Financial Performance - The company's operating revenue for the first half of 2021 reached ¥22,492,046,489.45, representing a 25.19% increase compared to ¥17,966,412,784.63 in the same period last year[11]. - Net profit attributable to shareholders was ¥3,106,459,979.44, a significant increase of 237.64% from ¥920,044,646.76 in the previous year[11]. - The net cash flow from operating activities was ¥4,744,546,358.23, up 225.73% from ¥1,456,606,145.17 in the same period last year[11]. - Basic earnings per share increased to ¥0.8363, a rise of 237.63% compared to ¥0.2477 in the same period last year[12]. - The weighted average return on net assets increased by 5.47 percentage points to 8.0682% from 2.6031% in the previous year[12]. - The company reported a net profit excluding non-recurring gains and losses of ¥1,950,015,851.35, which is a 143.47% increase from ¥800,934,345.70 in the same period last year[11]. - Operating profit increased by 268.22% to ¥1,214,711,767.62, while net profit rose by 262.24% to ¥1,054,388,758.91, driven by increased fair value gains and higher sales volumes[39]. - The company reported a substantial increase in investment income by 174.98%, attributed to the improved net profit of its associate company and gains from foreign exchange settlements[39]. - The total profit for the first half of 2021 was CNY 4,512,886,612.81, compared to CNY 1,243,221,025.43 in the same period of 2020, indicating an increase of approximately 263%[145]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥110,289,637,496.67, a slight increase of 0.73% from ¥109,494,347,449.13 at the end of the previous year[11]. - The total liabilities decreased to CNY 62,274,352,063.02 from CNY 62,897,661,489.46, showing a reduction of 0.99%[137]. - The company's total equity increased to CNY 48,015,285,433.65, up from CNY 46,596,685,959.67, marking an increase of 3.02%[138]. - The company's inventory stood at CNY 6,139,576,501.56, a slight increase from CNY 6,018,087,029.58, reflecting a growth of 2.01%[135]. - The accounts receivable increased marginally to CNY 12,683,119,837.41 from CNY 12,615,980,927.49, indicating a growth of 0.53%[135]. - The company's total liabilities at the end of the reporting period are not explicitly stated but can be inferred from the total equity and assets[167]. Revenue Segments - Revenue from the new energy sector and supporting projects grew significantly by 144.65% to ¥6,560,250,756.41, with a gross margin of 29.23%[42]. - The company's power generation business revenue grew by 33.51% year-on-year, with operating costs rising by 2.06%, leading to a gross margin increase of 13.89 percentage points[44]. - Revenue from the new energy industry and supporting projects surged by 144.65% year-on-year, with operating costs increasing by 105.27%, leading to a gross margin increase of 13.58 percentage points[43]. - The company's coal business revenue increased by 8.40% year-on-year, while operating costs rose by 9.29%, resulting in a gross margin decrease of 0.55 percentage points[44]. - The revenue from the power transmission and transformation engineering segment declined by 71.17% year-on-year, with operating costs decreasing by 68.50%, resulting in a gross margin decrease of 7.69 percentage points[43]. Research and Development - Research and development expenses increased by 15.09% to ¥281,729,419.07, indicating a continued focus on innovation[37]. - The company added 98 authorized patents, including 29 invention patents, bringing the total to 1,472 effective authorized patents[25]. - The company has established a national-level enterprise technology center and has participated in the formulation of national and industry standards, enhancing its innovation capabilities[25]. Environmental Responsibility - The company is focused on environmental responsibility and compliance with pollution control standards[70]. - The company’s Changji Thermal Power Plant achieved ultra-low emissions certification for its pollutants[70]. - The company reported emissions of 29.20 tons of particulate matter, 131.40 tons of sulfur dioxide, and 327.70 tons of nitrogen oxides from its Changji Thermal Power Plant, all within national emission standards[71]. - The company achieved a comprehensive water recycling utilization rate of over 98% in its polysilicon production facilities[74]. - The company has established a carbon asset management leadership group to reduce carbon emissions and support national carbon neutrality goals[83]. Market Position and Strategy - The company plans to enhance its market position by focusing on the development of new energy solutions and expanding its international system integration business[19]. - The company is positioned to benefit from national policies promoting renewable energy and infrastructure development, which are expected to drive growth in the transmission and transformation industry[21]. - The company is actively pursuing market expansion in new energy and emerging markets, maintaining a leading position in traditional markets such as nuclear and hydropower[30]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, market