| --- | --- | |--------------|----------------------------------------------------------------------------------------------------------------------------------------| | | 重庆三峡水利电力（集团）股份有限公司 \n机构调研会议记录 | | 会议时间 | 2022 年 4 月 28 日 16:00-17:00 | | 会议地点 | 重庆渝北区金开大道 99 号升伟晶石公元 11 栋 | | 会议方式 | 电话会议 总经理周泽勇、董事会秘书车亚平、证券事务代表王静、 | | 参会人员 | 董事会办公室副主任师清誉 申万宏源刘晓宁、查浩，中海基金魏敏，兴业证券刘平 一、董事会秘书车亚平介绍 2021 年度及 2022 年第一季度 | | 会议主要内容 | 业绩及经营情况 二、调研机构提问 | | | 一、对于新业务的战略发展，有无具体的规划？ | | | 答："十四五"期间，三峡水利的主要业务方向是： | | | 一是传统配售电业务。公司自有电源 ...

| --- | --- | |--------------|--------------------------------------------------------------------------------------------------------------| | | 重庆三峡水利电力（集团）股份有限公司 \n机构调研会议记录 | | 会议时间 | 2022 年 6 月 7 日 16:00-17:15 | | 会议地点 | 重庆渝北区金开大道 99 号升伟晶石公元 11 栋 | | 会议方式 | 通讯会议 | | 参会人员 | 董事会秘书车亚平、证券事务代表王静、董事会办公室副 主任师清誉 嘉实基金徐颖婷、卓佳亮、熊昱洲、董福焱、颜伟鹏 | | 会议主要内容 | 调研机构提问 | | | 一、 2021 年发电量及目前发电量情况？ | | | 答： 2021 年度公司下属及控股公司水电站累计完成发 | | | 电量 27.8147 亿千瓦时； 2022 年第一季度公司下属及控股 | | | 公司水电站累计完成发电量 4.1587 亿千瓦时，同比上升 24.33% 。 | | | 二、万州 ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥3,036,420,748.34, representing an increase of 18.27% compared to ¥2,567,297,445.38 in the same period last year[6] - Net profit attributable to shareholders was ¥166,800,676.84, a decrease of 56.04% from ¥379,419,796.38 year-on-year[6] - The net profit after deducting non-recurring gains and losses was ¥88,657,978.16, down 64.24% from ¥247,904,247.74 in the previous year[6] - The basic earnings per share for the period was ¥0.09, a decline of 55.00% compared to ¥0.20 in the same period last year[6] - The weighted average return on net assets decreased to 1.51%, down 2.05 percentage points from 3.56% year-on-year[9] - Total operating revenue for the first three quarters of 2022 reached ¥8,250,013,359.65, an increase from ¥7,134,643,184.87 in the same period of 2021, representing a growth of approximately 15.7%[45] - The net profit for the current period is CNY 447,879,605.93, a decrease from CNY 842,610,102.60 in the previous period, representing a decline of approximately 46.8%[48] - The total profit for the current period is CNY 510,167,790.21, down from CNY 1,009,359,110.95, indicating a decrease of about 49.5%[48] - The operating profit stands at CNY 515,107,089.26, compared to CNY 1,011,241,816.94 in the previous period, reflecting a decline of approximately 49.1%[48] - The company's net profit for the first three quarters of 2022 was not explicitly stated but can be inferred from the decrease in retained earnings from ¥1,288,682,413.34 to ¥1,053,134,512.94[60] - Net profit for the first three quarters of 2022 was CNY 51,273,535.20, a decrease from CNY 88,038,373.98 in the same period of 2021, representing a decline of approximately 42%[63] Assets and Liabilities - Total assets at the end of the period were ¥22,399,505,064.87, an increase of 5.40% from ¥21,251,901,578.84 at the end of the previous year[9] - The company's total assets amounted to ¥22,399,505,064.87, compared to ¥21,252,056,308.22 in the previous year, reflecting a growth of approximately 5.4%[42] - Total liabilities increased to ¥11,047,162,866.37 from ¥10,041,517,031.47, marking a rise of about 10%[42] - The company's total liabilities increased to ¥4,744,922,313.08 from ¥3,585,169,350.40 year-over-year[58] - Long-term borrowings decreased to ¥3,843,664,740.26 from ¥4,214,609,740.26, showing a reduction of about 8.8%[42] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥243,142,831.10, a decrease of 22.86% from ¥315,198,963.48 in the same period last year[6] - The cash flow from operating activities is CNY 243,142,831.10, down from CNY 315,198,963.48, showing a decrease of about 22.8%[53] - The cash inflow from investment activities is CNY 1,249,024,218.51, an increase from CNY 754,915,749.77, representing a growth of approximately 65.5%[53] - The cash outflow from investment activities is CNY 1,941,899,421.48, down from CNY 2,156,821,858.40, indicating a decrease of about 10%[53] - The cash inflow from financing activities is CNY 3,813,100,000.00, compared to CNY 4,269,123,489.38 in the previous period, reflecting a decrease of approximately 10.7%[53] - The cash outflow for repaying debts is CNY 3,005,660,000.00, down from CNY 3,188,781,200.00, indicating a decrease of about 5.8%[53] - The company reported a significant increase in cash received from operating activities, totaling CNY 5,661,665,063.17, compared to CNY 3,588,912,734.01 in the previous year[65] Shareholder Information - The total number of common shareholders at the end of the reporting period is 43,557[17] - China Yangtze Power Co., Ltd. holds 244,047,004 shares, accounting for 12.76% of total shares, with 65,712,202 shares under lock-up conditions[21] - Chongqing Xinyu Energy Technology (Group) Co., Ltd. holds 187,771,797 shares, representing 9.82% of total shares, with 56,331,540 shares pledged[21] - Chongqing Fuling Energy Industry Group Co., Ltd. holds 153,648,628 shares, which is 8.04% of total shares[21] - The company's major shareholders include state-owned enterprises, with significant stakes held by China Yangtze Power and Chongqing Xinyu Energy[21] Environmental