging in related transactions as per the listing rules, ensuring compliance with regulations[106] - The independent non-executive directors confirmed that all related party transactions were conducted on fair and reasonable terms, in compliance with the Hong Kong Listing Rules[130] - The company has not reported any significant changes in its share capital during the fiscal year ending December 31, 2021[79] Future Plans and Strategies - The company aims to become a leading modern integrated energy service provider in China by the end of the "14th Five-Year Plan" period, focusing on deepening reforms and enhancing capital operation levels[62] - The company plans to optimize its power grid structure and expand the "power + grid" development model, transitioning to an integrated and intelligent new type of power grid[63] - The company is exploring market-oriented acquisition and investment opportunities to improve profitability and development prospects in the capital market[63] - The company is focused on expanding its operational capabilities through strategic contracts and partnerships in the energy sector[106] - The company is in a rapid development phase, with significant investment and acquisition projects underway, which will impact future growth if expected returns are not met[144]