competition, and the impact of COVID-19 on project execution and revenue[58][59]. - Rising raw material costs, which account for approximately 90% of production costs, pose a significant risk to profitability[61]. - Customer credit risk has increased due to economic pressures, prompting the company to strengthen credit assessments and monitoring[64]. Related Party Transactions - The company reported a total of 30,605.91 million yuan in related party transactions for purchased and commissioned processing products, accounting for 31.86% of similar transaction amounts[98]. - The company generated 7,444.30 million yuan from sales of transformers, cables, and other services to its largest shareholder, accounting for 0.85% of similar transaction amounts[98]. - The company maintained a good integrity status, with no significant debts or court judgments unfulfilled by the company or its major shareholder during the reporting period[98]. Legal Matters - The company reported significant litigation and arbitration matters during the reporting period[93]. - New Energy Company is pursuing a lawsuit against Xuyi Gaochuan for unpaid project payments totaling ¥130,488,063.62 and associated overdue penalties[96]. - A mediation agreement was reached with Jiangsu Gaochuan, requiring payment of overdue amounts by April 30, 2021[96]. Financial Management - The company has no overdue bonds, indicating effective debt management[130]. - The company reported a stable loan repayment rate of 100%, maintaining its commitment to debt obligations[131]. - The company plans to implement hedging and forward foreign exchange trading in 2021[65].

Financial Performance - In 2020, TBEA achieved a net profit of ¥756,790,938.98, with a proposed cash distribution of ¥780,005,685.69 to shareholders, amounting to ¥2.10 per 10 shares[4]. - The total distributable profit for 2020, after extracting 10% for statutory reserves, was ¥5,759,259,094.16[4]. - TBEA's financial report received a standard unqualified audit opinion from Xinyong Zhonghe Accounting Firm[4]. - The company's operating revenue for 2020 was approximately ¥44.1 billion, representing a year-over-year increase of 19.24% compared to ¥37.0 billion in 2019[16]. - The net profit attributable to shareholders for 2020 was approximately ¥2.49 billion, an increase of 23.21% from ¥2.02 billion in 2019[16]. - The net cash flow from operating activities for 2020 was approximately ¥5.26 billion, reflecting a 30.12% increase from ¥4.04 billion in 2019[16]. - The basic earnings per share for 2020 was ¥0.5907, up 25.81% from ¥0.4695 in 2019[17]. - The total assets at the end of 2020 were approximately ¥109.49 billion, a 7.11% increase from ¥102.22 billion at the end of 2019[16]. - The company reported a total of ¥650.69 million in non-recurring gains and losses for 2020, compared to ¥422.61 million in 2019[22]. - The weighted average return on equity for 2020 was 6.93%, an increase of 1.08 percentage points from 5.85% in 2019[17]. - The company achieved a net profit of approximately ¥931.14 million in Q4 2020, marking a significant increase from previous quarters[19]. - The total net assets attributable to shareholders at the end of 2020 were approximately ¥37.60 billion, a 7.79% increase from ¥34.88 billion at the end of 2019[16]. Corporate Governance - TBEA's board of directors and management confirmed the accuracy and completeness of the annual report, with no significant risks or violations reported[5]. - The company has no non-operating fund occupation by controlling shareholders or related parties[5]. - There were no significant changes in the company's share capital structure during the reporting period[5]. - The company maintains a commitment to transparency and has designated multiple media outlets for information disclosure[13]. - The company has established a comprehensive talent structure and performance evaluation system to enhance team efficiency and support strategic goals[37]. - The company has actively participated in the formulation and revision of 4 national standards and 9 industry standards in 2020[34]. - The company has established a robust credit risk management system to monitor and assess customer creditworthiness, especially in light of increasing economic pressures[111]. - The company has committed to not engaging in similar business activities as its major shareholder to avoid competition[116]. - The company has a long-term commitment to not transfer or manage shares of a related company for a specified period following its IPO[116]. Market and Industry Trends - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[21]. - In 2020, China's total installed power generation capacity reached 2.2 billion kilowatts, a year-on-year increase of 9.5%[27]. - The investment in power engineering construction in 2020 was RMB 524.4 billion, a year-on-year increase of 29.2%, with wind and solar power investments growing by 70.6% and 66.4% respectively[27]. - The company is positioned to benefit from the government's focus on new infrastructure projects, including 5G and renewable energy initiatives[27]. - The