and Legal Issues - The company faced a fine of 330,000 yuan and the confiscation of illegal income of approximately 1.06 million yuan due to environmental violations by its subsidiary Guizhou Wuling Manganese Industry[32] - The company is currently undergoing an ecological environment damage compensation procedure initiated by the local environmental authority, which is expected to have a controllable impact on its operations[35] - The company has initiated a lawsuit regarding a loan contract dispute, with potential uncertainties affecting its 2022 performance[31] Investment Plans - The company plans to invest up to 1.277 billion yuan in the Chongqing Fuling Baotao Chemical Park cogeneration project, with an expected annual power generation of approximately 2.1 billion kWh and a maximum heating capacity of 1.5 million tons[29] - The company will invest up to 1.265 billion yuan in the Chongqing Wanzhou gas power generation project, with an expected annual power generation of approximately 1.15 billion kWh[29] - The company has approved an investment of up to 711.98 million yuan for the Chongqing Qianjiang 100 MW wind power project, with an expected annual grid-connected electricity of approximately 216 million kWh[30] - The company aims to strengthen its electricity supply capabilities and expand its market presence through strategic investments in energy projects[29] Research and Development - The company's research and development expenses for the first three quarters of 2022 were ¥39,089,094.00, down from ¥59,797,595.67 in the previous year[60]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 5,213,592,611.31, representing a 14.15% increase compared to CNY 4,567,345,739.49 in the same period last year[21]. - The net profit attributable to shareholders of the listed company decreased by 34.87% to CNY 281,275,721.26 from CNY 431,891,742.88 year-on-year[21]. - The net cash flow from operating activities increased by 51.44% to CNY 218,763,321.73, compared to CNY 144,451,261.85 in the previous year[21]. - The total assets of the company as of the end of the reporting period were CNY 22,568,203,040.26, a 6.19% increase from CNY 21,252,056,308.22 at the end of the previous year[21]. - The basic earnings per share for the first half of 2022 was CNY 0.15, down 34.78% from CNY 0.23 in the same period last year[24]. - The weighted average return on net assets decreased by 1.62 percentage points to 2.54% from 4.16% year-on-year[24]. - The decline in net profit was primarily due to a decrease in the fair value of shares subscribed by a wholly-owned subsidiary and a drop in the sales volume and gross margin of electrolytic manganese[25]. - The increase in net cash flow from operating activities was attributed to the recovery of last year's trade receivables and an increase in VAT refunds[25]. - The company reported a non-operating loss of RMB 205,481,385.51 from fair value changes in trading financial assets and liabilities[26]. - The company reported a net profit of 4,838 million yuan for the first half of 2022, a decrease of 33.16% year-on-year, primarily due to reduced investment income from joint ventures[94]. Revenue and Sales - The company reported a 22% increase in self-generated electricity, with electricity business profits rising by 53.51%, reaching a historical high for the same period[47]. - The company signed contracts with 706 users for a total contracted electricity volume exceeding 11.3 billion kilowatt-hours, with actual settlement electricity volume exceeding 5 billion kilowatt-hours in the first half of 2022[50]. - The total output of electrolytic manganese for the first half of 2022 was 17,000 tons, with sales reaching 30,000 tons[37]. - The average factory price of electrolytic manganese in the first half of 2022 was approximately RMB 25,200 per ton, reflecting a significant decline compared to the end of 2021[36]. Investments and Projects - The company invested 1.11 billion yuan in the first comprehensive energy demonstration project in Wanzhou, which has successfully completed the construction of three boilers and two generators[50]. - The company has initiated 24 user-side energy storage projects with a total capacity of 36.42 MWh, of which 6 projects with a total capacity of 12.2 MWh have been completed and put into operation[50]. - The company has a cumulative investment plan of 1.098 billion yuan for rural power grid renovation and upgrading projects[76]. - The company has initiated new investments in various sectors, including high-end equipment, medical devices, new energy, and biomedicine[72]. - The company is focusing on technology innovation and the transformation of scientific achievements as key investment targets[72]. Environmental and Social Responsibility - The company is actively promoting green low-carbon development by focusing on clean energy alternatives, particularly through the application of electric heavy trucks, contributing to the "dual carbon" goals of carbon peak and carbon neutrality[147]. - The company has implemented a comprehensive plan to consolidate poverty alleviation achievements and effectively connect with rural