Financial Performance - The company's operating revenue for the first half of 2022 was CNY 5,619,710,438.19, representing a 29.78% increase compared to CNY 4,330,203,566.23 in the same period last year[15]. - The net profit attributable to shareholders of the listed company reached CNY 1,903,947,502.91, a 53.98% increase from CNY 1,236,462,279.02 year-on-year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,935,978,375.25, up 57.53% from CNY 1,228,993,180.25 in the previous year[15]. - The net cash flow from operating activities was CNY 4,032,672,876.05, an increase of 42.27% compared to CNY 2,834,568,236.08 in the same period last year[15]. - The basic earnings per share for the first half of 2022 was CNY 0.2361, reflecting a 54.62% increase from CNY 0.1527 in the previous year[16]. - The diluted earnings per share was also CNY 0.2361, consistent with the basic earnings per share due to no potential ordinary shares[16]. - The weighted average return on equity increased to 11.84%, up by 4.88 percentage points from 6.96% in the same period last year[16]. - The total comprehensive income for the first half of 2022 was ¥2,206,944,624.94, compared to ¥1,397,231,042.43 in the same period of 2021, showing a growth of 58%[122]. Asset and Liability Management - The total assets at the end of the reporting period were CNY 43,735,011,951.23, a decrease of 1.60% from CNY 44,447,210,027.31 at the end of the previous year[15]. - The company's total assets as of June 30, 2022, were CNY 43.735 billion, with total liabilities of CNY 23.209 billion, resulting in a debt-to-asset ratio of 53.07%, a decrease of 2.62 percentage points from the beginning of the year[30]. - Total liabilities increased to ¥10,069,412,167.02 in the first half of 2022, up from ¥8,581,774,294.92 in the previous year, marking a 17.3% rise[118]. - The total liabilities at the end of the reporting period were approximately 2.58 billion RMB, indicating a manageable debt level[138]. Operational Efficiency - The increase in net profit was attributed to a rise in electricity generation from hydropower and wind power, while electricity generation from thermal power decreased[17]. - The company's total electricity generation in the first half of 2022 reached 23.002 billion kWh, an increase of 24.94% year-on-year[28]. - Hydropower generation accounted for 20.889 billion kWh, up 29.65% year-on-year, primarily due to a 75% increase in water inflow in the Longtan section of the Hongshui River basin[28]. - The average utilization hours for hydropower in the first half of 2022 were 1,691 hours, an increase of 195 hours year-on-year[21]. - The company achieved a record high in electricity profit during the first half of the year, with total electricity generation and profit exceeding historical levels[31]. Investment and Development - The company approved an investment of approximately CNY 1.638 billion for the development of three renewable energy projects, with a capacity of about 100.15 MWp, 102 MW, and 96.88 MWp respectively, funded by 30% equity and 70% bank loans[38]. - A total investment of approximately CNY 2.364 billion was approved for five additional renewable energy projects, with a similar funding structure of 30% equity and 70% bank loans[39]. - The company is actively expanding its renewable energy portfolio through strategic investments in solar and wind projects across multiple regions[38]. Community Engagement and Social Responsibility - The company has invested CNY 26.1 million in targeted poverty alleviation efforts, with 30 projects covering education, livelihood, industry, employment, and party building[60]. - A total of 600 million CNY has been allocated to support the construction of a breeding base for the "Seven Hundred Nongs" chicken project, which is expected to benefit 15,000 people and generate an annual income of 180,000 CNY for local collectives[60]. - The company has actively participated in community education initiatives, benefiting 1,235 students through financial support and resources[60]. - The company is committed to promoting rural revitalization through a comprehensive approach that includes education, industry, and employment[63]. Financial Management and Governance - The company’s board approved various governance measures, including the establishment of a fundraising management approach and the election of new board members[48]. - The company has not reported any changes in the controlling shareholder or actual controller during the reporting period[92]. - The company issued corporate bonds with a total amount of RMB 9.30 million at a coupon rate of 5.10%[97]. - The company has not faced any overdue bonds or risks related to the termination of bond trading[96]. Environmental and Safety Management - The company implemented a strict safety management system, enhancing production and construction site safety controls[31]. - The company has constructed a 110,000 kW solar power project in the first half of 2022, contributing to green energy generation and carbon emission reduction[58]. - The company has established a fish breeding and release center with a designed capacity of 1.32 million fish per year, focusing on the release of rare fish species[57]. - The company has conducted environmental impact assessments for new projects, obtaining necessary approvals before construction[52]. Risk Management - The company faces risks from extreme weather conditions affecting hydropower generation, which is critical for its revenue[43]. - The company anticipates potential impacts on electricity demand and generation due to the ongoing COVID-19 pandemic[45]. - The company’s thermal power capacity is 1.33 million kW, representing 10.65% of total installed capacity, making it susceptible to coal price fluctuations[44].