company plans to expand its renewable energy projects in response to government policies supporting the sector[75]. - The company aims to provide high-quality energy solutions by steadily advancing wind and solar resource development[79]. - The company’s strategic focus includes enhancing the efficiency of renewable energy consumption and promoting a clean, low-carbon energy system[79]. Research and Development - The company added 198 authorized patents in 2020, including 34 invention patents, bringing the total to 1,409 effective authorized patents by the end of the year[34]. - The company’s R&D expenses rose by 55.39% to CNY 870.13 million, indicating a strong focus on innovation[41]. - The company is advancing its digital transformation through the implementation of ERP and CRM systems, enhancing operational efficiency[38]. - The company plans to enhance R&D and innovation capabilities to reduce production costs and improve quality through automation and smart products[111]. - The company is actively involved in the development of new technologies and products, focusing on expanding its market presence[176]. Environmental Responsibility - The total emissions of sulfur dioxide from Changhe Power Plant were 210.50 tons, significantly below the approved limit of 832.00 tons[154]. - The nitrogen oxides emissions from Beiyi Power Plant were 705.63 tons, well under the approved limit of 2,541.00 tons[154]. - The company achieved a dust emission concentration of 3.46 mg/m³ at its power plant, which is below the standard limit of 20 mg/m³[157]. - The company has a wastewater recycling rate of over 98% in its polysilicon production facilities[156]. - The desulfurization efficiency at Changhe Power Plant is 98.17%, indicating effective pollution control measures[156]. - The company has implemented a comprehensive environmental monitoring system to track emissions continuously[156]. - The company has established emergency response plans for environmental incidents across its coal mining and power generation operations[157]. - The company has maintained a 100% operational rate for its dust removal facilities across its power plants[156]. - The company has not reported any exceedances in emissions standards during the reporting period[157]. Strategic Initiatives - The company plans to achieve a revenue of 48 billion yuan in 2021, with operating costs controlled within 38.5 billion yuan[102]. - The company will accelerate the construction of the South Open-pit Coal Mine and the General Gobi No. 2 Open-pit Coal Mine to achieve production targets[103]. - The company will increase investment in technology innovation in emerging business areas and core components to enhance competitiveness[104]. - The company plans to implement a comprehensive digital transformation, enhancing ERP and CRM systems across its operations[106]. - The company will strengthen its risk management framework to mitigate credit and financial risks[108]. - The company will continue to consolidate poverty alleviation efforts and align them with rural revitalization initiatives[109]. Shareholder Information - The company reported a cash dividend of 2.10 RMB per 10 shares for 2020, totaling approximately 780 million RMB, which represents 31.36% of the net profit attributable to ordinary shareholders[113]. - The largest shareholder, Xinjiang Tebian Electric Group Co., Ltd., holds 446,982,637 shares, accounting for 12.03% of the total shares[163]. - The company has not experienced any changes in its total number of shares or major shareholders during the reporting period[161]. - The company has not disclosed any new product or technology developments in the provided content[165]. Legal and Compliance - The company has not faced any risks of suspension or termination of listing during the reporting period[121]. - The company has not encountered any issues related to the occupation of funds or overdue receivables during the reporting period[119]. - The company has not made any significant changes to accounting policies or estimates that would affect the financial statements[119]. - The company maintains a good integrity status, with no significant debts or court judgments against it during the reporting period[124]. - The company has established a management system for insider information, ensuring no leaks occurred during the reporting period[194]. Employee and Management - The company employed a total of 16,845 staff, with 2,700 in the parent company and 14,145 in major subsidiaries[187]. - The company has implemented a performance-based salary system, combining basic salary, performance pay, and various allowances[189]. - The company plans to enhance its training programs in 2021, focusing on internationalization and digital transformation capabilities[190]. - The remuneration for management is determined based on the company's performance evaluation system[189]. - The company has established a sound corporate governance structure, ensuring clear responsibilities and effective checks and balances among the shareholders, board of directors, supervisory board, and management[191].