revitalization, ensuring zero return to poverty for 125 households in Wanzi Township[150]. - The company has engaged in community support activities, including educational assistance for impoverished households and care for left-behind children[150]. - The company’s subsidiary, Chongqing Wanzhou District Heating Co., achieved organized legal emissions of waste gas, with total emissions of nitrogen oxides at 28.65 tons, sulfur dioxide at 37.56 tons, and smoke dust at 1.823 tons in the first half of 2022[114]. Corporate Governance and Management - The company has established a flexible and comprehensive incentive and constraint mechanism to effectively stimulate employee enthusiasm and creativity, laying a solid foundation for high-quality development[43]. - The company is focusing on internal management integration and talent development to support its strategic growth amid expanding operations[99]. - The company held two shareholder meetings in 2022, including the first extraordinary meeting on April 15, 2022, and the annual meeting on June 22, 2022, with all resolutions passed legally and effectively[105]. - The company did not propose any profit distribution or capital reserve increase plan for the reporting period[111]. Legal and Compliance Issues - The company is involved in a lawsuit with Chongqing Xiushan Sanrun Mining Co., with a disputed amount of RMB 50.62 million, and has recognized a bad debt provision of RMB 2.8 million as of June 30, 2022[179]. - The company has a court ruling requiring Jia Yuan Mining to repay RMB 62.10 million, with additional penalties and legal fees totaling RMB 1.5 million, and has recognized a bad debt provision of RMB 46 million[180]. - The company is pursuing arbitration against Beijing Qigao Technology for an outstanding payment of approximately RMB 20.60 million, with a potential interest of 15% per annum on the delayed payment[182]. - The company has initiated litigation against Sanwu Meiguo for overdue project payments totaling RMB 35.69 million, plus penalties and additional costs[184].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 2,301,896,713.38, representing a year-on-year increase of 12.03%[6] - Net profit attributable to shareholders of the listed company was CNY 9,859,074.11, a significant decrease of 93.81% compared to the same period last year[6] - The net profit after deducting non-recurring gains and losses was CNY 134,203,641.81, down by 8.17% year-on-year[6] - Basic earnings per share decreased by 87.50% to CNY 0.01[9] - Operating profit for Q1 2022 was a loss of ¥6,532,131.96, compared to a profit of ¥179,092,593.11 in Q1 2021[36] - Net profit for Q1 2022 was ¥3,270,861.74, down from ¥158,562,217.39 in Q1 2021, indicating a significant decline[36] - The net profit attributable to shareholders of the parent company for Q1 2022 was CNY 9,859,074.11, compared to CNY 159,356,499.40 in Q1 2021, indicating a significant decline[38] - The total comprehensive income for Q1 2022 was CNY 3,270,861.74, compared to CNY 158,562,217.39 in Q1 2021[38] - The total comprehensive income for Q1 2022 was CNY 19,140,979.43, compared to CNY 26,729,785.39 in Q1 2021, indicating a decrease[55] Cash Flow - The net cash flow from operating activities increased significantly by 631.45% to CNY 187,055,068.11[6] - The net cash flow from operating activities for Q1 2022 was CNY 187,055,068.11, a recovery from a negative cash flow of CNY -35,197,218.41 in Q1 2021[42] - Cash inflow from operating activities totaled CNY 1,927,166,451.81, up from CNY 1,136,366,357.88 in the previous year, reflecting a growth of approximately 69.7%[55] - Cash outflow from operating activities increased to CNY 2,606,096,664.44, compared to CNY 1,159,120,355.00 in Q1 2021, representing an increase of about 124.0%[55] - Total cash inflow from financing activities in Q1 2022 was CNY 1,779,700,000.00, up from CNY 1,375,230,000.00 in Q1 2021[44] - Cash inflow from financing activities was CNY 1,699,700,000.00 in Q1 2022, significantly higher than CNY 260,060,000.00 in Q1 2021, marking an increase of approximately 553.4%[57] - The net cash flow from financing activities was CNY 1,128,857,019.05, compared to CNY 212,372,796.12 in the previous year, indicating a substantial increase[57] Assets and Liabilities - Total assets at the end of the reporting period were CNY 21,739,642,111.80, an increase of 2.30% from the end of the previous year[9] - The total current assets increased to approximately RMB 5.10 billion from RMB 4.77 billion year-over-year[27] - The total liabilities for the company were RMB 208,365.39 million, with no overdue guarantees reported[24] - Total liabilities rose to ¥10,515,998,241.04 in Q1 2022, up from ¥10,041,517,031.47 in Q1 2021, reflecting an increase of 4.7%[32] - Non-current liabilities totaled ¥5,920,727,764.89 in Q1 2022, compared to ¥5,009,364,927.06 in Q1 2021, representing a year-over-year increase of 18.2%[32] - The total equity increased to ¥10,017,991,946.60 from ¥9,988,850,967.17, showing a slight growth of about 0.3%[49] Shareholder Information - The total number of common shareholders at the end of the reporting period was 47,609[18] - The