2021 年年度报告 公司代码：600236 公司简称：桂冠电力 广西桂冠电力股份有限公司 2021 年年度报告 1 / 287 2021 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 天职国际会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人李凯、主管会计工作负责人罗建军及会计机构负责人（会计主管人员）卢文忠声 明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经天职国际会计师事务所（特殊普通合伙）审计，广西桂冠电力股份有限公司（以下简称" 公司"）2021年实现归属于上市公司股东净利润1,352,036,774.35元，2021年末公司累计未分配 利润3,600,144,865.32元。母公司2021年实现净利润2,120,000,755.90元，母公司2021年末累计 未分配利润3,337,475,693.92元。扣除其他权益工 ...

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 4,330,203,566.23, representing a 3.49% increase compared to CNY 4,184,136,478.86 in the same period last year[14]. - The net profit attributable to shareholders of the listed company reached CNY 1,236,462,279.02, a significant increase of 24.34% from CNY 994,395,393.86 year-on-year[14]. - The net profit after deducting non-recurring gains and losses was CNY 1,228,993,180.25, up 21.77% from CNY 1,009,256,358.31 in the previous year[14]. - The net cash flow from operating activities was CNY 2,834,568,236.08, reflecting a 5.88% increase compared to CNY 2,677,133,366.02 in the same period last year[14]. - The basic earnings per share for the first half of 2021 was CNY 0.1527, which is a 21.00% increase from CNY 0.1262 in the previous year[15]. - The diluted earnings per share also stood at CNY 0.1527, marking a 21.00% increase year-on-year[15]. - The weighted average return on equity was 6.96%, slightly up from 6.74% in the same period last year[15]. - The total profit for the company in the first half of 2021 was 162.229 million yuan, an increase of 27.043 million yuan year-on-year[26]. Revenue Breakdown - Hydropower revenue in the first half of 2021 was 3.40912 billion yuan, up 6.252 million yuan year-on-year due to an increase in average on-grid electricity prices[25]. - Wind power revenue increased significantly to 247.11 million yuan, a year-on-year increase of 11.225 million yuan, attributed to new wind power installations[25]. - The company reported a total profit from hydropower of 1.60309 billion yuan, an increase of 22.682 million yuan year-on-year[26]. - Wind power generation increased significantly by 77.27% to 4.68 billion kWh, resulting in a profit increase of 83.8 million yuan year-on-year[27]. Asset and Liability Management - Total assets at the end of the reporting period were CNY 44,642,289,643.60, a decrease of 0.31% from CNY 44,780,453,043.74 at the end of the previous year[14]. - The net assets attributable to shareholders of the listed company were CNY 16,442,521,521.93, down 1.55% from CNY 16,701,293,818.33 at the end of the previous year[14]. - The company's fixed assets amounted to approximately ¥34.14 billion, representing a 2.05% increase compared to ¥33.38 billion in the previous period[34]. - The company's short-term borrowings decreased by 9.78% to ¥1.75 billion from ¥1.94 billion[34]. - Long-term borrowings decreased by 8.20% to ¥13.79 billion from ¥15.03 billion, reflecting the repayment of bank loans using surplus funds[34]. Cash Flow Analysis - Cash flow from operating activities increased by 5.88% to approximately 2.83 billion yuan, driven by higher electricity revenue[30]. - The company’s cash and cash equivalents increased by 19.67% to approximately 2.25 billion yuan, reflecting improved profitability[33]. - The company reported a net cash flow from operating activities of CNY 405,710,813.10, a significant recovery from a negative cash flow of CNY 640,847,343.04 in the first half of 2020[116]. Environmental and Social Responsibility - The company has invested over 60 million yuan in the construction of a fish breeding center to protect aquatic biodiversity in the Hongshui River, which was accepted and put into operation on June 29, 2021[56]. - The company has not faced any environmental accidents or administrative penalties during the reporting period, maintaining a strong commitment to environmental protection[53]. - The company plans to invest 17 million yuan in poverty alleviation efforts in Dahu County as part of its rural revitalization strategy[58]. Corporate Governance - There