Financial Performance - Operating revenue for the first nine months reached CNY 29.48 billion, a 15.83% increase year-on-year[4] - Net profit attributable to shareholders decreased by 6.71% to CNY 1.56 billion for the first nine months[4] - The company reported a basic earnings per share of CNY 0.4188, down 6.73% from the previous year[4] - Total operating revenue for Q3 2020 reached ¥11.53 billion, a 37.5% increase from ¥8.40 billion in Q3 2019[33] - Net profit attributable to shareholders for Q3 2020 was ¥635.68 million, up from ¥619.77 million in Q3 2019, representing a 2.9% increase[38] - The company’s net profit for the first three quarters of 2020 was ¥1.82 billion, down from ¥1.92 billion in the same period of 2019, a decrease of 6.4%[36] - The total comprehensive income for Q3 2020 was CNY 950.03 million, an increase from CNY 680.14 million in Q3 2019[39] - The total comprehensive income for the first three quarters of 2020 was CNY 1.95 billion, slightly down from CNY 1.97 billion in the same period of 2019[39] Assets and Liabilities - Total assets increased by 9.69% to CNY 112.13 billion compared to the end of the previous year[4] - The company's financial assets decreased by 34.43% to ¥936,748,071.25 compared to the end of 2019, primarily due to a reduction in structured deposits[11] - The total liabilities due within one year increased by 89.36% to ¥3,821,577,405.95, mainly due to the reclassification of long-term borrowings[12] - Total liabilities increased to CNY 67,230,860,646.39 from CNY 59,196,982,203.89, reflecting a growth of approximately 11.5% year-over-year[27] - The company's equity attributable to shareholders rose to CNY 36,294,446,284.58, up from CNY 34,883,633,769.77, indicating an increase of about 4%[27] - The total liabilities and equity reached CNY 112,133,572,052.47, up from CNY 102,224,702,781.57, indicating an increase of about 9.5%[27] Cash Flow - Net cash flow from operating activities was CNY 1.96 billion, a significant recovery from a negative cash flow of CNY -387.82 million in the same period last year[4] - The net cash flow from operating activities for the first three quarters of 2020 was ¥1,958,218,407.30, a significant increase of ¥2,346,037,497.02 compared to the same period in 2019[16] - Cash received from sales of goods and services was CNY 30,976,471,489.76, an increase from CNY 29,505,854,979.08 in the previous year[44] - Total cash inflow from operating activities for the first three quarters of 2020 was CNY 32,285,467,136.59, an increase from CNY 30,701,251,723.92 in the same period of 2019[44] - Cash inflow from investment activities totaled CNY 2,213,370,333.24, compared to CNY 498,774,261.77 in the previous year, indicating a substantial increase[46] - Total cash inflow from financing activities was CNY 14,936,151,495.01, down from CNY 18,996,030,765.51 in the previous year[47] Shareholder Information - The total number of shareholders reached 230,699 by the end of the reporting period[6] - Xinjiang TBEA Group Co., Ltd. holds 12.03% of the shares, making it the largest shareholder[6] Research and Development - R&D expenses rose by 68.47% to ¥555,849,686.53, driven by multiple projects aimed at improving coal extraction and power generation efficiency[13] - Research and development expenses for Q3 2020 were ¥311.05 million, significantly higher than ¥109.58 million in Q3 2019, marking a 184.5% increase[35] Financial Expenses - Financial expenses doubled to ¥896,607,243.14, mainly due to interest capitalization from ongoing construction projects[13] - Financial expenses for Q3 2020 were ¥375.44 million, significantly higher than ¥67.80 million in Q3 2019, representing a 453.5% increase[35] Government Support - The company received government subsidies amounting to CNY 178.42 million during the first nine months[5]

Financial Performance - Total revenue for the first half of 2020 reached ¥17,966,412,784.63, an increase of 5.36% compared to ¥17,051,841,009.76 in the same period last year[12]. - Net profit attributable to shareholders of the listed company was ¥920,044,646.76, a decrease of 12.20% from ¥1,047,887,596.02 in the previous year[12]. - Net profit after deducting non-recurring gains and losses was ¥800,934,345.70, down 1.31% from ¥811,582,504.70 in the same period last year[12]. - Basic earnings per share for the first half of 2020 were ¥0.2477, a decrease of 12.19% from ¥0.2821 in the same period last year[13]. - The weighted average return on net assets was 2.6031%, down 0.54 percentage points from 3.1409% in the previous year[13]. - The company's operating revenue for the first half of 2020 was approximately ¥17.97 billion, representing a year-on-year increase of 5.36% compared to ¥17.05 billion in the same period last year[27]. - The company's operating costs increased to approximately ¥14.24 billion, up 5.09% from ¥13.55 billion in the previous year[27]. - The