largest shareholder, China Yangtze Power Co., Ltd., holds 236,037,004 shares, accounting for 12.34% of total shares[18] Operational Highlights - The company's cash flow from trade business improved due to the recovery of accounts receivable and a decrease in inventory procurement costs[10] - The company experienced a 24.33% year-on-year increase in self-generated hydropower output, contributing positively to its electricity business[9] - The company reported a significant increase in sales expenses by 92.83%, attributed to the expansion of electricity and new energy business[15] - The company is focusing on market expansion and new technology development as part of its strategic initiatives moving forward[53] Inventory and Receivables - The company's receivables increased significantly, with accounts receivable reaching RMB 1.22 billion compared to RMB 721.90 million in the previous year[27] - The company’s inventory decreased to RMB 252.42 million from RMB 421.42 million year-over-year[27]

Financial Performance - The company achieved a net profit of ¥376,563,150.53 for the year 2021, with a distributable profit of ¥338,906,835.48 after statutory surplus reserve allocation[7]. - The total distributable profit at the end of 2021 reached ¥1,288,682,413.34, after accounting for the previous year's undistributed profit and dividends paid[7]. - The proposed cash dividend for 2021 is ¥1.5 per 10 shares, totaling ¥286,821,435.60, which will be submitted for shareholder approval[7]. - The company's operating revenue for 2021 was CNY 10,176,643,311.45, representing a 93.62% increase compared to CNY 5,255,983,866.68 in 2020[25]. - The net profit attributable to shareholders for 2021 was CNY 864,955,840.54, a 39.52% increase from CNY 619,939,081.32 in 2020[25]. - The net cash flow from operating activities for 2021 was CNY 1,314,681,952.57, up 44.79% from CNY 907,987,991.85 in 2020[25]. - The total assets at the end of 2021 were CNY 21,251,901,578.84, a 9.08% increase from CNY 19,483,139,404.28 at the end of 2020[25]. - The basic earnings per share for 2021 was CNY 0.45, a 9.76% increase compared to CNY 0.41 in 2020[25]. Operational Highlights - The company sold 13.218 billion kWh of electricity in 2021, representing a year-on-year growth of 17%[41]. - The company reported an operating profit of 1.28823 billion RMB, with the electricity business contributing 511.58 million RMB, accounting for 39.71% of the total operating profit[39]. - The total production of electrolytic manganese in 2021 was 130,400 tons, a decrease of 13.1% year-on-year, while the average tax-inclusive guidance price for electrolytic manganese was 25,000 CNY/ton[57]. - The company's electrolytic manganese production in 2021 was 71,800 tons, with total sales reaching 119,100 tons[58]. - The total electricity traded in the market reached 14,924 million kWh, representing a year-on-year increase of 12.76%[120]. Strategic Initiatives - The company has established a new strategic development goal to become a leading comprehensive energy listed company based on power distribution and sales[40]. - The company is actively expanding its new business in comprehensive energy services, with a registered capital increase to 500 million RMB for its subsidiary[44]. - The company is focusing on low-carbon energy development, aligning with national strategies for carbon peak and carbon neutrality[63]. - The company is committed to the "14th Five-Year" strategic development plan, emphasizing reform, innovation, and development in its market-based electricity sales[126]. - The company plans to enhance its self-generation capacity by developing gas-fired power projects, leveraging its shale gas resource advantages[157]. Market and Industry Trends - In 2021, the total electricity consumption in China reached 8.31 trillion kWh, representing a year-on-year growth of 10.3%[49]. - The total national power generation in 2021 was 8.38 trillion kWh, with a year-on-year increase of 9.8%[52]. - Non-fossil energy power generation capacity reached 1.12 billion kW, accounting for 47.0% of the total installed capacity, an increase of 2.3 percentage points year-on-year[52]. - The electrolytic manganese market is expected to grow due to rising demand driven by improved living standards and infrastructure development[159]. Governance and Compliance - The company has established a governance mechanism that ensures clear responsibilities and effective operation among its decision-making, supervisory, and management bodies[176]. - The company has conducted a special self-inspection of corporate governance to identify potential risks and implement corrective measures[176]. - The company maintains complete independence in operations, including procurement, production, and sales, without reliance on the controlling shareholder[179]. - The company has established an independent financial accounting department with a separate accounting system and financial management policies, ensuring no shared bank accounts with the controlling shareholder[179]. Future Outlook - The company aims to exceed 100 billion kWh in sales volume by 2025, with 80 billion kWh from market-oriented sales[161]. - The company plans to achieve total assets of over 32 billion yuan and operating revenue exceeding 15 billion yuan by 2025[161]. - In 2022, the company targets a sales volume of 13.034 billion kWh and operating revenue of 12.352 billion yuan[166]. - The management team has emphasized the importance of sustainable practices, aiming for a 20% reduction in carbon emissions by 2025[192].