were significant changes in the board of directors, with multiple resignations and elections, including the election of a new chairman and several directors[45]. - The report indicates no changes in the controlling shareholder or actual controller during the reporting period[84]. - The financial report was approved by the board of directors on August 10, 2021[143]. Debt and Financing - The company has issued corporate bonds with a total balance of 34 billion RMB, with interest rates ranging from 3.30% to 5.10%[86]. - The company has a loan limit of 7,000,000,000 yuan from China Datang Group Finance Co., Ltd., with an interest rate range of 3.5%-4.75%[73]. - The company reported a bond balance of RMB 1.4 billion for the 2020 first phase medium-term notes with an interest rate of 4.71%[93]. Risk Management - The company faces risks from electricity policy changes, which may impact its generation and pricing models[39]. - The company is exposed to extreme weather risks, as climate change significantly affects water flow and hydropower generation[40]. Investment and Growth Strategy - The company plans to acquire a controlling stake in Datang Guizhou New Energy Development Co., Ltd. through its wholly-owned subsidiary[70]. - The company has signed a coal procurement service agreement for 900,000 tons of coal, with an estimated transaction amount of approximately 540 million yuan[66]. Accounting and Financial Reporting - The financial statements comply with accounting standards, reflecting a true and complete picture of its financial status and cash flows[148]. - The company recognizes expected credit losses based on the difference between all contractual cash flows and expected cash flows, discounted at the original effective interest rate[159]. - Revenue is recognized when control of goods is transferred to customers, with specific criteria outlined for contract approval and payment terms[197].

Financial Performance - In 2020, the company achieved a net profit attributable to shareholders of CNY 2,196,578,942.50, representing a 3.91% increase from CNY 2,113,932,801.37 in 2019[4]. - The company's total operating revenue for 2020 was CNY 8,973,945,293.43, a decrease of 0.77% compared to CNY 9,043,440,069.26 in 2019[16]. - The net profit attributable to ordinary shareholders for 2020 was approximately RMB 1.50 billion, with a profit margin of 68.18%, compared to 70.85% in 2019[97]. - The company reported a total profit of 2.96151 billion yuan in 2020, an increase of 6.504 million yuan compared to the previous year, with hydropower contributing 3.08787 billion yuan to the profit[43]. - The company achieved its profit commitments for the year 2020, with net profits for subsidiaries such as Qinnan Chaoyang Company reaching RMB 51.87 million[102]. - The company reported a significant increase in revenue for 2020, with total revenue reaching approximately 10 billion CNY, representing a year-over-year growth of 15%[161]. Earnings and Dividends - The basic earnings per share for 2020 were CNY 0.2783, up 3.77% from CNY 0.2682 in 2019[19]. - The company proposed a cash dividend of CNY 1.9 per 10 shares, totaling CNY 1,497,651,782.38 for the year[4]. - The diluted earnings per share for the current period are consistent with the basic earnings per share, as there are no potential ordinary shares[20]. - The basic earnings per share after deducting non-recurring gains and losses showed a positive impact on the company's earnings per share due to the exclusion of non-recurring items[20]. Assets and Liabilities - The net assets attributable to shareholders at the end of 2020 were CNY 16,701,293,818.33, reflecting a 15.08% increase from CNY 14,513,388,669.42 at the end of 2019[18]. - The company reported a total asset value of CNY 44,780,453,043.74 at the end of 2020, which is a 1.87% increase from CNY 43,957,014,606.61 at the end of 2019[18]. - The total assets at the end of 2020 amounted to 44.78 billion yuan, an increase of 1.87% from the beginning of the year, with a debt-to-asset ratio of 56.77%, down 4.27 percentage points[37]. - The company's