company reported a significant increase in short-term loans, which decreased to approximately CNY 4.19 billion from CNY 4.72 billion, a decline of 11.1%[139]. - The company’s long-term borrowings decreased to approximately CNY 20.61 billion from CNY 21.83 billion, a reduction of 5.6%[139]. Cash Flow and Investments - Net cash flow from operating activities was ¥1,456,606,145.17, representing a 24.73% increase from ¥1,167,839,469.57 in the previous year[12]. - Net cash flow from financing activities decreased by 81.80% to ¥825,841,664.08, primarily due to a reduction in borrowings[28]. - Investment income surged by 110.20% to ¥56,011,656.98, attributed to increased returns from affiliated companies[29]. - Cash inflow from investment activities totaled CNY 1,989,330,927.76, significantly higher than CNY 892,791,312.72 in the first half of 2019[153]. - Cash outflow for investment activities was CNY 5,312,718,245.67, compared to CNY 4,215,826,699.41 in the same period of 2019, reflecting an increase of 25.97%[153]. Assets and Liabilities - Total assets at the end of the reporting period were ¥105,410,662,809.25, an increase of 3.12% from ¥102,224,702,781.57 at the end of the previous year[12]. - Total current liabilities increased to approximately CNY 38.52 billion, up from CNY 34.85 billion, marking an increase of 10.3%[139]. - Total liabilities amounted to approximately CNY 61.64 billion, an increase of 4.1% from CNY 59.20 billion[140]. - The company's asset-liability ratio increased to 58.47% as of the end of the reporting period, up 0.56 percentage points from the previous year[133]. - The total amount of guarantees provided by the company, including those to subsidiaries, was 616,135.96 million RMB, with a guarantee balance of 615,832.78 million RMB to subsidiaries as of the reporting period[78]. Market and Operational Insights - The company's main business includes power transmission and transformation, new energy, and energy sectors, with no significant changes in operations during the first half of 2020[15]. - In the first half of 2020, the national installed power generation capacity was 2.05 billion kilowatts, a year-on-year increase of 5.5%, with new installed capacity of 36.95 million kilowatts[15]. - The total investment in national power source projects reached RMB 173.8 billion, a year-on-year increase of 51.5%[15]. - The company signed contracts exceeding ¥10 billion in the domestic power transmission and transformation market during the reporting period, maintaining a top three bidding rate in major projects[25]. - The company is actively developing new energy projects, securing approximately 1.5 GW of indicators for grid parity and competitive bidding projects in the first half of 2020[25]. Research and Development - The company added 73 new patents in the first half of 2020, including 15 invention patents, enhancing its independent innovation capabilities[22]. - R&D expenses increased by 11.09% to ¥244,797,295.40 compared to the same period last year[28]. - The company has established a production capacity of nearly 80,000 tons of advanced polysilicon through continuous technological innovation and process optimization[23]. Environmental and Social Responsibility - The total emissions of sulfur dioxide from Changre Power Plant were 108.1 tons, well below the regulatory limit of 832 tons[94]. - The nitrogen oxides emissions from Beiyi Power Plant totaled 300.18 tons, significantly under the limit of 2,541 tons[94]. - The company has implemented poverty alleviation initiatives in specific villages in the Xinjiang region, focusing on increasing income for impoverished households[83]. - The company donated nearly 3.5 million RMB for various poverty alleviation projects in the first half of 2020[86]. - The company engaged in social poverty alleviation by purchasing local handicrafts and agricultural products for internal retail[88]. Corporate Governance and Compliance - The company reported related party transactions amounting to 57.1288 million CNY for sales of products and services, accounting for 0.72% of similar transactions[70]. - The company has significant litigation and arbitration matters during the reporting period[58]. - The company confirmed its ability to continue as a going concern for at least 12 months from the end of the reporting period[181]. - The company has not disclosed any significant accounting errors that require restatement during the reporting period[103]. Future Outlook - The company anticipates risks from macroeconomic factors, market competition, and raw material price fluctuations, which could impact profitability[49]. - The management expressed optimism about recovery in the latter half of 2020, contingent on market conditions and operational adjustments[161]. - The company plans to continue its market expansion and product development strategies to improve future performance[161].