Financial Performance - The company's operating revenue for Q3 2021 was ¥2,567,297,445.38, representing a year-on-year increase of 43.92%[6] - The net profit attributable to shareholders for Q3 2021 was ¥379,419,796.38, reflecting a year-on-year growth of 110.91%[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was ¥247,904,247.74, an increase of 60.08% compared to the same period last year[6] - Total operating revenue for the first three quarters of 2021 reached ¥7,134,643,184.87, a significant increase from ¥2,844,222,229.98 in the same period of 2020, representing a growth of approximately 150.0%[40] - Net profit for the third quarter of 2021 was ¥842,610,102.60, up from ¥396,063,308.09 in the same quarter of 2020, reflecting an increase of approximately 112.0%[43] - The net profit attributable to shareholders of the parent company for the third quarter of 2021 was ¥811,311,539.26, compared to ¥384,084,796.45 in the previous year, marking a growth of around 111.0%[46] Earnings Per Share - The basic earnings per share for Q3 2021 was ¥0.20, a 122.22% increase compared to the same period last year[8] - The diluted earnings per share for Q3 2021 was also ¥0.20, reflecting a 122.22% increase year-on-year[16] - Basic and diluted earnings per share increased to CNY 0.42 from CNY 0.28 year-over-year[49] Assets and Liabilities - The total assets at the end of Q3 2021 amounted to ¥20,811,508,579.59, which is a 6.82% increase from the end of the previous year[9] - Total liabilities amounted to ¥9,666,749,491.84, an increase from ¥9,008,611,885.19 in the previous year, showing a rise of approximately 7.3%[40] - The company's total assets amounted to approximately $19.48 billion, with non-current assets totaling around $15.83 billion[58] - The company's equity totaled approximately $10.47 billion, with total equity attributable to shareholders at around $10.21 billion[58] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥315,198,963.48, representing a 61.93% increase compared to the same period last year[9] - Cash inflow from operating activities reached CNY 7,018,496,156.28, a significant increase from CNY 2,939,762,553.62 in the previous year[49] - Cash inflow from financing activities amounted to CNY 4,269,123,489.38, compared to CNY 1,776,304,994.77 in the previous year[51] - The net cash flow from financing activities was CNY 665,285,096.49, an increase from CNY 100,842,188.63 in the previous year[51] Shareholder Information - The total number of common shareholders at the end of the reporting period was 52,960, with the top 10 shareholders holding a combined 52.77% of shares[17] - China Yangtze Power Co., Ltd. is the largest shareholder, holding 225,375,604 shares, which is 11.79% of the total[17] - The top 10 shareholders include state-owned enterprises, with significant stakes held by China Yangtze Power and Chongqing New Yu Energy Technology Group[17] - The largest shareholder, China Yangtze Power, is controlled by China Three Gorges Corporation, indicating a strong state influence[20] Related Party Transactions - The total amount of related party transactions for the year 2021 was 161,240.92 million RMB, with a planned total of 295,660.94 million RMB[23] - The company has no known related party relationships or concerted action relationships among other shareholders as of the end of the reporting period[20] - The company continues to focus on maintaining a stable financial position with no overdue guarantees and a structured approach to related party transactions[24] Operational Developments - Chongqing Wuling Manganese Industry Co., Ltd. has been designated for shutdown by the government, with plans to close by the end of 2021, aiming to mitigate negative impacts and secure government compensation funds[28] - The company raised approximately 859.99 million yuan through a private placement of 63,468,634 shares at 13.55 yuan per share, with a net amount of 833.96 million yuan after expenses[30] - The company will continue to disclose updates regarding the litigation involving Chongqing Wujing Trading Co., Ltd. and Jia Yuan Mining as required by regulations[29]