accounts receivable increased by 32.31% to CNY 1,285,863,464.92, driven by increased electricity sales[61]. - The company reported a significant increase in accounts payable by 23.11% to CNY 1,591,227,858.12, due to increased infrastructure investments[62]. Cash Flow - The net cash flow from operating activities for 2020 was CNY 5,571,640,017.70, an increase of 2.81% from CNY 5,419,464,294.94 in 2019[18]. - The company achieved a net cash flow from operating activities of 557.164 million yuan, an increase of 2.81% year-on-year[37]. - The cash flow from operating activities for the second quarter was approximately RMB 1.63 billion, and for the third quarter, it was approximately RMB 1.60 billion[23]. - Net cash flow from investing activities showed a significant decline of 240.55%, amounting to approximately CNY -2.52 billion, due to increased investment in new energy projects[46]. - Net cash flow from financing activities improved by 38.45% to approximately CNY -3.06 billion, influenced by the issuance of perpetual bonds[46]. Operational Metrics - The company reported a total power generation of 40.923 billion kWh, a year-on-year increase of 3.97%, with hydropower generation at 36.762 billion kWh, up 1.86%[35]. - The company's installed capacity at the end of 2020 was 11.8791 million kW, with hydropower making up 86.10% of the total[28]. - The total electricity sales for 2020 reached 402.69 billion kWh, with priority generation plan electricity at 339.34 billion kWh and market-based transaction electricity at 63.35 billion kWh[73]. - The average utilization hours for power generation equipment in large power plants (≥6,000 kW) were 3,758 hours, a decrease of 70 hours year-on-year[27]. - The total fuel costs for electricity generation were CNY 781,439,062.50, representing 17.27% of total costs, reflecting an increase in electricity generation[55]. Strategic Initiatives - The company plans to expand its investment in new energy projects, reflecting a strategic shift towards sustainable energy solutions[46]. - The company aims to achieve a total power generation of 41.33 billion kilowatt-hours and a total profit of 3.03 billion yuan in 2021[86]. - The company plans to enhance its digital transformation efforts, with an investment of 100 million yuan aimed at improving customer engagement through digital platforms[158]. - The company is exploring potential mergers and acquisitions to enhance its competitive position, with a focus on complementary businesses in the energy sector[158]. - The company plans to expand its renewable energy capacity by 25% over the next three years, focusing on solar and wind projects[170]. Environmental and Social Responsibility - The company played a significant role in poverty alleviation, helping to build 30 projects and consuming 6.935 million yuan of local agricultural products[41]. - The company has maintained a 100% operational rate for desulfurization facilities and compliance with national environmental standards, with no environmental accidents reported during the reporting period[139]. - The company emphasizes the integration of poverty alleviation and rural revitalization policies, aiming to create a "beautiful and prosperous countryside" through sustainable development[137]. - The company has established a long-term mechanism to consolidate poverty alleviation achievements and promote rural revitalization, focusing on sustainable industrial development[137]. Governance and Management - The company elected a new board of directors on June 23, 2020, with Liu Guangying as the chairman and Li Kai and Huang Zhongliang as vice chairmen[163]. - The company has maintained a consistent leadership structure with no changes in key executive positions[157]. - The total pre-tax compensation for the chairman was 0, while the general manager received 985,300 CNY[155]. - The company has not disclosed any new product developments or technological advancements in the recent earnings call[156]. - The company continues to focus on risk management and compliance through its audit and legal affairs departments[165].