Financial Performance - The company's operating revenue for the first half of 2021 reached CNY 4,567,345,739.49, a significant increase of 330.73% compared to CNY 1,060,362,024.12 in the same period last year [22]. - Net profit attributable to shareholders of the listed company was CNY 431,891,742.88, representing a year-on-year increase of 111.51% from CNY 204,191,313.80 [22]. - The net profit after deducting non-recurring gains and losses was CNY 406,860,120.61, up 194.43% from CNY 138,185,220.18 in the previous year [22]. - The net cash flow from operating activities was CNY 144,451,261.85, an increase of 116.93% compared to CNY 66,589,583.64 in the same period last year [24]. - Total assets at the end of the reporting period amounted to CNY 20,482,015,449.30, reflecting a growth of 5.13% from CNY 19,483,139,404.28 at the end of the previous year [24]. - Net assets attributable to shareholders of the listed company increased to CNY 10,467,090,379.23, a rise of 2.53% from CNY 10,209,024,108.90 at the end of the previous year [24]. - Basic earnings per share for the first half of 2021 were CNY 0.23, up 27.78% from CNY 0.18 in the same period last year [24]. - The weighted average return on net assets decreased to 4.16%, down 0.76 percentage points from the previous year [24]. - The company reported a total liability of CNY 9.758 billion, which increased by 8.31% since the beginning of the year [48]. - The asset-liability ratio stood at 47.64%, an increase of 1.40 percentage points year-on-year [48]. Revenue Sources - The company's operating revenue and net profit attributable to shareholders increased year-on-year, primarily due to a major asset restructuring completed in May 2020 and an increase in electricity sales volume [25]. - The total electricity generation in the first half of 2021 was approximately 38,717 billion kWh, representing a year-on-year growth of 13.7% [37]. - The sales volume of electricity reached 6.444 billion kWh, representing a growth of 23.14% compared to 5.233 billion kWh in the same period last year [50]. - The average ex-factory price of electrolytic manganese in the first half of 2021 was approximately 16,100 RMB/ton, reflecting an upward trend due to improved supply-demand balance [38]. - The company achieved an electrolytic manganese production volume of 43,700 tons in the first half of 2021, positioning it among the top producers in the industry [39]. Investments and Projects - The total investment in power generation projects in the first half of 2021 reached 189.3 billion RMB, a year-on-year increase of 8.9% [38]. - The company plans to invest CNY 200 million to establish a "Green Movement Industry Development Platform" to capitalize on the electric heavy truck market [54]. - The company has established a joint venture in Jiujiang, Jiangxi Province, focusing on low-carbon smart demonstration parks and incremental distribution network infrastructure [54]. - The company has made substantial investments in ongoing projects, including the Wanzhou urban function restoration power grid renovation project [6]. - The company is investing CNY 1.11 billion in the Wanzhou cogeneration project, with the project company already established and construction ongoing [99]. Environmental and Social Responsibility - The company is committed to safety and environmental protection, implementing comprehensive management systems and adhering to national carbon reduction goals [59]. - The company emphasizes the need for internal management integration and talent development to mitigate management risks associated with its expansion under the 14th Five-Year Plan [110]. - The company has helped 126 households in Wanzhou District and 30 households in Tumia Village achieve zero return to poverty, along with 93 households in Yuyan Village and 78 households in Longchi Village in Qianjiang District [144]. - The company plans to increase its investment in poverty alleviation funds and improve the efficiency of fund usage to ensure no large-scale return to poverty [144]. - The company is focused on improving living conditions in rural areas, enhancing sanitation, and beautifying the environment [144]. Governance and Compliance - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for this reporting period [6]. - There are no significant non-operating fund occupation situations by controlling shareholders or related parties [7]. - The company has confirmed the recognition of right-of-use assets due to the implementation of new leasing standards starting January 1, 2021 [7]. - The company has committed to ensuring that any idle funds will not be used for real estate development [171]. - The company has maintained compliance with all legal obligations and has not faced any penalties or corrective actions during the reporting period [173]. Future Outlook and Strategy - The company plans to enhance its "green energy" advantage by promoting comprehensive energy and new energy businesses in line with national carbon neutrality goals [40]. - The company is actively exploring new energy projects that align with its core business, aiming for stable revenue growth and enhanced market competitiveness [67]. - The company plans to expand into market-oriented electricity sales, integrated energy, and renewable energy sectors, but may encounter risks in meeting expected targets due to macroeconomic and competitive factors [112]. - The company has established a strategy to dynamically adjust its new business development plans based on changes in the macroeconomic environment and industry trends [112]. - The company aims to enhance its core electricity distribution business, focusing on improving the quality and efficiency of existing assets while increasing self-generated electricity [63].

Financial Performance - Net profit attributable to shareholders was CNY 159,356,499.40, representing a year-on-year increase of 577.83%[10] - Operating revenue for the period was CNY 2,054,672,594.74, a significant increase of 880.42% compared to the same period last year[10] - Basic earnings per share rose to CNY 0.08, reflecting a 233.33% increase year-on-year[12] - Operating profit for Q1 2021 was ¥179,092,593.11, compared to ¥26,838,796.88 in the same period last year, indicating a substantial growth[53] - Net profit for Q1 2021 amounted to ¥158,562,217.39, up from ¥22,241,206.11 in Q1 2020, reflecting a strong performance[53] - Total comprehensive income attributable to the parent company for Q1 2021 was CNY 159,356,499.40, compared to CNY 23,509,898.85 in Q1 2020, marking a significant increase[55] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 19,847,216,974.40, an increase of 1.87% compared to the end of the previous year[10] - The total liabilities decreased by 33.69% to ¥798,804,594.84 from ¥1,204,576,987.11[18] - The company's equity attributable to shareholders increased to ¥10,385,524,999.89 from ¥10,209,024,108.90, a growth of 1.73%[41] - Total liabilities rose to ¥2,315,632,430.48, compared to ¥2,239,487,404.37, marking an increase of about 3.4%[50] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 35,197,218.41, compared to a net outflow of CNY 19,121,767.75 in the same period last year[10] - The company reported a net cash inflow from operating activities of ¥1,746,113,692.20, up 579.50% from ¥256,971,355.69[19] - Cash flow from operating activities for Q1 2021 was CNY 1,793,509,301.27, compared to CNY 280,136,133.84 in Q1 2020, indicating a substantial increase[61] - The total cash inflow from operating activities was 1,136,366,357.88 RMB, significantly higher than 235,001,237.77 RMB in the previous year, indicating strong operational performance[63] Shareholder Information - The total number of shareholders at the end of the reporting period was 46,736[12] - The largest shareholder, China Yangtze Power Co., Ltd., held 225,375,604 shares, accounting for 11.79% of the total shares[12] Investments and Expenditures - The company plans to invest up to CNY 200 million in equity investments to improve operational efficiency and development momentum [30] - The company paid out ¥78,955,512.48 in dividends, which is an increase of 611.98% from ¥11,089,542.67[19] - Cash paid for purchasing goods and services amounted to ¥1,443,810,596.13, reflecting an increase of 822.70% from ¥156,476,980.49[19] - The company reported a decrease in compensation received for the demolition of power line assets compared to the previous year [24] Operational Costs - Operating costs surged by 915.87% to ¥1,763,312,052.62 from ¥173,576,616.22[18] - The company’s total operating costs for Q1 2021 were ¥1,913,565,167.40, significantly higher than ¥199,289,030.19 in Q1 2020, indicating increased operational expenses[50] Other Financial Metrics - Non-recurring gains and losses amounted to CNY 13,213,000.25 for the period[12] - The company incurred a financial expense of ¥60,357,690.54, which is an increase of 433.51% from ¥11,313,411.85[18] - The investment income for the period was ¥27,244,298.09, a substantial increase of 4,934.35% from ¥541,167.72[18] - The company received dividends from its joint venture, which were not received in the same period last year, contributing to an increase in income [24]

Financial Performance - In 2020, the company achieved a net profit of 346.34 million yuan, with a distributable profit of 311.70 million yuan after statutory surplus reserve allocation [10]. - The company's operating revenue for 2020 reached CNY 5,255,983,866.68, a significant increase of 302.17% compared to CNY 1,306,910,762.83 in 2019 [43]. - The net profit attributable to shareholders for 2020 was CNY 619,939,081.32, reflecting a growth of 223.43% from CNY 191,674,333.59 in the previous year [43]. - The net profit after deducting non-recurring gains and losses was CNY 436,851,799.31, which is an increase of 443.00% compared to CNY 80,451,488.52 in 2019 [43]. - The net cash flow from operating activities for 2020 was CNY 907,987,991.85, up 154.54% from CNY 356,718,841.02 in 2019 [43]. - The total assets at the end of 2020 amounted to CNY 19,483,139,404.28, representing a growth of 278.00% from CNY 5,141,891,266.77 in 2019 [43]. - The significant growth in financial metrics was attributed to the completion of a major asset restructuring and an expanded consolidation scope [46]. - Basic earnings per share for 2020 was CNY 0.19, a decrease of 115.79% compared to CNY 0.22 in 2019 [47]. - The asset-liability ratio was 46.24%, an increase of 4.35 percentage points year-on-year, reflecting a stable financial position [80]. Dividend Distribution - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 191.21 million yuan, with no stock dividends or capital reserve transfers planned for the year [10]. - Cumulative cash dividends since listing have reached 700 million yuan, with a cash dividend ratio exceeding 30% of net profit attributable to shareholders for nearly 11 years [26]. - The board proposed a cash dividend of CNY 1 per 10 shares, totaling CNY 191.21 million, which represents 30.84% of the net profit attributable to shareholders [95]. Business Expansion and Restructuring - The company completed its first major asset restructuring since listing, significantly enhancing asset scale and profitability, and improving market position and competitiveness [20]. - The company has successfully established a Shanghai power sales company and an energy innovation research center, indicating progress in business expansion [20]. - The company completed a major asset restructuring, acquiring controlling stakes in Chongqing United Energy Co., Ltd. and 100% of Chongqing Liangjiang Changxing Power Co., Ltd. [56]. - The company aims to exceed 100 billion kWh in sales volume, 32 billion yuan in total assets, and 15 billion yuan in operating revenue by 2025 [25]. - The company plans to focus on market-oriented electricity sales and comprehensive energy services as part of its "14th Five-Year" strategic plan [86]. - The company aims to enhance its competitive edge by focusing on green energy and expanding into comprehensive energy and new energy businesses [72]. Operational Efficiency and Management - The company has implemented a mixed ownership reform, enhancing governance structure and operational efficiency, which is expected to drive business growth [20]. - The company emphasizes a robust internal control system and has been selected as a sample company for the Shanghai Stock Exchange's governance index for 13 consecutive years [26]. - The company aims to enhance its management efficiency and cost reduction strategies to sustain performance improvements [46]. - The company has established a diversified shareholder structure, including central and local state-owned assets and private capital, enhancing its operational capabilities [75]. - The company implemented over 40 internal control systems to enhance compliance and risk management following its restructuring [90]. Market Performance and Sales - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching CNY 143,803,248.41 in Q4 2020 [48]. - The company's revenue for Q3 2020 reached CNY 1,783,860,205.86, reflecting a strong performance in the electricity supply segment [48]. - The company generated a total of 29.4719 billion kWh of electricity, representing a production increase of 51.98% year-on-year [106]. - The sales volume of electricity reached 113.2565 billion kWh, marking a 13.69% increase compared to the previous year [106]. - The total electricity traded in the market reached 13,235 million kWh in 2020, a significant increase of 5,215% compared to the previous year [146]. Challenges and Risks - The company faces operational risks due to reliance on external electricity purchases, which can increase costs and pressure profit margins [195]. - The company anticipates policy risks related to electricity price adjustments, which may lead to decreased revenue from electricity sales [199]. - Environmental protection regulations may impose additional costs or penalties on the company, particularly in its steam supply and manganese mining operations [199]. - The company is addressing management risks associated with rapid expansion and integration post-asset restructuring, focusing on internal management and cultural integration [200]. Future Plans and Goals - The company aims to enhance power supply reliability and economic efficiency through the implementation of various projects, including rural grid upgrades and urban power restoration [139][141]. - The company plans to continue expanding its hydropower capacity and improve operational efficiency in the coming years [132]. - The company aims to deepen collaboration with China Yangtze Power Co., Ltd. to expand market-oriented electricity distribution business, focusing on efficient energy utilization and energy ecosystem integration [193]. - The company plans to develop a comprehensive energy development platform, enhancing energy storage technology reserves and research, targeting key areas such as electricity distribution and renewable energy [193].